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All Journal Jurnal Management Risiko dan Keuangan
Gastiadirrijal, Rakan
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Decision Sciences, Operations Research & Management

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The Effect of Herding Behavior and Anchoring Bias on Stock Decision-Making in the Capital Market with Risk Tolerance as a Mediating Variable Gastiadirrijal, Rakan; Andarwati
Jurnal Management Risiko dan Keuangan Vol. 4 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Brawijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/jmrk.2025.04.2.01

Abstract

Purpose – This study aims to examine the effect of herding behavior and anchoring bias on investment decisions, with risk tolerance as an intervening variable among Generation Z in Jabodetabek.    Design/methodology/approach – This explanatory research uses a quantitative approach to test causal relationships between variables. The sample consists of 143 respondents collected through online questionnaires. Data were analyzed using Partial Least Squares (PLS) with SmartPLS version 4.0.   Findings – The results show that herding behavior and anchoring bias have a significant direct effect on investment decisions. Both variables also significantly influence risk tolerance, which in turn significantly affects investment decisions. Additionally, risk tolerance mediates the relationship between herding behavior, anchoring bias, and investment decisions.   Originality/value – This study contributes to behavioral finance literature by highlighting the mediating role of risk tolerance in linking cognitive biases and investment decision-making among Generation Z investors.
Co-Authors Andarwati