Article Sidebar
Main Article Content
Abstract
Nowadays, investment has major importance for future contingencies. The millennials are one that currently take over a large number of capital market investors. To advocate optimal and sustainable decision-making in stock investment, it is important to explore the determinants of investment decisions which include financial literacy, financial self-efficacy, and risk perception. The study was conducted to assess the influence of financial literacy, financial self-efficacy, financial technology literacy, and risk perception on stock investment decisions in the millennial generation of Yogyakarta Special Region. The population of this study was millennial stock investors in the D.I. Yogyakarta province. The sample is used with criteria that age in between investing 28–43 years old; namely 115 people. The data was collected via a survey strategy and then analyzed using the SEM-PLS technique. Based on the research findings, it can be concluded that financial literacy has a significant positive effect on stock investment decisions among the millennials in Yogyakarta. Conversely, financial self-efficacy negatively impacts stock investment decisions significantly. Additionally, financial technology literacy also demonstrates a positive and significant influence on stock investment decisions. In contrast, risk perception does not appear to affect stock investment decisions among millennials in Yogyakarta. Theoretical and practical implications are discussed in the last section of this article.
Keywords
Article Details
Copyright (c) 2024 Cahyo Sunarko, Sutrisno Sutrisno
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
References
- Ahmed, Z., Rasool, S., Saleem, Q., Khan, M. A., & Kanwal, S. (2022). Mediating role of risk perception between behavioral biases and investor’s investment decisions. SAGE Open, 12(2). https://doi.org/10.1177/21582440221097394
- Ahmi, A., Tapa, A., & Hamzah, A. H. (2020). Mapping of financial technology (fintech) research: a bibliometric analysis. International Journal of Advanced Science and Technology, 29(8), 379-392.
- Ainia, N. S. N., & Lutfi, L. (2019). The influence of risk perception, risk tolerance, overconfidence, and loss aversion towards investment decision making. Journal of Economics, Business, & Accountancy Ventura, 21(3), 401-413. https:doi.org/10.14414/jebav.v21i3.1663
- Altaf, H., & Jan, A. (2023). Generational theory of behavioral biases in investment behavior. Borsa Istanbul Review, 23(4), 834–844. https://doi.org/http://doi.org/10.1016/j.bir.2023.02.002
- Annur, C. M. (2023). Investor Pasar Modal Indonesia Didominasi Gen Z dan Milenial. Katadata.Co.Id. Retrieved from https://databoks.katadata.co.id/datapublish/2023/10/06/investor-pasar-modal-indonesia-didominasi-gen-z-dan-milenial
- Awais, M., Fahad Laber, M., Rasheed, N., & Khursheed, A. (2016). Impact of financial literacy and investment experience on risk tolerance and investment decisions: empirical evidence from Pakistan. International Journal of Economics and Financial Issues, 6(1), 73–79.
- Baihaqqy, M. R. I., Disman, Nugraha, Sari, M., & Ikhsan, S. (2020). The effect of financial literacy on the investment decision. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 3(4), 3073–3083.
- Bhattacharjee, J., Singh, R., & Kajol, K. (2020). Risk perception in respect of equity shares: a Literature review and future research agenda. DLSU Business & Economics Review, 30(1), 1-14.
