<![CDATA[Perkembangan teknologi digital telah mendorong partisipasi Generasi Z dalam berinvestasi. Namun, keputusan yang diambil tidak selalu rasional karena dipengaruhi oleh bias perilaku dan literasi keuangan yang berbeda. Penelitian ini bertujuan untuk menganalisis pengaruh loss aversion, overconfidence, dan availability bias terhadap investment decision dengan financial literacy sebagai variabel moderasi. Metode penelitian yang digunakan adalah metode kuantitatif dengan menggunakan 210 responden investor Generasi Z yang dipilih melalui teknik purposive sampling. Teknik analisis data dilakukan menggunakan PLS-SEM dengan SmartPLS 4.1.1.6. Hasilnya menunjukkan bahwa loss aversion, overconfidence, dan availability bias berpengaruh positif dan signifikan terhadap investment decision. Selain itu, Financial Literacy terbukti mampu memperkuat pengaruh Loss Aversion dan memperlemah pengaruh Availability Bias, namun tidak dapat memoderasi pengaruh Overconfidence terhadap Investment Decision. The rapid growth of digital technology has increased investment participation among Generation Z although their decisions are often influenced by behavioral biases and varying levels of financial literacy. This study aimed to analyze the influence of loss aversion, overconfidence, and availability bias on investment decisions with financial literacy as a moderating variable. The research method used is quantitative using 210 Generation Z investors as respondents selected through purposive sampling technique. Data analysis was performed using PLS-SEM with SmartPLS 4.1.1.6. The findings reveal that loss aversion, overconfidence, dan availability bias have positive and significant influence on investment decisions. In addition, financial literacy strengthens the effect of loss aversion and weakens the effect of availability bias, but does not moderate the influence of overconfidence on investment decisions.]]>
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