THE INFLUENCE OF FINANCIAL LITERACY, OVERCONFIDENCE, RISK TOLERANCE, AND RISK PERCEPTION ON INVESTMENT DECISIONS IN THE CAPITAL MARKET
DOI:
https://doi.org/10.35310/accruals.v8i02.1054Keywords:
Financial Literacy, Overconfidence, Risk Tolerance, Risk Perception, Investment DecisionAbstract
An investment decision is a step taken to place capital in certain assets that generate profits in the future. This study aims to test and analyze financial literacy, overconfidence, risk tolerance, and risk perception that affect investment decisions in the capital market tested by generation Z in Magelang City. The data in this study were obtained from distributing questionnaires.
The sampling technique in this study used purposive sampling consisting of 105 z generations in Magelang City. The analysis used is descriptive statistical test, the data quality test used is validity test and reliability test, model test and hypothesis test using multiple linear regression analysis
The results showed that: (1) financial literacy and risk perception had a positive and significant effect on investment decisions, (2) overconfidence and risk tolerance had no effect on investment decisions by 37.3%, the remaining 62.7% were then explained by other factors outside the variables that had not been studied and were beyond the scope of this survey model
Downloads
Download data is not yet available.
References
[OJK] Otoritas Jasa Keuangan. (2017). Surat Edaran Otoritas Jasa Keuangan Nomor 30/ SEOJK.07/2017. https://www.ojk.go.id/id/kanal/edukasi-dan-perlindungan-konsumen/regulasi/surat-edaran-ojk/Documents/SAL SEOJK 30 - Literasi Keuangan.pdf. Diakses pada tanggal 19 Oktober 2022.
Afriani, D., & Halmawati. (2019). Pengaruh Cognitive Dissonance Bias, Overconfidence Bias Dan Herding Bias Terhadap Pengambilan Keputusan Investasi. Jurnal Eksplorasi Akuntansi, 1(4), 1650–1665. https://doi.org/10.24036/jea.v1i4.168
Ahmad, M. & Shah, S. Z. A. (2020). Overconfidence Heuristic-Driven Bias in Investment Decision_Making and Performance: Mediating Effects of Risk Perception and Moderating Effects of Financial Literacy. J. Journal of Economic and Administrative Science, In-Press.
Anggirani, N. (2017). Pengaruh Risk Tolerance, overconfidence, dan Literasi Keuangan Terhadap Pengambilan Keputusan Investasi Masyarakat Surabaya. Eprints.Perbanas.Ac.Id, 1–15.
Ariani, S., Rahmah, P. A. A. A. Putri, Y. R., Rohman, M., Budiningrum, A. dan L. (2016). Locus of Control dan Etnis Terhadap Pengambilan keputusan Investasi. Journal of Business and Banking, 5 Number2:
Arifin, M. (2017). Manajemen Keuangan pondok Pesantren. Fikrotun, 4(2).
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), 15–30.
Asri, M. (2013). Keuangan Keprilakuan. Yogyakarta: BPFE.
Baghani, M., & Sedaghat, P. (2016). Effect of Risk Perception and Risk Tolerace on Investors’ Decision Making in Tehran Stock Exchange. International Academic Journal of Accounting and Financia; Management, 3(9), 45–53.
Baker, K. ., & Nofsinger, R. . (2002). Pshycological Biaces of Investors. Financial Service Review, 11 (2002), 97–116.
Budiarto, A., & Susanti. (2017). Pengaruh Financial Literacy, Overconfidence, Regret Aversion Bias, dan Risk Tolerance Terhadap Keputusan Investasi (Studi pada investor PT. Sucorinvest Central Gani Galeri Investasi BEI Universitas Negeri Surabaya) Angga Budiarto. Jurnal Ilmu Manajemen, 05, 1–9.
Dewi, N. P. P. K., & Krisnawati, A. (2020). Pengaruh Financial Literacy, Risk Tolerance, dan Overconfidence Terhadap Keputusan Investasi Pada Usia Produktif Di Kota Bandung. Jurnal Mitra Manajemen (JJM Online), 4(2), 236–250.
Esra, M. A., & Salvatore, T. (2020). Tolerance Terhadap Pengambilan Keputusan Investasi Investor Kata. Jurnal Manajemen, 10(1), 48–56.
