Does The Psychology of Investment Decisions Depend on Risk Perception And Financial Literacy?

Anis Sukha Anifa(1*), Soegiharto Soegiharto(2)

(*) Corresponding Author


This study aims to examine and analyze the effect of overconfidence, herding effect, and disposition effect bias on investment decisions mediated by risk perception and moderated by financial literacy. The sample for this study uses 184 investors from 19 provinces in Indonesia using a purposive sampling technique. Regression partial least squares are used to test the hypothesis with warp pls application version 8. The results of the study found that overconfidence bias, herding effect bias, disposition bias have a positive effect on risk perception. Risk perception have a positive effect on investment decision. Risk perception fully mediates the relationship between herding and disposition effect bias on investment decisions, but risk perception does not mediate the relationship between overconfidence bias on investment decisions. Meanwhile, financial literacy cannot moderate the relationship between risk perception and investment decisions.

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MAKSIMUM: Media Akuntansi Universitas Muhammadiyah Semarang 
ISSN 2087-2836 (print) | ISSN 2580-9482 (online)
Organized by Department of Accounting, Faculty of Economic and Business, Universitas Muhammadiyah Semarang, Semarang, Indonesia
Published by Program Studi Akuntansi Universitas Muhammadiyah Semarang
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