Pengaruh Overconfidence, Risk Tolerance, dan Media Sosial Terhadap Keputusan Investasi Saham Investor Pontianak dengan Literasi Keuangan Sebagai Variabel Moderasi
DOI:
https://doi.org/10.30587/jurnalmanajerial.v13i03.11766Keywords:
Overconfidence, Risk Tolerance, Social Media, Financial Literacy, Investment DecisionAbstract
Background – The increasing number of stock investors in Pontianak indicates growing public interest in investment activities. Investment decisions are influenced by psychological and external factors such as overconfidence, risk tolerance, and social media. Financial literacy is assumed to strengthen the relationship between these factors and investment decisions.
Aim – This study aims to determine the effect of overconfidence, risk tolerance, and social media on stock investment decisions among investors in Pontianak with financial literacy as a moderating variable.
Design/Methodology/Approach – This study employed a quantitative method with an explanatory research approach. The population consisted of 56,966 stock investors in Pontianak, with 150 respondents selected using purposive sampling. Data analysis used classical assumption tests and Moderated Regression Analysis (MRA).
Findings and Discussion – The results showed that overconfidence, risk tolerance, and social media simultaneously had a significant effect on investment decisions with financial literacy as a moderating variable. Partially, the interaction between overconfidence and financial literacy significantly affected investment decisions, while the interaction between risk tolerance and social media with financial literacy showed no significant effect. The coefficient of determination was 35.4%, while the remaining percentage was influenced by other variables outside this study.
Conclusion – Overconfidence moderated by financial literacy significantly influences stock investment decisions among investors in Pontianak.
Research Implication – The study implies that improving financial literacy is important to help investors make more rational investment decisions.
Limitations – This study was limited to stock investors in Pontianak, so the findings cannot be generalized broadly.
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