Analisis Pengaruh Persepsi Risiko dan Ekspektasi Imbal Hasil terhadap Keputusan Investasi Digital Generasi Z
DOI:
https://doi.org/10.53512/valid.v23i2.560Keywords:
risk perception, expected return, investment decision, generation z, digital investmentAbstract
Amid the rapid growth of digital investment platforms, Generation Z emerges as an active force exploring modern financial landscapes. Communities such as @Saham_fess on social media provide spaces to exchange insights and shape increasingly dynamic investment decisions. Engaging 109 Generation Z respondents under the age of 25, data were gathered through an online questionnaire and analyzed using multiple linear regression after passing validity, reliability, and classical assumption tests. The analysis reveals that expected return has a positive and significant effect on digital investment decisions, while risk perception shows no meaningful influence. These finding highlights that anticipated profit becomes a stronger consideration than perceived risk, reflecting a generation with relatively high-risk tolerance. These insights encourage digital investment service providers to emphasize not only potential returns but also to integrate stronger risk education for young investors.
References
Fitriasuri, & Simanjuntak, R. M. A. (2022). Pengaruh pengetahuan investasi, manfaat motivasi, dan modal minimal investasi terhadap keputusan investasi di Pasar Modal. Owner: Riset & Jurnal Akuntansi, 6(4), 3333–3343. https://doi.org/10.33395/owner.v6i4.1186
Hartono, J. (2022). Portofolio dan Analisis Investasi: Pendekatan Modul (Edisi 2) (2nd ed.). CV Andi Offset.
Haryani, D. S. (2019). Pengaruh Persepsi Risiko Terhadap Keputusan Pembelian Online Di Tanjungpinang. Jurnal Dimensi, 8(2), 198–209.
Ikasari, A. P., & Hanif, A. (2024). Pengaruh Electronic Word of Mouth ( E-WoM ) di Sosial Media Pada Keputusan Investasi The Influence of Electronic Word of Mouth ( E-WoM ) in Social Media on Investment Decision Data Grafik Jumlah Investor Muda 2020 -2023. 1–13.
Junaidi, A., & Sunarmin. (2024). Keuangan Digital Strategi Investasi dan Perencanaan di Era 4.0 (T. Yuwanda (ed.); 1st ed.). Takaza Innovatix Labs.
KSEI, 2022. (2022). Didominasi Milenial dan Gen Z, Jumlah Investor Saham Tembus 4 Juta. Ksei,2022, 1.
Lubis, T. A. (2016). Manajemen Investasi dan Perilaku Keuangan. In Universitas Nusantara PGRI Kediri. Salim Media Indonesia (Anggota IKAPI).
Manurung, A. H. (2012). Teori Perilaku Keuangan (Behaviour Finance). Economis Of Management, 41(4), 1–13.
Mutawally, F. W., & Haryono, N. A. (2019). Pengaruh Financial Literacy, Risk Perception, Behavioral Finance Dan Pengalaman Investasi Terhadap Keputusan Investasi Mahasiswa Surabaya. Jurnal Ilmu Manajemen (JIM), 7(4), 942–953.
Nofsinger, J. R. (2023). The Psychology of Investing (7th ed.). Routledge.
Otoritas Jasa Keuangan. (2024). Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) 2024. Otoritas Jasa Keuangan.
Pradnyawati, N. L. P., & Sinarwati, N.(2022). Analisis Keputusan Investasi Pada Generasi Millenial di Pasar Modal Saat Pandemi Covid-19. Jurnal Manajemen, 8(2), 1–10.
Pratama, A., Fauzi, A., & Purwohedi, U. (2022). Pengaruh Persepsi Risiko, Ekspektasi Return, Dan Behavioral Motivation Terhadap Keputusan Investasi Mahasiswa Yang Terdaftar Di Galeri Investasi Pada Perguruan Tinggi Negeri Jakarta. Indonesian Journal of Economy, Business, Entrepreneurship, Business and Finance, 2(3), 252–267.
PT Kustodian Sentral Efek Indonesia. (2024). KSEI Akselerasi Pendalaman dan Perluasan Layanan di Era Digital 2024. KSEI News, 3–6.
Puspitaningtyas, Z. (2015). Prediksi Risiko Investasi Saham. Griya Pandiva.
Rachmawati, E. N., Azmansyah, Putri, E. A., & Hanafi, I. (2024). Analisis Pembentukan Portofolio Optimal dengan Menggunakan Model Indeks Tunggal pada IDX-30 di Bursa Efek Indonesia. Journal Competency of Business, 8(1), 1–29.
Sarawatari, Y. A., Hasan, A., & Ivalaili. (2021). Pengaruh Persepsi Risiko, Ekspektasi Return, Behavioral Motivation dan Kemajuan Teknologi terhadap Keputusan Investasi di Peer to Peer Lending Syariah. HUMAN FALAH, 8(2), 1–14.
Sarjana, S., Nardo, R., Hartono, R., Siregar, Z. H., Irmal, Sohilauw, M. I., Wahyuni, S., Rasyid, A., Djaha, Z. A., & Badrianto, Y. (2022). Manajemen Risiko (1st ed.). CV. Media Sains Indonesia.
Schiffman, L. G., & Kanuk, L. L. (2010). Consumer Behavior (10th ed.). Pearson Education.
Sugiyono. (2022). Metode Penelitian Kuantitatif. Alfabeta.
Suwastika, I. W. K. S., Kase, M. S., Bayti, N., & Wangania, D. (2023). Kewirausahaan Di Era Digital Berinovasi Dan Bertumbuh Dalam Dunia Teknologi. In Angewandte Chemie International Edition, 6(11), 951–952.
Tandelilin, E. (2017). Modul 1: Dasar-dasar manajemen Investasi. Universitas Terbuka.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Raza Syarif Hidayatullah, Iwan Purwanto, Rizky Dwi Arista, Raka Dania Putra
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
