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Disman Disman
Indonesia University Of Education
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Behavioral Finance Factors and Investment Decisions in Retail: a Moderation Analysis Across Demographic Segments Rita Satria; Nugraha Nugraha; Disman Disman; Imas Purnamasari
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 8 No 1 (2025): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31538/iijse.v8i1.6006

Abstract

Young retail investors in the Indonesian capital market often face challenges due to various behavioral finance biases that can negatively impact their investment decisions. This study aims to examine the impact of herding, overconfidence, mental accounting, loss aversion, and bias on the investment decisions of novice retail investors, focusing on the moderating role of demographic factors such as generation, gender, education, and income. Using a quantitative design, data were collected through a structured questionnaire from 254 retail investors, with 246 valid responses analyzed through a regression-based method and moderation analysis using Hayes' PROCESS macro for SPSS. The results indicate that all behavioral finance factors negatively impact investment decisions, with demographic variables significantly moderating this impact. The findings suggest that tailored financial education and advisory services can help young novice investors make more informed and rational investment choices, thereby improving their financial well-being and market participation. The limitations of this study lie in its focus on a specific demographic in Indonesia, while its novelty includes a detailed analysis of the moderating impact of demographics on behavioral finance biases.
Co-Authors A. Adman A. Maulana A. Suhandi Acep Supriadi Achmad Nawawi Adib Sultan, Adib Agus Gunawan Agus Rahayu Agus Rahayu Agustira, Deden Ahmad Zaelani Adnan Andre Hernowo Anggraeni, Tuti Anik Widiastuti Anik Widiastuti Ardiansyah Firdaus Aris Budiman Aulia Rahmah Awalludin, Dudi Budi Santoso Budi Santoso Chairul Furqon, Chairul Chairul Hakim Dadang Agus Suryanto Dadang Dahlan Dadng Dahlan Dani Dagustani Dedy Kurnaendar Dhyah Mutmainnah Dhyah Mutmainnah Dian Nurawaliah Sonjaya Dicky Ramadhan Sudrajat Dodi Sukamayana Dyhah Mutmainnah Eeng Ahman, Eeng Elly Malihah Endang Ruchiyat Enok Maryani Erlina Wiyanarti Ersis Warmansyah Abbas Estu Niana Syamiya Euis Bandawaty Fauzan, Muhammad Oceano Femmy Effendy Femmy Effendy Gatot Iwan Kurniawan Gusganda Suria Manda Gusni . Hady Siti Hadijah Hari Mulyadi Heny Hendrayati Heryana, Toni Hilmiatussadiah, Kinanti Geminastiti Ika Putera Waspada Ikaputera Waspada Ikaputera Waspada Iman Sidik Nusannas Imas Purnamasari Ismaul Fitroh Janah Sojanah, Janah Khania Teresa Gunawan Kokom Komalasari Komarudin, Komarudin Kusnendi Kusnendi Kusumah, Echo Perdana Lili Adi Wibowo Lindawati M. Wahyudin Zarkasyi Mamat Ruhimat, Mamat Marliani Herlina Maya Sari Maya Sari Mayasari Mia Zultrianti Mirza Desfandi Moh. Imron Rosidi Mokhammad Wahyudin Muhammad Iskandar Muhammad Samadya Liyanto Muhammad Yusuf muji Rahayu Mutiani Mutiani MW Zarkasyi Nadia Hanarita Nana Supriatna Nana Supriatna Neng Sri Nuraeni Novian, Geraldi Nugraha Nugraha Nugraha Nugraha Nugraha Nuke Puji Lestari Santoso Nura, Alfi Nurihsan, Achmad Juntika Pratiwi, Nova Pratiwi, Rani Tania Pupu Saeful Rahmat, Pupu Saeful Purnomo Purnomo Purnomo Purwadhi Purwadhi Putri Adawiyah Rahayu Sri Purnami Rasidin Rasidin Ratih Huriyati Ratih Hurriyati Rian Andriani Rina Maria Hendriyani Rita Satria Rizki Pebriana Rofi Rofaida Rosyidah Rahmah S. Suwatno Salman Imbari Santi Hendayani Saptono Kusdano Waskito Shahibah Yuliani Silvi Nur Afifah Siti Nurbayani Siti Nurbayani K Sri Marhanah, Sri Sugiyanto Sugiyanto Suherman, Usep Suhono Suhono Suhono Suhono, Suhono Sukma Nugraha Susanti Kurniawati, Susanti Sutarto Hadi Sutopo Sutopo Suwatno Suwatno Syamsul Hadi Senen, Syamsul Hadi Tiar Lina Situngkir Tjutju Yuniarsih, Tjutju Tomas Chochole Udin Saefudin Sa’ud Uma Kusumawati Mutmainah Usep Deden Suherman Wahyu Sopandi Yayat Supriyatna Yoni Hermawan YUSUF, RAMAYANI Zaelani Adnan, Ahmad