Pengaruh Herding dan Religiosity Terhadap Keputusan Investasi Saham dengan Financial Literacy Sebagai Variabel Moderasi
Abstract
This study aims to find out how the role of Herding and Religiosity affects Stock Investment Decisions with Financial Literacy as a moderation variable, on generation Z investors in Central Java. The sample was selected using a simple random sampling method and a sample of 40 stock investors in generation Z in Central Java was obtained. The data management technique uses partial least square (PLS) version 4.0 with Analysis Techniques in the form of descriptive statistics, outer models, and inner models. In conclusion, the findings of the study show that herding has a significant positive effect on stock investment decisions, with a T-statistical value of 2,596 > from the statistical rule of >1,967 with an original sample of 0.610 and a p-value of 0.010 < from 0.05. With a religiosity value has a significant positive effect on stock investment decisions, with a t-statistical value of 3,723 > from the statistical rule of >1, 967 with an original sample of 0.918 and a p-value of 0.918 < from 0.05. Meanwhile, financial literacy can moderate the influence of herding on investment decisions, with a t-statistical value of 2.895 > from the statistical rule of >1.967 with an original sample of 0.533 and a p-value of 0.004 < of 0.05. For investment decisions, with a t-statistical value of 3,490 > from the statistical rule of >1,967 with an original sample of -0.610 and a p-value of 0.001 < from 0.05.
Downloads
References
Anthony Holly, Robert, J., & Anthony Limang. (2022). PENGAMBILAN KEPUTUSAN INVESTASI. Muhammadiyah Riau Accounting and Business Journal, 4(October), 1–17.
Baihaqqi, & Prajawati. (2023). Pengaruh Risk Tolerance dan Religiusitas terhadap Keputusan Investasi dengan Literasi Keuangan sebagai Variabel Moderasi. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(3), 960–968. https://doi.org/10.47065/ekuitas.v4i3.2448
Bareksa. (2023). KSEI : Jumlah Investor Pasar Modal Juli 2023 Tembus 11,42 Juta, Reksadana 10,6 Juta dan SBN 929 Ribu. https://www.bareksa.com/berita/pasar-modal/2023-08-08/ksei-jumlah-investor-pasar-modal-juli-2023-tembus-1142-juta-reksadana-106-juta-dan-sbn-929-ribu
Chin, W. W. (1998). The Partial Least Squares Approach to Structural Formula Modeling. In Advances in Hospitality and Leisure: Vol. 8(2) (Issue January 1998). Lawrence Erlbaum Associates.
Citra Khairiyati, & Astrie Krisnawati. (2019). ANALISIS PENGARUH LITERASI KEUANGAN TERHADAP KEPUTUSAN INVESTASI PADA MASYARAKAT KOTA BANDUNG. Jurnal Manajemen Dan Bisnis, 301–312.
Danepo, & M. (2018). Pengaruh bias perilaku investor terhadap keputusan investasi di pasar saham (Studi pada Bursa Efek Indonesia) Tesis tidak dipublikasikan. Bandar Lampung: Universitas lampung.
Darmawan, & Addinpujoartanto. (2020). PENGARUH OVERCONFIDENCE, REGRET AVERSION, LOSS AVERSION, DAN HERDING BIAS TERHADAP KEPUTUSAN INVESTASI DI INDONESIA. Jurnal Riset Ekonomi Dan Bisnis, 13(3), 175–187.
Dwi Perwitasari Wiryaningtyas. (2016). BEHAVIORAL FINANCE DALAM PENGAMBILAN KEPUTUSAN Dwi. 339–344.
Fitriyani, & Anwar. (2022). Pengaruh Herding, Experience Regret Dan Religiosity Terhadap Keputusan Investasi Saham Syariah Pada Investor Muslim Millennial Dengan Financial Literacy Sebagai Variabel Moderasi. Jurnal Ekonomi Syariah Teori Dan Terapan, 9(1), 68. https://doi.org/10.20473/vol9iss20221pp68-77
Ghozali, I. (2014). Structural Equation Modeling Metode Alternatif dengan Partial Least Squares (Edisi 4). Badan Penerbit Universitas Diponegoro.
Hadrian, & Adiputra. (2020). Pengaruh Overconfidence, Herding Effect, Self-Monitoring terhadap Investment Decision pada Masa Pandemi Covid-19. Jurnal Manajerial Dan Kewirausahaan, 2(3), 595. https://doi.org/10.24912/jmk.v2i3.9571
Hidayati, A. (2020). Hubungan religiusitas dengan minat investasi emas di perbankan syariah pada mahasiswa jurusan manajemen dakwah fakultas ilmu dakwah dan ilmu komunikasi UIN Syarif Hidayatullah Jakarta. Skripsi tidak dipublikasikan. Jakarta: UIN Syarif Hidayatullah Jakarta.
