PENGARUH OVERCONFIDENCE, LOSS AVERSION, DAN HERDING BIAS TERHADAP KEPUTUSAN INVESTASI PASAR SAHAM PADA GENERASI Z DI YOGYAKARTA DENGAN RISK PROPENSITY SEBAGAI VARIABEL MEDIASI.

MUSTHOFA, DHONI AFAN (2025) PENGARUH OVERCONFIDENCE, LOSS AVERSION, DAN HERDING BIAS TERHADAP KEPUTUSAN INVESTASI PASAR SAHAM PADA GENERASI Z DI YOGYAKARTA DENGAN RISK PROPENSITY SEBAGAI VARIABEL MEDIASI. Other thesis, UPN "Veteran" Yogyakarta.

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Abstract

This study aims to examine the influence of behavioral biases, including
overconfidence, loss aversion, and herding bias, on investment decisions among
Generation Z in Yogyakarta, with risk propensity serving as a mediating variable.
A quantitative approach was employed, and the data were analyzed using the
Structural Equation Modeling (SEM) method with the assistance of SmartPLS 4
software. The study involved 110 respondents, selected using purposive sampling.
The findings reveal that: (1) overconfidence does not have a significant direct effect
on investment decisions, (2) loss aversion does not have a significant direct effect
on investment decisions, and (3) herding bias also does not have a significant direct
effect on investment decisions. However, indirect effects indicate that: (4)
overconfidence has a positive and significant influence on investment decisions
when mediated by risk propensity, (5) loss aversion has a negative and significant
influence on investment decisions when mediated by risk propensity, and (6) herding
bias still does not exhibit a significant influence on investment decisions, even when
mediated by risk propensity.
Keywords : Overconfidence, Loss Aversion, Herding Bias, Risk Propensity,
Investment Decision, Generation Z

Item Type:	Thesis (Other)
Additional Information:	DHONI AFAN MUSTHOFA (Penulis - 141210165) ; Sri Budiwati Wahyu Suprapti (Pembimbing)
Uncontrolled Keywords:	Overconfidence, Loss Aversion, Herding Bias, Risk Propensity, Investment Decision, Generation Z
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions:	Faculty of Law, Arts and Social Sciences > School of Management
Depositing User:	A.Md.SI Indah Lestari Wulan Aji
Date Deposited:	02 Jul 2025 06:32
Last Modified:	02 Jul 2025 06:32
URI:	http://eprints.upnyk.ac.id/id/eprint/42885

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