- Brady, S., Miller, J., Balmuth, A., D’Ambrosio, L. A., & Coughlin, J. F. (2021). Factors contributing to the financial self-efficacy of student loan borrowers. Journal of Financial Counseling and Planning, 32(3), 493–506. https://doi.org/10.1891/JFCP-19-00067
- Chandra, P. K., Pangkey, L. B., & Soetanto, T. V. (2023). Young adults’ investment decisions in Surabaya: the influence of financial literacy and risk perception. International Journal of Organizational Behavior and Policy, 2(2), 87–96. https://doi.org/10.9744/ijobp.2.2.87-96
- Chenini, H., & Jarboui, A. (2024). The specific factors of heterogeneity characterizing investors’ beliefs. Journal of Economics, Finance and Administrative Science, 29(57), 77–97. https://doi.org/10.1108/JEFAS-09-2021-0195
- Damayanti, S., Rahmawati, A., & Wihandaru. (2023). A bibliometric analysis VOSviewer of publication on financial literacy and investment decision. Multidisciplinary Reviews, 6(4). https://doi.org/10.31893/multirev.2023043
- Deb, S., & Singh, R. (2018). Dynamics of risk perception towards mutual fund investment decisions. Iranian Journal of Management Studies, 11(2), 407–424. https://doi.org/10.22059/ijms.2018.246392.672920
- Farrel, L., Fry, T. R. L., & Risse, L. (2016). The significance of financial self-efficacy in explaining women’s personal finance behaviour. Journal of Economic Psychology, 54(2), 85-99. http://dx.doi.org/10.1016/j.joep.2015.07.001
- Grima, S., Hamarat, B., Özen, E., Girlando, A., & Dalli-Gonzi, R. (2021). The relationship between risk perception and risk definition and risk-addressing behaviour during the early Covid-19 stages. Journal of Risk and Financial Management, 14(6), 1–26. https://doi.org/10.3390/jrfm14060272
- Gustiarum, T., & Kusumawardhani, I. (2023). The effects of financial literacy, accounting information, risk perception and herding behavior on investment decision. Journal of Business and Information System, 5(1), 1–10. https://doi.org/10.36067/jbis.v5i1.156
- Halim, R., & Pamungkas, A. S. (2023). The influence of risk perception, overconfidence, and herding behavior on investment decision. International Journal of Application on Economics and Business, 1(1), 521–529. https://doi.org/10.24912/v1i1.521-529
- Hartono, J. (2022). Portofolio dan Analisis Investasi: Pendekatan Modul. Yogyakarta: Penerbit Andi.
- Hassan, N. C., Abdul-Rahman, A., Hamid, S. N. A., & Amin, S. I. M. (2024). What factors affecting investment decision? the moderating role of fintech self-efficacy. PLoS ONE, 19(4 April), 1–25. https://doi.org/10.1371/journal.pone.0299004
- Herliana, Y. T., Ratnawati, K., & Djumahir, D. (2023). The role of personality traits as mediation: the effect of financial literacy and risk perception on investment decision. Journal of Business and Management Review, 4(6), 469–493. https://doi.org/10.47153/jbmr46.7202023
- Hidayah, E., & Irowati, N. W. (2021). Investment decision: the analysis of risk perception, regret aversion bias perception, and overconfidence. Review of Integrative Business and Economics Research, 10(3), 395-408.
- Khan, F., Siddiqui, M. A., & Imtiaz. (2022). Role of financial literacy in achieving financial inclusion: A review, synthesis and research agenda. Cogent Business & Management, 9(2034236),1-37. https://doi.org/10.1080/23311975.2022.2034236
- Kumari, D. A. (2020). The impact of financial literacy on investment decisions: with special reference to undergraduates in Western Province, Sri Lanka. Asian Journal of Contemporary Education, 4(2), 110–126. https://doi.org/10.18488/journal.137.2020.42.110.126
- Masitoh, S. (2023). Literasi Masih Rendah, Sri Mulyani Ingatkan Masyarakat Waspada Modus Investasi Bodong. Kontan.Co.Id. Retrieved from https://nasional.kontan.co.id/news/literasi-masih-rendah-sri-mulyani-ingatkan-masyarakat-waspada-modus-investasi-bodong
- Mindra, R., Moya, M., Zuze, L. T., & Kodongo, O. (2017). Financial self-efficacy: a determinant of financial inclusion. International Journal of Bank Marketing, 35(3), 338–353. https://doi.org/10.1108/IJBM-05-2016-0065
- Mulyani, E., Fitra, H., & Honesty, F. F. (2021, November). Investment decisions: the effect of risk perceptions and risk propensity for beginner investors in west sumatra. In Seventh Padang International Conference on Economics Education, Economics, Business and Management, Accounting and Entrepreneurship (PICEEBA 2021) (pp. 49-55). Atlantis Press. https://doi.org/10.2991/aebmr.k.211117.034
- Nadeem, M. A., Qamar, M. A. J., Nazir, M. S., Ahmad, I., Timoshin, A., & Shehzad, K. (2020). How investors attitudes shape stock market participation in the presence of financial self-efficacy. Frontiers in Psychology, 11(October), 1–17. https://doi.org/10.3389/fpsyg.2020.553351
- NielsenIQ. (2022). Financial Fitness Index 2022. OCBC NISP.
