MENGURAI PENGARUH SOCIAL MEDIA DAN FINANCIAL LITERACY TERHADAP INVESTMENT DECISION INVESTOR MUDA MELALUI HERDING EFFECT

Nur Faridatus Sholikhah, Nurjanti Takarini

Abstract


This study aims to analyze the impact of herding behaviour in mediating the relationship between social media exposure and financial literacy on the investment decisions of young investors affiliated with the UPN Veteran East Java Investment Gallery. This study involved 173 young investors selected using probability sampling. The research approach was quantitative, using an online questionnaire and analysis based on Partial Least Squares Structural Equation Modelling (SEM-PLS). The results of this study indicate a significant positive influence of social media exposure and financial literacy on investment decisions. Other findings indicate that herding behaviour is able to mediate complementarily in the influence of social media exposure on investment decisions and mediate competitively in the influence of financial literacy on investment decisions. This study is expected to enrich knowledge regarding the mediating role of herding behaviour within the framework of the Theory of Planned Behaviour and Social Learning Behaviour, which can emphasise the importance of financial literacy and digital literacy among young investors. The limitation of this study lies in the use of a limited sample at UPN Veteran East Jawa Investment Gallery, so it is recommended that future studies expand the scope of the research area.


Keywords


Financial Literacy; Herding Behavior; Investment Decision; Social Media Exposure

Full Text:

PDF

References


Ahmad, M., & Wu, Q. (2022). Does herding behavior matter in investment management and perceived market efficiency? Evidence from an emerging market. Management Decision, 60(8), 2148–2173. https://doi.org/10.1108/MD-07-2020-0867

Ajzen, I. (1991). The theory of planned behavior. Organizational behavior and human decision processes, 50(2), 179-211.

Awad, A., Fathy Aziz, A., & Rashad Shma, T. (2025). Investment behavior in the Egyptian stock market: The impact of social media on investor decision-making. Investment Management and Financial Innovations, 22(1), 203–212. https://doi.org/10.21511/imfi.22(1).2025.16

Bandura, A., & Walters, R. H. (1977). Social learning theory (Vol. 1, pp. 141-154). Englewood Cliffs, NJ: Prentice hall.

Daulay, M. A. A., Marliyah, M., & Silalahi, P. R. (2024). The influence of social media, digitalization, and financial literacy on generation Z’s investment decision. SERAMBI: Jurnal Ekonomi Manajemen Dan Bisnis Islam, 7(1), 1–14. https://doi.org/10.36407/serambi.v7i1.1449

Fauziah, H. I., & Rusmita, S. A. (2020). Analisis Deskriptif Herding Pada Jakarta Islamic Index. Jurnal Ekonomi Syariah Teori Dan Terapan, 7(3), 576-584. https://doi.org/10.20473/vol7iss20203pp576-584

Gupta, S., & Shrivastava, M. (2022). Herding and loss aversion in stock markets: Mediating role of fear of missing out (FOMO) in retail investors. International Journal of Emerging Markets, 17(7), 1720–1737. https://doi.org/10.1108/IJOEM-08-2020-0933

Indonesia Stock Exchange (2022). Laporan Kajian Optimalisasi Publikasi Statistik. September 2022. https://www.idx.co.id/media/20221278/laporan-final-ld-feb-ui-optimalisasi-publikasi-statistik-bei_1011.pdf

Jain, J., Walia, N., Kaur, M., Sood, K., & Kaur, D. (2023). Shaping Investment Decisions Through Financial Literacy: Do Herding and Overconfidence Bias Mediate the Relationship? Global Business Review, 09721509221147409. https://doi.org/10.1177/09721509221147409

Kasoga, P. S. (2021). Heuristic biases and investment decisions: Multiple mediation mechanisms of risk tolerance and financial literacy—a survey at the Tanzania stock market. Journal of Money and Business, 1(2), 102–116. https://doi.org/10.1108/JMB-10-2021-0037

Kaur, M., Jain, J., & Sood, K. (2024). “All are investing in Crypto, I fear of being missed out”: Examining the influence of herding, loss aversion, and overconfidence in the cryptocurrency market with the mediating effect of FOMO. Quality & Quantity, 58(3), 2237–2263. https://doi.org/10.1007/s11135-023-01739-z

Komalasari, P. T., Asri, M., Purwanto, B. M., & Setiyono, B. (2022). Herding behaviour in the capital market: What do we know and what is next? Management Review Quarterly, 72(3), 745–787.

