FINANCIAL LITERACY, RETURN EXPECTATIONS, Z-GENERATION STOCK INVESTMENT DECISIONS WITH HERDING MODERATION

Nivia Putri Anggraini; Munari Munari

doi:10.30998/jabe.v10i3.22565

FINANCIAL LITERACY, RETURN EXPECTATIONS, Z-GENERATION STOCK INVESTMENT DECISIONS WITH HERDING MODERATION

Nivia Putri Anggraini⁽¹⁾, Munari Munari^(2*)

(1)
(2)
(*) Corresponding Author

Abstract

Investing has become a popular method for saving, especially for long-term goals, due to the potential for greater returns over time. Indonesian people are increasingly aware of passive income, especially after the Covid-19 pandemic. Financial technology and online platforms allow more people to manage their investment portfolios. This paper examines the influence of financial literacy. It returns expectations on Z-Generation stock investment decisions and the influence of moderation of herding behavior on financial literacy and returns expectations influencing Z-Generation stock investment decisions. The type of research applied in this research is a quantitative approach. The population in this study is Z-Generation, who registered with the Investkuy stock investment education community on January 12, 2024, with a population of 339 people. The research results show that financial literacy positively affects Z-Generation's stock investment decisions, while return expectations also have a positive effect. However, herding behavior weakens the influence of financial literacy on these decisions while strengthening the influence of expected returns

Keywords

Behavior, Financial Literacy, Herding, Return Expectations, Stock Investment Decisions

Full Text:

PDF

References

Alteza, M. (2021). Keuangan Keperilakuan : Telaah Atas Evolusi. Jurnal Ilmu Manajemen, 18(1), 119. https://doi.org/https://doi.org/10.21831/jim.v18i1.39342

Aristiwati, I. N., & Hidayatullah, S. K. (2021). PENGARUH HERDING DAN OVERCONFIDENCE TERHADAP KEPUTUSAN INVESTASI (Studi Pada Nasabah Emas Kantor Pegadaian Ungaran). Jurnal Among Makarti, 14(1), 1530. https://doi.org/http://dx.doi.org/10.52353/ama.v14i1.202

Astini, K. P. A., & Pasek, G. W. (2022). Pengaruh literasi keuangan terhadap keputusan investasi. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi), 13(3), 9911002. https://doi.org/https://doi.org/10.23887/jimat.v13i03.49445

Audini, A. F., Mus, Abd. M., & Sjahruddin, H. (2020). PENGARUH LITERASI KEUANGAN TERHADAP KEPUTUSAN INVESTASI DENGAN PERILAKU KEUANGAN SEBAGAI VARIABEL MODERASI. NIAGAWAN, 9(2), 102107. https://doi.org/https://doi.org/10.24114/niaga.v9i2.19035

Barberis, N. C., & Jin, L. J. (2023). MODEL-FREE AND MODEL-BASED LEARNING AS JOINT DRIVERS OF INVESTOR BEHAVIOR. NATIONAL BUREAU OF ECONOMIC RESEARCH, 15018, 123. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4331775

Barhate, B., & Dirani, K. M. (2022). Career aspirations of Z-Generation : a systematic literature review. European Journal of Training and Development, 46(1), 139157. https://doi.org/10.1108/EJTD-07-2020-0124

Fadila, N., Goso, G., Hamid, R. S., & Ukkas, I. (2022). Pengaruh Literasi Keuangan, Financial Technology, Persepsi Risiko, dan Locus of Control Terhadap Keputusan Investasi Pengusaha Muda. Owner: Riset & Jurnal Akuntansi, 6(2), 16331643. https://doi.org/10.33395/owner.v6i2.789

Fareva, I., Zulaihati, S., & Sumiati, A. (2021). Pengaruh Ekspektasi Return dan Persepsi Risiko Terhadap Minat Investasi Investor Mahasiswa yang Terdaftar di Galeri Investasi Bursa Efek Indonesia Universitas Negeri Jakarta. Indonesia Journal of Economy, Business, Entrepreneurship, and Finance, 1(2), 141151. https://doi.org/10.53067/ijebef

Rahmawati, F., & Rosita. (2023). Faktor Faktor Yang Mempengaruhi Minat Investasi Generasi Z Mahasiswa STIE Surakarta Di Pasar Modal. Transformasi: Journal of Economics and Business Management, 2(3), 119135. https://doi.org/10.56444/transformasi.v2i3.963

Frans, & Handoyo, S. E. (2020). Pengaruh Ekspektasi Pengembalian, Toleransi Risiko, Dan Efikasi Diri Terhadap Minat Investasi Saham. Jurnal Manajerial Dan Kewirausahaan, 2(1), 22. https://doi.org/10.24912/jmk.v2i1.7421

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

KSEI. (2023). Statistik Pasar Modal Indonesia Pertumbuhan Investor. 117.

