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All Journal Journal of Auditing, Finance, and Forensic Accounting JEMMA | Journal of Economic, Management and Accounting Akurasi : Jurnal Studi Akuntansi dan Keuangan Jurnal Riset Terapan Akuntansi Jurnal Ilmiah Edunomika (JIE) Dharma Raflesia : Jurnal Ilmiah Pengembangan dan Penerapan IPTEKS International Journal of Social Service and Research Behavioral Accounting Journal Jurnal Indonesia Raya Jurnal Dinamika Akuntansi dan Bisnis (JDAB) Jurnal Fairness Jurnal Nusantara Mengabdi IPSAR (International Public Sector Accounting Review) Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Jurnal Pengabdian Masyarakat Abdi Reksa Jurnal Akuntansi Journal of Creative Power and Ambition (JCPA)
Lisa Martiah Nila Puspita
Universitas Bengkulu
Religion Agriculture, Biological Sciences & Forestry Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Nursing Public Health Social Sciences Other

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The Influence of Financial Literacy on Investment Decision Making with Herding Behavior and Loss Aversion as Moderating Variables Dhiya mufidah erya kamila; Lisa martiah nila Puspita
Journal of Creative Power and Ambition (JCPA) Vol. 4 No. 02 (2026): Journal of Creative Power and Ambition (JCPA)
Publisher : CV Edujavare Publishing

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Abstract

This study aims to analyze the influence of financial literacy on investment decision-making among Generation Z in Bengkulu Province, with herding behavior and loss aversion serving as moderating variables. The research employs a quantitative approach with an associative design. Data were collected through questionnaires administered to 133 Generation Z respondents who had experience investing in the capital market, and after outlier detection and data cleaning, 124 valid responses were analyzed using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS version 27. The findings reveal that financial literacy has a positive and significant effect on investment decision-making, while herding behavior and loss aversion negatively moderate this relationship, indicating that higher levels of these behavioral biases weaken the positive influence of financial literacy on the quality of investment decisions. These results suggest that although financially literate investors tend to make more rational investment decisions, the effectiveness of financial knowledge may be reduced when investors are strongly influenced by the tendency to follow others or by excessive fear of potential losses. This study contributes to the development of Behavioral Finance Theory by providing empirical evidence that behavioral biases can diminish the role of financial literacy in shaping rational investment decisions among young investors. Furthermore, the findings offer practical implications for policymakers, educational institutions, and financial service providers in designing more effective financial literacy programs that not only enhance financial knowledge but also address behavioral biases, particularly among Generation Z in regional areas
Co-Authors Abdul Hamid Hakim Amaliah, Nurul Amin Shody Ashary Anggi Ayu Septi Kennedy Apriliyani, Natasya Dwi Ariani, Lisa Besperi Besperi Budi Darmawan, Susilo Darman Usman Dhiya mufidah erya kamila Dian Priskilla Rischa Dina Septriana Elisa Hawalia Ramli Fachruzzaman, Fachruzzaman Fadhil Rakhmad Fadila Cahya Farhanivv Fadli Fadli Fani Andrian Permana Fenny Marietza Firman Setiawan Fuada, Lukluk Halimatusyadiah Halimatusyadiah Halimatusyadiah Halimatusyadiah Hanif, Padlim Herawansyah Husaini Husaini Irwansyah Irwansyah Isma Coryanata Kanda, Pajri Khoiriyah, Rifaatul Kiki Apriyana Lisa Ariani lndah Permata Sari Lukluk Fuada M. Yogi Riyantama Isjoni Minarti, Aznia Noviriani, Sylvia Nurul Amaliah Padlim Hanif Pratana Puspa Midiastuty Pratiwi, Wallensy Septi Ridwan Nurazi, Ridwan Rifaatul Khoiriyah Rini Indriani Robinson Robinson Samsul Bahri Samsul Bahri Syafitri, Twenty Mariza Utami, Dearsa Putri Vika Fitranita Wildan Alkhairi Yeyen Pratiwi