THE BEHAVIORAL FACTORS INFLUENCING STOCK INVESMENT DECISIONS AMONG UNIVERSITY STUDENTS IN SEMARANG
DOI:
https://doi.org/10.32497/aamar.v5i2.7860Keywords:
Herding Behavior, Risk Perception, Invesment Motivation, Invesment Decision, StockAbstract
The rapid growth of capital market investors in Indonesia has contributed to students’ involvement in stock investing; however, this is often accompanied by behavioral factors such as the tendency to follow other investors’ decisions, risk assessment, and psychological drivers, the effects of which have not been fully consistent based on previous research. This study aims to test and analyze the significance and direction of the partial effects of herding behavior, risk perception, and investment motivation on stock investment decisions among college students in Semarang. The study employed a quantitative causal approach using purposive sampling of 100 student respondents who have invested in or are currently investing in stocks, via a Likert-scale questionnaire, and the data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with the assistance of SmartPLS 4. The test results indicate that all three independent variables have a positive and significant effect on stock investment decisions, with investment motivation having the most dominant influence, followed by herding behavior and risk perception. These findings suggest that students’ stock investment decisions are driven not only by rational considerations but also by behavioral and psychological factors; thus, the results of this study can serve as a basis for students to evaluate their investment decisions and make wiser choices, as well as provide input for educational institutions in designing relevant financial literacy programs.
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