Mediasi Risk Perception, Investment Intention dan Fear of Missing Out: Behavioral Perspective

Gracela, Natasya and Wijaya, Liliana Inggrit and Sutejo, Bertha Silvia (2025) Mediasi Risk Perception, Investment Intention dan Fear of Missing Out: Behavioral Perspective. Jurnal Manajemen Pendidikan dan Ilmu Sosial (JMPIS), 7 (1). pp. 53-63. ISSN 2716-3768; E-ISSN 2716-375X

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Abstract

This study is driven by the increasing interest of Indonesians in investing, supported by the accessibility of digital platforms and the growing awareness of the importance of financial management. However, amid this positive trend, investment decisions are often influenced by behavioral biases such as overconfidence bias, loss aversion bias, and herding bias, which can distort investor’s rationality. Moreover, the phenomenon of Fear of Missing Out (FOMO) emerges as a psychological factor that encourages individuals to follow market trends without careful consideration. This research analyzes the mediating roles of risk perception, investment intention, and FOMO on the influence of behavioral biases on investment decisions, using SEM method through JASP and involving 208 respondents selected through purposive sampling. The results show that FOMO does not mediate the influence of behavioral biases on investment decisions, whereas investment intention is proven to mediate the relationship between behavioral biases and investment decisions. In addition, risk perception is found to mediate the effect of overconfidence bias but does not mediate the effect of herding bias on investment decisions. These findings emphasize the essential role of psychological factors in shaping investment behavior, underscoring the importance of understanding behavioral biases to enable investors to make more rational and objective decisions.

Item Type:	Article
Uncontrolled Keywords:	Bias Perilaku, FOMO, Persepsi Risiko, Niat Investasi, Keputusan Investasi
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions:	Faculty of Business and Economic > Department of Management
Depositing User:	Ester Sri W. 196039
Date Deposited:	15 Dec 2025 02:23
Last Modified:	15 Dec 2025 02:23
URI:	http://repository.ubaya.ac.id/id/eprint/49959

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