Literasi Keuangan Memoderasi Pengaruh Overconfidence dan Risk Aversion Terhadap Keputusan Investasi Emas
DOI:
https://doi.org/10.32493/JABI.v8i2.y2025.p195-208Abstract
Gold is one of the precious metals highly sought after by investors. Its price tends to increase and is highly liquid. Investing in gold carries lower risks compared to investing in other types of assets. This research aims to prove the influence of overconfidence and risk aversion on gold investment decisions with financial literacy moderation. The object if this research was female employees in the formal sector in Semarang City. The sample was taken using accidental sampling technique with a total sample of 100. This research is used Smarts analysis technique. The research results provide that overconfidence has a significant positive effect on gold investment decisions, as well as risk avoidance has a significant positive effect on investment decisions. However, the test results prove that financial literacy doesn't moderate the influence of risk aversion on investment decisions or the influence of excessive confidence on investment decisions.
References
Adil, M., Singh, Y., & Ansari, M. S. (2022). How Financial Literacy Moderate the Association Between Behaviour Biases and Investment Decision? Asian Journal of Accounting Research, 7(1), 17–30. https://doi.org/10.1108/AJAR-09-2020-0086
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2).
Aristiwati, I., & Hidayatullah, S. (2021). Pengaruh Herding Dan Overconfidence Terhadap Keputusan Investasi (Studi Pada Nasabah Emas Kantor Pegadaian Ungaran). Jurnal Among Makarti, 14, 15–30.
Asadifard, M., Rahman, A. A., Aziz, Y. A., & Hashim, H. (2015). A Review on Tourist Mall Patronage Determinant in Malaysia. International Journal of Innovation, Management and Technology, 6(3), 229–233. https://doi.org/10.7763/IJIMT.2015.V6.607
Audini, A. F. (2020). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Dengan Perilaku Keuangan Sebagai Variabel Moderasi. NIAGAWAN, 9(2), 102. https://doi.org/10.24114/niaga.v9i2.19035
Bagaskara, M. (2019). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Bagi Dosen dan Karyawan di Lingkungan Universitas Muhammadiyah Palembang.
Baker, H., & Filbeck, G. (2013). Portfolio Theory and Management. Oxford University Press, 1.
Baker, H. K., & Puttonen, V. (2017). How Behavioral Biases Can Hurt Your Investing. Investment Traps Exposed, 107–145. https://doi.org/10.1108/978-1-78714-252-720171004
Bucher-Koenen, T., & Ziegelmeyer, M. H. (2011). Who Lost the Most? Financial Literacy, Cognitive Abilities, and the Financial Crisis. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1738368
Budiman, J., & Ervina. (2020). Pendekatan Perilaku Keuangan Terhadap Keputusan Investasi Emas. Profit, 14(01), 63–68. https://doi.org/10.21776/ub.profit.2020.014.01.7
Coşkun, A., Şahin, M. A., & Ateş, S. (2016). Impact of Financial Literacy on the Behavioral Biases of Individual Stock Investors: Evidence from Borsa Istanbul. Business and Economics Research Journal, 7(3), 1–1. https://doi.org/10.20409/berj.2016321805
Cox R, Brounen D, N. P. (2015). Financial Literacy, Risk Aversion and Choice of Mortgage Type by Households. Journal J Real Estate Financ Econ, 50.
Dewi, H. K. (2022). Mengapa Perempuan Menyukai Emas. Bareksa.
Fatmawati, D. (2020). Pola Konsumsi Perempuan Migran Madura (Studi Fenomenologi Di Kelurahan Kemayoran Baru DKA, Kecamatan Krembangan, Kota Surabaya). Jurnal Analisa Sosiologi, 9, 21–56. https://doi.org/10.20961/jas.v9i0.39818
Ghozali, I. (2021). Least Squares : Konsep, Teknik dan Aplikasi Menggunakan Program SmartPLS 3.2.9 Untuk Penelitian Empiris. Edisi 3. Badan Penerbit Universitas Diponegoro.
Hikmah, H., Siagian, M., & Siregar, P. (2020). Analisis Tingkat Literasi Keuangan, Experienced Regret, dan Risk Tolerance pada Keputusan Investasi di Batam. Jesya (Jurnal Ekonomi Syariah), 3, 138–146. https://doi.org/10.36778/jesya.v3i1.142
Ismail, I. (2021). Apa itu Literasi Keuangan? Ini Pengertian, Manfaat, dan Tingkat Literasi Keuangan!
Kholilah, N. Al, & Iramani, R. (2013). Studi Financial Management Behavior Pada Masyarakat Surabaya. Journal of Business and Banking, 3(1), 69. https://doi.org/10.14414/jbb.v3i1.255
Mahendra, T., & Prasetyo, A. (2021). Pengaruh Literasi Keuangan terhadap Keputusan Investasi The Jak Mania pada Rencana Initial Public Offering PT. Persija Jakarta. 18, 449–463. https://doi.org/10.34149/jmbr.v18i2.289
Naurah, A. Y. (2023). Faktor-Faktor Yang Mempengaruhi Minat Nasabah Dalam Investasi Cicil Emas Logam Mulia Pada Bank Syariah Indonesia KCP Makassar Unismuh. Jurusan Perbankan Syariah Fakultas Ekonomi dan Bisnis Islam Universitas Islam Negeri Alauddin Makassar.
Nisa, A., & Fitriani, A. (2022). Pengaruh Ambiguity Aversion, Illusion Of Control, Dan Sumber Pendanaan Dalam Pengambilan Keputusan Investasi Emas. Reviu Akuntansi, Keuangan, Dan Sistem Informasi. 1, 97–109.
