PENGARUH LITERASI KEUANGAN, OVERCONFIDENCE, LOSS AVERSION, DAN HERDING BIAS TERHADAP KEPUTUSAN INVESTASI DI INDEKS SAHAM SYARIAH INDONESIA DALAM PERSPEKTIF BISNIS ISLAM (Studi Pada Generasi Z di Bandar Lampung)

Siti, Mujianah and Siska, Yuli Anita and Liya, Ermawati PENGARUH LITERASI KEUANGAN, OVERCONFIDENCE, LOSS AVERSION, DAN HERDING BIAS TERHADAP KEPUTUSAN INVESTASI DI INDEKS SAHAM SYARIAH INDONESIA DALAM PERSPEKTIF BISNIS ISLAM (Studi Pada Generasi Z di Bandar Lampung). IMEA : Jurnal Ilmiah Manajemen Ekonomi dan Akuntansi.

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Abstract

ABSTRAK Generasi Z kerap menunjukkan perilaku rasional maupun irasional dalam pengambilan keputusan investasi, seperti berdasarkan tingkat literasi keuangan, kepercayaan diri berlebih, kecenderungan menghindari kerugian, serta mengikuti keputusan investor lain. Penelitian ini bertujuan untuk mengetahui pengaruh literasi keuangan, overconfidence, loss aversion, dan herding bias terhadap keputusan investasi di Indeks Saham Syariah Indonesia dalam perspektif bisnis islam (pada Generasi Z di Bandar Lampung). Menggunakan pendekatan kuantitatif dan metode analisis PLS-SEM melalui SmartPLS 4.0. Populasi penelitian ini yaitu Generasi Z di Bandar Lampung dengan melibatkan 97 responden berusia 17–27 tahun yang berinvestasi di Indeks Saham Syariah Indonesia. Hasil uji parsial menunjukkan bahwa literasi keuangan, overconfidence, dan loss aversion berpengaruh positif dan signifikan terhadap keputusan investasi, sedangkan herding bias berpengaruh positif dan tidak signifikan terhadap keputusan investasi. Secara simultan literasi keuangan, overconfidence, loss aversion, dan herding bias berpengaruh signifikan terhadap keputusan investasi. Dari perspektif bisnis Islam, investasi pada Indeks Saham Syariah Indonesia mencerminkan prinsip syariah, seperti transparansi dan keadilan, melalui keterbukaan informasi, seleksi saham yang menghindari riba, gharar, dan praktik tidak adil. Kata kunci : Literasi Keuangan; Overconfidence; Loss Aversion; Herding Bias; Keputusan Investasi. ABSTRACT Generation Z often shows both rational and irrational behavior in making investment decisions, such as based on the level of financial literacy, overconfidence, loss aversion, and following other investors' decisions. This study aims to determine the effect of financial literacy, overconfidence, loss aversion, and herding bias on investment decisions in the Indonesian Sharia Stock Index in an Islamic business perspective (on Generation Z in Bandar Lampung). Using a quantitative approach and PLS-SEM analysis method through SmartPLS 4.0. The population of this study was Generation Z in Bandar Lampung involving 97 respondents aged 17-27 years who invested in the Indonesian Sharia Stock Index. Partial test results show that financial literacy, overconfidence, and loss aversion have a positive and significant effect on investment decisions, while herding bias has a positive and insignificant effect on investment decisions. Simultaneously, financial literacy, overconfidence, loss aversion, and herding bias have a significant effect on investment decisions. From an Islamic business perspective, investment in the Indonesian Sharia Stock Index reflects sharia principles, such as transparency and fairness, through information disclosure, stock selection that avoids usury, gharar, and unfair practices. Keywords : Financial Literacy; Overconfidence; Loss Aversion; Herding Bias; Investment Decisions.

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