PERAN MEDIASI TOLERANSI RISIKO DALAM ANALISIS DETERMINASI KEPUTUSAN INVESTASI MAHASISWA KOTA DENPASAR

Value : Jurnal Manajemen dan Akuntansi Pub Date : 2024-01-20 DOI:10.32534/jv.v19i1.5035

I. G. A. Prabandari Tri Putri, Ni Putu Yuliana Ria Sawitri, Bagus Arya Wijaya, Ni Nyoman Sudiyani

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Abstract

Student investment decisions are financial behavior and a form of awareness to achieve financial freedom and well-being at a young age. This study aims to examine the mediating role of student risk tolerance in making investment decisions based on financial literacy, overconfidence bias, and representative bias. The population included students from higher education in Denpasar City who invested in stocks, with non-probability sampling methods and purposive sampling techniques set the number of sample of as many as 105 respondents. Testing of research data using SEM PLS technique. The result proved that financial literacy has a negative and significant effect on investment decisions; overconfidence bias and risk tolerance have a positive and significant effect on investment decisions; while representative bias does not have a significant effect on investment decisions. Overconfidence bias has a positive and significant effect on risk tolerance but financial literacy and representative bias do not have a significant effect on risk tolerance. This study was able to prove that overconfidence bias has a positive and significant effect on investment decisions with risk tolerance as mediation, while risk tolerance is unable to mediate the influence of financial literacy and representative bias on investment decisions. Keywords: investment decisions, risk tolerance, financial literacy, cognitive bias

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风险承受能力在分析确定登巴萨市学生投资决策中的中介作用

学生投资决策是一种金融行为，也是在年轻时实现财务自由和幸福的一种意识。本研究旨在从金融知识、过度自信偏差和代表性偏差三个方面探讨学生风险承受能力在投资决策中的中介作用。研究对象包括登巴萨市高等教育机构中投资股票的学生，采用非概率抽样方法和目的性抽样技术，设定了多达 105 名受访者的样本数量。使用 SEM PLS 技术对研究数据进行检验。结果证明，金融素养对投资决策有负向显著影响；过度自信偏差和风险承受能力对投资决策有正向显著影响；而代表性偏差对投资决策没有显著影响。过度自信偏差对风险容忍度有积极而显著的影响，但金融知识和代表性偏差对风险容忍度没有显著影响。本研究能够证明，以风险容忍度为中介，过度自信偏差对投资决策有正向显著影响，而风险容忍度无法中介金融知识和代表性偏差对投资决策的影响。关键词：投资决策；风险容忍度；金融素养；认知偏差

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Value : Jurnal Manajemen dan Akuntansi

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