The Impact of Financial Literacy as a Moderating Factor on Financial Behavior and Investment Performance of Gen Z
Keywords:
Heuristic, Herding, Financial Literacy, Investment Performance, Gen ZAbstract
The increasing number of investors, especially young investors, is a positive signal that investment interest is growing in Indonesia. The development of technology and the openness of information are expected to be among the areas of interest. This study aims to analyze the extent to which investor financial behavior is described by heuristics and herding in determining investment portfolio decisions. Financial literacy as a moderating variable to strengthen or weaken the influence of heuristics and herding. The design of this study is a descriptive causal model that can answer how the relationship between the dependent variable and the independent variable is by analyzing the influence of the independent variable on the dependent variable and the presence of a moderating variable. The population in this study was generation Z investors domiciled in Medan City, North Sumatra, especially stock investors who have invested for at least the last 3 (three) years. The sampling method using stratified random sampling and the Slovin formula obtained a sample size of 100 generation Z stock investors. The data analysis method used was Moderated Regression Analysis (MRA) to test the hypothesis and was processed using SPSS software version 20. The results of the study found that heuristics and herding each had an effect on investment performance, while the moderating variable, namely financial literacy, was able to weaken the influence of heuristics on investment performance but was not able to moderate the influence of herding on investment performance in Generation Z. The results of this study indicate that it is important for investors to increase self-awareness, especially their tendency towards heuristic and herding to be able to avoid impulsive decisions based on trends among generation Z.Downloads
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References
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Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Anggia, C. R., Juliani, S. R. H., Amalia, W., & Leon, M. (2021). Pengaruh Perilaku Heuristik Terhadap Kinerja Investasi Saham Di Indonesia. Cakrawala Management Business Journal, 4(2), 885-892. https://journal.feb.unipa.ac.id/index.php/cmbj/article/view/165/114
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Aziz, B., & Khan, A. (2016). Behavioral factors influencing individual investor's investment decision and performance, Evidence from Pakistan Stock Exchange. International journal of research in finance and marketing, 6(7), 74-86. https://www.indianjournals.com/ijor.aspx?target=ijor:ijrfm&volume=6&issue=7&article=008
Babajide, A. A., & Adetiloye, K. A. (2012). Investors’ behavioural biases and the security market: an empirical study of the nigerian security market. Accounting and Finance Research, 1(1), 219-219. https://ideas.repec.org/a/jfr/afr111/v1y2012i1p219.html
Bakar, S., Yi, A. N. C. (2016). The Impact of Psychological Factors on Investors’ Decision Making in Malaysian Stock Market: A Case of Klang Valley and Pahang. Procedia Economics and Finance, 35. https://doi.org/10.1016/s2212-5671(16)00040-x
Balcilar, M., Demirer, R., & Hammoudeh, S. (2013). Investor herds and regime-switching: Evidence from Gulf Arab stock markets. Journal of International Financial Markets, Institutions and Money, 23, 295-321.
Banerjee, A. V. (1992). A simple model of herd behavior. The quarterly journal of economics, 107(3), 797-817.
Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The quarterly journal of economics, 116(1), 261-292. https://faculty.haas.berkeley.edu/odean/Papers/gender/BoysWillBeBoys.pdf
Budiman, A. A. (2024). Pengaruh Heuristic Biases Dan Herding Bias Terhadap Keputusan Investasi Dengan Financial Literacy Sebagai Variabel Pemoderasi (Studi Empiris Perilaku Investor Di Pasar Modal Indonesia) (Doctoral dissertation, Sekolah Tinggi Ilmu Ekonomi YKPN Yogyakarta).
Campbell, W. K., Goodie, A. S., Foster, J. D. (2004). Narcissism, confidence, and risk attitude. Journal of Behavioral Decision Making, 17(4), 297–311. https://doi.org/10.1002/bdm.475
Chu, Z., Wang, Z., Xiao, J. J., Zhang, W. (2017). Financial Literacy, Portfolio Choice and Financial Well-Being. Social Indicators Research, 132(2). https://doi.org/10.1007/s11205-016-1309-2
Dangol, J., & Manandhar, R. (2020). Impact of heuristics on investment decisions: the moderating role of locus of control. Journal of Business and Social Sciences Research, 5(1), 1-14.
