The researchers analyzed data from 150 stock investors in Pontianak to examine how financial knowledge, financial capacity, money-management habits, and perceptions of risk relate to investment decisions. The findings are relevant as stock investment becomes increasingly accessible through digital financial platforms, while the growing number of investors also raises questions about whether participation is accompanied by adequate financial understanding and disciplined decision-making.
The article does not specify the exact period when the questionnaire data were collected. It records that the manuscript was received on June 25, revised on July 22, and accepted on August 20, 2026.
More People Are Investing, but Decision Quality Matters
Digital technology has lowered barriers to entering financial markets. Mobile investment applications and financial technology platforms have made stocks and other investment instruments more accessible to the public.
The study notes that Indonesia's capital-market participation has continued to expand. Stock investors reached 7,558,552 Single Investor Identifications (SID) in 2025, including more than 1.17 million new investors. In West Kalimantan, the number of stock investors increased from 72,018 in 2022 to 128,052 in 2024.
Pontianak has experienced particularly strong growth. The number of stock investors in the city increased from 34,428 in 2022 to 59,753 in 2024, with the largest concentrations reported in Pontianak Kota, North Pontianak, and South Pontianak districts.
However, a growing investor population does not necessarily mean investors are making better decisions. The researchers point to continuing challenges involving financial knowledge and understanding of investment risks. Previous studies have also produced inconsistent findings about whether factors such as financial literacy and income always affect investment decisions.
Jannah and Ryanto therefore examined four factors together—financial literacy, income, financial behavior, and risk perception—to provide a more comprehensive picture of stock investment decisions among investors in Pontianak.
How the Research Was Conducted
The study used a quantitative approach based on questionnaires. The population consisted of 59,753 stock investors in Pontianak. The researchers collected responses from 150 investors selected according to specific criteria.
Participants had to live in Pontianak, actively conduct stock transactions, and have at least six months of investment experience. The questionnaire was distributed through Google Forms and measured respondents' views using a five-point agreement scale. The researchers also used secondary information from books, academic journals, and publications from institutions including the Financial Services Authority (OJK), Indonesia Stock Exchange (IDX), and Statistics Indonesia (BPS).
The researchers then used multiple linear regression to determine whether each factor was associated with investment decisions, both individually and collectively. Statistical tests indicated that the questionnaire items were valid and reliable for the analysis.
Financial Behavior Emerges as the Strongest Factor
The statistical results show four distinct relationships with stock investment decisions:
- Financial literacy had a positive and significant effect, with a significance value of 0.037.
- Income had a positive and significant effect, with a significance value of 0.013.
- Financial behavior had a positive and significant effect, with a significance value of 0.000 and the strongest influence among the variables examined.
- Risk perception had a negative and significant effect, with a significance value of 0.005.
Financial behavior produced the highest t-value, 7.909, compared with 2.103 for financial literacy, 2.520 for income, and -2.866 for risk perception. Its regression coefficient was also the largest at 0.672.
In practical terms, the finding suggests that investors' everyday financial habits may matter more than financial knowledge alone. Managing expenses, controlling cash flow, saving regularly, allocating funds for investment, and managing financial obligations can help investors become more disciplined when making investment decisions.
Jannah and Ryanto of Universitas Muhammadiyah Pontianak explain that investors with sound financial behavior are better prepared to allocate funds to stocks and are less likely to make decisions based primarily on emotions. Their findings also indicate that financial literacy can help investors assess investment products, manage investment funds, and consider risks before trading.
Higher Risk Perception Can Reduce Investment Decisions
Risk perception showed the opposite direction. Investors who perceived stock investment as carrying greater risk tended to show a lower tendency to make investment decisions.
The researchers associate this pattern with concerns about potential losses, stock-price fluctuations, and uncertainty over returns. When perceived risk becomes too high, investors may postpone investment decisions, reduce the amount of money allocated to stocks, or become more cautious.
Taken together, the four factors showed a strong relationship with investment decisions, with a correlation coefficient of 0.732. The model's R² value was 0.536, meaning that financial literacy, income, financial behavior, and risk perception collectively explained 53.6 percent of the variation in investors' decisions. The remaining 46.4 percent was associated with factors outside the model.
Implications for Investors and Financial Education
The findings suggest that improving stock-market participation should go beyond simply encouraging more people to open investment accounts. Investors also need practical financial skills and disciplined money-management habits.
For financial education institutions, the results provide support for programs that combine investment knowledge with budgeting, saving, financial planning, and risk management. For investors themselves, the research highlights the importance of understanding both personal financial capacity and investment risks before committing funds.
The study also has implications for future research. Jannah and Ryanto recommend examining additional factors such as investment motivation, capital-market knowledge, lifestyle, and financial technology, while expanding the research area to improve the generalizability of future findings.
Author Profiles
Ghina Raudhatul Jannah is the first and corresponding author of the study and is affiliated with the Faculty of Economics and Business, Universitas Muhammadiyah Pontianak, Indonesia. Her research in this article focuses on financial literacy, income, financial behavior, risk perception, and stock investment decisions.
Fuad Ramdhan Ryanto is the second author and is also affiliated with the Faculty of Economics and Business, Universitas Muhammadiyah Pontianak. The journal article does not state the authors' academic degrees or provide more specific professional titles or fields of expertise beyond the subject covered in the research.
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