- Noor, N., Batool, I., & Arshad, H. M. (2020). Financial literacy, financial self-efficacy and financial account ownership behavior in Pakistan. Cogent Economics and Finance, 8(1). https://doi.org/10.1080/23322039.2020.1806479
- Saputro, R. E. H., & Lestari, D. (2019). Effect of financial literacy and risk perception on student investment decisions in Jakarta. Review of Management and Entrepreneurship, 3(2), 107–132. https://doi.org/10.37715/rme.v3i2.1237
- Setiyawati, K. E. (2021). Pengaruh financial literacy, financial attitude dan social demografi terhadap proses pengambilan keputusan investasi menghadapi masa pensiun (Studi pada karyawan di PT. Bank Muamalat Indonesia Tbk. Kantor Cabang Utama Kediri). Jurnal Ilmiah Mahasiswa FEB, 9(2).
- Siriopoulos, C. (2021). Financial markets are not efficient: financial literacy as an effective risk management tool. International Journal of Business and Management Research, 9(1), 65–73. https://doi.org/10.37391/ijbmr.090110
- Sonkurt, H. O., & Altinoz, A. E. (2021). Cryptocurrency investment: a safe venture or a new type of gambling? Journal of Gambling Issues, 47(May), 199–216. https://doi.org/10.4309/jgi.2021.47.8
- Srinivasan, K., & Karthikeyan, P. (2023). Investigating self-efficacy and behavioural bias on investment decisions. E a M: Ekonomie a Management, 26(4), 119–133. https://doi.org/10.15240/tul/001/2023-4-008
- Srivastav, S. K., Habil, M., Thakur, P., Jain, J. K., & Saini, R. (2024). Analyzing the influence of fintech & digitalization on investment choice decisions of mutual fund investors. International Journal of Research Publication and Reviews, 5(2), 2414–2415. https://doi.org/10.55248/gengpi.5.0224.0545
- Sukamulja, S. (2022). Analisis Laporan Keuangan, Sebagai Dasar Pengambil Keputusan Investasi Edisi Revisi. Yogyakarta: Penerbit Andi.
- Sun, R., & Zhang, B. (2023). Can fintech make corporate investments more efficient? A study on financing constraints and agency conflicts. Economic Research-Ekonomska Istrazivanja , 36(3). https://doi.org/10.1080/1331677X.2023.2185795
- Suresh, G. (2021). Impact of financial literacy and behavioural biases on investment decision-making. FIIB Business Review, 13(1), 72–86. https://doi.org/10.1177/23197145211035481
- Suryono, R. R., Budi, I., & Purwandari, B. (2020). Challenges and trends of financial technology (fintech): a systematic literature review. Information (Switzerland), 11(12), 1–20. https://doi.org/10.3390/info11120590
- Tagini, S., Brugnera, A., Ferrucci, R., Mazzocco, K., Compare, A., Silani, V., Pravettoni, G., & Poletti, B. (2021). It won’t happen to me! psychosocial factors influencing risk perception for respiratory infectious diseases: a scoping review. Applied Psychology: Health and Well-Being, 13(4), 835–852. https://doi.org/10.1111/aphw.12274
- Tang, I. M. H., & Asandimitra, N. (2023). Pengaruh mental accounting, regret aversion bias, herding bias, loss aversion, risk perception, dan financial literacy terhadap keputusan investasi investor generasi Z. Jurnal Ilmu Manajemen, 11(2), 458–473.
- Tiffani, I. (2023). Pengaruh literasi keuangan dan literasi digital terhadap preferensi bank digital. Mbia, 22(1), 152–167. https://doi.org/10.33557/mbia.v22i1.2039
- Vigo, S., Omar, B. M. F., & Rifda, C. (2022). Analysis of the influence of financial technology on the investment decisions. Rjoas, 8(128), 28–36. https://doi.org/10.18551/rjoas.2022-08.05
- Waheed, H., Ahmed, Z., Saleem, Q., Din, S. M. U., & Ahmed, B. (2020). The mediating role of risk perception in the relationship between financial literacy and investment decision. International Journal of Innovation, Creativity and Change, 14(4), 112–121.
- Wahyuni, T. (2021). Analisis laju pertumbuhan, efektivitas dan kontribusi, penerimaan pajak reklame terhadap pendapatan asli daerah Kota Palembang (Studi kasus pada Pemerintah Daerah Kota Palembang tahun anggaran 2015-2020). Skripsi Sarjana. Universitas Sriwijaya.
- Widjaja, S. S., & Sembel, M. R. (2020). The effect of investor personality traits on investment intention of Indonesia digital startup with mediating role of financial self-efficacy. South East Asia Journal of Contemporary Business, Economics and Law, 22(1), 74-82.
