Investment decisions among Generation Z investors in Tangerang are influenced by behavioral biases and risk perception, which are mediated by subjective assessments of capital market instruments. Conducted by Jessica Vonnie Lie and Ika Pratiwi Simbolon from the Management Study Program at Universitas Bunda Mulia in July 2026, this study involved 386 young investors aged 17 to 29. These findings are crucial for understanding the mindset of novice investors amid the rapid adoption of financial technology and exposure to digital information.
Global economic uncertainty and simplified digital access have driven a drastic surge in young investors over recent years. Nevertheless, the characteristics of digital natives relying on social media make them vulnerable to speculative trends, herding behavior, and cognitive biases in portfolio management. Without solid financial literacy, financial decisions frequently deviate from traditional economic rationality.
To examine this phenomenon, the study applied a quantitative approach with a cross-sectional survey design. Data collection was carried out through a five-point Likert scale questionnaire, which was subsequently analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS 4.
Based on the analysis of 386 respondents—predominantly students aged 21 to 24—several key findings were identified:
- A total of 74.5% of the variance in risk perception is explained by the disposition effect, herding behavior, and blue-chip stock preference.
- A total of 70.6% of the variance in investment decisions is explained by the explanatory variables included in the research model.
- The disposition effect, herding behavior, and blue-chip stock preference demonstrate a significant influence on both risk perception and investment decisions.
- Risk perception significantly affects investment decisions and acts as a partial mediator in the relationships between behavioral biases and investment decisions.
These findings confirm that the financial behavior of young investors is not determined solely by rational calculations of returns and risks, but is also shaped by psychological factors. Consequently, market participants and relevant institutions are encouraged to strengthen financial literacy so that the younger generation can evaluate market information objectively.
Author Profiles
- Jessica Vonnie Lie – Student in the Management Study Program, Universitas Bunda Mulia, Indonesia.
- Ika Pratiwi Simbolon, S.E., M.M. – Lecturer and researcher in the Management Study Program, Universitas Bunda Mulia, Indonesia, specializing in financial management and capital markets.
Research Sources:
- Article Title: The Influence of Behavioral Biases on Investment Decisions Among Generation Z Investors in Tangerang: The Mediating Role of Risk Perception
- Journal Name: International Journal of Management Analytics (IJMA)
- Publication Year: 2026
- DOI:
https://doi.org/10.59890/ijma.v4i3.25
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