Dinamika Keputusan Investasi Saham Generasi Z dengan Locus of Control sebagai Variabel Mediasi
DOI:
https://doi.org/10.47747/snfmi.v3i1.3114Abstract
This study aims to analyze the dynamics of stock investment decisions among Generation Z with locus of control as a mediating variable. Generation Z is the dominant demographic group in the Indonesian capital market, but their investment behavior is still influenced by various psychological and cognitive factors. This study used a quantitative, survey-based approach with 100 Generation Z respondents in Semarang City who actively invest in stocks. The research instrument was tested using the Partial Least Squares (PLS) model in SmartPLS. The results show that financial literacy and herding bias have a positive and significant effect on investment decisions. Financial literacy also significantly affects locus of control, which, in turn, mediates its effect on investment decisions. However, locus of control does not significantly mediate the relationship between herding bias and investment decisions. These findings indicate that strengthening financial literacy has both direct and indirect effects on the quality of investment decisions by increasing self-control. On the other hand, the tendency to follow the majority (herding) has a strong direct effect on investment decisions, without the mediating role of internal control. The practical implications of these findings are significant, as they can inform the development of financial education strategies targeting the younger generation by considering cognitive and psychological aspects of investment decision-making.
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