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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 : Management Analysis Journal

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Cognitive Drivers of Investment Behavior: Analyzing the Mediation-Moderation Model on Herding Behavior among Gen-Z Investors Siti Aisjah; Wildan Fadhila; Cicik Retno Wati; Atim Djazuli; Sri Palupi Prabandari
Management Analysis Journal Vol. 14 No. 3 (2025): Management Analysis Journal
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/maj.v14i3.33498

Abstract

This study examined the influence of herding behavior on investment behavior with risk tolerance as a mediator and financial literacy as a moderator. Since Investment participation among young generations in Indonesia has grown significantly, yet behavioral biases such as herding continue to undermine rational decision-making Previous studies reported inconsistent findings regarding the direct impact of herding on investment behavior, leaving an important research gap. A quantitative approach was employed using survey data from 386 Gen Z investors in East Java, analyzed with SEM-PLS. The results confirmed that herding significantly affected both investment behavior and risk tolerance, while risk tolerance strongly influenced investment behavior and partially mediated the herding–investment link. Moreover, financial literacy strengthened the effect of herding on investment behavior. The findings imply that improving financial literacy and strengthening risk management education are essential for fostering rational investment decisions. Future research should expand the demographic scope and additional psychological and social factors to the model.
Co-Authors . Sugiarti . Surachman ., Jumahir A. Dewantoro Marsono 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 Nur Khasanah 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