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All Journal SENTRALISASI Makkareso : Riset Pengabdian Masyarakat
Efendi, M Zaenal
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Arts Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Library & Information Science Mathematics Physics Social Sciences Other

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Journal : SENTRALISASI

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The Role of Risk Tolerance in Linking Psychological Biases and Financial Literacy to Gen Z Stock Trading Frequency Efendi, M Zaenal; Fitriyah, Fitriyah
SENTRALISASI Vol. 15 No. 2 (2026): May
Publisher : Universitas Muhammadiyah Sorong

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33506/sl.v15i2.5593

Abstract

Positioning risk tolerance as a mediating variable, this study investigates the extent to which overconfidence, optimism bias, and financial literacy shape stock trading frequency among Generation Z investors in Malang City. A quantitative approach with an explanatory design was employed, with purposive sampling used to select 100 respondents. Data were gathered through a questionnaire instrument and subsequently analyzed using SmartPLS 4.0 software via SEM-PLS method. The results indicate that overconfidence, optimism bias, and financial literacy all bear a positive and significant influence on risk tolerance. Interestingly, not one of these three variables was found to produce a direct effect on stock trading frequency. Risk tolerance was demonstrated to serve as a full mediator in the relationship between the independent and dependent variables, while at the same time yielding a significant positive effect on trading frequency. These findings point to the conclusion that the trading behavior of Generation Z investors in Malang City is governed far more by their individual level of risk tolerance than by psychological or cognitive factors operating in isolation. 
Co-Authors Fitriyah Fitriyah