Risk Tolerance and Investment Performance From The Perspective of Generation - Jasir, Muhammad Saddam; Yusuf, Muhammad Yusuf; Dhiafandra , Adrien Ahza; Kurniawan, Arief; Putra Santoso, Muhammad Galang; Rindi Maharani; Ayu Istiqomah; Farah Fadhilah Mulyadi; Fadia Hamid; Adam Naufal Adrianto (Economics and Business Faculty UNUSIA, 2025)
Generasi milenial kini mendominasi pasar modal sebagai investor pemula. Investor pemula cenderung mengandalkan pendekatan heuristik dalam mengambil keputusan, yang sering kali mempercepat proses pengambilan keputusan tetapi juga dapat menyebabkan kesalahan penilaian dan pilihan investasi yang lebih memuaskan pribadi daripada rasional. Akibatnya, keputusan investasi ini tidak optimal, yang kemudian berdampak negatif pada performa investasi. Makalah ini mengeksplorasi bagaimana generasi investor mempengaruhi hubungan antara toleransi risiko dan performa investasi. Penelitian ini menggunakan metode kuantitatif dengan data primer, dan melibatkan 1000 investor aktif di Bursa Efek Indonesia sebagai unit analisis. Analisis dilakukan menggunakan Process Macro for SPSS (Hayes model 1) untuk uji regresi. Hasil menunjukkan bahwa generasi investor secara signifikan memoderasi pengaruh tolerances Risico terhadap performa investasi. Ini menunjukkan bahwa hubungan antara toleransi risiko dan kinerja investasi semakin kuat ketika variabel generasi meningkat. Toleransi risiko ditemukan berdampak negatif signifikan terhadap performa investasi, terutama pada generasi yang lebih tua, yang memiliki pengalaman dalam mengambil risiko (dengan toleransi risiko yang lebih rendah), tetapi pada akhirnya menghasilkan kinerja investasi yang lebih baik. Kata Kunci: Generasi, Investor, Keuangan Keperilakuan, Kinerja Investasi, Toleransi Risiko Abstract Millennials now dominate the capital market as first-time investors. Novice investors tend to rely on a heuristic approach to decision-making, which often speeds up the decision-making process but can also lead to misjudgments and investment choices that are more personally satisfying than rational. As a result, these investment decisions are not optimal, which then negatively impacts investment performance. This paper explores how investor generations influence the relationship between risk tolerance and investment performance. This study uses quantitative methods with primary data, and involves 1000 active investors on the Indonesia Stock Exchange as the unit of analysis. The analysis was conducted using Process Macro for SPSS (Hayes model 1) for regression test. The results show that investor generation significantly moderates the effect of risk tolerance on investment performance. This indicates that the relationship between risk tolerance and investment performance gets stronger as the generation variable increases. Risk tolerance is found to have a significant negative impact on investment performance, especially in older generations, who have experience in taking risks (with lower risk tolerance), but ultimately result in better investment performance. Keywords: Behavioral Finance, Generation, Investment Performance, Investors, Risk Tolerance