Davidson, B. I., Stevens, D. E. (2013). Can a code of ethics improve manager behavior and investor confidence? An experimental study. Accounting Review, 88(1). https://doi.org/10.2308/accr-50272
De Bondt, W. F. M. (1998). A portrait of the individual investor. European Economic Review, 42(3–5). https://doi.org/10.1016/S0014-2921(98)00009-9
Demirer, R., Kutan, A. M. (2006). Does herding behavior exist in Chinese stock markets? Journal of International Financial Markets, Institutions and Money, 16(2), 123–142. https://doi.org/10.1016/j.intfin.2005.01.002
Durand, R. B., Newby, R., Sanghani, J. (2008). An Intimate Portrait of the Individual Investor. Journal of Behavioral Finance, 9(4). https://doi.org/10.1080/15427560802341020
Erianda, N., Muzakir, M., & Maulidasari, C. D. (2023). Herding Behavior dan Heuristic Bias pada Keputusan Investasi Nasabah Bank Syariah Indonesia. Jurnal Bisnis Dan Kajian Strategi Manajemen, 7(2).
Forgas, J. P. (1995). Mood and judgment: The affect infusion model (AIM). Psychological Bulletin, 117(1), 39–66. https://doi.org/10.1037/0033-2909.117.1.39
Gavrilakis, N., Floros, C. (2022). The impact of heuristic and herding biases on portfolio construction and performance: the case of Greece. Review of Behavioral Finance, 14(3). https://doi.org/10.1108/RBF-11-2020-0295
Ghalandari, K., Ghahremanpour, J. (2013). The Effect of Market Variables and Herding Effect on Investment Decision as Factor Influencing Investment Performance in Iran. Journal of Basic and Applied Scientific Research, 3(3).
Gozalie, S., & Anastasia, N. (2015). Pengaruh perilaku heuristics dan herding terhadap pengambilan keputusan investasi properti hunian. Finesta, 3(2), 28–32.
Hayat, A., & Anwar, M. (2018). Impact of Behavioral Biases on Investment Decision Making with Moderating Role of Financial Literacy. Jinnah Business Review, 6(2), 34-41.
Hirshleifer, D., Shumway, T., Cooper, M., Coval, J., Gibson, B., Hulbert, M., Isen, A., Kahneman, D., Lim, S., Mellers, B., Murphy, M., Schwarz, N., Zheng, L., Zweig, J. (2003). Good Day Sunshine: Stock Returns and the Weather. In THE JOURNAL OF FINANCE: Vol. LVIII (Issue 3).https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=2e2490dd9a0d5ff9f9a7762cb1a21fb402188984
Iman Bramantya Raafifalah. (2021). Pengaruh Herd Behaviordan Heuristic (Representativeness, Anchoring, Overconfidence, Danavailability Bias)Terhadap Investment Decision Investor Mahasiswa Di Kota Malang. Parsimonia Jurnal Akuntansi,Manajemen Dan Bisnis, Vol.8 No.2.
Iroham, C., Ogunba, O., Oloyede, S. (2013). Usage of Major Heuristics in Property Investment Valuation in Nigeria. African Research Review, 7(4). https://doi.org/10.4314/afrrev.v7i4.7
Isen, A. M. (2000). Some perspectives on positive affect and self-regulation. Psychological Inquiry, 11(November 2014). https://www.jstor.org/stable/1449800
Javed, H., Bagh, T., & Razzaq, S. (2017). Herding effects, over confidence, availability bias and representativeness as behavioral determinants of perceived investment performance: an empirical evidence from Pakistan stock exchange (PSX). Journal of Global Economics, 6(1), 1-13. DOI: 10.4172/2375-4389.1000275
Kahneman, D., Tversky, A. (1979). On the interpretation of intuitive probability: A reply to Jonathan Cohen. Cognition, 7(4). https://doi.org/10.1016/0010-0277(79)90024-6
Kamstra, M. J., Kramer, L. A., & Levi, M. D. (2003). Winter blues: A SAD stock market cycle. American economic review, 93(1), 324-343. https://www.econstor.eu/bitstream/10419/100871/1/wp2002-13.pdf
Kengatharan, L., Kengatharan, N. (2014). The Influence of Behavioral Factors in Making Investment Decisions and Performance: Study on Investors of Colombo Stock Exchange, Sri Lanka. Asian Journal of Finance & Accounting, 6(1). https://doi.org/10.5296/ajfa.v6i1.4893
Le Luong, P., & Thi Thu Ha, D. (2011). Behavioral factors influencing individual investors decision-making and performance.: A survey at the Ho Chi Minh Stock Exchange. https://www.diva-portal.org/smash/get/diva2:423263/FULLTEXT02.pdf
Loewenstein, G. (2000). Preferences, behavior, and welfare: Emotions in economic theory and economic behavior. American Economic Review, 90(2). https://doi.org/10.1257/aer.90.2.426
Lucey, B. M., Dowling, M. (2005). The role of feelings in investor decision-making. In Journal of Economic Surveys (Vol. 19, Issue 2). https://doi.org/10.1111/j.0950-0804.2005.00245.x
Lusardi, A., Mitchell, O. S., & Curto, V. (2014). Financial literacy and financial sophistication in the older population. Journal of pension economics & finance, 13(4), 347-366.