Fahmi, Z & Raprayogha, R. (2021). PengaruhOverconfidence , Experiencedan Risk. Study of Scientific and Behavioral Management, 2(4), 1–13.
Ferennita, C., Hasan, & Astuti, E. B. (2022). Pengaruh Literasi Keuangan, Advocate Recommendation dan Overconfidence Terhadap Pengambilan Keputusan Investasi Saham Oleh Investor Muda Di Kota Semarang. Journal of Accounting and Finance, 1(1). https://doi.org/10.22219/jafin.xxxxxxxxx
Garg, N., & Singh, S. (2018). Financial literacy among youth. International Journal of Social Economics, 45(1), 173–186. https://doi.org/10.1108/IJSE-11-2016-0303
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25. Semarang: Universitas Diponegoro.
Hair, J. F., Ringle, C. ., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice.
Hasan, M., & Muhammad, A. (2018). 1| Pembangunan Ekonomi.
Ising, A. (2007). Pompian, M. (2006): Behavioral Finance and Wealth Management – How to Build Optimal Portfolios That Account for Investor Biases. Financial Markets and Portfolio Management, 21(4), 491–492. https://doi.org/10.1007/s11408-007-0065-3
Jannah, W., & Ady, S. U. (2017). Analisis Fundamental, Suku Bunga, Dan Overconfidence Terhadap Pengambilan Keputusan Investasi Pada Investor Di Surabaya. Ekspektra?: Jurnal Bisnis Dan Manajemen, 1(2), 138–155. https://doi.org/10.25139/ekt.v0i0.338
Kartini, & Nugraha, N. F. (2015). Pengaruh Illusions of Control, Overconfidence Dan Emotion Terhadap Pengambilan Keputusan Investasi Pada Investor Di Yogyakarta. Jurnal Inovasi Dan Kewiraysahaan, 4(2), 114–122. https://doi.org/10.20885/ajie.vol4.iss2.art6
Lestari, W., & Saw, M. (2013). Religiusitas Dan Persepsi Risiko Dalam Pengambilan Keputusan Investasi Pada Perspetif Gender. 3(2), 189–200.
Mahwan, I. B. P. F., & Herawati, N. T. (2021). Pengaruh Literasi Keuangan , Persepsi Risiko , Dan Locus Of Control Terhadap Keputusan Investasi Pengusaha Muda Di Singaraja. JIMAT (Jurnal Mahasiswa Akuntansi), 12(03), 768–780.
Mandagie, Y. R. O., Febrianti, M., & Fujianti, L. (2020). Analisis Pengaruh Literasi Keuangan, Pengalaman Investasi dan Toleransi Risiko Terhadap Keputusan Investasi ( Studi Kasus Mahasiswa Akuntansi Universitas Pancasila ). Relevan?: Jurnal Riset Akuntansi, 1(1), 35–47.
Muhammad, N. M. N. (2009). Study on behavioral finance: Is the individual investors rational. Advances in Management.
Nofsinger, J. R. (2001). Invesment madness: How Phsychology Affects Your Investing and What to Do About it. Prantice Hall.
Notfinger. J, R. (2017). The psychology of investing. Routledge.
Nunally, J. C. (1994). Psychometric theory 3E. Tata McGraw-Hill Educaton.
OECD. (2017). G20/OECD INFE Report On Adult Financial Literacy In G20 Countries.
Pompian, M. M. (2006). Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases ([Wiley Finance]. Wiley.
Pradikasari, E., & Isbanah, Y. (2018). Pengaruh Financial Literacy, Illusion of Control, Overconfidence, Risk Tolerance, dan Risk Perception Terhadap Keputusan Investasi Pada Mahasiswa Di Kota Surabaya. Jurnal Ilmiah Manajemen, 6, 424–434.
Prokompim. (2021). Nilai Investasi Kota Magelang Terus Tumbuh. 1–6. https://humas.magelangkota.go.id/nilai-investasi-kota-magelang-terus-tumbuh/. Diakses pada tanggal 22 November 2022.
Pujiyanto, N. (2013). Regret Aversion Bias Dan Risk Tolerance Dalam Keputusan Investasi. Skripsi S1 Fakultas Ekonomika Dan Bisnis Universitas Kristen Satya Wacana Salatiga.