- Yundari, T., & Artati, D. (2021). Analisis pengaruh literasi keuangan, perilaku keuangan dan pendapatan terhadap keputusan investasi (Studi kasus pada karyawan swasta di Kecamatan Sruweng Kabupaten Kebumen). Skripsi Sarjana. Universitas Putra Bangsa.
- Zakiyyah, A. M., Fadah, I., Paramu, H., & Awwaliyah, I. N. (2023). Literasi (Keuangan, Informasi Digital dan Keuangan Digital). Jember: UM Jember Press.
References
Ahmed, Z., Rasool, S., Saleem, Q., Khan, M. A., & Kanwal, S. (2022). Mediating role of risk perception between behavioral biases and investor’s investment decisions. SAGE Open, 12(2). https://doi.org/10.1177/21582440221097394
Ahmi, A., Tapa, A., & Hamzah, A. H. (2020). Mapping of financial technology (fintech) research: a bibliometric analysis. International Journal of Advanced Science and Technology, 29(8), 379-392.
Ainia, N. S. N., & Lutfi, L. (2019). The influence of risk perception, risk tolerance, overconfidence, and loss aversion towards investment decision making. Journal of Economics, Business, & Accountancy Ventura, 21(3), 401-413. https:doi.org/10.14414/jebav.v21i3.1663
Altaf, H., & Jan, A. (2023). Generational theory of behavioral biases in investment behavior. Borsa Istanbul Review, 23(4), 834–844. https://doi.org/http://doi.org/10.1016/j.bir.2023.02.002
Annur, C. M. (2023). Investor Pasar Modal Indonesia Didominasi Gen Z dan Milenial. Katadata.Co.Id. Retrieved from https://databoks.katadata.co.id/datapublish/2023/10/06/investor-pasar-modal-indonesia-didominasi-gen-z-dan-milenial
Awais, M., Fahad Laber, M., Rasheed, N., & Khursheed, A. (2016). Impact of financial literacy and investment experience on risk tolerance and investment decisions: empirical evidence from Pakistan. International Journal of Economics and Financial Issues, 6(1), 73–79.
Baihaqqy, M. R. I., Disman, Nugraha, Sari, M., & Ikhsan, S. (2020). The effect of financial literacy on the investment decision. Budapest International Research and Critics Institute-Journal (BIRCI-Journal), 3(4), 3073–3083.
Bhattacharjee, J., Singh, R., & Kajol, K. (2020). Risk perception in respect of equity shares: a Literature review and future research agenda. DLSU Business & Economics Review, 30(1), 1-14.
Brady, S., Miller, J., Balmuth, A., D’Ambrosio, L. A., & Coughlin, J. F. (2021). Factors contributing to the financial self-efficacy of student loan borrowers. Journal of Financial Counseling and Planning, 32(3), 493–506. https://doi.org/10.1891/JFCP-19-00067
Chandra, P. K., Pangkey, L. B., & Soetanto, T. V. (2023). Young adults’ investment decisions in Surabaya: the influence of financial literacy and risk perception. International Journal of Organizational Behavior and Policy, 2(2), 87–96. https://doi.org/10.9744/ijobp.2.2.87-96
Chenini, H., & Jarboui, A. (2024). The specific factors of heterogeneity characterizing investors’ beliefs. Journal of Economics, Finance and Administrative Science, 29(57), 77–97. https://doi.org/10.1108/JEFAS-09-2021-0195
Damayanti, S., Rahmawati, A., & Wihandaru. (2023). A bibliometric analysis VOSviewer of publication on financial literacy and investment decision. Multidisciplinary Reviews, 6(4). https://doi.org/10.31893/multirev.2023043
Deb, S., & Singh, R. (2018). Dynamics of risk perception towards mutual fund investment decisions. Iranian Journal of Management Studies, 11(2), 407–424. https://doi.org/10.22059/ijms.2018.246392.672920
Farrel, L., Fry, T. R. L., & Risse, L. (2016). The significance of financial self-efficacy in explaining women’s personal finance behaviour. Journal of Economic Psychology, 54(2), 85-99. http://dx.doi.org/10.1016/j.joep.2015.07.001
Grima, S., Hamarat, B., Özen, E., Girlando, A., & Dalli-Gonzi, R. (2021). The relationship between risk perception and risk definition and risk-addressing behaviour during the early Covid-19 stages. Journal of Risk and Financial Management, 14(6), 1–26. https://doi.org/10.3390/jrfm14060272
Gustiarum, T., & Kusumawardhani, I. (2023). The effects of financial literacy, accounting information, risk perception and herding behavior on investment decision. Journal of Business and Information System, 5(1), 1–10. https://doi.org/10.36067/jbis.v5i1.156
Halim, R., & Pamungkas, A. S. (2023). The influence of risk perception, overconfidence, and herding behavior on investment decision. International Journal of Application on Economics and Business, 1(1), 521–529. https://doi.org/10.24912/v1i1.521-529
Hartono, J. (2022). Portofolio dan Analisis Investasi: Pendekatan Modul. Yogyakarta: Penerbit Andi.
