JBMR: Journal of Business and Management Review
Vol. 4 No. 11 (2023): (Issue-November)

The Influence of Overconfidence Bias, Herding Effect, and Loss Aversion on Investment Decisions in The Capital Market with Financial Literacy as A Moderating Variable

Firmansyah, Firmansyah (Unknown)

Article Info

Publish Date
26 Nov 2023

Abstract

This study aims to examine the effect of overconfidence bias, herding effect, and loss aversion on investment decisions in the capital market with financial literacy as a moderating variable study on Generation Z novice investors in Malang. Sample determination is used by the accidental sampling method. The research data sources came from observations, interviews and questionnaires. Data analysis using the SEM-PLS approach with WarpPLS 7.0 software. The results showed that overconfidence bias, herding effect, and loss aversion had a positive and significant effect on investment decisions. Financial literacy can moderate the effect of overconfidence bias, and loss aversion on investment decisions. Financial literacy cannot moderate the influence of the herding effect on investment decisions.

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Journal Info
JBMR: Journal of Business and Management Review
Website

Abbrev

jbmr

Publisher

Profesional Muda Cendekia

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

Description

Journal of Business and Management Review applies theory developed from business research to actual business situations. Recognizing the intricate relationships between the many areas of business activity, JBMR examines a wide variety of business decisions, processes and activities within the actual ...