Article Per Year (5 Year)
p-Index From 2020 - 2025
0.23
P-Index
This Author published in this journals
All Journal MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN
Dian Indriana
Universitas Semarang
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Published : 1 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 1 Documents
Search

 1 
Behavioral Biases, Financial Literacy, and Female Investors: The Role of Social Media Vera Setyadi; Indarto Indarto; Dian Indriana
Matrik : Jurnal Manajemen, Strategi Bisnis, dan Kewirausahaan Volume 19 Nomor 1 Tahun 2025
Publisher : Faculty of Economics and Business Udayana University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/MATRIK:JMBK.2025.v19.i01.p07

Abstract

The Indonesian capital market faces challenges in investor growth, particularly with low investment levels among women. Female investors lag behind men in both the number of investors and the value of investments. Despite an increase in the number of female investors, their investment values remain low, indicating limited active participation. This research aims to examine how financial literacy and behavioral biases influence Indonesian female investors decisions, with social media as a moderating variable. Using a sample of 126 female investors, the test was conducted with PLS-SEM. The results showed that regret aversion bias significantly negatively impacts female investors decisions, while financial literacy has a positive and significant effect. Overconfidence bias and herding behavior do not significantly influence investment decisions. Social media does not moderate the effects of these biases and financial literacy on investment decisions but could act as predictor moderation variable with significant positive impact on investment decisions. Keywords: behavior bias; financial literacy; social media; women’s investment decision
Co-Authors Indarto Indarto Vera Setyadi