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The Role of Overconfidence and Risk Perception in Stock Investment Decision-Making among Young Investors Nico Pracahya; Lucia Rini Sugiarti; Fendy Suhariadi
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 7 No. 1 (2026): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/msej.v7i1.9896

Abstract

The rapid growth of stock market participation among young investors, particularly Generation Z, has intensified concerns regarding the psychological factors underlying investment decision-making. Despite increased access to financial information and digital trading platforms, young investors often exhibit biased judgments and inconsistent decision quality. From a psychological perspective, cognitive biases and subjective risk evaluation play a critical role in shaping behavior under uncertainty. This study aims to examine the role of overconfidence and risk perception in stock investment decision-making among young investors. This research employs a quantitative, explanatory design using survey data collected from 159 Generation Z investors. Data were analyzed using multiple linear regression analysis to assess the effects of overconfidence and risk perception on stock investment decision-making. Overconfidence and risk perception were measured as psychological constructs reflecting cognitive bias and subjective risk appraisal, respectively. The results indicate that overconfidence has a positive and statistically significant effect on stock investment decision-making, suggesting that excessive self-belief increases decisiveness and investment engagement among young investors. Additionally, risk perception significantly influences investment decisions, highlighting the importance of subjective risk evaluation in guiding behavior under uncertainty. The findings confirm that psychological factors jointly shape how young investors interpret information and make financial decisions. From a psychological standpoint, this study contributes to decision-making and cognitive psychology by demonstrating that investment behavior among young adults is driven not only by rational evaluation but also by cognitive bias and perceived risk. The findings imply that psychological interventions such as bias awareness training, self-reflection, and risk appraisal education are essential complements to financial literacy programs.
What Shapes Leadership? A Systematic Literature Review Of Communication, Interaction, And Social Construction Perspectives Emanuel Hindro Cahyono; Lucia Rini Sugiarti; Fendy Suhariadi
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 7 No. 1 (2026): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/msej.v7i1.9923

Abstract

This systematic literature review examines what shapes leadership through the lenses of communication, interaction, and social construction. Drawing on interdisciplinary scholarship from leadership studies and communication theory, the review synthesizes research that conceptualizes leadership not as an individual trait or positional authority, but as a dynamic, relational, and communicative process. Using a systematic search and screening procedure, the study analyzes key theoretical and empirical contributions that emphasize meaning-making, interactional practices, discourse, and socially constructed realities in leadership processes. The findings indicate that leadership emerges through ongoing communication, including sensemaking, framing, dialogue, and negotiated interactions among leaders, followers, and broader stakeholders. Rather than residing solely in individuals, leadership is shown to be co-constructed within social contexts shaped by language, power relations, cultural norms, and organizational settings. This review highlights a shift from leader-centric models toward relational, distributed, and process-oriented perspectives, underscoring communication as constitutive of leadership itself. The study contributes to leadership scholarship by integrating communication and social construction perspectives into a coherent framework, offering implications for future research and leadership development practices that prioritize interaction, reflexivity, and collective meaning-making in complex organizational and social environments.