Kustina, Otika Safitri, & Samsul Anwar. (2019). Kebijakan Deviden Dan Capital Gain: Pengaruhnya Terhadap Harga Saham. Jurnal Investasi, 5(1), 2437. https://doi.org/10.31943/investasi.v5i1.16

Lindananty, & Angelina, M. (2021). Pengaruh Pengaruh Literasi Keuangan, Perilaku Keuangan dan Pendapatan terhadap Keputusan Investasi Saham. Jurnal Buana Akuntansi, 6(1), 2739. https://doi.org/10.36805/akuntansi.v6i1.1298

Milati, Y. M., & Zen, F. (2022). Financial Literacy, Overconfidence, Dan Herding Pada Keputusan Investasi Di Pasar Modal. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 11(10), 1261. https://doi.org/10.24843/eeb.2022.v11.i10.p10

Muhammad, B., & Andika, M. (2022). Pengaruh Literasi Keuangan , Pengetahuan Investasi dan Pendapatan Terhadap Perilaku Keputusan Investasi Di Pasar Modal Pada Mahasiswa Di Jabodetabek. Seminar Nasioanl Akuntansi Dan Manajemen, 3.

Mumtazah, M. R., & Anwar, M. (2022). Analisis pengaruh herding behavior dalam memoderasi keputusan investasi saham pada Mahasiswa UPN Veteran Jawa Timur. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(1), 115123. https://doi.org/10.32670/fairvalue.v5i1.2012

Nindya Priswari, D., & Munari. (2021). FAKTOR YANG MEMPENGARUHI KEPUTUSAN INVESTASI GENERASI MILLENIAL. Conference on Economic and Business Innovation (CEBI), 1(1), 452462. https://jurnal.widyagama.ac.id/index.php/cebi/article/view/126

Pratama, A., Fauzi, A., & Purwohedi, U. (2022). Pengaruh Persepsi Risiko, Ekspektasi Return, Dan Behavioral Motivation Terhadap Keputusan Investasi Mahasiswa Yang Terdaftar Di Galeri Investasi Pada Perguruan Tinggi Negeri Jakarta. Indonesian Journal of Economy, Business, Entrepreneurship, Business and Finance, 2(3), 252267. https://doi.org/10.53067/ijebef.v2i3

Pratidina, B. S., & Anggraini, A. (2023). PENGARUH FINANCIAL LITERACY , HERDING , RISK PERCEPTION TERHADAP KEPUTUSAN INVESTASI PADA MAHASISWA AKUNTANSI UNIVERSITAS PAMULANG ANGKATAN 2020-2021. Jurnal Ilmiah Ekonomi Dan Manajemen, 1(2), 7891. https://doi.org/https://doi.org/10.61722/jiem.v1i2.71

Priadana, M. S., & Sunarsi, D. (2021). METODE PENELITIAN KUANTITATIF. Pascal Books.

Prisiliya, D. A., & Moeljadi. (2022). PENGARUH HERDING BEHAVIOR DAN OVERCONFIDENCE TERHADAP KEPUTUSAN INVESTASI. JURNAL MANAGEMENT RISIKO DAN KEUANGAN, 1(1), 5866. https://jmrk.ub.ac.id/index.php/jmrk/article/view/2

Rinendy, J., Sitompul, G. O., & Hutabarat, F. (2023). Pengaruh Tingkat Pendapatan, Literasi Keuangan dan Toleransi Risiko Terhadap Pembelian Saham. Jurnal Akuntansi, 15(1), 1627. https://doi.org/10.28932/jam.v15i1.6044

Saputro, S. H., & Yuliantari, K. (2020). Keputusan Investasi Saham Dengan Pendekatan Price Earning Ratio Pada Perusahaan Rokok yang Terdaftar di Bursa Efek Indonesia. Moneter - Jurnal Akuntansi Dan Keuangan, 7(1), 3236. https://doi.org/10.31294/moneter.v7i1.7462

Sarawatari, Y. A., Hasan, A., & Ivalaili. (2021). Pengaruh Persepsi Risiko, Ekspektasi Return, Behavioral Motivation dan Kemajuan Teknologi terhadap Keputusan Investasi di Peer to Peer Lending Syariah. HUMAN FALAH: Jurnal Ekonomi Dan Bisnis Islam, 8(2). https://doi.org/http://dx.doi.org/10.30829/hf.v8i2.9815

Seventeen, & Shinta, S. D. (2021). Pengaruh Economic Value Added dan return On Equity (ROE) Terhadap Harga Saham pada perusahaan Investasi yang Terdaftar Di BEI Tahun 2016-2019. JAZ:Jurnal Akuntansi Unihaz, 4(1), 138. https://doi.org/10.32663/jaz.v4i1.2094

Vitmiasih, Maharani, S. N., & Narullia, D. (2021). Pengambilan Keputusan Investasi Rasional: Suatu Tinjauan dari Dampak Perilaku Representativeness Bias dan Hearding Effect. Jati: Jurnal Akuntansi Terapan Indonesia, 4(1), 113. https://doi.org/10.18196/jati.v4i1.9255

Yundari, T., & Artati, Dwi. (2021). ANALISIS PENGARUH LITERASI KEUANGAN, PERILAKU KEUANGAN DAN PENDAPATAN TERHADAP KEPUTUSAN INVESTASI (Studi Kasus Pada Karyawan Swasta Di Kecamatan Sruweng Kabupaten Kebumen). Jurnal Ilmiah Manajemen Keuangan, 3(3), 609622. https://doi.org/https://doi.org/10.32639/jimmba.v3i3.896

DOI: http://dx.doi.org/10.30998/jabe.v10i3.22565

Refbacks

There are currently no refbacks.

exa303

istana338

Username
Password
Remember me