Novianggie, V., & Asandimitra, N. (2019). The influence of behavioral bias, cognitive bias, and emotional bias on investment decision for college students with financial literacy as the moderating variable. International Journal of Academic Research in Accounting, Finance and Management Sciences, 9(2), 92-107.
Parveen, S., Satti, Z. W., Subhan, Q. A., Jamil, S. (2020). Exploring market overreaction, investors’ sentiments and investment decisions in an emerging stock market. Borsa Istanbul Review, 20(3). https://doi.org/10.1016/j.bir.2020.02.002
Rasool, N., Ullah, S. (2020). Financial literacy and behavioural biases of individual investors: empirical evidence of Pakistan stock exchange. Journal of Economics, Finance and Administrative Science, 25(50), 261–278. https://doi.org/10.1108/JEFAS-03-2019-0031
Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of Consumer Affairs, 44(2). https://doi.org/10.1111/j.1745-6606.2010.01169.x
Robbins, T. W., Everitt, B. J. (2002). Dopamine — Its Role in Behaviour and Cognition in Experimental Animals and Humans. https://doi.org/10.1007/978-3-662-06765-9_7
Scharfstein., Stein. (1990.). https://www.jstor.org/stable/2006678
Setiawan, Y. C., Atahu, A. D. R., & Robiyanto. (2018). Cognitive Dissonance Bias , Overconfidence Bias dan Herding Bias dalam Pengambilan Keputusan Investasi Saham. Jurusan Manajemen Fakultas Ekonomika Dan Bisnis Universitas Kristen Satya Wacana Salatiga, 1(1), 17–25. https://doi.org/26.82017/JKP.2017.001
Shefrin, H., Statman, M. (2000). Behavioral Portfolio Theory. The Journal of Financial and Quantitative Analysis, 35(2), 127. https://doi.org/10.2307/2676187
Shefrin, H. (2002). Beyond Greed and Fear. In Beyond Greed and Fear. Oxford University PressNew York. https://doi.org/10.1093/0195161211.001.0001
Siraji, M. (2019). Heuristics Bias and Investment Performance: Does Age Matter? Evidence from Colombo Stock Exchange. Asian Journal of Economics, Business and Accounting. https://doi.org/10.9734/ajeba/2019/v12i430156
Thaler, R. H. (2000). From homo economicus to homo sapiens. Journal of Economic Perspectives, 14(1). https://doi.org/10.1257/jep.14.1.133
Thi, N., Mien, N., Thao, T. P. (2015). Factors Affecting Personal Financial Management Behaviors: Evidence from Vietnam. Economics, Finance and Social Sciences
Tversky, A., & Kahneman, D. (1974). Judgment under Uncertainty: Heuristics and Biases: Biases in judgments reveal some heuristics of thinking under uncertainty. science, 185(4157), 1124-1131.
Yates, G. K. (1990). Basilar membrane nonlinearity and its influence on auditory nerve rate-intensity functions. Hearing Research, 50(1–2). https://doi.org/10.1016/0378-5955(90)90041-M
Yuwono, W., & Altiyane, N. (2023). Pengaruh Overconfidence, Herding, Availability Bias, Risk Aversion dan Personal Information Terhadap Keputusan Investasi. MANOR: Jurnal Manajemen Dan Organisasi Review, 5(1), 1-9.
