Pengaruh Financial Literacy, Risk Tolerance, dan Overconfidence terhadap Investment Decision Investor Saham di Surabaya

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Published: Apr 30, 2025
DOI: https://doi.org/10.24912/jmk.v7i2.34001
Keywords:
literasi keuangan, toleransi risiko, kepercayaan diri berlebih, keputusan investasi, keuangan perilaku, financial literacy, risk tolerance, overconfidence, investment decision, behavioral finance
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Dionisius Zephaniah Salim
Universitas Tarumanagara
Ary Satria Pamungkas
Universitas Tarumanagara

Abstract

Masyarakat mengalami kerugian ratusan miliar karena mengambil keputusan investasi yang salah akibat kurangnya analisis menyeluruh dan perilaku Fear of Missing Out (FOMO). Pengambilan keputusan investasi ini memicu kasus penipuan investasi saham di Surabaya yang menunjukkan adanya permasalahan dalam pengambilan keputusan investasi di kalangan investor Surabaya. Maka dari itu, penelitian ini bertujuan untuk mengetahui pengaruh Financial Literacy, Risk Tolerance dan Overconfidence terhadap Investment Decision investor saham di Surabaya. Populasi dalam penelitian ini adalah seluruh investor saham yang berdomisili di Surabaya dan sudah berpenghasilan. Sampel pada penelitian ini sebanyak 327 responden yang berdomisili di Surabaya, melakukan investasi saham, dan sudah mempunyai penghasilan. Data dikumpulkan melalui kuesioner dengan teknik analisis data PLS-SEM. Hasil penelitian ini menunjukkan bahwa terdapat pengaruh positif Financial Literacy terhadap Investment Decision, terdapat pengaruh positif Risk Tolerance terhadap Investment Decision, dan terdapat pengaruh positif Overconfidence terhadap Investment Decision.

People suffer losses of hundreds of billions due to making wrong investment decisions due to lack of comprehensive analysis and Fear of Missing Out (FOMO) behavior. This investment decision-making triggers a case of stock investment fraud in Surabaya which shows problems in investment decision-making among Surabaya investors. Therefore, this study aims to determine the effect of Financial Literacy, Risk Tolerance and Overconfidence on Investment Decisions of stock investors in Surabaya. The population in this study were all stock investors who live in Surabaya and have income. The sample in this study was 327 respondents who live in Surabaya, invest in stocks, and already have income. Data were collected through a questionnaire with the PLS-SEM data analysis technique. The results of this study indicate that there is a positive effect of Financial Literacy on Investment Decisions, there is a positive effect of Risk Tolerance on Investment Decisions, and there is a positive effect of Overconfidence on Investment Decisions.

Article Details

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Vol. 7 No. 2 (2025): Jurnal Manajerial dan Kewirausahaan
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Author Biographies

Dionisius Zephaniah Salim, Universitas Tarumanagara

Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara Jakarta

Ary Satria Pamungkas, Universitas Tarumanagara

Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Tarumanagara Jakarta

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