Hassan, N. C., Abdul-Rahman, A., Hamid, S. N. A., & Amin, S. I. M. (2024). What factors affecting investment decision? the moderating role of fintech self-efficacy. PLoS ONE, 19(4 April), 1–25. https://doi.org/10.1371/journal.pone.0299004
Herliana, Y. T., Ratnawati, K., & Djumahir, D. (2023). The role of personality traits as mediation: the effect of financial literacy and risk perception on investment decision. Journal of Business and Management Review, 4(6), 469–493. https://doi.org/10.47153/jbmr46.7202023
Hidayah, E., & Irowati, N. W. (2021). Investment decision: the analysis of risk perception, regret aversion bias perception, and overconfidence. Review of Integrative Business and Economics Research, 10(3), 395-408.
Khan, F., Siddiqui, M. A., & Imtiaz. (2022). Role of financial literacy in achieving financial inclusion: A review, synthesis and research agenda. Cogent Business & Management, 9(2034236),1-37. https://doi.org/10.1080/23311975.2022.2034236
Kumari, D. A. (2020). The impact of financial literacy on investment decisions: with special reference to undergraduates in Western Province, Sri Lanka. Asian Journal of Contemporary Education, 4(2), 110–126. https://doi.org/10.18488/journal.137.2020.42.110.126
Masitoh, S. (2023). Literasi Masih Rendah, Sri Mulyani Ingatkan Masyarakat Waspada Modus Investasi Bodong. Kontan.Co.Id. Retrieved from https://nasional.kontan.co.id/news/literasi-masih-rendah-sri-mulyani-ingatkan-masyarakat-waspada-modus-investasi-bodong
Mindra, R., Moya, M., Zuze, L. T., & Kodongo, O. (2017). Financial self-efficacy: a determinant of financial inclusion. International Journal of Bank Marketing, 35(3), 338–353. https://doi.org/10.1108/IJBM-05-2016-0065
Mulyani, E., Fitra, H., & Honesty, F. F. (2021, November). Investment decisions: the effect of risk perceptions and risk propensity for beginner investors in west sumatra. In Seventh Padang International Conference on Economics Education, Economics, Business and Management, Accounting and Entrepreneurship (PICEEBA 2021) (pp. 49-55). Atlantis Press. https://doi.org/10.2991/aebmr.k.211117.034
Nadeem, M. A., Qamar, M. A. J., Nazir, M. S., Ahmad, I., Timoshin, A., & Shehzad, K. (2020). How investors attitudes shape stock market participation in the presence of financial self-efficacy. Frontiers in Psychology, 11(October), 1–17. https://doi.org/10.3389/fpsyg.2020.553351
NielsenIQ. (2022). Financial Fitness Index 2022. OCBC NISP.
Noor, N., Batool, I., & Arshad, H. M. (2020). Financial literacy, financial self-efficacy and financial account ownership behavior in Pakistan. Cogent Economics and Finance, 8(1). https://doi.org/10.1080/23322039.2020.1806479
Saputro, R. E. H., & Lestari, D. (2019). Effect of financial literacy and risk perception on student investment decisions in Jakarta. Review of Management and Entrepreneurship, 3(2), 107–132. https://doi.org/10.37715/rme.v3i2.1237
Setiyawati, K. E. (2021). Pengaruh financial literacy, financial attitude dan social demografi terhadap proses pengambilan keputusan investasi menghadapi masa pensiun (Studi pada karyawan di PT. Bank Muamalat Indonesia Tbk. Kantor Cabang Utama Kediri). Jurnal Ilmiah Mahasiswa FEB, 9(2).