Zajonc, R. B. (1980). Feeling and Thinking Preferences Need No Inferences. https://doi.org/10.1037/0003-066X.35.2.151
Ahmad, M., & Shah, S. Z. A. (2022). Overconfidence heuristic-driven bias in investment decision-making and performance: mediating effects of risk perception and moderating effects of financial literacy. Journal of Economic and Administrative Sciences, 38(1), 60–90. https://doi.org/10.1108/jeas-07-2020-0116
Ahmad, M. (2022). The role of cognitive heuristic-driven biases in investment management activities and market efficiency: a research synthesis. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-07-2020-0749
Ajzen, I., Fishbein, M. (1975). Belief, attitude, attitude, intention and behavior: An introduction to theory of research. Reading, MA : Addison-Wesley.
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Anggia, C. R., Juliani, S. R. H., Amalia, W., & Leon, M. (2021). Pengaruh Perilaku Heuristik Terhadap Kinerja Investasi Saham Di Indonesia. Cakrawala Management Business Journal, 4(2), 885-892. https://journal.feb.unipa.ac.id/index.php/cmbj/article/view/165/114
Arisanti, I., Asri, M. (2018). Herding Behavior Post Initial Public Offering In Indonesia Stock Exchange. Journal of Accounting and Investment, 19(2). https://doi.org/10.18196/jai.190298
Arsanti, C., & Riyadi, S. (2018). Analisis Pengaruh Literasi Keuangan Terhadap Perilaku Keuangan Mahasiswa (Studi Kasus Mahasiswa Perbanas Intsitute Fakultas Ekonomi dan Bisnis). Perbanas Review, 3(2).
Aziz, B., & Khan, A. (2016). Behavioral factors influencing individual investor's investment decision and performance, Evidence from Pakistan Stock Exchange. International journal of research in finance and marketing, 6(7), 74-86. https://www.indianjournals.com/ijor.aspx?target=ijor:ijrfm&volume=6&issue=7&article=008
Babajide, A. A., & Adetiloye, K. A. (2012). Investors’ behavioural biases and the security market: an empirical study of the nigerian security market. Accounting and Finance Research, 1(1), 219-219. https://ideas.repec.org/a/jfr/afr111/v1y2012i1p219.html
Bakar, S., Yi, A. N. C. (2016). The Impact of Psychological Factors on Investors’ Decision Making in Malaysian Stock Market: A Case of Klang Valley and Pahang. Procedia Economics and Finance, 35. https://doi.org/10.1016/s2212-5671(16)00040-x
Balcilar, M., Demirer, R., & Hammoudeh, S. (2013). Investor herds and regime-switching: Evidence from Gulf Arab stock markets. Journal of International Financial Markets, Institutions and Money, 23, 295-321.
Banerjee, A. V. (1992). A simple model of herd behavior. The quarterly journal of economics, 107(3), 797-817.
Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The quarterly journal of economics, 116(1), 261-292. https://faculty.haas.berkeley.edu/odean/Papers/gender/BoysWillBeBoys.pdf
Budiman, A. A. (2024). Pengaruh Heuristic Biases Dan Herding Bias Terhadap Keputusan Investasi Dengan Financial Literacy Sebagai Variabel Pemoderasi (Studi Empiris Perilaku Investor Di Pasar Modal Indonesia) (Doctoral dissertation, Sekolah Tinggi Ilmu Ekonomi YKPN Yogyakarta).
Campbell, W. K., Goodie, A. S., Foster, J. D. (2004). Narcissism, confidence, and risk attitude. Journal of Behavioral Decision Making, 17(4), 297–311. https://doi.org/10.1002/bdm.475
Chu, Z., Wang, Z., Xiao, J. J., Zhang, W. (2017). Financial Literacy, Portfolio Choice and Financial Well-Being. Social Indicators Research, 132(2). https://doi.org/10.1007/s11205-016-1309-2
Dangol, J., & Manandhar, R. (2020). Impact of heuristics on investment decisions: the moderating role of locus of control. Journal of Business and Social Sciences Research, 5(1), 1-14.
