Effects of Financial Literacy, Risk Tolerance, and Herding on Gen Z IPO Decisions Moderated by Prospectus Information

Ayu Sukmawati; Heri Prabowo; C. Tri Widiastuti

doi:10.31004/riggs.v4i4.4390

Authors

Ayu Sukmawati Universitas PGRI Semarang
Heri Prabowo Universitas PGRI Semarang
C. Tri Widiastuti Universitas PGRI Semarang

DOI:

https://doi.org/10.31004/riggs.v4i4.4390

Keywords:

Financial Literacy, Risk Tolerance, Herding Behavior, Investment Decisions, Prospectus Information

Abstract

This study aims to analyze the influence of financial literacy, risk tolerance, and herding behavior on the investment decisions of Generation Z in IPO stocks, with prospectus information serving as a moderating variable. The research adopts a quantitative approach involving 180 Gen Z investors in Semarang City who purchased IPO stocks during the period of 2023 to 2025. Data were collected through a structured questionnaire and analyzed using SmartPLS version 4 to assess both the measurement model and the structural model. The findings reveal that financial literacy and herding behavior do not exhibit a significant direct effect on investment decisions. In contrast, risk tolerance shows a positive and significant influence, indicating that individuals with a higher ability to accept risk tend to make more decisive investment choices in IPO stocks. Furthermore, prospectus information does not moderate the relationship between financial literacy or risk tolerance and investment decisions, suggesting that the availability of information does not necessarily enhance the impact of these variables. Interestingly, prospectus information is found to strengthen the influence of herding behavior on investment decisions. This indicates that when investors are exposed to clear, detailed, and credible information, their tendency to follow the actions of the majority becomes more pronounced. Overall, the study highlights that psychological aspects, particularly risk tolerance play a crucial role in shaping Gen Z’s investment behavior, while informational factors may interact differently depending on the nature of the investor's behavioral tendencies.

Downloads

Download data is not yet available.

References

Anam, Khoirul, Supanji Setyawan, Fakultas Ekonomi, and Universitas Tidar. 2023. “Analisis Perilaku Manajemen Keuangan Generasi Milenial : Prespektif Literasi Keuangan , Literasi Ekonomi , Dan Kesadaran Digital.”

Darwish, Fairouz Sa eed Mohammed. 2025. “Financial Literacy and Investment Decision: An Empirical Study from the Palestine Stock Exchange.” Frontiers in Behavioral Economics 4(2009). doi:10.3389/frbhe.2025.1444022.

Eduardus Tandelilin. 2010. Portofolio Dan Investasi: Teori Dan Aplikasi. Yogyakarta: Kanisius. https://openlibrary.telkomuniversity.ac.id/home/catalog/id/155750/slug/portofolio-dan-investasi-teori-dan-aplikasi.html .

Fernandes, GeraldoWilson, Armando Aguirre-Jaimes, Ximena Contreras-Varela, Eliezer Cocoletzi, Wesley Oliveira de Sousa, Lazaro Araujo, Bárbara Nunes, et al. 2022. “Pengaruh Literasi Keuangan, Toleransi Risiko Dan Persepsi Risiko Terhadap Keputusan Investasi Pegawai Di Bandar Lampung.” New Phytologist 51(1): 2022. https://doi.org/10.20935/AL189%0Ahttps://www.researchgate.net/publication/269107473_What_is_governance/link/548173090cf22525dcb61443/download%0Ahttp://www.econ.upf.edu/~reynal/Civil wars_12December2010.pdf%0Ahttps://think-asia.org/handle/11540/8282%0Ahttp.

Gilang Restu Ramadhan, Hanna Yasinna Aryanda, Ika Retnoningsih, Isna Nur, and Erna Chotidjah Suhatmi Azizah, Maharani Chikita Angelina. 2021. “Pengaruh Financial Literacy, Behavior Finance, Dan Income Terhadap Keputusan Berinvestasi.” Prosiding Seminar Nasional Hukum, Bisnis, Sains dan Teknologi: 844–48.

IskiAwalia, RusdiRaprayoga, Rusnawati. 2025. “Pengaruh Herding Behavior , Overconfidence Dan Keputusan Investasi Syariah Dengan Locus Of Control Sebagai Moderasi Pada Gen Z Di Kota Makassar.” 5(1): 631–45.

KSEI. 2025. “Statistik Pasar Modal Indonesia.” https://web.ksei.co.id/.

Lestari, Yunita Dwi, and Wirasmi Wardhani. 2025. “Pengaruh Literasi Keuangan , Pengalaman Investasi , Dan Toleransi Risiko Terhadap Keputusan Investasi The Influence of Financial Literacy , Investment Experience , and Risk Tolerance on Investment Decisions.” 22(3): 381–85.

Nurachma, Roosiati. 2024. “Bibliografi Nasional Indonesia Terhadap Generasi Z.” Majalah Biola Pustaka 2(2): 7–12. https://ejournal.perpusnas.go.id/bp/article/download/5227/1389.

Primasari, Rahmaddian, Vidia Gati, and Sri Rahayu. 2024. “Pengaruh Literasi Keuangan , Persepsi Resiko , Perilaku Keuangan , Dan Pendapatan Terhadap Keputusan Investasi Pada PNS Badan Pengelola Keuangan Dan Aset Daerah Provinsi Jawa Timur.” 12(3): 292–301. doi:10.26740/akunesa.

Rachman, S. F., & Purwaningrum, E. 2025. “Fomo Dan Keputusan Investasi Saham Ipo: Peran Literasi Keuangan Dalam Mengontrol Keputusan Impulsif.” Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(3), 1-6.

Rika, Abdul Rachman, and Syaiah. 2022. “Pengaruh Persepsi Risiko Dan Toleransi Risiko Terhadap Keputusan Investasi.” Jurnal Akuntansi dan Keuangan (JAK) 7(2): 91–107. http://jak.uho.ac.id/index.php/journal/issue/archive.

Safryani, Ulfy, Alfida Aziz, and Nunuk Triwahyuningtyas. 2020. “Analisis Literasi Keuangan, Perilaku Keuangan, Dan Pendapatan Terhadap Keputusan Investasi.” Jurnal Ilmiah Akuntansi Kesatuan 8(3): 319–32. doi:10.37641/jiakes.v8i3.384.

Soraya, Ratih, Asep Risman, and Indra Siswanti. 2023. “The Role of Risk Tolerance in Mediating the Effect of Overconfidence Bias, Representativeness Bias and Herding on Investment Decisions.” Journal of Economics, Finance and Management Studies 06(07): 3324–35. doi:10.47191/jefms/v6-i7-36.

Valentina, Novia, and Ary Satria Pamungkas. 2022. “Pengaruh Literasi Keuangan, Herding Behavior Dan Overconfidence Terhadap Keputusan Investasi.” Jurnal Manajerial dan Kewirausahaan 04(04): 844–51.