IDX. (2024). Investor Pasar Modal Tembus 13 Juta, Kolaborasi dengan Komunitas dan IDX Mobile Jadi Andalan. 01 September 2024. https://www.idx.co.id/id/berita/siaran-pers/2166
Joseph F. Hair, J., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling. In Long Range Planning (Vol. 46, Issues 1–2). https://doi.org/10.1016/j.lrp.2013.01.002
KSEI. (2024). Statistik Pasar Modal Indonesia Pertumbuhan Investor.
Kusuma, A. B., Juanta, A., & Liliani., L. (2018). Pengaruh Perceived Quality, Harga, Dan Product Knowledge Terhadap Minat Beli Ulang Produk M&B Di Kota Surabaya. Performa : Jurnal Manajemen Dan Start-Up Bisnis, 3(4), 472-481.
Maksar, M. S., Sitti Zakiah Ma’mum, Murini, & Sari, F. W. (2022). PENGARUH RELIGIUSITAS DAN PERSEPSI RISIKO TERHADAP PENGAMBILAN KEPUTUSAN INVESTASI SYARIAH YANG DIMODERASI OLEH GENDER (STUDI PADA INVESTOR MAHASISWA GALERI INVESTASI SYARIAH BEI PADA IAIN KENDARI). Journal Economics, Technology and Entreprenuer, 3805(02).
Nabilah, & Hartutik. (2020). Pengaruh Pengetahuan, Religiusitas Dan Motivasi Investasi Terhadap Minat Berinvestasi Pasar Modal Syariah Pada Komunitas Investor Saham Pemula. Taraadin : Jurnal Ekonomi Dan Bisnis Islam, 1(1), 55. https://doi.org/10.24853/trd.1.1.55-67
Permata, & Mulyani. (2022). Pengaruh Informasi Akuntansi, Risk Perception dan Herding terhadap Keputusan Investasi. Jurnal Eksplorasi Akutansi (JEA), 4(2), 311–323. http://jea.ppj.unp.ac.id/index.php/jea/index
Pradikasari, & Isbanah. (2018). Pengaruh Financial Literacy, Illusion of Control, Overconfidence, Risk Tolerance, dan Risk Perception Terhadap Keputusan Investasi Pada Mahasiswa di Kota Surabaya. Jurnal Ilmu Manajemen (JIM), 6(4), 424–434.
Pranyoto et al,. (2020). Herding Behavior, Experienced Regret Dan Keputusan Investasi Pada Bitcoin. Jurnal Bisnis Darmajaya, 6(1), 29–43.
Pratama. (2022). PENGARUH BIAS HERDING DAN OVERPERCAYA TERHADAP KEPUTUSAN INVESTASI UNTUK MAHASISWA INSTITUT TEKNOLOGI BANDUNG DENGAN LITERASI KEUANGAN SEBAGAI VARIABEL MODERATING LITERASI KEUANGAN SEBAGAI VARIABEL MODERATING. Jurnal Internasional Bisnis Dan Ekonomi (IJBEC), 215–229.
Putri, K. A. S., & Andayani, S. (2022). LITERASI KEUANGAN DAN PENDAPATAN TERHADAP KEPUTUSAN INVESTASI MAHASISWA DENGAN PERILAKU KEUANGAN SEBAGAI VARIABEL INTERVENING Khofifah. Journal of Management and Bussines (JOMB), 15, 1075–1089. https://doi.org/10.31539/jomb.v4i2.4715
Putri, R. A., & Isbanah, Y. (2020). Faktor - Faktor Yang Mempengaruhi Keputusan Investasi Pada Investor Saham Di Surabaya. Jurnal Ilmu Manajemen, 8(1), 197–209. https://jurnalmahasiswa.unesa.ac.id/index.php/jim/article/view/30746/27991
Savitri, C., Faddila, S. P., Irmawartini, Iswari, H. R., Anam, C., Syah, S., M. (2021). Statistik multivariat dalam riset.
Sugiyono. (2017). Metode Penelitian. Metodologi Penelitian. 118–138.
Syailendra Eka Saputraa, Rizky Natassiab, H. Y. U. (2020). Pengaruh Moderasi Religiusitas dengan Loss Aversion pada Keputusan Investasi Investor Perorangan Jenis Sekuritas Saham di Kota Padang. 4(1), 40–55.
Upadana, I. W. Y. A., & Herawati, N. T. (2020). Pengaruh Literasi Keuangan dan Perilaku Keuangan terhadap Keputusan Investasi Mahasiswa. Jurnal Ilmiah Akuntansi Dan Humanika, 10(2), 126. https://doi.org/10.23887/jiah.v10i2.25574
Yolanda, Y., & Tasman, A. (2020). Pengaruh Financial Literacy dan Risk Perception terhadap Keputusan Investasi Generasi Millennial Kota Padang. Jurnal Ecogen, 3(1), 144. https://doi.org/10.24036/jmpe.v3i1.8533
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Pengaruh Herding dan Religiosity Terhadap Keputusan Investasi Saham dengan Financial Literacy Sebagai Variabel Moderasi
Pages: 379-387
Copyright (c) 2024 Putri Puspitasari, Yuyun Ristianawati

This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).