PERAN FINANCIAL LITERACY DALAM MEMODERASI PENGARUH HERDING BEHAVIOR, OVERCONFIDENCE DAN RISK PERCEPTION TERHADAP KEPUTUSAN INVESTASI KEUANGAN PADA INVESTOR GENERASI Z DI PASAR MODAL INDONESIA

LINDA ISTININGRUM, . (2026) PERAN FINANCIAL LITERACY DALAM MEMODERASI PENGARUH HERDING BEHAVIOR, OVERCONFIDENCE DAN RISK PERCEPTION TERHADAP KEPUTUSAN INVESTASI KEUANGAN PADA INVESTOR GENERASI Z DI PASAR MODAL INDONESIA. Sarjana thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Behavioral finance menjelaskan bahwa keputusan investasi tidak selalu dilakukan secara rasional karena investor sering dipengaruhi oleh bias kognitif dan emosional. Seiring meningkatnya dominasi investor Generasi Z di pasar modal Indonesia, perilaku seperti herding behavior, overconfidence, dan risk perception menjadi faktor yang berpotensi memengaruhi proses pengambilan keputusan investasi. Penelitian ini bertujuan untuk menganalisis pengaruh herding behavior, overconfidence, dan risk perception terhadap keputusan investasi serta menguji peran Financial Literacy sebagai variabel moderasi. Penelitian ini menggunakan pendekatan kuantitatif dengan metode eksplanatori. Sampel penelitian berjumlah 233 investor Generasi Z berusia 18–28 tahun yang berdomisili di DKI Jakarta dan aktif menggunakan aplikasi sekuritas, dengan teknik purposive sampling. Analisis data dilakukan menggunakan Structural Equation Modeling–Partial Least Squares (SEM-PLS) dengan SmartPLS 4.1. Hasil penelitian menunjukkan bahwa herding behavior dan overconfidence berpengaruh positif dan signifikan terhadap keputusan investasi, sedangkan risk perception berpengaruh negatif dan signifikan. Selain itu, Financial Literacy memperkuat pengaruh herding behavior terhadap keputusan investasi, namun memperlemah pengaruh overconfidence, sedangkan pada hubungan antara risk perception dan keputusan investasi tidak ditemukan efek moderasi yang signifikan. Temuan ini menunjukkan bahwa literasi keuangan tidak selalu memperkuat kecenderungan investor dalam mengambil keputusan investasi, tetapi juga dapat berperan sebagai mekanisme yang mendorong investor mengevaluasi informasi secara lebih kritis, sehingga mengurangi pengaruh kepercayaan diri yang berlebihan. ***** Behavioral finance explains that investment decisions are not always made rationally, as investors are often influenced by cognitive and emotional biases. Along with the increasing dominance of Generation Z investors in the Indonesian capital market, behavioral factors such as herding behavior, overconfidence, and risk perception have become important determinants of investment decision-making. This study aims to examine the effects of herding behavior, overconfidence, and risk perception on investment decisions and to investigate the moderating role of Financial Literacy. This research employed a quantitative approach using an explanatory research design. The sample consisted of 233 Generation Z investors aged 18–28 years, residing in Jakarta Special Capital Region (DKI Jakarta), Indonesia, and actively using securities trading applications. Respondents were selected using purposive sampling. Data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4.1. The findings indicate that herding behavior and overconfidence have a positive and significant effect on investment decisions, whereas risk perception has a negative and significant effect. Furthermore, Financial Literacy strengthens the relationship between herding behavior and investment decisions but weakens the relationship between overconfidence and investment decisions. However, Financial Literacy does not significantly moderate the relationship between risk perception and investment decisions. These findings suggest that Financial Literacy does not merely strengthen investors' tendency to make investment decisions but also encourages them to evaluate information more critically, thereby reducing the influence of excessive confidence in the investment decision-making process.

Item Type:	Thesis (Sarjana)
Additional Information:	1). Dwi Kismayanti Respati, S.Pd., M.Ak ; 2). Dwi Handarini, S.Pd., M.Ak
Subjects:	Manajemen > Manajemen , Business Manajemen > Perilaku Konsumen
Divisions:	FE > S1 Pendidikan Ekonomi
Depositing User:	Linda Istiningrum .
Date Deposited:	21 Aug 2026 07:20
Last Modified:	21 Aug 2026 07:20
URI:	http://repository.unj.ac.id/id/eprint/72760

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