Pengaruh mental accounting, regret aversion bias, herding bias, loss aversion, risk perception, dan financial literacy terhadap keputusan investasi investor generasi Z
DOI:
https://doi.org/10.26740/jim.v11n2.p457-472Keywords:
financial literacy, herding bias, mental accounting, regret aversion bias, risk perceptionAbstract
Investment activity in Indonesia has been increasing yearly, as shown by the increase in the number of investors during the Covid-19 pandemic. This study investigates the effect of mental accounting, regret bias, herding bias, loss aversion, risk perception, and financial literacy on the investment decisions of Generation Z investors in Surabaya during the Covid-19 pandemic. This study is causality conclusive and uses purposive sampling and snowball sampling for the techniques. Data is collected through online questionnaires and distributed among 229 respondents that fit the criteria: generation Z investors registered with the Indonesian Central Securities Depository (KSEI) and securities firms in Surabaya. The analytical method used in this study is the Structural Equation Model (SEM) with the AMOS program. The results of this study indicate that herding bias, risk perception, and financial literacy variables significantly affect investment decisions. In contrast, mental accounting, regret aversion bias and loss aversion variables do not significantly affect investment decisions. This research contributes to investors, especially Generation Z, so they can be more cautious, wiser, and better at making investment decisions.
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