HERDING BEHAVIOR DAN BIAS KEPUTUSAN INVESTASI PADA MAHASISWA GENERASI Z STUDI EMPIRIS DI UNIVERSITAS PAKUAN BOGOR

Abstract

The rapid growth of Generation Z retail investors in the Indonesian capital market is often accompanied by psychological biases in investment decisions, such as herding behavior. This study aims to analyze the effect of herding behavior and financial literacy on the investment decisions of Generation Z students at Universitas Pakuan, and to examine the role of financial literacy as a moderating variable. This research uses a quantitative approach with the Moderated Regression Analysis (MRA) method. Primary data collection was conducted through questionnaires distributed to 65 student respondents using a purposive sampling technique. Hypothesis testing results show that herding behavior has a significant negative effect on investment decisions. Conversely, financial literacy has a significant positive effect on investment decisions. However, the moderation regression analysis proves that financial literacy does not significantly moderate or weaken the effect of herding behavior on investment decisions. Therefore, it can be concluded that financial literacy plays a crucial direct role in improving the quality of students' investment decisions, although its moderating effect on herding behavior is not statistically significant.