Pulungan, D. R. (2017). Literasi Keuangan Dan Dampaknya Terhadap Perilaku Keuangan Masyarakat Kota Medan. EKONOMIKAWAN: Jurnal Ilmu Ekonomi Dan Studi Pembangunan, 17(1), 56–61. https://doi.org/10.30596/ekonomikawan.v17i1.1180
Putra, I. P. S., Ananingtiyas, H., Sari, D. R., Dewi, A. S., & Silvy, M. (2016). Pengaruh Tingkat Literasi Keuangan, Experienced Regret , dan Risk Tolerance pada Pemilihan Jenis Investasi. Journal of Business and Banking, 5(2), 271–282. https://doi.org/10.14414/jbb.v5i2.548
Putri, R. A., & Isbanah, Y. (2020). Faktor-faktor Yang Mempengaruhi Keputusan Investasi Pada Investor Saham Di Surabaya. Jurnal Ilmu Manajemen, 8(2016), 197–209.
Rakhmatulloh, A. D., & Asandimitra, N. (2019). Pengaruh Overconfidence, Accounting Information, dan Behavioral Motivation Terhadap Keputusan Investasi Di Kota Surabaya. Jurnal Ilmu Manajemen, 7(3), 796–806.
Ramadhani, F. N. (2018). Analisis Pengaruh Representativeness Bias Dan Herding Behavior Terhadap Keputusan Investasi (Studi Pada Mahasiswa Di Yogyakarta). Fakultas Ekonomi Universitas Islam Indonesia, 1–16.
Ricciardi, V., & Simon, H. K. (2000). What Is Behavioral Finance? Bussines, Education & Technology Journal, 2(2), 1–9. https://doi.org/10.1002/9780470404324.hof002009
Riduwan, & Akdon. (2010). Rumus dan Data dalam Analisis Data Statistika. Alfabeta.
Rosdiana, R. (2020). Investment Behavior In Generation Z and Millennial Generation. Dinasti International Journal of Economic, Financial & Accounting, 1(2), 358–372. https://doi.org/10.38035/DIJEFA
Shefrin, H. (2000). Beyond Greed and Fear: Understanding Behavioral Finance and Psychology of Investing. Harvard Business School Press.
Shefrin, H. (2007). Behavioral Corporate Finance: Decition That Creative Value. McGrow -Hill/Irwin.
Sugiono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Sukamulja, S. (2017). Pengantar Pemodelan Keuangan dan Analisis Pasar Modal. Yogyakarta: Andi Offset.
Sukandani, Y., Istikhoroh, S., & Waryanto, R. B. D. (2019). Behavior Finance Pada Proses Pengambilan Keputusan Investasi. SNHRP, 150–156.
Tandelilin, E. (2010). Dasar-dasar Manajemen Investasi. Manajemen Investasi, 1–34.
Toha, M. (2009). Perilaku Organisasi. PT Raja Grafindo Persada.
Wahyu, A., & Susilowati, Y. (2021). Pengaruh Faktor Perilaku Terhadap Keputusan Investasi. Jurnal Ilmiah Edunomika, 5(02), 1142–1153. https://doi.org/10.29040/jie.v5i2.2798
Wardani, A. K., & Lutfi, L. (2019). Pengaruh literasi keuangan, experienced regret, risk tolerance, dan motivasi pada keputusan investasi keluarga dalam perspektif masyarakat Bali. Journal of Business & Banking, 6(2), 195–214. https://doi.org/10.14414/jbb.v6i2.996
Wijaya, I. D., & Setiawati, L. (2021a). Pengaruh Overconfidence dan Faktor Demografi Terhadap Keputusan Investasi Investor. Jurnal Indonesia Sosial Sains, 2(2), 265–274. https://doi.org/10.36418/jiss.v2i2.192
Wulandari, D. A., & Iramani, R. (2014). Studi Experienced Regret , Risk Tolerance , Overconfidence dan Risk Perception Pada Pengambilan Keputusan Investasi. Journal of Business and Banking, 4(1), 55–66.
www.ksei.co.id. (2021). Statistik Pasar Modal Indonesia Desember 2021. Kustodian Sentral Efek Indonesia, 1–6.Diakses pada tanggal 22 September 2022
Yolanda, Y., & Tasman, A. (2020). Pengaruh Financial Literacy dan Risk Perception terhadap Keputusan Investasi Generasi Millennial Kota Padang. Jurnal Ecogen, 3(1), 144. https://doi.org/10.24036/jmpe.v3i1.8533
Yunita, N. D. (2020). Pengaruh Risk Perception, Risk Tolerance, dan Overconfidence Terhadap Pengambilan Keputusan Investasi. Artikel Ilmiah Sekolah Tinggi Ilmu Ekonomi PERBANAS Surabaya.
