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All Journal Jurnal Bisnis dan Manajemen Jurnal Keuangan dan Perbankan Jurnal Ilmiah Mahasiswa FEB JAM : Jurnal Aplikasi Manajemen Jurnal Akuntansi Multiparadigma Wacana, Jurnal Sosial dan Humaniora MIX : Jurnal Ilmiah Manajemen Jurnal Manajemen dan Kewirausahaan (JMDK) Asia-Pacific Management and Business Application Jurnal Manajemen Indonesia Management and Economics Journal (MEC-J) JIMEK : Jurnal Ilmiah Mahasiswa Ekonomi JBMR: Journal of Business and Management Review Jurnal Pengabdian kepada Masyarakat Nusantara International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) BISMA (Bisnis dan Manajemen) Jurnal Manajemen Pemasaran dan Perilaku Konsumen Jurnal Management Risiko dan Keuangan West Science Business and Management Jurnal Kewirausahaan dan Inovasi Management Analysis Journal
Siti Aisjah
Fakultas Ekonomi Dan Bisnis Universitas Brawijaya
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

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Journal : West Science Business and Management

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Investment Mindset: Unveiling Behavioral Bias, Enhancing Financial Literacy, and Delving into Risk Perspectives in Stock Investment Decisions Aisjah, Siti; Djazuli, Atim; Wati, Cicik Retno; Fadhila, Wildan
West Science Business and Management Vol. 3 No. 02 (2025): West Science Business and Management
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsbm.v3i02.1981

Abstract

Effective investment decision-making requires rational analysis, but is often influenced by psychological biases such as overconfidence and herding. This study examines the stock investment decisions of Generation Z in East Java, an age group closely tied to technology. The focus is on analyzing investment behavior, particularly the influence of overconfidence and herding bias, as well as the impact of financial literacy, through the mediation of risk perception. The study was conducted on 228 respondents aged 18–25 years who invested in the Indonesian Stock Exchange. Data collection and analysis used the SEM-PLS method through SmartPLS software. The results of the study indicate that risk perception is able to mediate the relationship between herding and overconfidence bias with investment decisions. However, risk perception cannot mediate the relationship between financial literacy and investment decisions. These findings contribute to the understanding of financial behavior, as well as guide Generation Z investors in making wiser investment decisions through a theoretical framework based on risk perception.
Co-Authors . Sugiarti . Surachman ., Jumahir A. Dewantoro Marsono Abda Abda Afifah, Marisa Mursyidhatul Agung Laksana Agustian Eko Hadianto Agustian Eko Hadianto, Agustian Eko Ahmad, Zainuddin AINUR ROFIQ Almira, Yorina Huwaida Ananda Sabil Hussein Anggraini, Mutia Rizki Ardiansyah Muhammad Arifah, Hilda Astrid Puspaningrum Atim Djazuli Bastomi, Mohamad Bhagas Pratyaksa Mahardhika Budi Handrianto Chintya Dewi Ekacittasari Christin Susilowati Cicik Retno Wati Deni, Febrianto Frans Denny Indra Prastiawan Dessy Handa Sari Devia, Aldeline Nolita Diana Ayu Kartikasari Dunga Dwi Barinta Ekacittasari, Chintya Dewi ENDAH KUSUMAWATI Fadhila, Wildan Genira, Chika Felsia Hilda Arifah Imron, Maulidatussa'adah Indah Rachma Putri Karismajid Nur Laksana Khair, Muthi Abul Kusniyah, Nur Kusuma Ratnawati Laksana, Agung Lilik Choirotul Mafula Lilis Suindrawati Lubis, Haikal Yasin M. Aan Faizal Mubarak Maesaroh, Eka Siti Mafula, Lilik Choirotul Maulana, Luthfila Akbar Melindhar, Suristika Moeljadi Moeljadi Nanda Karprilano Narahdita, Ajeng Putri Noermijati NUR HASANAH Oktavian, Eksa Panji Rizki Maulana Permatasari, Aisyah Devi Pertiwi, Nanda Prastiawan, Denny Indra Putra, Hasannudin Nursalim Putri, Indah Rachma Rahmadhi, Nanda Supraba Raisa Fitri Ramadani Wibowo Ramadhan, Satria Putra Ratih Mardianti Reno Furqon Kusumawardana Ricki Prajamukti Ricky Indra Gunawan Rico Eka Wahyu Hudiwijono Rofiaty, Rofiaty Salsabila, Ellen Elysia Saputra, Idang Raya Sefel, Raja Abiyyu Septi Wulandari SEPTI WULANDARI Sri Palupi Prabandari Sri Palupi Prabandari Stefan Yudhanto Sugiarti, . Suindrawati, Lilis Sumantri, Dzaki Maulana Sunaryo Sunaryo Surachman Surachman Surachman Surachman, Surachman Suristika Melindhar Susilowati, Christine Ubud Salim Ubud Salim Ubud Salim Ury Tri Rahayu Vierkury Metyopandi Vildayanti, Rina Ayu Wati, Cicik Retno Wildan Fadhila Wirani, Bella Nisa Yana Respati Dewi Yuni Kusuma Arumsari Zainuddin Ahmad Zulianto, Angga