Nisaputra, R. (2018). Ketimbang Saham Orang Indonesia Lebih Senang Investasi Emas. https://infobanknews.com/ketimbang-saham-orang-indonesia-lebih-senang-investasi-emas/
Perwito, Nugraha, & Sugiyanto. (2020). Efek Mediasi Perilaku Keuangan Terhadap Hubungan Antara Literasi Keuangan Dengan Keputusan Investasi. Jurnal Ilmu Manajemen, 11, 155–164.
Prasetya, E. H. (2016). Faktor-Faktor Yang Mempengaruhi Minat Investasi Nasabah Terhadap Logam Mulia (Studi Empiris Pada Industri Bank Syariah Di Banjarmasin Ibukota Provinsi Kalimantan Selatan). Program Pascasarjana Program Studi Magister Akuntansi Universitas Islam Indonesia Yogyakarta.
Putri, W. W., & Hamidi, M. (2019). Pengaruh Literasi Keuangan, Efikasi Keuangan, dan Faktor Demografi Terhadap Pengambilan Keputusan Investasi (Studi Kasus Pada Mahasiswa Magister Manajemen Fakultas Ekonomi Universitas Andalas Padang). Jurnal Ilmu Mahasiswa Ekonomi Manajemen, 4, 398–412.
Ritika, & Kishor, N. (2022). Development and Validation of Behavioral Biases Scale: a SEM A pproach. Review of Behavioral Finance, 14(2), 237–259. https://doi.org/10.1108/RBF-05-2020-0087
Salsabila, N. E. P. A., & Lutfi, L. (2020). Pengaruh Overconfidence, Illusion Of Control, Loss Aversion bias, Dan Regret Aversion Bias Terhadap Pengambilan Keputusan Investasi. 11(8), 1–21.
Septiani, R., Maharani, S. N., & Ermayda, R. Z. (2021). Studi Perilaku Investor dan Myopic Loss Aversian. Jati: Jurnal Akuntansi Terapan Indonesia, 4(1), 70–78. https://doi.org/10.18196/jati.v4i1.9303
Siregar, C. P., Putrie, S. G. S., & Leon, F. M. (2022). Pengaruh Perilaku Bias Keuangan Terhadap Keputusan Investasi Dengan Literasi Keuangan Sebagai Variabel Moderasi Di Jabodetabek. Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi, 9(1), 431–449.
Suci AAE, F. S. M. (2023). Faktor-Faktor Yang Mempengaruhi Minat Generasi Muda Terhadap Keputusan Berinvestasi Emas Pada Bank Syariah Indonesia. Jurnal Sains Riset, 13(1), 103–112.
Susilawati, E., & Puryandani, S. (2020). Pengaruh Literasi Keuangan Terhadap Keputusan Struktur Modal UMKM Dengan Inklusi Keuangan Sebagai Pemoderasi (Studi Pada UMKM Klaster Mebel dan Furnitur Kota Semarang). https://doi.org/10.26623/slsi.v18i2.2298
Takeda, K., Takemura, T., & Kozu, T. (2013). Investment Literacy and Individual Investor Biases: Survey Evidence in the Japanese Stock Market. The Review of Socionetwork Strategies, 7(1), 31–42. https://doi.org/10.1007/s12626-012-0031-z
Tandelilin, E. (2017). Pasar Modal : Manajemen Portofolio & Investasi. PT Kanisius.
The Effects of Financial Literacy on the Borrowing Behaviour of Turkish Financial Consumers. (2012). 36, 573–579. https://doi.org/10.1111/j.1470-6431.2012.01123.x.
TVERSK, D. K. A. A. (1979). PROSPECT THEORY: AN ANALYSIS OF DECISION UNDER RISK. Econometrica, 47(2).
Upadana, I. W. Y. A., & Herawati, N. T. (2020). Pengaruh Literasi Keuangan dan Perilaku Keuangan terhadap Keputusan Investasi Mahasiswa. Jurnal Ilmu Akuntansi Dan Humanika, 10, 126. https://doi.org/10.23887/jiah.v10i2.25574
Windayani, F. S., & Krisnawati, A. (2019). Analisis Pengaruh Faktor Demografi Terhadap Literasi Keuangan dan Keputusan Investasi di Pasar Modal (Studi Kasus pada Investor yang Terdaftar di Galeri Investasi Bursa Efek Indonesia Telkom University pada tahun 2014-2018). E-Proceeding of Management, 6(1), 174–181.
Yani, A. (2017). Minat Masyarakat terhadap Investasi Logam Mulia di Pegadaian Syariah UPC. Semangka Kota Bengkulu. Program Studi Ekonomi Islam Fakultas Ekonomi dan Bisnis Islam Institut Agama Islam Negeri (IAIN) Bengkulu.
Yoong, J., & Ferreira, V. (2013). Improving Financial Education Effectiveness Through Behavioural Economics. 1926–1982.
Zahera, S. A., & Bansal, R. (2018). Do Investors Exhibit Behavioral Biases in Investment Decision Making? A Systematic Review. Qualitative Research in Financial Markets, 10(2), 210–251. https://doi.org/10.1108/QRFM-04-2017-0028
4
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Taufiq Andre Setiyono, Widhy Setyowati
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
PUBLICATION ETHICS
FOCUS AND SCOPE
EDITORIAL TEAM
REVIEW PROCESS
CONTACT US
AUTHOR GUIDELINES
