The Effect Of Overconfidence, Regret Aversion Bias and Risk Tolerance On Stock Investment Decisions At Kspm Unja With Financial Literacy As A Moderating Variable
DOI:
https://doi.org/10.62205/eq8pss78Keywords:
Overconfidence Regret Aversion Bias,, Risk Tolerance, Financial Literacy, KSPM UNJAAbstract
This study aims to analyze the influence of Overconfidence, Regret Aversion Bias, and Risk Tolerance on stock investment decisions among members of the Capital Market Study Group (KSPM) at Jambi University, with Financial Literacy as a moderating variable. The research employed a quantitative approach using a survey method, with a sample of 100 active KSPM UNJA members who have invested in the stock market. Data analysis was conducted using Partial Least Squares - Structural Equation Modeling (PLS-SEM) with the help of SmartPLS 4 software. The results show that Risk Tolerance has a positive and significant influence on investment decisions. Meanwhile, Overconfidence and Regret Aversion Bias have a positive but statistically insignificant effect. Additionally, Financial Literacy does not significantly moderate the relationship between the three independent variables and investment decisions. These findings indicate that, although respondents possess relatively high financial literacy and confidence, such attributes are not sufficient to moderate the influence of behavioral biases on stock investment decisions. This research highlights the importance of psychological factors and financial education in shaping rational investment behavior, especially among younger generations
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