Bias Perilaku dan Keputusan Investasi pada Generasi Z: Peran Mediasi Toleransi Risiko

Prihatiningsih, Novi Indah (2026) Bias Perilaku dan Keputusan Investasi pada Generasi Z: Peran Mediasi Toleransi Risiko. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Perkembangan perbankan digital yang bersifat branchless mendorong perubahan perilaku keuangan generasi Z dalam pengambilan keputusan investasi deposito bank digital yang tidak hanya dipengaruhi faktor rasional tetapi juga bias perilaku. Penelitian ini bertujuan menganalisis pengaruh mental accounting bias, herding behavior, disposition effect, dan overconfidence bias terhadap keputusan investasi deposito bank digital dengan risk tolerance sebagai variabel mediasi. Penelitian menggunakan pendekatan kuantitatif melalui survei daring terhadap 144 responden generasi Z dengan teknik purposive sampling dan dianalisis menggunakan Partial Least Squares Structural Equation Modeling. Hasil pengujian menunjukkan bahwa disposition effect dan mental accounting bias berpengaruh signifikan secara tidak langsung terhadap keputusan investasi melalui mediasi risk tolerance, sedangkan herding behavior dan overconfidence bias berpengaruh positif signifikan baik secara langsung maupun tidak langsung melalui risk tolerance. Temuan ini menegaskan peran risk tolerance sebagai mekanisme kunci dalam menjelaskan pengaruh bias perilaku terhadap keputusan investasi deposito bank digital pada generasi Z. Secara manajerial, bank digital perlu mengintegrasikan segmentasi nasabah melalui risk profiling, serta mengelola efek herding dan overconfidence melalui penyajian informasi imbal hasil yang terstruktur pada pemasarannya.
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The development of branchless digital banking has driven changes in the financial behavior of Generation Z in making digital bank deposit investment decisions, which are influenced not only by rational factors but also by behavioral biases. This study aims to analyze the effects of mental accounting bias, herding behavior, disposition effect, and overconfidence bias on digital bank deposit investment decisions, with risk tolerance as a mediating variable. The study employs a quantitative approach using an online survey of 144 Generation Z respondents selected through purposive sampling, and the data are analyzed using Partial Least Squares Structural Equation Modeling. The results indicate that disposition effect and mental accounting bias have significant indirect effects on investment decisions through risk tolerance, while herding behavior and overconfidence bias exert positive and significant effects both directly and indirectly through risk tolerance. These findings emphasize the role of risk tolerance as a key mechanism in explaining the influence of behavioral biases on digital bank deposit investment decisions among Generation Z. From a managerial perspective, digital banks should integrate customer segmentation based on risk profiling, and manage herding and overconfidence effects through structured transparation of return information in their marketing strategies.

Item Type:	Thesis (Other)
Uncontrolled Keywords:	Bias Perilaku, Deposito Bank Digital, Keputusan Investasi, Perilaku Keuangan, Toleransi Risiko Keuangan, Behavioral biases, Digital Bank Deposit, Financial Behavior, Financial Risk Tolerance, Investment Decision.
Subjects:	H Social Sciences > HG Finance > HG4910 Investments
Divisions:	Faculty of Creative Design and Digital Business (CREABIZ) > Business Management > 61205-(S1) Undergraduate Thesis
Depositing User:	Novi Indah Prihatiningsih
Date Deposited:	29 Jan 2026 06:28
Last Modified:	29 Jan 2026 06:28
URI:	http://repository.its.ac.id/id/eprint/131019

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