Aug 2026· JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi)· Vol 12, pp. 3655-3665· 0 citations· 36 references
Abstract
The rapid increase in cryptocurrency adoption among Generation Z in Indonesia has raised concerns regarding investment decision-making in highly volatile digital asset markets. This study examines the influence of herding behavior, social media exposure, and fear of missing out (FOMO) on cryptocurrency investment decisions, with financial literacy as a moderating variable. A quantitative approach was employed using survey data from 200 Generation Z cryptocurrency investors in Pontianak City. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results show that herding behavior and social media significantly influence investment decisions. Fear of missing out also affects investor decision-making. Financial literacy moderates the relationship between herding behavior and investment decisions as well as between social media and investment decisions, but does not moderate the relationship between FOMO and investment decisions. These findings indicate that cryptocurrency investment decisions among Generation Z are influenced by social interactions and emotional biases.
Main Purpose - This research investigates how behavioral biases influence cryptocurrency investment decisions among Indonesian investors, with financial literacy as a moderating variable.
Method - A quantitative approach was adopted using data from 520 active cryptocurrency investors in Indonesia collected through conv...
H. Haryanto, Larventy Larventy, Johny Budiman· Jurnal Proaksi· 0 citations
This research is intended to examine the effect of financial literacy, financial behavior, herding behavior and income on investment decisions in Jakarta. We used PLS-SEM (SmartPLS 4.0) to analyze data collected from 431 survey respondents to conduct this analysis. The results show that financial behavior , herding beh...
Hubert Eagan, Sony Ferdianto, D. Syahchari· International Conferences on...· 0 citations
The rapid digitalization of the capital market has significantly increased the number of Generation Z investors in Indonesia. This phenomenon has not been fully accompanied by rational investment decision-making, as many young investors remain vulnerable to social trends and herding behavior. This study aims to analyze...
Sri Rakhmawati, Sri Nawangsari, Wedia Hastuti et al.· Journal of Business Manageme...· 0 citations
This study examines how four behavioral biases overconfidence, herding, loss aversion, and mental accounting affect investment decisions among stock investors in Indonesia. Primary data were collected through questionnaires from individual stock investors, yielding 506 responses, of which 400 valid responses were analy...
Johny Budiman, Dewi, Isnaini Nuzula Agustin· Agregat Jurnal Ekonomi dan B...· 0 citations
This study aims to examine the effect of social media financial influence on investment decision overconfidence among Generation Z investors in Jakarta, addressing a theoretical and empirical gap left unresolved by prior studies that examined social learning and overconfidence bias mechanisms separately rather than as...
Ridwan Adianto, Safitri Siswono, Wahyudi Ade· Journal of Management and Bu...· 0 citations
This study examined the influence of loss aversion and herding behavior on investment decisions and investigated the mediating role of fear of missing out (FOMO) within a behavioral finance framework. Investment decisions among retail investors are increasingly influenced by psychological biases and social pressures, p...
