Pengaruh Literasi Keuangan, Locus of Control, Toleransi Risiko dan Persepsi Risiko terhadap Keputusan Investasi di Pasar Modal (Studi pada Investor di Kota Medan)

Abstract

This study aims to analyze the influence of financial literacy, locus of control, risk tolerance, and risk perception on investment decisions in the capital market. The research focuses on individual stock investors residing in Medan City, amid the increasing public interest in investment and the prevalence of investment phenomena influenced by psychological and behavioral factors. This study employs a quantitative approach, with data collected through questionnaires measured using a Likert scale. Respondents were selected using purposive sampling technique, with a total sample of 380. The data were analyzed using IBM SPSS with several analytical techniques, including instrument testing, descriptive statistics, classical assumption tests, multiple linear regression analysis, and hypothesis testing. The results indicate that financial literacy, locus of control, risk tolerance, and risk perception partially have a positive and significant effect on investment decisions in the capital market, with a coefficient of determination of 78.8%. These findings highlight the importance of financial understanding, self-control, and attitudes towards risk in making rational investment decisions. The implications of this study are expected to serve as considerations for investors and related parties in improving the quality of investment decision-making.