Factors Influencing Investment Decisions: A Case Study of Investors in Indonesia

Chung, Yvonne Vanessa and Murhadi, Werner Ria and Mahadwartha, Putu Anom (2026) Factors Influencing Investment Decisions: A Case Study of Investors in Indonesia. Revista Finanzas y Política Económica, 18 (2026). pp. 1-23. ISSN 2248-6046

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Abstract

This research aims to examine the influence of demographic factors, including age, gender, educational attainment level, and investment experience, on overconfidence behavior, herding behavior, investment decisions, and the impact of overconfidence behavior and herding behavior on investment decisions. This type of research employs a quantitative approach, using Structural Equation Modeling. In this study, data were collected by distributing questionnaires to Indonesian investors who engage in stock investment activities registered with the Indonesia Stock Exchange and are aged 18 or older. The results showed that investment decisions were significantly influenced by gender, education level, investment experience, overconfidence, and trend-following behavior, but not by age. Furthermore, overconfidence was not significantly influenced by any of the demographic factors in the study. Finally, herding behavior was significantly influenced by age and education level, but not by gender or investment experience.

Item Type:	Article
Uncontrolled Keywords:	overconfidence; herding behavior; demographic factors; investment decisions
Subjects:	H Social Sciences > HG Finance
Divisions:	Faculty of Business and Economic > Department of Management
Depositing User:	Werner R. Murhadi 31124
Date Deposited:	27 Apr 2026 07:28
Last Modified:	27 Apr 2026 07:28
URI:	http://repository.ubaya.ac.id/id/eprint/50668

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