The role of herding behavior as a moderating variable on the influence of financial literacy and risk tolerance on students' investment decisions

Puspitarini, Natasya and Purnamasari, Puji Endah ORCID: https://orcid.org/0000-0002-3727-6639 (2025) The role of herding behavior as a moderating variable on the influence of financial literacy and risk tolerance on students' investment decisions. Jurnal Ilmu Ekonomi, 9 (3). pp. 237-250. ISSN 2716-4799

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Abstract

This study aims to examine the effect of Financial Literacy and Risk Tolerance on investment decisions, with Herding Behavior as a moderating variable. The increase in young investors, among students with limited knowledge and experience, raises questions about the factors that influence their investment decisions. This research employs a quantitative approach with a purposive sampling method targeting students of the Faculty of Economics, UIN Maulana Malik Ibrahim Malang, class of 2021. Respondents were selected based on several criteria collected from distributing questionnaires, followed by data examination employing the Structural Equation Modeling Partial Least Squares (SEM-PLS) method. The results showed that Financial Literacy and Risk Tolerance have a significant positive effect on investment decisions. However, Herding Behavior is not proven to significantly moderate the relationship between Financial Literacy and investment decisions, as well as the relationship between Risk Tolerance and investment decisions.

Item Type:	Journal Article
Keywords:	financial literacy; risk tolerance; keputusan investasi; mahasiswa; herding behavior
Subjects:	15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1501 Accounting, Auditing and Accountability > 150103 Financial Accounting
Divisions:	Faculty of Economics > Department of Management
Depositing User:	Puji endah Purnamasari
Date Deposited:	17 Jul 2026 08:23

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