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All Journal Almana : Jurnal Manajemen dan Bisnis Business Innovation and Entrepreneurship Journal Jurnal Ekonomi Manajemen INTEGRITAS : Jurnal Pengabdian Jurnal Ilmiah Multidisiplin (JUKIM) Journal of Business Management and Economic Development Meta: Journal of Science and Technological Education
Lestari, Nadya Ayu
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Agriculture, Biological Sciences & Forestry Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Journal : Almana : Jurnal Manajemen dan Bisnis

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Understanding Investment Decisions Behavior: The Effects of Age-Based Investment Behavior, Risk Tolerance, and Financial Literacy Mediated by Investment Self-Efficacy Badriatin, Tine; Suryanugraha, Dim Zarita; Hilman, Nadia Ulfa Agustin; Lestari, Nadya Ayu
Almana : Jurnal Manajemen dan Bisnis Vol 9 No 2 (2025): August
Publisher : Bandung: Prodi Manajemen FE Universitas Langlangbuana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36555/almana.v9i2.2890

Abstract

The Indonesian capital market has seen significant growth, with a notable increase in investors, especially post-COVID-19 due to rising interest in digital investment tools. However, this growth doesn't always correlate with optimal investment decision-making quality. In Indonesia's complex stock market, investor behavior is a critical research area. Variables like age-based investment behavior, risk tolerance, and financial literacy significantly influence investment decisions. This influence, however, is not always direct, as investment self-efficacy can act as a crucial psychological mediator. Understanding these interrelationships is vital for both academic insights and developing effective financial education and investor protection policies in Indonesia. This quantitative survey study aims to comprehensively identify, analyze, and test the relationships between these variables using Structural Equation Modeling (SEM). Parameter estimation results indicate that X2 and x3 positively and significantly influence Y, while X1 does not show a significant effect on Y. Furthermore, Y has a highly significant positive impact on Z. Overall, these findings largely support the hypotheses, reinforcing the roles of financial literacy and X2 as significant determinants of Y, and Y's mediating role on Z.
Co-Authors Agustin Hilman, Nadia Ulfa Al Rasyid, Dwiyan Alisa, Juniar Amelia, Zefani Asep Muhammad Adam Aso Sukarso Badriatin, Tine Daulay, Rabiah Afifah Dede Sri Rahayu Falah, Siti Nurul Galih Nugraha Hilman, Nadia Ulfa Agustin Nisa, Ana Sakinatun Pakpahan, Elisda Rahayuningrat, Prahita Sri Rosliyati, Ati Sarumaha, Eklesya Sugiarti, Rubi'ah Suryanugraha, Dim Zarita Syaiful, Rizal Fahmi