Analysis of Factors that Influence Investment Decisions with Financial Literacy as a Moderating Variable

Tia Mahrurotul Fikriyah; Dwi Suhartini

doi:10.55927/ijba.v3i4.5200

Authors

Tia Mahrurotul Fikriyah Universitas Pembangunan Nasional “Veteran” Jawa Timur
Dwi Suhartini Universitas Pembangunan Nasional “Veteran” Jawa Timur

DOI:

https://doi.org/10.55927/ijba.v3i4.5200

Keywords:

Investment Decision, Financial Literacy, Technical Analysis, Fundamental Analysis

Abstract

Investment is an important driving factor in a country's economic growth. However, in making investment decisions, factors such as fundamental analysis, technical analysis, psychological factors, and financial literacy can influence the results of investment decisions. Therefore, this study aims to analyze these factors and their relationship with investment decisions. This study uses a quantitative method with a descriptive approach. The research subjects were students of the East Java "Veteran" National Development University. Data is collected through a questionnaire that measures the level of influence of these factors on investment decisions, with financial literacy as a moderating variable. The results show that fundamental analysis has limitations because it depends on limited data. Technical analysis also has limitations because it relies on limited historical data and is vulnerable to sudden market changes. Psychological factors, such as self-confidence and risk tolerance, also influence investment decisions. However, financial literacy has only a limited impact on moderating the relationship between these factors and investment decisions. In making investment decisions, factors such as fundamental analysis, technical analysis, and psychological factors play an important role. Although financial literacy can assist in understanding basic financial concepts, its influence on these factors is limited. Therefore, increasing financial literacy among students and the millennial generation is expected to increase their understanding of managing risk and making wiser investment decisions.

Downloads

Download data is not yet available.

References

Abul, S. J. (2019). Factors influencing Individual Investor Behaviour: Evidence from the Kuwait Stock Exchange. Asian Social Science, 15(3). https://doi.org/10.5539/ass.v15n3p27

Addinpujoartanto, N. A., & Darmawan, S. (2020a). PENGARUH OVERCONFIDENCE, REGRET AVERSION, LOSS AVERSION, DAN HERDING BIAS TERHADAP KEPUTUSAN INVESTASI DI INDONESIA. Jurnal Riset Ekonomi Dan Bisnis, 13(3), 175. https://doi.org/10.26623/jreb.v13i3.2863

Addinpujoartanto, N. A., & Darmawan, S. (2020b). PENGARUH OVERCONFIDENCE, REGRET AVERSION, LOSS AVERSION, DAN HERDING BIAS TERHADAP KEPUTUSAN INVESTASI DI INDONESIA. Jurnal Riset Ekonomi Dan Bisnis, 13(3), 175.

Agustina, R. (2021). Analisis Fundamental, Acuan Investasi Saham Jangka Panjang. DINAMIS: Jurnal Pengabdian Kepada Masyarakat, 1(1). https://doi.org/10.33752/dinamis.v1i1.360

Alaaraj, H., & Bakri, A. (2020). The Effect of Financial Literacy Level and Demographic Factors on Investment Decision. International Business and Accounting Research Journal, 4(1), 37–43.

Arba’i, A. (2018). Pengaruh Analisis Teknikal MACD dan Analisis Teknikal MA terhadap Keputusan Pembelian Saham dalam Perspektif Ekonomi Islam.

Aristiwati, I. N., & Hidayatullah, S. K. (2021). PENGARUH HERDING DAN OVERCONFIDENCE TERHADAP KEPUTUSAN INVESTASI (Studi Pada Nasabah Emas Kantor Pegadaian Ungaran). Among Makarti, 14(1).

Atkinson, A., & Messy, F. (2014). Promoting Financial Inclusion through Financial Education: OECD/INFE Evidence, Policies and Practice. In OECD . Working Papers on Finance, Insurance and Private Pensions, 34(34).

Azizah, N. S. (2020). Pengaruh literasi keuangan, gaya hidup pada perilaku keuangan pada generasi milenial. Prisma. Platform Riset Mahasiswa Akuntansi, 1(2), 92–101.

