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All Journal Journal The Winners SENTRALISASI Share : Journal of Service Learning Petra International journal of Business Studies (IJBS) Ultima Management : Jurnal Ilmu Manajemen Jurnal Entrepreneur dan Entrepreneurship International Journal of Economics, Business and Accounting Research (IJEBAR) Journal of Global Business and Management Review Jurnal Leverage, Engagement, Empowerment of Community (LeECOM) Jurnal Abdi Insani Jurnal Abdimas Sangkabira Oikonomia: Jurnal Manajemen Jurnal Abdimas Ekonomi dan Bisnis Journal of Management Studies and Development Journal Community Service Consortium Management Analysis Journal
Adi Kurniawan Yusup
Universitas Ciputra Surabaya
Agriculture, Biological Sciences & Forestry Arts Humanities Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Social Sciences Other

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FINANCIAL DETERMINANTS OF INVESTMENT DECISION-MAKING IN FRAUDULENT SCHEMES WITH SCAM AWARENESS AS A MEDIATING VARIABLE AND RISK TOLERANCE AS A MODERATING VARIABLE Harjanto, Adara Mishel; Yusup, Adi Kurniawan
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 9 No 4 (2025): IJEBAR, VOL. 09 ISSUE 04, DECEMBER 2025
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v9i4.18483

Abstract

This study explores how financial literacy, financial behavior, and financial stress influence investment scam awareness, as well as how this awareness shapes investment decisions among Generation Z in Indonesia. This study applies Protection Motivation Theory (PMT) to explain how threat recognition and coping responses explain investors' behavior. Quantitative approach was used for this research with data sourced using an online questionnaire survey distributed to Generation Z investors in Indonesia through purposive sampling method. The data were evaluated using Structural Equation Modeling Partial Least Squares (SEM-PLS) using SmartPLS 4 to test the relationships between variables. The findings indicate that financial literacy has a positive and significant effect on investment scam awareness, allowing individuals to better recognize fraudulent schemes. In contrast, financial behavior and financial stress show no significant effect on awareness of investment scams. Furthermore, scam awareness does not directly affect investment decisions, but risk tolerance was proven to moderate this relationship. These findings show that although financial literacy improves scam awareness, investment decisions are also shaped by other factors. This work offers additional insight to existing literature by delivering a deeper understanding of how financial determinants shape investment decision-making in fraudulent investment contexts, especially among Generation Z investors in Indonesia.
SOCIETAL SUSTAINABILITY VIA FINTECH ADOPTION: EXAMINING THE MEDIATING ROLE OF FINANCIAL INCLUSION UNDER PERCEIVED BENEFITS AND RISKS Pramana, Isadora Elgina; Yusup, Adi Kurniawan
International Journal of Economics, Business and Accounting Research (IJEBAR) Vol 9 No 4 (2025): IJEBAR, VOL. 09 ISSUE 04, DECEMBER 2025
Publisher : LPPM ITB AAS INDONESIA (d.h STIE AAS Surakarta)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29040/ijebar.v9i4.18862

Abstract

While FinTech is rapidly reshaping Indonesia’s financial landscape, there remains limited understanding of how young users, particularly Gen Z and Millennials, evaluate the trade-offs between perceived benefits and risks within this context. Addressing this gap, this study examines FinTech users in Surabaya (n = 142 valid responses) using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal a clear behavioral pathway in which monetary and non-monetary benefits do not directly influence FinTech adoption. Instead, these benefits significantly enhance Financial Inclusion, which functions as a critical prerequisite for adoption. Risk perceptions operate at different stages of the process. Security concerns significantly reduce perceived Financial Inclusion, while regulatory ambiguity directly weakens FinTech adoption. In contrast, financial risk shows no significant behavioral effect. The results further indicate that FinTech adoption does not significantly contribute to societal sustainability, suggesting that broader social outcomes depend more on structural and institutional enablers than on individual uptake alone. Overall, this study clarifies the central mediating role of Financial Inclusion and underscores the importance of secure user experiences and clear regulatory frameworks in translating digital participation into sustainable societal impact.
Co-Authors Agustiono, Agustiono Anastasia Filiana Ismawati Charly Hongdiyanto Cherry Josephine Clara Angelia Gunawan Damelina B. Tambunan Desylina, Yohana Cinta Ayu Evangelie, Benedecta Nadya Fedrerika Gladys Greselda Gosal Gracia Ongkowijoyo Gunawan, Kartikasari Guntoro, Jennifer Alberta Halcon, Frederick Abainza Harjanto, Adara Mishel Hendra Hendra Kent Avila Limanto Kimartha Putri Kimartha Putri Kingston Wilbert Tatra Kristian Agung Nugraha Lioe, Klemens Bennedict Listyatmadja, Hosea Kristo Mangempis, Zefanya Agung Maria Asumpta Evi Marlina Metta Padmalia Onodite, Jocely Parthasarathi Shrinithy Pramana, Isadora Elgina Satyanegara, Teresa Samantha Setiawan, Bryan Sihaloho, Arkana Asido Parsaoran Sonata Christian Suyanto, Kezia Josephe Tandiawan, Sheren Angelin Theresia Dinda Kusuma Dewi Wattimena, Ann Maritza Wendra Hartono Wibien, Jemima Donna Widyarini, Lydia Ari Wiguna, Marcella Claudia Louren Winarjo, Alexander Jevan