Literasi Keuangan Memoderasi Pengaruh Pengalaman Investasi, Risk tolerance, dan Herding Behavior terhadap Keputusan Investasi Saham

Nafiisah Sarwo Abimanyu, Maslichah Maslichah, Dewi Diah Fakhriyyah

Abstract


This research was conducted to analyze the role of financial literacy in moderating the influence of investment experience, risk tolerance, and herding behavior on stock investment decisions. This research uses a quantitative approach with respondents who are members of Galeri Investasi in Malang City from Brawijaya University, Maulana Malik Ibrahim State Islamic University Malang, Malang State University, Malang Islamic University, and Malang State Polytechnic. The sampling technique used proportional sampling with the Slovin formula, resulting in 102 respondents. Data analysis was performed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) through SmartPLS 4. The results of the study indicate that investment experience, risk tolerance, and herding behavior each have a significant effect on stock investment decisions. Financial literacy also has a significant effect on investment decisions. However, financial literacy is not able to moderate the influence of investment experience, risk tolerance, and herding behavior on stock investment decisions. This research shows that an increase in financial literacy can directly encourage the quality of students' investment decisions, but it does not necessarily strengthen or weaken the influence of these factors. Investment galleries and higher education institutions are advised to improve practical financial education programs and risk management training to strengthen the quality of students' investment decisions. Further research is recommended to add other psychological variables or expand the scope of respondents in order to obtain more comprehensive results.

Keywords: Financial literacy, investment experience, risk tolerance, herding behavior, stock investment decisions.


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