Davidson, B. I., Stevens, D. E. (2013). Can a code of ethics improve manager behavior and investor confidence? An experimental study. Accounting Review, 88(1). https://doi.org/10.2308/accr-50272
De Bondt, W. F. M. (1998). A portrait of the individual investor. European Economic Review, 42(3–5). https://doi.org/10.1016/S0014-2921(98)00009-9
Demirer, R., Kutan, A. M. (2006). Does herding behavior exist in Chinese stock markets? Journal of International Financial Markets, Institutions and Money, 16(2), 123–142. https://doi.org/10.1016/j.intfin.2005.01.002
Durand, R. B., Newby, R., Sanghani, J. (2008). An Intimate Portrait of the Individual Investor. Journal of Behavioral Finance, 9(4). https://doi.org/10.1080/15427560802341020
Erianda, N., Muzakir, M., & Maulidasari, C. D. (2023). Herding Behavior dan Heuristic Bias pada Keputusan Investasi Nasabah Bank Syariah Indonesia. Jurnal Bisnis Dan Kajian Strategi Manajemen, 7(2).
Forgas, J. P. (1995). Mood and judgment: The affect infusion model (AIM). Psychological Bulletin, 117(1), 39–66. https://doi.org/10.1037/0033-2909.117.1.39
Gavrilakis, N., Floros, C. (2022). The impact of heuristic and herding biases on portfolio construction and performance: the case of Greece. Review of Behavioral Finance, 14(3). https://doi.org/10.1108/RBF-11-2020-0295
Ghalandari, K., Ghahremanpour, J. (2013). The Effect of Market Variables and Herding Effect on Investment Decision as Factor Influencing Investment Performance in Iran. Journal of Basic and Applied Scientific Research, 3(3).
Gozalie, S., & Anastasia, N. (2015). Pengaruh perilaku heuristics dan herding terhadap pengambilan keputusan investasi properti hunian. Finesta, 3(2), 28–32.
Hayat, A., & Anwar, M. (2018). Impact of Behavioral Biases on Investment Decision Making with Moderating Role of Financial Literacy. Jinnah Business Review, 6(2), 34-41.
Hirshleifer, D., Shumway, T., Cooper, M., Coval, J., Gibson, B., Hulbert, M., Isen, A., Kahneman, D., Lim, S., Mellers, B., Murphy, M., Schwarz, N., Zheng, L., Zweig, J. (2003). Good Day Sunshine: Stock Returns and the Weather. In THE JOURNAL OF FINANCE: Vol. LVIII (Issue 3).https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=2e2490dd9a0d5ff9f9a7762cb1a21fb402188984
Iman Bramantya Raafifalah. (2021). Pengaruh Herd Behaviordan Heuristic (Representativeness, Anchoring, Overconfidence, Danavailability Bias)Terhadap Investment Decision Investor Mahasiswa Di Kota Malang. Parsimonia Jurnal Akuntansi,Manajemen Dan Bisnis, Vol.8 No.2.
Iroham, C., Ogunba, O., Oloyede, S. (2013). Usage of Major Heuristics in Property Investment Valuation in Nigeria. African Research Review, 7(4). https://doi.org/10.4314/afrrev.v7i4.7
Isen, A. M. (2000). Some perspectives on positive affect and self-regulation. Psychological Inquiry, 11(November 2014). https://www.jstor.org/stable/1449800
Javed, H., Bagh, T., & Razzaq, S. (2017). Herding effects, over confidence, availability bias and representativeness as behavioral determinants of perceived investment performance: an empirical evidence from Pakistan stock exchange (PSX). Journal of Global Economics, 6(1), 1-13. DOI: 10.4172/2375-4389.1000275
Kahneman, D., Tversky, A. (1979). On the interpretation of intuitive probability: A reply to Jonathan Cohen. Cognition, 7(4). https://doi.org/10.1016/0010-0277(79)90024-6
Kamstra, M. J., Kramer, L. A., & Levi, M. D. (2003). Winter blues: A SAD stock market cycle. American economic review, 93(1), 324-343. https://www.econstor.eu/bitstream/10419/100871/1/wp2002-13.pdf
Kengatharan, L., Kengatharan, N. (2014). The Influence of Behavioral Factors in Making Investment Decisions and Performance: Study on Investors of Colombo Stock Exchange, Sri Lanka. Asian Journal of Finance & Accounting, 6(1). https://doi.org/10.5296/ajfa.v6i1.4893
Le Luong, P., & Thi Thu Ha, D. (2011). Behavioral factors influencing individual investors decision-making and performance.: A survey at the Ho Chi Minh Stock Exchange. https://www.diva-portal.org/smash/get/diva2:423263/FULLTEXT02.pdf
Loewenstein, G. (2000). Preferences, behavior, and welfare: Emotions in economic theory and economic behavior. American Economic Review, 90(2). https://doi.org/10.1257/aer.90.2.426
Lucey, B. M., Dowling, M. (2005). The role of feelings in investor decision-making. In Journal of Economic Surveys (Vol. 19, Issue 2). https://doi.org/10.1111/j.0950-0804.2005.00245.x
Lusardi, A., Mitchell, O. S., & Curto, V. (2014). Financial literacy and financial sophistication in the older population. Journal of pension economics & finance, 13(4), 347-366.
