Dampak Herding Behavior Dan Overconfidence Terhadap Keputusan Investasi: Peran Literasi Keuangan Sebagai Variabel Moderasi

Riska Dwi Amelia; Fakhmi Zakaria; Maria Safitri; Diana Puspitasari

doi:10.55606/jaemb.v6i2.11005

Dampak Herding Behavior Dan Overconfidence Terhadap Keputusan Investasi: Peran Literasi Keuangan Sebagai Variabel Moderasi

Authors

Riska Dwi Amelia Universitas Dian Nuswantoro
Fakhmi Zakaria Universitas Dian Nuswantoro
Maria Safitri Universitas Dian Nuswantoro
Diana Puspitasari Universitas Dian Nuswantoro

DOI:

https://doi.org/10.55606/jaemb.v6i2.11005

Keywords:

herding behavior, overconfidence, financial literacy, investment decision, Generation Z

Abstract

The increase in Generation Z's participation in investment activities is due to the development of digital technology, but investment decisions are not always based on rational considerations. Psychological factors such as herding behavior and overconfidence, as well as the level of financial literacy, are suspected to impact the investment decisions of young investors. This study aims to analyze the influence of herding behavior and overconfidence on Generation Z investment decisions in Central Semarang City, with financial literacy as a moderating variable. This study applies a quantitative approach through primary data obtained by distributing questionnaires to 150 Generation Z investor respondents who reside in Central Semarang City and already have investment experience. The sampling technique used is purposive sampling. Data analysis was carried out using the Partial Least Squares–Structural Equation Modeling (PLS-SEM) method with the help of the SmartPLS 4 application. The study findings indicate that herding behavior and overconfidence have a positive and significant influence on investment decisions. Furthermore, financial literacy has a positive and significant influence on investment decisions and is proven to positively moderate the influence of herding behavior and overconfidence on investment decisions. These findings suggest that Generation Z investment decisions are influenced by psychological factors and the existing level of financial literacy.

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Published

2026-07-01

How to Cite

Riska Dwi Amelia, Fakhmi Zakaria, Maria Safitri, & Diana Puspitasari. (2026). Dampak Herding Behavior Dan Overconfidence Terhadap Keputusan Investasi: Peran Literasi Keuangan Sebagai Variabel Moderasi. Jurnal Akuntansi, Ekonomi Dan Manajemen Bisnis, 6(2), 1074–1088. https://doi.org/10.55606/jaemb.v6i2.11005