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Men or Women: Does Gender Moderate the Effect of Overconfidence on Investment Decisions? Survey from Indonesian Retail Investors Rahmah, Rosyidah; Nugraha, Nugraha; Kurnianingrum, Dian; Setiawan, Margareth
Indonesian Journal of Social Science Research Vol. 7 No. 1 (2026): Indonesian Journal of Social Science Research (IJSSR)
Publisher : Future Science

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.11594/ijssr.07.01.47

Abstract

This study examines the influence of overconfidence on the investment decisions of Indonesian individual or retail investors. Furthermore, this study explores the moderating effect of gender on the relationship. The analysis uses Hayes' Moderation Model 1, utilizing a quantitative survey of 500 retail investors from the Indonesia Stock Exchange (IDX). The results showed that overconfidence significantly increased investment decisions, with the relationship being more pronounced in men than in women. Overconfidence positively influences investment decisions for both genders, with a more pronounced effect on male investors, as evidenced by the conditional effect. These findings advance behavioral finance by demonstrating gender-specific effects of overconfidence in emerging markets and suggest that investor education and risk communication strategies should be tailored to demographic characteristics.
Behavioral Bias on Investment Decisions: Mediation of FOMO and Risk Perception and Moderation of Religiosity Candra, Rulit; Nugraha, Nugraha; Waspada, Ikaputera; Purnamasari, Imas; Ramdhany, Muhamad Arief
Scaffolding: Jurnal Pendidikan Islam dan Multikulturalisme Vol. 7 No. 3 (2025): Pendidikan Islam dan Multikulturalisme
Publisher : Institut Agama Islam Sunan Giri (INSURI) Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/scaffolding.v7i3.8162

