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All Journal Scientific Journal of Reflection : Economic, Accounting, Management and Business PENGABDIAN SOSIAL Journal of Social And Economics Research Jurnal Nuansa: Publikasi Ilmu Manajemen dan Ekonomi Syariah Jurnal Akuntansi, Keuangan, Perpajakan dan Tata Kelola Perusahaan IIJSE International Journal of Educational and Life Sciences (IJELS) RESLAJ: Religion Education Social Laa Roiba Journal Jurnal Intelek Dan Cendikiawan Nusantara Jurnal Intelek Insan Cendikia journal of social and economic research Aktivitas Jurnal Ilmiah Akuntansi Cendekia: Jurnal Pengabdian Masyarakat
Rita Satria
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Religion Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Public Health Social Sciences Other

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Journal : IIJSE

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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 Ade Irwan Sunanto Afifah Ibtisamah Anwar Arif Surahman Dilla Setiawati Disman Disman Elsa Desiyanti Fachry Abda El Rahman Fadilah, Farah Fakung Rahman Hadi Supratikta Imas Purnamasari Jamothon Gultom Martono Muhamad Nurhamdi Nina Sabrina Nina Shabrina Nugraha Nugraha Rafiadi, Mohammad Raha Dhita Prawita Sari RATNA SARI Regitha Cahyan Riska Monika Ruknan Sairin Syamsuddin, Rahmi Andini Tya Widyawati