Novianggie, V., & Asandimitra, N. (2019). The influence of behavioral bias, cognitive bias, and emotional bias on investment decision for college students with financial literacy as the moderating variable. International Journal of Academic Research in Accounting, Finance and Management Sciences, 9(2), 92-107.
Parveen, S., Satti, Z. W., Subhan, Q. A., Jamil, S. (2020). Exploring market overreaction, investors’ sentiments and investment decisions in an emerging stock market. Borsa Istanbul Review, 20(3). https://doi.org/10.1016/j.bir.2020.02.002
Rasool, N., Ullah, S. (2020). Financial literacy and behavioural biases of individual investors: empirical evidence of Pakistan stock exchange. Journal of Economics, Finance and Administrative Science, 25(50), 261–278. https://doi.org/10.1108/JEFAS-03-2019-0031
Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of Consumer Affairs, 44(2). https://doi.org/10.1111/j.1745-6606.2010.01169.x
Robbins, T. W., Everitt, B. J. (2002). Dopamine — Its Role in Behaviour and Cognition in Experimental Animals and Humans. https://doi.org/10.1007/978-3-662-06765-9_7
Scharfstein., Stein. (1990.). https://www.jstor.org/stable/2006678
Setiawan, Y. C., Atahu, A. D. R., & Robiyanto. (2018). Cognitive Dissonance Bias , Overconfidence Bias dan Herding Bias dalam Pengambilan Keputusan Investasi Saham. Jurusan Manajemen Fakultas Ekonomika Dan Bisnis Universitas Kristen Satya Wacana Salatiga, 1(1), 17–25. https://doi.org/26.82017/JKP.2017.001
Shefrin, H., Statman, M. (2000). Behavioral Portfolio Theory. The Journal of Financial and Quantitative Analysis, 35(2), 127. https://doi.org/10.2307/2676187
Shefrin, H. (2002). Beyond Greed and Fear. In Beyond Greed and Fear. Oxford University PressNew York. https://doi.org/10.1093/0195161211.001.0001
Siraji, M. (2019). Heuristics Bias and Investment Performance: Does Age Matter? Evidence from Colombo Stock Exchange. Asian Journal of Economics, Business and Accounting. https://doi.org/10.9734/ajeba/2019/v12i430156
Thaler, R. H. (2000). From homo economicus to homo sapiens. Journal of Economic Perspectives, 14(1). https://doi.org/10.1257/jep.14.1.133
Thi, N., Mien, N., Thao, T. P. (2015). Factors Affecting Personal Financial Management Behaviors: Evidence from Vietnam. Economics, Finance and Social Sciences
Tversky, A., & Kahneman, D. (1974). Judgment under Uncertainty: Heuristics and Biases: Biases in judgments reveal some heuristics of thinking under uncertainty. science, 185(4157), 1124-1131.
Yates, G. K. (1990). Basilar membrane nonlinearity and its influence on auditory nerve rate-intensity functions. Hearing Research, 50(1–2). https://doi.org/10.1016/0378-5955(90)90041-M
Yuwono, W., & Altiyane, N. (2023). Pengaruh Overconfidence, Herding, Availability Bias, Risk Aversion dan Personal Information Terhadap Keputusan Investasi. MANOR: Jurnal Manajemen Dan Organisasi Review, 5(1), 1-9.
Zajonc, R. B. (1980). Feeling and Thinking Preferences Need No Inferences. https://doi.org/10.1037/0003-066X.35.2.151
Published
2025-07-31
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How to Cite
The Impact of Financial Literacy as a Moderating Factor on Financial Behavior and Investment Performance of Gen Z. (2025). Proceeding of International Conference on Economics, Technology, Management, Accounting, Education, and Social Science (ICETEA), 1, 220-237. https://conference.unita.ac.id/index.php/icetea/article/view/369
