<![CDATA[Peneliti ini bertujuan untuk menguji peran literasi keuangan terhadap pengaruh overconfident dan herding behavior dalam pengambilan keputusan investasi saham investor milenial. Masih banyak peneliti yang salah mengartikan hasil uji statistik sehingga menimbulkan pemahaman yang salah. Terdapat kesenjangan penelitian dan fenomena bisnis yang meningkatkan jumlah investor individu baru di pasar modal Indonesia sehingga mendorong replikasi di waktu dan tempat yang berbeda. Responden penelitian ini adalah investor milenial yang tergabung dalam komunitas pasar modal pada perguruan tinggi swasta di Kota Surakarta, serta 73 investor umum. Pengumpulan data dengan menyebarkan kuesioner tertutup melalui aplikasi Google Form. Teknik analisis data menggunakan regresi berganda. Hasil penelitian menyimpulkan bahwa keputusan investasi saham yang dilakukan investor milenial lebih didasari oleh rasa terlalu percaya diri. Investor milenial tidak berperilaku herding ketika mengambil keputusan investasi saham. Hasil ini sejalan dengan harapan bahwa literasi keuangan dapat mengurangi perasaan terlalu percaya diri. Mengingat investor milenial di Soloraya memiliki literasi keuangan yang sangat baik, terbukti dalam mengambil keputusan investasi saham mereka tidak mengikuti investor lain. Selain implikasi penting, keterbatasan, dan saran untuk dipertimbangkan, bukti bahwa literasi itu penting. Kata Kunci: Overconfident, herding behavior, keputusan investasi, literasi keuangan ABSTRACT This researcher aims to examine the role of financial literacy on the influence of overconfidence and herding behavior in millennial investors' share investment decision making. There are still many researchers who misinterpret the results of statistical tests, giving rise to wrong understanding. There are research gaps and business phenomena that increase the number of new individual investors in the Indonesian capital market, thereby encouraging replication in different times and places. The respondents of this research are millennial investors who are members of the capital markets community at private universities in Surakarta City, as well as 73 general investors. Data collection by distributing closed questionnaires via the Google Form application. The data analysis technique uses multiple regression. The research results concluded that stock investment decisions made by millennial investors were based more on a sense of overconfidence. Millennial investors do not behave like herding when making stock investment decisions. These results are in line with expectations that financial literacy can reduce feelings of overconfidence. Given the fact that millennial investors in Soloraya have very good financial literacy, it is proven that in making stock investment decisions they do not follow other investors. In addition to important implications, limitations, and suggestions to consider, evidence that literacy is important.]]>
