FAKTOR-FAKTOR YANG MEMENGARUHI KEPUTUSAN BERINVESTASI DI PASAR MODAL: FENOMENA DI KABUPATEN KLATEN

Abstract

This research was conducted to determine the factors influencing investment decisions in the capital market. A research population is a group of stock investors in Klaten Regency because, in 2020 and 2021, there will be a significant increase in the number of investors. Sampling used a purposive sampling method, and respondents' answers were obtained by distributing questionnaires using the media google form. Data from 66 respondents were then processed using Smart PLS software, using variance-based Structural Equation Modeling (SEM) analysis using the Partial Least Square (PLS) alternative. Of the ten hypotheses tested, it was found that six6 hypotheses were accepted while four were not. Thus it can be concluded that perceived risk and interest in investing directly affectestment decisions. Furthermore, financial literacy and perceived risk directly affect investment intentions, and investment intentions can mediate the relationship between financial literacy and perceived risk in investment decisions. On the other hand, financial literacy and overconfidence are independent of investment decisions. Likewise, overconfidence does not affect investment intention, and overconfidence is not a precursor variable of investment interest in investment decisions.