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All Journal Perspektif : Jurnal Ekonomi dan Manajemen Universitas Bina Sarana Informatika JMM (Jurnal Masyarakat Mandiri) Almana : Jurnal Manajemen dan Bisnis Bantenese Jurnal Pengabdian Masyarakat FRIMA: Festival Riset Ilmiah Manajemen & Akuntansi Jurnal Inspirasi Binsis dan Manajemen BanKu: Jurnal Perbankan dan Keuangan Indonesian Journal of Community Services
Wilman San Marino
Universitas Siliwangi
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Environmental Science Law, Crime, Criminology & Criminal Justice Library & Information Science Medicine & Pharmacology Social Sciences Other

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A Comparative Analysis of Risk Perception, Risk Tolerance, and Expected Return on University Students’ Interest in Online Gambling and Stock Investment Marino, Wilman San; Badriatin, Tine; Sani, Ageng Asmara
Almana : Jurnal Manajemen dan Bisnis Vol. 9 No. 3 (2025): December
Publisher : Bandung: Prodi Manajemen FE Universitas Langlangbuana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36555/almana.v9i3.2970

Abstract

The growing participation of university students in both stock investment and online gambling raises concerns regarding how psychological factors shape financial decision-making. This study aims to examine and compare the effects of risk perception, risk tolerance, and return expectation on students’ investment decisions by distinguishing between students who invest exclusively in stocks and those who invest in stocks while engaging in online gambling. A quantitative research design was employed using Partial Least Squares Structural Equation Modelling (PLS-SEM) to assess the structural relationships among the variables, complemented by independent samples t-tests to evaluate intergroup differences at the indicator level. The findings indicate that return expectation, risk perception, and risk tolerance all exert positive and significant effects on investment decisions, with return expectation emerging as the strongest predictor. However, comparative results reveal that most indicators do not differ significantly between the two groups, except for specific risk perception indicators, suggesting lower risk perception among students involved in online gambling. These results support Prospect Theory, Dual Process Theory, and Cognitive Distortion models by highlighting the role of cognitive biases and risk underestimation in gambling-related behavior. In conclusion, the study underscores the importance of financial literacy programs that emphasize accurate risk perception and cognitive debiasing strategies to mitigate students’ vulnerability to speculative and gambling-related behaviors.
Co-Authors Agi Rosyadi Ai Siti Rohanah Badriatin, Tine Betty Rofatin Bintang F.D.S., Ignatia Cindera Syaiful Nugraha Deny Hidayat Gunawan, Gun Gun Kurniawan Kurniawan Kurniawan Kurniawan Lucky Radi Rinandiyana Metty Nurherliyany Nurherliyani, Metty Sani, Ageng Asmara Yosep Rahman Hidayat