Isnaini Nuzula Agustin
Universitas Internasional Batam, Batam, Indonesia

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The Determinants of Investment Decision on High-Risk Asset: A Cross-Generational Perspective Isnaini Nuzula Agustin; Jefri Ariffendi; Novita Ratna Satiti; Ria Karina
Studi Akuntansi, Keuangan, dan Manajemen Vol 6 No 1 (2026): July
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/sakman.v6i1.6670

Abstract

Purpose: This study investigates the determinants of investment decisions in high-risk assets across generational cohorts in Indonesia, focusing on the roles of overconfidence and gambler’s fallacy. Methodology: Using survey data from 340 individual investors, Partial Least Squares-Structural Equation Modeling (PLS-SEM) was employed to examine direct and mediating relationships, including cross-generational comparisons. Results: The results indicate that overconfidence and gambler’s fallacy significantly increase risk propensity while reducing financial literacy, both of which subsequently influence investment decisions. Risk propensity serves as a positive mediator, whereas financial literacy functions as a negative mediator, suggesting that cognitive biases may weaken the rational application of financial knowledge to gambling decisions. Cross-generational differences were also observed, with varying relationship strengths across the age groups. Conclusions: This study concludes that behavioral biases are critical determinants of investment decisions in high-risk assets among Indonesian investors, whereby younger generations tend to be more influenced by heuristic-driven biases in digital investment environments, whereas older generations display more experience-based decision patterns. Limitations: This study is limited by its focus on Indonesian investors, which may reduce generalizability across broader contexts, and its reliance on self-reported data and cross-sectional design. Contributions: By integrating Prospect Theory, the Theory of Planned Behavior, and Human Capital Theory in an emerging market context, this study contributes to the behavioral finance literature by identifying the dual and asymmetric mediating roles of risk propensity and financial literacy in shaping investment decisions across generations.
Factors Influencing Decision Making to Adopt Cross-Border E-commerce Andy Chia; Isnaini Nuzula Agustin
Studi Akuntansi, Keuangan, dan Manajemen Vol 5 No 4 (2026): April
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/sakman.v5i4.5819

Abstract

Purpose: This study aims to identify and analyze the factors that influence the decision of MSMEs in Indonesia to adopt cross-border E-commerce. The main focus is on six variables that refer to the TOE framework: perceived benefit, perceived security, perceived cost, government support, organizational readiness, and organizational innovativeness. Methodology/approach: This study used a quantitative approach through an online questionnaire survey distributed to 440 MSME owners in Indonesia. Purposive sampling was applied with the criterion that respondents were familiar with or used digital platforms for learning. Data were analyzed using PLS-SEM through SMARTPLS to test variable relationships, supported by descriptive analysis via SPSS to outline the respondent characteristics. Results: The results show that government support, organizational readiness, and organizational innovativeness significantly influence MSMEs’ adoption of Cross-Border E-commerce, while perceived benefit, perceived security, and perceived cost do not. The study highlights that adoption is driven more by organizational and environmental factors than by technology-related perceptions. Conclusions: Indonesian MSMEs’ decision to adopt cross-border E-commerce is mainly determined by their organizational readiness, innovation capabilities, and government support. Strengthening internal capacity and improving government facilities and policies are key factors driving MSME digital transformation success. Limitations: This study is limited to variables within the TOE framework and uses cross-sectional data; therefore, the findings cannot yet describe changes in MSME behavior comprehensively or be generalized to other countries. Contributions: This study provides practical insights for the government, MSME players, and researchers to formulate strategies to accelerate the adoption of cross-border E-commerce in Indonesia.