Siriopoulos, C. (2021). Financial markets are not efficient: financial literacy as an effective risk management tool. International Journal of Business and Management Research, 9(1), 65–73. https://doi.org/10.37391/ijbmr.090110
Sonkurt, H. O., & Altinoz, A. E. (2021). Cryptocurrency investment: a safe venture or a new type of gambling? Journal of Gambling Issues, 47(May), 199–216. https://doi.org/10.4309/jgi.2021.47.8
Srinivasan, K., & Karthikeyan, P. (2023). Investigating self-efficacy and behavioural bias on investment decisions. E a M: Ekonomie a Management, 26(4), 119–133. https://doi.org/10.15240/tul/001/2023-4-008
Srivastav, S. K., Habil, M., Thakur, P., Jain, J. K., & Saini, R. (2024). Analyzing the influence of fintech & digitalization on investment choice decisions of mutual fund investors. International Journal of Research Publication and Reviews, 5(2), 2414–2415. https://doi.org/10.55248/gengpi.5.0224.0545
Sukamulja, S. (2022). Analisis Laporan Keuangan, Sebagai Dasar Pengambil Keputusan Investasi Edisi Revisi. Yogyakarta: Penerbit Andi.
Sun, R., & Zhang, B. (2023). Can fintech make corporate investments more efficient? A study on financing constraints and agency conflicts. Economic Research-Ekonomska Istrazivanja , 36(3). https://doi.org/10.1080/1331677X.2023.2185795
Suresh, G. (2021). Impact of financial literacy and behavioural biases on investment decision-making. FIIB Business Review, 13(1), 72–86. https://doi.org/10.1177/23197145211035481
Suryono, R. R., Budi, I., & Purwandari, B. (2020). Challenges and trends of financial technology (fintech): a systematic literature review. Information (Switzerland), 11(12), 1–20. https://doi.org/10.3390/info11120590
Tagini, S., Brugnera, A., Ferrucci, R., Mazzocco, K., Compare, A., Silani, V., Pravettoni, G., & Poletti, B. (2021). It won’t happen to me! psychosocial factors influencing risk perception for respiratory infectious diseases: a scoping review. Applied Psychology: Health and Well-Being, 13(4), 835–852. https://doi.org/10.1111/aphw.12274
Tang, I. M. H., & Asandimitra, N. (2023). Pengaruh mental accounting, regret aversion bias, herding bias, loss aversion, risk perception, dan financial literacy terhadap keputusan investasi investor generasi Z. Jurnal Ilmu Manajemen, 11(2), 458–473.
Tiffani, I. (2023). Pengaruh literasi keuangan dan literasi digital terhadap preferensi bank digital. Mbia, 22(1), 152–167. https://doi.org/10.33557/mbia.v22i1.2039
Vigo, S., Omar, B. M. F., & Rifda, C. (2022). Analysis of the influence of financial technology on the investment decisions. Rjoas, 8(128), 28–36. https://doi.org/10.18551/rjoas.2022-08.05
Waheed, H., Ahmed, Z., Saleem, Q., Din, S. M. U., & Ahmed, B. (2020). The mediating role of risk perception in the relationship between financial literacy and investment decision. International Journal of Innovation, Creativity and Change, 14(4), 112–121.
Wahyuni, T. (2021). Analisis laju pertumbuhan, efektivitas dan kontribusi, penerimaan pajak reklame terhadap pendapatan asli daerah Kota Palembang (Studi kasus pada Pemerintah Daerah Kota Palembang tahun anggaran 2015-2020). Skripsi Sarjana. Universitas Sriwijaya.
Widjaja, S. S., & Sembel, M. R. (2020). The effect of investor personality traits on investment intention of Indonesia digital startup with mediating role of financial self-efficacy. South East Asia Journal of Contemporary Business, Economics and Law, 22(1), 74-82.
Yundari, T., & Artati, D. (2021). Analisis pengaruh literasi keuangan, perilaku keuangan dan pendapatan terhadap keputusan investasi (Studi kasus pada karyawan swasta di Kecamatan Sruweng Kabupaten Kebumen). Skripsi Sarjana. Universitas Putra Bangsa.
Zakiyyah, A. M., Fadah, I., Paramu, H., & Awwaliyah, I. N. (2023). Literasi (Keuangan, Informasi Digital dan Keuangan Digital). Jember: UM Jember Press.