PENGARUH FINANCIAL HERDING DAN REGRET AVERSION BIAS TERHADAP KEPUTUSAN INVESTASI GENERASI MILENIAL

Abstrak

The surge in Indonesian capital market investment, mirrored by the rising number of Single Investor Identifications (2018-2021), sparks investigation into the underlying factors. This study examines the influence of financial literacy, herding behavior, and regret aversion bias on the investment choices of Semarang students belonging to the Capital Market Study Group (KSPM). 115 active KSPM members in Semarang participated by completing online questionnaires analyzed using SPSS Statistics 25. The research instrument's validity and reliability were assessed, followed by multiple linear regression analysis, t-tests, and model fit evaluation (Adjusted R-Square and F-test). Results reveal that financial literacy and regret aversion bias positively impact students' investment decisions, while herding behavior exerts a significant negative effect.