Kompas.com (2025). 23 Investasi Ilegal Peniru per Januari 2025 Menurut Data OJK. 25 Agustus 2025. https://www.kompas.com/tren/read/2025/02/22/200000965/23-investasi-ilegal-peniru-per-januari-2025-menurut-data-ojk?page=all

Kustodian Sentral Efek Indonesia (2025). Statistik Paar Moodal Indonesia. Januari 2025. https://www.ksei.co.id/files/Statistik_Publik_Januari_2025_final.pdf

Li, T., Chen, H., Liu, W., Yu, G., & Yu, Y. (2023). Understanding the role of social media sentiment in identifying irrational herding behavior in the stock market. International Review of Economics & Finance, 87, 163–179. https://doi.org/10.1016/j.iref.2023.04.016

Maharani, B., & Hidayah, N. (2021). Peran Media Sosial dalam Pengambilan Keputusan Investasi. Jurnal Akuntansi Trisakti, 8(2), 275–286. https://doi.org/10.25105/jat.v8i2.9926

Mumtazah, M. R., & Anwar, M. (2022). Analisis pengaruh herding behavior dalam memoderasi keputusan investasi saham pada Mahasiswa UPN Veteran Jawa Timur. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 5(1), 115–123. https://doi.org/10.32670/fairvalue.v5i1.2012

Nguyen, T. T. H., Pham, P. T., Pham, T. A., Ly, T. V., Nguyen, T. L., & Pham, T. H. Y. (2024). Herding in the Digital Era: Social Media’s Impact on Personal Investor Decisions Using the 4A Framework. FourA. The FouA Annual Conference 2024.

Ototitas Jasa Keuangan (2024). Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) 2024. 17 Oktober 2025. https://ojk.go.id/id/berita-dan-kegiatan/publikasi/Pages/Survei-Nasional-Literasi-dan-Inklusi-Keuangan-(SNLIK)-2024.aspx

Rizkyatul Nadhifah & Muhadjir Anwar. (2021). Pengaruh Literasi Keuangan Dan Toleransi Risiko Terhadap Keputusan Investasi (Studi Pada Warga Desa Sekapuk Kabupaten Gresik). E-Bisnis : Jurnal Ilmiah Ekonomi dan Bisnis, 14(2), 1–11. https://doi.org/10.51903/e-bisnis.v14i2.388

Shantha, K. V. A. (2024). Empowering Investors: Reducing Herd Bias through Financial Literacy and Self-reflective Thinking. Journal of Management Matters, 11(1), 73–91. https://doi.org/10.4038/jmm.v11i1.68

Singh, S., & Chakraborty, A. (2024). Role of Social Media in Investment Decision-making: A Comprehensive Review and Future Roadmap. Paradigm: A Management Research Journal, 28(1), 45–64. https://doi.org/10.1177/09718907241243187

Waningsih, R., & Meirini, D. (2023). Pengaruh pengetahuan investasi, literasi keuangan, risiko investasi dan efikasi keuangan terhadap minat investasi mahasiswa di PMS. Jurnal Pendidikan Ekonomi (JURKAMI), 8(2), 298-311.

Wang, D., & Zou, T. (2024). Financial literacy, Cognitive bias, And personal investment decisions: A new perspective in behavioral finance. Environment and Social Psychology, 9(11). https://doi.org/10.59429/esp.v9i11.3050

Wijaya, R., Sembel, R., & Malau, M. (2023). HOW HEURISTICS AND HERDING BEHAVIOUR BIASES IMPACTING STOCK INVESTMENT DECISIONS WITH FINANCIAL LITERACY AS MODERATING VARIABLE. South East Asia Journal of Contemporary Business, Economics and Law, 29(1).

Wikartika, I., Suwaidi, R. A., & Evanthi, A. (2023). Investment Decision Making With Investment Satisfaction As An Intervening Variable: Availability Bias And Financial Literacy. JBMP (Jurnal Bisnis, Manajemen Dan Perbankan), 9(1), 12–24. https://doi.org/10.21070/jbmp.v9i1.1661

Yoon, J., & Oh, G. (2022). Investor herding behavior in social media sentiment. Frontiers in Physics. https://doi.org/10.3389/fphy.2022.1023071

Yuniningsih, Y., & Santoso, B. (2020). Does Family Environment Moderate The Effect of Financial Literacy, Attitudes and Motivation on Investment Interest. Atestasi : Jurnal Ilmiah Akuntansi, 3(2), 126–132. https://doi.org/10.57178/atestasi.v3i2.261




DOI: https://doi.org/10.31932/jpe.v11i1.5727

Article Metrics

Abstract view : 0 times
PDF - 0 times

Refbacks

  • There are currently no refbacks.


Lisensi Creative Commons
This work is licensed under Lisensi Internasional Creative Commons Attribution-ShareAlike 4.0 .