Boloș, M. I., Bradea, I. A., & Delcea, C. (2021). Optimization of financial asset neutrosophic portfolios. Mathematics, 9(11). https://doi.org/10.3390/math9111162

Candy, C., & Vincent, K. (2021). Analisis Pengaruh Behavioural Finance Terhadap Pengambilan Keputusan Investasi Investor di Kepulauan Riau. Jurnal Ekonomi Dan Ekonomi Syariah, 4(2), 864–873.

Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2). https://doi.org/10.2307/2325486

Fauziah, A., Purwanto, B., & Ermawati, W. J. (2020). Myopic Loss Aversion dan Literasi Keuangan Pada Pengambilan Keputusan Investor Pemula Indonesia. Jurnal Manajemen Dan Organisasi, 11(1). https://doi.org/10.29244/jmo.v11i1.30498

ksei.co.id. (2022a). Investor Pasar Modal Tembus 10 Juta. https://www.ksei.co.id/files/uploads/press_releases/press_file/id-id/212_berita_pers_investor_pasar_modal_tembus_10_juta_20221202065619.pdf

ksei.co.id. (2022b). Statistik Pasar Modal Indonesia.

Landang, R. D., Sukadana, I. W., & Widnyana, I. W. (2021). Pengaruh Literasi Keuangan, Perilaku Keuangan dan Pendapatan Terhadap Keputusan Berinvestasi Mahasiswa Fakultas Ekonomi Universitas Mahasaraswati Denpasar. EMAS, 2(2).

Mainita, M., & Soleh, A. (2019). ANALISIS INVESTASI ASING LANGSUNG DI INDONESIA. Journal Development, 7(2), 119–131. https://doi.org/10.53978/jd.v7i2.139

Malkiel, B. G. (2003). The Efficient Market Hypothesis and Its Critics. CEPR Working Paper, 91.

Muis, I. (2021). Analisis Teknikal Return Saham dengan Indikator-Indikator Bollinger Band, Parabolic SAR, dan Stochastic Oscillator. Jurnal Samudra Ekonomi Dan Bisnis, 12(2), 143–153.

Pahlevi, R. W., & Oktaviani, I. I. (2018). Determinants of Individual Investor Behaviour in Stock Investment Decisions. AFRE (Accounting and Financial Review), 1(2). https://doi.org/10.26905/afr.v1i2.2427

Putra, I. S., & Elisabet, T. (2022). Pengaruh Penggunaan Analisis Fundamental Dan Overconfidence Terhadap Pengambilan Keputusan Investasi Pada Investor Milenial Di Blitar. Jurnal Riset Akuntansi Politala, 5(1), 1–14. https://doi.org/10.34128/jra.v5i1.106

Salsya Bani, E. A., & Dewi, D. A. (2021). Pentingnya Pendidikan Kewarganegaraan Juga Penerapan dan Relevansi dalam Kehidupan Di Era Teknologi Generasi Milenial. Syntax Idea, 3(4). https://doi.org/10.36418/syntax-idea.v3i4.1167

Santoso, W., Kohardinata, C., & Gosal, G. G. (2022). Perilaku Herding Investor Coronial yang Bertransaksi Pada Akun Saham Syariah. 8(03), 3681–3688.

Sari, M. R. (2022). Pengaruh Tren Rekomendasi Saham Dan Analisis Fundamental Terhadap Keputusan Investasi Saham Syariah Di Pasar Modal (Studi Pada Komunitas Investor Pemula (ISP) Kudus.

Shefrin, H., & Statman, M. (1985). The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence. The Journal of Finance, 40(3). https://doi.org/10.2307/2327802

Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D – MPKK –. In Bandung. Alfabeta.

Tanusdjaja, H. (2018). KEPUTUSAN INVESTASI INVESTOR INDIVIDU BERDASARKAN KOMPETENSI, OVERCONFIDENCE, DAN PENDIDIKAN. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 2(1). https://doi.org/10.24912/jmieb.v2i1.998

Wendy. (2021). EFEK INTERAKSI LITERASI KEUANGAN DALAM KEPUTUSAN INVESTASI: PENGUJIAN BIAS-BIAS PSIKOLOGI. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(1). https://doi.org/10.26418/jebik.v10i1.43403

Zaimsyah, A. (2019). Analisis fundamental terhadap harga saham yang terdaftar di Jakarta Islamic Index Tahun 2010-2017. Jurnal Ilmiah Ekonomi Islam, 5(2), 113–119.