<![CDATA[Saham Gabungan (IHSG) dan bias perilaku loss aversion terhadap keputusan investasi, dengan literasi keuangan sebagai variabel moderasi pada investor Generasi Z. Kebaruan penelitian ini terletak pada penerapan model moderasi untuk menguji peran literasi keuangan dalam meredam pengaruh faktor eksternal dan internal terhadap keputusan investasi dalam konteks pasar modal Indonesia. Pendekatan kuantitatif digunakan dalam penelitian ini, dengan teknik pengumpulan data melalui kuesioner daring yang disebarkan kepada 122 responden Gen Z yang aktif atau memiliki ketertarikan dalam investasi saham. Pemilihan sampel menggunakan metode purposive sampling, sedangkan analisis data dilakukan dengan metode Structural Equation Modeling–Partial Least Square (PLS-SEM). Hasil penelitian menunjukkan bahwa penurunan IHSG tidak berpengaruh signifikan, sementara bias loss aversion berpengaruh signifikan terhadap keputusan investasi. Literasi keuangan tidak memoderasi pengaruh penurunan IHSG maupun loss aversion terhadap keputusan investasi. Temuan ini mengindikasikan bahwa keputusan investasi Generasi Z lebih dipengaruhi oleh faktor psikologis dibandingkan indikator rasional seperti pergerakan IHSG. Penelitian ini memberikan kontribusi teoritis dalam memperkaya literatur behavioral finance, serta implikasi praktis dalam pengembangan program literasi keuangan yang aplikatif dan relevan bagi generasi muda. This study aims to analyze the effect of the decline in the Indonesia Stock Exchange Composite Index (IHSG) and the behavioral bias of loss aversion on investment decisions, with financial literacy as a moderating variable among Generation Z investors. The novelty of this research lies in the application of a moderation model to examine the role of financial literacy in mitigating the influence of both external and internal factors on investment decisions within the context of Indonesia’s capital market. A quantitative approach was employed, with data collected through an online questionnaire distributed to 122 Gen Z respondents who are active in or interested in stock investment. The sample was selected using purposive sampling, and the data were analyzed using the Structural Equation Modeling–Partial Least Squares (PLS-SEM) method. The results indicate that the decline in the IHSG has no significant effect, whereas the loss aversion bias significantly influences investment decisions. Financial literacy does not moderate the effect of the IHSG decline or loss aversion on investment decisions. These findings suggest that Generation Z’s investment decisions are more influenced by psychological factors than by rational indicators such as market index movements. This study contributes theoretically to the growing body of literature in behavioral finance and offers practical implications for developing financial literacy programs that are applicable and relevant to younger generations.]]>
