Pengaruh Behavioral Biases Dan Financial Technology Terhadap Investment Decision Making Dimoderasi Oleh Financial Literacy Pada Mahasiswa Fakultas Ekonomi Dan Bisnis Universitas Sumatera Utara

Abstract

This research aims to determine the effect of behavioral biases (heuristic bias, prospect bias, and herding bias) and financial technology on investment decision making moderated by financial literacy in students of Faculty Economics and Business, University of Sumatera Utara. This is associative quantitative research. The target population comprises undergraduate active students from all study programs at Faculty Economics and Business, University of Sumatera Utara who currently invest using financial technology applications amount 1.737. The sample size, determined using purposive sampling with the Slovin formula, is 100 respondents. The data analysis technique used is SEM-PLS Second Order, with the assistance of SmartPLS. The results indicate that behavioral biases (heuristic bias and herding bias) and financial technology have positive and significant effects on investment decision making in students of Faculty Economics and Business, University of Sumatera Utara. Meanwhile, prospect bias is negative and significant on investment decision making in students of Faculty Economics and Business, University of Sumatera Utara. Financial literacy moderates the effect of financial technology on investment decision making in students of Faculty Economics and Business, University of Sumatera Utara. However, financial literacy does not moderate the effect of behavioral biases (heuristic bias, prospect bias, and herding bias) on investment decision making in students of Faculty Economics and Business, University of Sumatera Utara