Abstract

This study investigates the role of behavioral biases in shaping investment decisions among young investors in Indonesia, with a focus on the mediating effects of fear of missing out (FOMO) and risk perception, as well as the moderating role of religiosity. Drawing upon behavioral finance and prospect theory, we collected data from 384 respondents and analyzed the structural relationships using partial least squares structural equation modeling (PLS-SEM). The research employed a quantitative, explanatory approach using survey methods. Data were collected from 384 respondents selected through proportional random sampling from a population of 12.8 million young investors in Indonesia with Single Investor Identification (SID), using a questionnaire with a 1–7 interval scale. The results show that behavioral biases significantly affect investment decisions, both directly and indirectly through FOMO and risk perception. Religiosity also moderates these relationships, guiding investors toward more ethical and rational choices. The study enriches behavioral finance by combining cognitive, emotional, and cultural perspectives and offers practical insights for improving financial literacy and reducing biased investment behavior.
Co-Authors A.M., M. Dzikron Aaf Saefurrohman, Aaf Abdul Rozak Acep Iwan Saidi adang badru jaman,anggun fergina, adang badru jaman,anggun fergina Adhistian, Patria Adilah, Siti Agustini, Kamelia Ahiase, Godwin Ahmad Fuad Alam, Muhammad Nur Alamsyah, Indra Fajar Amanda Putri Nahumury Amelia, Tia Amelia, Tia Amir Machmud, Amir Amirul Mukminin Ampomah, Philipina Andriana, Denny Antony, Rian Apriadi, Tedi Arnu, Anggi Pasca Arrazaq, Naufal Raffi Arvian Triantoro Astuti, Anita Dewi Aulia Nazala Ramadhani, Aulia Nazala Awudu, Shaibu Azolla Degita Azis Baihaqqy, Mochammad Rizaldy Insan Bambang Endro Yuwono Budi Purnomo Candra, Rulit Chairul Furqon, Chairul Chaznin R.M, Chaznin Dabi, Rowland Seyram Koku Dangi, Dangi Dasril, Yuki Dwi Darma Dewantari, Nuryunita Dewi Shofi M., Dewi Dewi, Friesty Paramitha Dian Kurnianingrum, Dian Diki Wahyu Nugraha Disman, Disman Edwin Widia Eeng Ahman, Eeng Effendi, Marwan Elsa, Yulandri Endang Supardi, Endang Euis Bandawaty Fauzianty, Sany Noor Handoyo, Agus F Handoyo Hardiana, Dian Hardjadi, Dikdik Hari Mulyadi, Hari Hartono, Pierdijono Harun, Muhammad Fiqri Hasbi, Imanudin Heny Hendrayati Herdiana, Wyna Herilna Herlina, Herilna Heryana, Toni Hidayat Arif Nur, Muhaimin Hilda Syaidatul Ulfah, Hilda Syaidatul Ida Ayu Putu Sri Widnyani Ikaputera Waspada, Ikaputera Ikhsan, Sugiyanto Imas Purnamasari Ina Ratnasari, Ina Insany, Gina Purnama Iqbal Lhutfi Irawan, Rini Larasati Irvan, Bagus Iskandar, Alyanissa Putri Ismail, Hariadi Janah Sojanah, Janah Jayawarsa, A.A. Ketut JB. Yurahman, JB. Yurahman Jefri Khairunnas, Jefri Kartikaningsih, Dewi Kastanya, Grace Khay, Khay Kpodo, Percy Chris Krishna Yuliawati, Ayu Kumara, Gatot Kunta Kurnia, Ika Famela Kurniawan, Fakhry Hafiyyan KUSNANTO, DANANG Lekettey, Edem Leni Yuliyanti, Leni Lestari, Siska Nurazizah Luckyardi, Senny Lusiana Sani Parwati Lyndon, Novel Anak M. Arief Ramdhany Marbun, Tonggo Mardiani, Rika Maulana, Mahbub Afini Maya Sari Mayasari Mayasari, Mayasari Medidjati, R Adam Medidjati, R. Adam Meta Arief, Meta Mr. Dodi Muhamat, Amirul Afif Muhammad Afif Mulyana, Dendi Munir Nur Komarudin Naiya, Naiya Nasrudin Nasrullah, Baso Nasution, Toni Navik Istikomah Netti Siska Nurhayati Ningrum, Azizah Puspa Nkansah, Obed Kwabina Opoku Nur Apandi, R Nelly Nurdiani, Mia Silmi Nurtanti, Azizah Nurul Siti Jahidah Nuryuana Dwi Wulandari Pambudi, Wahyu Pasha, Riska Ayu Permatasari, Zulia Nur Pinayani, Ani Pratiwi, Irma Dwi Prawatiningsih, Desty Priyo Wibowo, Priyo Putra, Yuda Dharma Qiswatun Mukhoyyaroh Rahim, Sarah Aulia Rahmah, Rosyidah Rahman, Zaidan Al Rasto, Rasto Ratih Hurriyati Rendi Marta Agung Rezi Fandiyansyah, Muh Rina Maria Hendriyani Rita Purnamasari Rita Tri Yusnita Ruri Mutiara Ayuni Ryan Maulana Saffira, Allya Satria, Rita Setiawan, Margareth Siman, Siman Simatupang, Frido Sarita Situngkir, Tiar Lina Solihat, Asri solikin, ikin Subaryana Subaryana, Subaryana Sugiharti, Harpa Sugiharto, Nur Aziz Sugiyanto - Supiyadi, Dedi Supriatna, Yayat Supriyono Supriyono Surochman, Arief Sutardiyanta, Ihwan Sutisna, Ade Jaya Syaeful Bakhri Syaharuddin Rasyid Tania, Adelia Septiani Restanti Tia Yuliawati Titik Respati Ujang Suherman, Ujang Suherman Umar Faruk Vigim, Jaqolina Anggraeni Vinda Maharani Patricia Warawiati, Nuni Ayu Wardana, Roihan Kusuma Widiarto, Tasya Evrillia Yanti Sri Rejeki Yasir Maulana Yayat Supriyatna Yogaswara, Andrey Satwika Yusup Junaedi Zaenal Alamsyah Zahro, Siti Zakariya Pamuji Aminullah Zulma, Gandy Wahyu Maulana