PERAN LITERASI KEUANGAN SEBAGAI VARIABEL MEDIASI DALAM PENGAMBILAN KEPUTUSAN INVESTASI PADA GENERASI Z : UJI TERHADAP BIAS-BIAS PERILAKU
DOI:
https://doi.org/10.71282/jurmie.v2i6.429Keywords:
Overconfidence, Representativeness, Availability, Financial Literacy, Investment DecisionAbstract
This study aims to investigate the role of financial literacy as a mediator in investment decision making by Generation Z in Indonesia, especially on the influence of behavioral biases such as overconfidence, representativeness, and availability. Using a quantitative cross-sectional approach and purposive sampling technique, this study involved 257 Generation Z respondents who had investment experience. Data were obtained through an online questionnaire and analyzed using path analysis and the Sobel test. The results show that financial literacy significantly mediates the relationship between behavioral biases and investment decisions. Overconfidence and availability have a positive effect on financial literacy, while representativeness has an indirect effect through investment decisions. These findings emphasize the importance of financial literacy in minimizing the impact of behavioral biases and encouraging more rational investment decision making among Generation Z.
Downloads
References
Aulia, S., Giriati, G., Mustika, U. N., & Mustaruddin, M. (2024). Peran mediasi literasi keuangan dalam keputusan investasi bagi Generasi Z: Pengujian bias-bias perilaku. Journal of Management and Digital Business, 4(3), 565–580. https://doi.org/10.53088/jmdb.v4i3.1334
Ahmad, M., & Shah, S. Z. A. (2022). Overconfidence Heuristic Driven Bias in Investment Decision Making and Performance: Mediating Effects of Risk Perception and Moderating Effects of Financial Literacy. Journal of Economic and Administrative Sciences, 38(1), 60–90. https://doi.org/10.1108/jeas-07-2020-0116
Sabilla, B. V., & Pertiwi, T. K. (2021). Pengaruh bias perilaku terhadap pengambilan keputusan investasi saham para investor pemula di Kota Sidoarjo. Jurnal E-Bis (Ekonomi-Bisnis), 5(2), 353–364. https://doi.org/10.37339/e-bis.v5i2.688
Anand, S., Mishra, K., Verma, V., & Taruna, T. (2023). Financial literacy as a mediator of personal financial health during COVID-19: A structural equation modelling approach. Emerald Open Research, 1(4). https://doi.org/10.35241/emeraldopenres.13735.1
Andika, R. M., & Hatta, M. (2024). Pengaruh Literasi keuangan dan Bias Perilaku terhadap Keputusan Investasi. 5, 3515..
Asep, A., & Djajanti, A. (2024). Determinan Perilaku Generasi Milenial Dalam Keputusan Investasi Berdasarkan Teori Prospek. Jurnal Riset Perbankan, Manajemen, Dan Akuntansi, 8(1), 34-44. doi:10.56174/jrpma.v8i1.172.
Novwedayaningayu, H. C., Saputri, C. K., & Tidar, U. (2020). Peran bias availability dan bias representativeness dalam keputusan investasi. Journal of March, 2(1), 25-31.
Dewi, P. P., & Apriyati, M. Y. (2023). Analisis Keputusan Investasi Generasi Z. Fokus Bisnis Media Pengkajian Manajemen Dan Akuntansi, 22(1), 72–84. https://doi.org/10.32639/fokbis.v22i1.365
Fadilah, M. N., Indriwan, N., Khoirunnisa, N., & Mulyantini, S. (2022). Review Faktor Penentu Keputusan Investasi Pada Generasi Z & Millenial. 2(1), 17–29.
Sudirman, W. F. R., & Pratiwi, A. (2022). Overconfidence Bias dalam Pengembilan Keputusan Investasi: Peran Perbedaan Gender. Muhammadiyah Riau Accounting and Business Journal, 3(2), 081-092.
Asas, F. (2024). Heuristik Dalam Aktivitas Akutansi. Akuntansi, 3(1), 244-256. https://doi.org/10.55606/akuntansi.v3i1.1478.
Fridana, I. O., & Asandimitra, N. (2020). Analisis Faktor yang Memengaruhi Keputusan Investasi (Studi pada Mahasiswi di Surabaya). Jurnal Muara Ilmu Ekonomi Dan Bisnis, 4(2), 396. https://doi.org/10.24912/jmieb.v4i2.8729.
Gerth, F., Lopez, K., Reddy, K., Ramiah, V., Wallace, D., Muschert, G., Frino, A., & Jooste, L. (2021). The Behavioural Aspects of Financial Literacy. Journal of Risk and Financial Management, 14(9). https://doi.org/10.3390/jrfm14090395.
Iram, T., Raza Bilal, A., & Ahmad, Z. (2023). Investigating The Mediating Role of Financial Literacy on The Relationship Between Women Entrepreneurs’ Behavioral Biases and Investment Decision Making. Gadjah Mada International Journal of Business, 25(1), 93–118. http://journal.ugm.ac.id/gamaijb.
Kartini, K., & Nahda, K. (2021). Behavioral Biases on Investment Decision: A Case Study in Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 1231–1240. https://doi.org/10.13106/jafeb.2021.vol8.no3.1231Anning-Dorson, T. (2023). The level matters: building capabilities for innovation and enterprise performance through customer involvement. European Journal of Innovation Management, 26(1), 48–64.
Nugraha, R. K., Eksanti, A. P., & Haloho, Y. O. (2022). The Influence Of Financial Literacy And Financial Behavior On Investment Decision. Jurnal Ilmiah Manajemen Dan Bisnis, 8(1), 68–78.
Laturette, K., Widianingsih, L. P., & Subandi, L. (2021). Literasi Keuangan Pada Generasi Z. Jurnal Pendidikan Akuntansi (JPAK), 9(1), 131-139.
