Article Per Year (5 Year)
p-Index From 2020 - 2025
0.444
P-Index
This Author published in this journals
All Journal Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Journal of Accounting and Finance Management (JAFM)
Silvia Sutejo, Bertha
Unknown Affiliation
Economics, Econometrics & Finance

Published : 2 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 2 Documents
Search

 1 
Herding dan Overconfidence dalam Investasi Gen Z: Dampak dan Moderasi Literasi Keuangan Felycia Sugianto, Devina; Inggrit Wijaya, Liliana; Silvia Sutejo, Bertha
Journal of Accounting and Finance Management Vol. 5 No. 5 (2024): Journal of Accounting and Finance Management (November - December 2024)
Publisher : DINASTI RESEARCH

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jafm.v5i5.1092

Abstract

This research aims to examine the influence of behavioral biases among Generation Z investors in Indonesia specifically herding and overconfidence on investment decision making, with financial literacy as a moderating variable. This study employs a quantitative approach using SEM (Structural Equation Modeling) analysis. Data was collected by distributing questionnaires to Generation Z investors in Indonesia aged 17 to 27 who have invested in the Indonesia Stock Exchange (IDX). The results indicate that the herding and overconfidence behavioral biases significantly impact investment decisions. Finally, the moderating variable of financial literacy strengthens the relationship between the herding and overconfidence biases and investment decisions.
The Influence of Behavioral Bias on Investment Decision with Risk Perception as a Mediating Variable: A Study on Generation Z at the Indonesia Stock Exchange Willie Kurnijanto, Aldo; Joni, Joni; Videlia Sumbodo, Karen; Inggrit Wijaya, Liliana; Silvia Sutejo, Bertha
Dinasti International Journal of Economics, Finance & Accounting Vol. 5 No. 6 (2025): Dinasti International Journal of Economics, Finance & Accounting (January - Feb
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v5i6.3643

Abstract

This study uses structural equation modeling to examine the direct and indirect relationships between behavioral biases and investment decisions with the mediating role of risk perception. This study was conducted among Generation Z individual investors who have been investing on the Indonesia Stock Exchange for several months to years. The behavioral biases examined include overconfidence bias, herding bias, and loss aversion bias, with data from 300 respondents collected through purposive sampling. The results show that risk perception mediates the relationship between overconfidence bias, herding bias, and loss aversion bias with investment decisions. Herding bias and loss aversion bias were found to have a direct relationship with risk perception. In addition, it was also found that herding bias, loss aversion bias, and risk perception have a direct relationship with investment decisions. This research is essential for investors to make more rational investment decisions and improve investment performance by recognizing the risks associated with behavioral biases. The increasing number of retail investors and Generation Z on the Indonesia Stock Exchange demands sound investment decisions. Behavioral biases often trigger irrational decisions and errors in portfolio management, while risk perception can strengthen or weaken the impact of behavioral biases on investment decisions. This study contributes theoretically to investment and behavioral finance, particularly regarding the mediating effect of risk perception.
Co-Authors Felycia Sugianto, Devina Inggrit Wijaya, Liliana Joni Joni Videlia Sumbodo, Karen Willie Kurnijanto, Aldo