Zahida, A. B. (2021). Perangaruh Literasi Keuangan, Risk Tolerance, dan Risk Perception Terhadap Keputusan Investasi Mahasiswa. Improvement, 1 no. 1, 39–46.
Afriani, D., & Halmawati. (2019). Pengaruh Cognitive Dissonance Bias, Overconfidence Bias Dan Herding Bias Terhadap Pengambilan Keputusan Investasi. Jurnal Eksplorasi Akuntansi, 1(4), 1650–1665. https://doi.org/10.24036/jea.v1i4.168
Ahmad, M. & Shah, S. Z. A. (2020). Overconfidence Heuristic-Driven Bias in Investment Decision_Making and Performance: Mediating Effects of Risk Perception and Moderating Effects of Financial Literacy. J. Journal of Economic and Administrative Science, In-Press.
Anggirani, N. (2017). Pengaruh Risk Tolerance, overconfidence, dan Literasi Keuangan Terhadap Pengambilan Keputusan Investasi Masyarakat Surabaya. Eprints.Perbanas.Ac.Id, 1–15.
Ariani, S., Rahmah, P. A. A. A. Putri, Y. R., Rohman, M., Budiningrum, A. dan L. (2016). Locus of Control dan Etnis Terhadap Pengambilan keputusan Investasi. Journal of Business and Banking, 5 Number2:
Arifin, M. (2017). Manajemen Keuangan pondok Pesantren. Fikrotun, 4(2).
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), 15–30.
Asri, M. (2013). Keuangan Keprilakuan. Yogyakarta: BPFE.
Baghani, M., & Sedaghat, P. (2016). Effect of Risk Perception and Risk Tolerace on Investors’ Decision Making in Tehran Stock Exchange. International Academic Journal of Accounting and Financia; Management, 3(9), 45–53.
Baker, K. ., & Nofsinger, R. . (2002). Pshycological Biaces of Investors. Financial Service Review, 11 (2002), 97–116.
Budiarto, A., & Susanti. (2017). Pengaruh Financial Literacy, Overconfidence, Regret Aversion Bias, dan Risk Tolerance Terhadap Keputusan Investasi (Studi pada investor PT. Sucorinvest Central Gani Galeri Investasi BEI Universitas Negeri Surabaya) Angga Budiarto. Jurnal Ilmu Manajemen, 05, 1–9.
Dewi, N. P. P. K., & Krisnawati, A. (2020). Pengaruh Financial Literacy, Risk Tolerance, dan Overconfidence Terhadap Keputusan Investasi Pada Usia Produktif Di Kota Bandung. Jurnal Mitra Manajemen (JJM Online), 4(2), 236–250.
Esra, M. A., & Salvatore, T. (2020). Tolerance Terhadap Pengambilan Keputusan Investasi Investor Kata. Jurnal Manajemen, 10(1), 48–56.
Fahmi, Z & Raprayogha, R. (2021). PengaruhOverconfidence , Experiencedan Risk. Study of Scientific and Behavioral Management, 2(4), 1–13.
Ferennita, C., Hasan, & Astuti, E. B. (2022). Pengaruh Literasi Keuangan, Advocate Recommendation dan Overconfidence Terhadap Pengambilan Keputusan Investasi Saham Oleh Investor Muda Di Kota Semarang. Journal of Accounting and Finance, 1(1). https://doi.org/10.22219/jafin.xxxxxxxxx
Garg, N., & Singh, S. (2018). Financial literacy among youth. International Journal of Social Economics, 45(1), 173–186. https://doi.org/10.1108/IJSE-11-2016-0303
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25. Semarang: Universitas Diponegoro.
Hair, J. F., Ringle, C. ., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice.
Hasan, M., & Muhammad, A. (2018). 1| Pembangunan Ekonomi.