Lebdaoui, H., Chetioui, Y., & Guechi, E. (2021). The Impact of Behavioral Biases on Investment Performance: Does Financial Literacy Matter? International Journal of Journal of Management and Digital Business, 4(3), 2024, 579 Economics and Financial Issues, 11(3), 13–21. https://doi.org/10.32479/ijefi.11318
Loris, R. P., & Jayanto, P. Y. (2021). The Effect of Representativeness, Availability, Anchoring, Risk Perception, and Herding on Investment Decisions Syariah Investors. Jurnal Akuntansi, 11(1), 81–92. https://doi.org/10.33369/j.akuntansi.11.1.81-92
Mahadevi, S. A., & Asandimitra, N. (2021). Pengaruh status quo, herding behaviour, representativeness bias, mental accounting, serta regret aversion bias terhadap keputusan investasi investor milenial di Kota Surabaya. Jurnal Ilmu Manajemen, 9(2), 779.
Malini, H. (2021). Gaya Konsumsi dan Perilaku Konsumen Generasi Z di Warung Kopi. In Prosiding Seminar Nasional SATIESP. SATIESP Departemen Ilmu Ekonomi FEB UNTAN. https://feb.untan.ac.id/satiesp-2021.
Mittal, S. K. (2022). Behavior biases and investment decision: theoretical and research framework. Qualitative Research in Financial Markets, 14(2), 213-228. https://doi.org/10.1108/QRFM-09-2017-0085
Nisa, K., & Hidayat, M. R. (2024). Literasi Keuangan dan Pilihan Investasi Masyarakat Aceh. Jurnal Alwatzikhoebillah: Kajian Islam, Pendidikan, Ekonomi, Humaniora, 10(2), 452–458. https://doi.org/10.37567/alwatzikhoebillah.v10i2.2491.
Sari, R. N., & Damingun, D. (2021). Pengaruh Bias Overconfidence Terhadap Keputusan Investasi di Pasar Modal. Borneo Studies and Research, 2(3), 2072-2081.
Sinaga, A. N. A., & Silalahi, P. R. (2022). Pengaruh Regret Aversion Bias Dan Overconfidence Terhadap Pengambilan Keputusan Investasi Cryptocurrency Pada Investor Generasi Z. PESHUM: Jurnal Pendidikan, Sosial Dan Humaniora, 1(2), 105-112.
Nurchayati, S., & Perkasa, D. H. (2024). Peran Illusion Of Control, Literasi Keuangan Dan Bias Overconfidence Dalam Mempengaruhi Keputusan Investasi Dipasar Modal Pada Mahasiswa Di Jakarta Barat. Jurnal Bina Bangsa Ekonomika, 17(2), 1139-1152. https://doi.org/10.46306/jbbe.v17i2.
Darmayanti, N. P. A., Artini, L. G. S., & Suryantini, N. P. S. (2023). Literasi Keuangan Dan Peran Mediasi Bias Perilaku Terhadap Keputusan Investasi Individu. E- Jurnal Ekonomi dan Bisnis Universitas Udayana, 12(11), 2137–2148.
Rasool, N., & Ullah, S. (2020). Financial literacy and behavioural biases of individual investors: empirical evidence of Pakistan stock exchange. Journal of Economics, Finance and Administrative Science, 25(50), 261–278. https://doi.org/10.1108/JEFAS-03-2019-0031.
Safitri, H., Mustaruddin, M., Wendy, W., & Giriati, G. (2024, June). Representativeness, Mental Accounting, Overconfidence and Loss Aversion On Investment Decision: Mediated by Risk Tolerance. In Proceedings of the 1st International Conference on Economics and Business, ICEB 2023, 2-3 August 2023, Padang, Sumatera Barat, Indonesia. https://doi.org/10.4108/eai.2-8-2023.2341066.
Soleha, E., & Hartati, N. (2021). Analisis Perilaku Keuangan Mahasiswa Universitas Pelita Bangsa dalam Keputusan Investasi. EKOMABIS: Jurnal Ekonomi Manajemen Bisnis, 2(01), 59–70. https://doi.org/10.37366/ekomabis.v2i01.124
Sukandani, Y., Istikhoroh, S., Bambang Dwi Waryanto, R., Ekonomi, F., & PGRI Adi Buana Surabaya, U. (2019). SNHRP-II UNIPA Surabaya Behavioral Finance Pada Proses Pengambilan Keputusan Investasi. http://snhrp.unipasby.ac.id/
Swastika, Y., & Hamid, N. (2023). Pengaruh Literasi Keuangan, Generasi Sandwich Overconfidance dan Dual Ernest Terhadap Perilaku Keuangan. ECOTECHNOPRENEUR: Journal Economics, Technology and Entrepreneur, 2(03), 112–118. https://doi.org/10.62668/ecotechnopreneur.v2i03.753
Wendy, W. (2021). Efek Interaksi Literasi Keuangan Dalam Keputusan Investasi: Pengujian Bias-Bias Psikologi. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(1), 36. https://doi.org/10.26418/jebik.v10i1.43403.
Yuwono, W., & Elmadiani, C. (2021, May). The effect of emotional contagion, availability bias, overconfidence, loss aversion, and herding on investment decisions in the millennial generation during the beginning of the Covid-19 pandemic. In Proceedings of the 1st International Conference on Law, Social Science, Economics, and Education, ICLSSEE 2021, March 6th 2021, Jakarta,Indonesia. https://doi.org/10.4108/eai.6-3-2021.2306475
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Yeni Anggriani, Anwar Azazi, Wenny Pebrianti, Uray Ndaru Mustika (Author)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
