Pengaruh Overconfidence dan Lingkungan Sosial terhadap Keputusan Investasi pada Generasi Z

Yoan Diantika Yulianti; Nopiani Indah

doi:10.61132/lokawati.v4i6.2958

Authors

Yoan Diantika Yulianti Universitas Widya Dharma Pontianak
Nopiani Indah Universitas Widya Dharma Pontianak

DOI:

https://doi.org/10.61132/lokawati.v4i6.2958

Keywords:

Behavioral Finance, Generation Z, Investment Decision, Overconfidence, Social Environment

Abstract

This study examines how overconfidence and the social environment shape investment decisions among Generation Z. The research is prompted by the rapid rise of young investors in Indonesia's capital market and by mixed evidence on the role of the social environment in earlier studies. Using a quantitative, causal-associative design, data were gathered from 154 Generation Z respondents in Pontianak who had prior investment experience and were recruited through purposive sampling. An online questionnaire with a five-point Likert scale served as the instrument, and the responses were processed with PLS-SEM in SmartPLS 4 through measurement model evaluation, structural model evaluation, and path coefficient testing. Overconfidence has a positive and significant effect on investment decisions (path coefficient 0.463; T statistics 5.108; P values 0.000), whereas the social environment has a positive effect that does not reach significance (path coefficient 0.160; T statistics 1.792; P values 0.073). Together, the two variables account for 30.3% of the variance in investment decisions. The results suggest that young investors rely more on their own confidence than on external social influence, so this confidence should be tempered with careful risk assessment.

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