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Peran Mediasi Overconfidence dan Persepsi Risiko pada Hubungan Literasi Keuangan terhadap Keputusan Investasi Generasi Z di Semarang

  • Krisna Kurniawan1*
  • Pradana Jati Kusuma2
  • Dwi Eko Waluyo3
  • Fakhmi Zakaria4
1,2,3,4 Universitas Dian Nuswantoro image/svg+xml
* Corresponding Author: Krisna Kurniawan
Cover Jurnal EMT KITA Vol 10 No 4 Oktober 2026

Abstract

The increasing number of Generation Z investors in Indonesia indicates that investment decisions are influenced not only by financial literacy but also by psychological factors. This study aims to explore the impact of financial literacy on investment decisions, using overconfidence and perceived risk as mediating variables, and focusing on Generation Z investors in Semarang. A quantitative approach was used, with a sample of 123 respondents and PLS-SEM analysis conducted using SmartPLS 4 software. The results show that financial literacy, overconfidence, and perceived risk all have a significant positive impact on investment decisions. Furthermore, overconfidence and perceived risk mediate the relationship between financial literacy and investment decisions. These findings suggest that good financial literacy helps investors make more accurate investment decisions.

Keywords

Financial Literacy Overconfidence Risk Perception Investment Decisions Generation Z

How to Cite

Citation Format
Kurniawan, K., Kusuma, P. J., Waluyo, D. E., & Zakaria, F. (2026). Peran Mediasi Overconfidence dan Persepsi Risiko pada Hubungan Literasi Keuangan terhadap Keputusan Investasi Generasi Z di Semarang. Jurnal EMT KITA, 10(4), 2273-2286. https://doi.org/10.35870/emt.v10i4.7305

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Author Biographies

Krisna Kurniawan, Universitas Dian Nuswantoro

Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Dian Nuswantoro, Kota Semarang, Provinsi Jawa tengah, Indonesia.

Pradana Jati Kusuma, Universitas Dian Nuswantoro

Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Dian Nuswantoro, Kota Semarang, Provinsi Jawa tengah, Indonesia.

Dwi Eko Waluyo, Universitas Dian Nuswantoro

Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Dian Nuswantoro, Kota Semarang, Provinsi Jawa tengah, Indonesia.

Fakhmi Zakaria, Universitas Dian Nuswantoro

Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Dian Nuswantoro, Kota Semarang, Provinsi Jawa tengah, Indonesia.

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Copyright (c) 2026 Krisna Kurniawan, Pradana Jati Kusuma, Dwi Eko Waluyo, Fakhmi Zakaria

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