Ising, A. (2007). Pompian, M. (2006): Behavioral Finance and Wealth Management – How to Build Optimal Portfolios That Account for Investor Biases. Financial Markets and Portfolio Management, 21(4), 491–492. https://doi.org/10.1007/s11408-007-0065-3
Jannah, W., & Ady, S. U. (2017). Analisis Fundamental, Suku Bunga, Dan Overconfidence Terhadap Pengambilan Keputusan Investasi Pada Investor Di Surabaya. Ekspektra?: Jurnal Bisnis Dan Manajemen, 1(2), 138–155. https://doi.org/10.25139/ekt.v0i0.338
Kartini, & Nugraha, N. F. (2015). Pengaruh Illusions of Control, Overconfidence Dan Emotion Terhadap Pengambilan Keputusan Investasi Pada Investor Di Yogyakarta. Jurnal Inovasi Dan Kewiraysahaan, 4(2), 114–122. https://doi.org/10.20885/ajie.vol4.iss2.art6
Lestari, W., & Saw, M. (2013). Religiusitas Dan Persepsi Risiko Dalam Pengambilan Keputusan Investasi Pada Perspetif Gender. 3(2), 189–200.
Mahwan, I. B. P. F., & Herawati, N. T. (2021). Pengaruh Literasi Keuangan , Persepsi Risiko , Dan Locus Of Control Terhadap Keputusan Investasi Pengusaha Muda Di Singaraja. JIMAT (Jurnal Mahasiswa Akuntansi), 12(03), 768–780.
Mandagie, Y. R. O., Febrianti, M., & Fujianti, L. (2020). Analisis Pengaruh Literasi Keuangan, Pengalaman Investasi dan Toleransi Risiko Terhadap Keputusan Investasi ( Studi Kasus Mahasiswa Akuntansi Universitas Pancasila ). Relevan?: Jurnal Riset Akuntansi, 1(1), 35–47.
Muhammad, N. M. N. (2009). Study on behavioral finance: Is the individual investors rational. Advances in Management.
Nofsinger, J. R. (2001). Invesment madness: How Phsychology Affects Your Investing and What to Do About it. Prantice Hall.
Notfinger. J, R. (2017). The psychology of investing. Routledge.
Nunally, J. C. (1994). Psychometric theory 3E. Tata McGraw-Hill Educaton.
OECD. (2017). G20/OECD INFE Report On Adult Financial Literacy In G20 Countries.
Pompian, M. M. (2006). Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases ([Wiley Finance]. Wiley.
Pradikasari, E., & Isbanah, Y. (2018). Pengaruh Financial Literacy, Illusion of Control, Overconfidence, Risk Tolerance, dan Risk Perception Terhadap Keputusan Investasi Pada Mahasiswa Di Kota Surabaya. Jurnal Ilmiah Manajemen, 6, 424–434.
Prokompim. (2021). Nilai Investasi Kota Magelang Terus Tumbuh. 1–6. https://humas.magelangkota.go.id/nilai-investasi-kota-magelang-terus-tumbuh/. Diakses pada tanggal 22 November 2022.
Pujiyanto, N. (2013). Regret Aversion Bias Dan Risk Tolerance Dalam Keputusan Investasi. Skripsi S1 Fakultas Ekonomika Dan Bisnis Universitas Kristen Satya Wacana Salatiga.
Pulungan, D. R. (2017). Literasi Keuangan Dan Dampaknya Terhadap Perilaku Keuangan Masyarakat Kota Medan. EKONOMIKAWAN: Jurnal Ilmu Ekonomi Dan Studi Pembangunan, 17(1), 56–61. https://doi.org/10.30596/ekonomikawan.v17i1.1180
Putra, I. P. S., Ananingtiyas, H., Sari, D. R., Dewi, A. S., & Silvy, M. (2016). Pengaruh Tingkat Literasi Keuangan, Experienced Regret , dan Risk Tolerance pada Pemilihan Jenis Investasi. Journal of Business and Banking, 5(2), 271–282. https://doi.org/10.14414/jbb.v5i2.548
Putri, R. A., & Isbanah, Y. (2020). Faktor-faktor Yang Mempengaruhi Keputusan Investasi Pada Investor Saham Di Surabaya. Jurnal Ilmu Manajemen, 8(2016), 197–209.
Rakhmatulloh, A. D., & Asandimitra, N. (2019). Pengaruh Overconfidence, Accounting Information, dan Behavioral Motivation Terhadap Keputusan Investasi Di Kota Surabaya. Jurnal Ilmu Manajemen, 7(3), 796–806.
