INTERAKSI ANTARA FINANCIAL LITERACY, EXPERIENCED REGRET, FRAMING EFFECT, MENTAL ACCOUNTING, DAN SELF-CONTROL DALAM KEPUTUSAN INVESTASI: PERAN TOLERANSI RISIKO SEBAGAI MEDIATOR

Lani Djaini (Jurusan Manajemen, Universitas Halu Oleo)
Dedy Takdir Syaifuddin (Jurusan Manajemen, Universitas Halu Oleo)
Salma Saleh (Jurusan Manajemen, Universitas Halu Oleo)
Valentinus Amstrong TN (Jurusan Manajemen, Universitas Halu Oleo)

Jurnal Manajemen dan Kewirausahaan
Vol. 17 No. 1 (2025): Jurnal Manajemen dan Kewirausahaan

This study examines the influence of financial literacy, experienced regret, framing effect, mental accounting, and self-control on investment decisions, with risk tolerance as a mediating variable. The population consists of 1,188 active investors in Kendari City registered with the Indonesia Stock Exchange Representative Office in Southeast Sulawesi. A total of 299 respondents were selected using purposive sampling. Data were collected through questionnaires and analyzed using the SEM-PLS method with SmartPLS software. The results indicate that financial literacy, framing effect, mental accounting, and self-control have a significant positive effect on risk tolerance, while experienced regret has a significant negative effect. Furthermore, financial literacy, experienced regret, mental accounting, and self-control directly influence investment decisions, whereas the framing effect does not have a direct influence. Risk tolerance is proven to mediate the relationship between these five variables and investment decisions.