Pengaruh Overconfidence, Herding, dan Loss Aversion terhadap Keputusan Investasi Generasi Z di Provinsi Jawa Timur dengan Religiositas sebagai Variabel Moderasi

Aura Cinta, Harun Alrasyid, Galih Ramadhan Febrianto

Abstract


This study aims to analyze the influence of overconfidence, herding, and loss aversion on the investment decisions of Generation Z in East Java Province, and to examine the role of religiosity as a moderating variable in each of these relationships. A quantitative approach was employed, utilizing a survey method through the online distribution of questionnaires to members of Generation Z with investment experience. Purposive sampling was applied and 298 respondents were obtained. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. The results indicate that overconfidence has a positive and significant effect on investment decisions (path coefficient of 0.164; T-Statistics 2.922; p 0.003), herding has a positive and significant effect (path coefficient of 0.254; T-Statistics 4.625; p 0.000), and loss aversion has a positive and significant effect (path coefficient of 0.365; T-Statistics 6.392; p 0.000). Conversely, religiosity is unable to moderate the effect of overconfidence (p 0.767), herding (p 0.261), or loss aversion (p 0.733) on investment decisions. These findings demonstrate that loss aversion is the variable exerting the most dominant influence on investment decisions, followed by herding and overconfidence, while religiosity measured merely as sharia compliance has not been proven to counterbalance behavioral biases.

Keywords: Overconfidence, herding, loss aversion, investment decision, religiosity.


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