Ramadhani, F. N. (2018). Analisis Pengaruh Representativeness Bias Dan Herding Behavior Terhadap Keputusan Investasi (Studi Pada Mahasiswa Di Yogyakarta). Fakultas Ekonomi Universitas Islam Indonesia, 1–16.
Ricciardi, V., & Simon, H. K. (2000). What Is Behavioral Finance? Bussines, Education & Technology Journal, 2(2), 1–9. https://doi.org/10.1002/9780470404324.hof002009
Riduwan, & Akdon. (2010). Rumus dan Data dalam Analisis Data Statistika. Alfabeta.
Rosdiana, R. (2020). Investment Behavior In Generation Z and Millennial Generation. Dinasti International Journal of Economic, Financial & Accounting, 1(2), 358–372. https://doi.org/10.38035/DIJEFA
Shefrin, H. (2000). Beyond Greed and Fear: Understanding Behavioral Finance and Psychology of Investing. Harvard Business School Press.
Shefrin, H. (2007). Behavioral Corporate Finance: Decition That Creative Value. McGrow -Hill/Irwin.
Sugiono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Sukamulja, S. (2017). Pengantar Pemodelan Keuangan dan Analisis Pasar Modal. Yogyakarta: Andi Offset.
Sukandani, Y., Istikhoroh, S., & Waryanto, R. B. D. (2019). Behavior Finance Pada Proses Pengambilan Keputusan Investasi. SNHRP, 150–156.
Tandelilin, E. (2010). Dasar-dasar Manajemen Investasi. Manajemen Investasi, 1–34.
Toha, M. (2009). Perilaku Organisasi. PT Raja Grafindo Persada.
Wahyu, A., & Susilowati, Y. (2021). Pengaruh Faktor Perilaku Terhadap Keputusan Investasi. Jurnal Ilmiah Edunomika, 5(02), 1142–1153. https://doi.org/10.29040/jie.v5i2.2798
Wardani, A. K., & Lutfi, L. (2019). Pengaruh literasi keuangan, experienced regret, risk tolerance, dan motivasi pada keputusan investasi keluarga dalam perspektif masyarakat Bali. Journal of Business & Banking, 6(2), 195–214. https://doi.org/10.14414/jbb.v6i2.996
Wijaya, I. D., & Setiawati, L. (2021a). Pengaruh Overconfidence dan Faktor Demografi Terhadap Keputusan Investasi Investor. Jurnal Indonesia Sosial Sains, 2(2), 265–274. https://doi.org/10.36418/jiss.v2i2.192
Wulandari, D. A., & Iramani, R. (2014). Studi Experienced Regret , Risk Tolerance , Overconfidence dan Risk Perception Pada Pengambilan Keputusan Investasi. Journal of Business and Banking, 4(1), 55–66.
www.ksei.co.id. (2021). Statistik Pasar Modal Indonesia Desember 2021. Kustodian Sentral Efek Indonesia, 1–6.Diakses pada tanggal 22 September 2022
Yolanda, Y., & Tasman, A. (2020). Pengaruh Financial Literacy dan Risk Perception terhadap Keputusan Investasi Generasi Millennial Kota Padang. Jurnal Ecogen, 3(1), 144. https://doi.org/10.24036/jmpe.v3i1.8533
Yunita, N. D. (2020). Pengaruh Risk Perception, Risk Tolerance, dan Overconfidence Terhadap Pengambilan Keputusan Investasi. Artikel Ilmiah Sekolah Tinggi Ilmu Ekonomi PERBANAS Surabaya.
Zahida, A. B. (2021). Perangaruh Literasi Keuangan, Risk Tolerance, dan Risk Perception Terhadap Keputusan Investasi Mahasiswa. Improvement, 1 no. 1, 39–46.
Downloads
Published
2024-09-30
How to Cite
Hidayah, N. (2024). THE INFLUENCE OF FINANCIAL LITERACY, OVERCONFIDENCE, RISK TOLERANCE, AND RISK PERCEPTION ON INVESTMENT DECISIONS IN THE CAPITAL MARKET. ACCRUALS (Accounting Research Journal of Sutaatmadja), 8(02). https://doi.org/10.35310/accruals.v8i02.1054
Issue
Section
Articles
License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Program Studi Akuntansi