The Influence of Financial Literacy, Risk Tolerance and Return on Investment Decisions Among Capital Market Study Group Students at Jambi University
DOI:
https://doi.org/10.38035/gijea.v3i2.395Keywords:
Financial Literacy, Investment Decisions, Return, Risk ToleranceAbstract
This study examines the influence of financial literacy, risk tolerance, and return on investment decisions among Capital Market Study Group (KSPM) students at Jambi University. Using quantitative methods with multiple linear regression analysis on 73 respondents who are active KSPM members with investment experience, the results show that simultaneously, financial literacy, risk tolerance, and return significantly influence investment decisions (F = 17.032, sig. 0.000). Partially, risk tolerance has the most dominant positive and significant effect (B = 2.175, sig. 0.000), return also shows positive and significant effect (B = 1.578, sig. 0.003), while financial literacy shows no significant effect (B = -0.110, sig. 0.897). The research contributes to behavioral finance theory by demonstrating that psychological factors (risk tolerance) are more influential than cognitive factors (financial literacy) in student investment decisions.
References
Aini, N., Maslichah, & Junaidi. (2019). Pengaruh Pengetahuan Dan Pemahaman Investasi, Modal Minimum Investasi, Return, Risiko Dan Motivasi Investasi Terhadap Minat Mahasiswa Berinvestasi Di Pasar Modal. E-Jra, 08(05), 38-52.
Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25. Badan Penerbit Universitas Dipenogoro.
KSEI. (2024). Persentase Investor Berdasarkan Usia dan Pertumbuhan Investor Berdasarkan Tahun.
OJK. (2022). Survei Nasional Literasi dan Inklusi Keuangan 2022. Otoritas Jasa Keuangan.
Sulistyowati, A., Rianto, M. R., Handayani, M., & Bukhari, E. (2022). Pengaruh Financial Literacy, Return dan Resiko terhadap Keputusan Investasi Generasi Milenial Islam di Kota Bekasi. Jurnal Ilmiah Ekonomi Islam, 8(2), 2253.
Syauqiyah, S., & Kurniawati, R. (2023). Pengaruh Literasi Keuangan, Risiko, Dan Pemahaman Investasi Terhadap Keputusan Investasi Mahasiswa. Prosiding Capital Market Competition, 226-243.
Tandelilin, E. (2017). Pasar Modal Manajemen Portofolio dan Investasi. Kanisius.
Yolanda, Y., & Tasman, A. (2020). Pengaruh Financial Literacy dan Risk Perception terhadap Keputusan Investasi Generasi Millennial Kota Padang. Jurnal Ecogen, 3(1), 144.
Yundari, T., & Artati, D. (2021). Pengaruh Literasi Keuangan Dan Pendapatan Terhadap Keputusan Investasi Mahasiswa. Seminar Nasional Pariwisata Dan Kewirausahaan (SNPK), 3, 594-601.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Feby Anisya Nabila, Achmad Hizazi, Ratih Kusumastuti

This work is licensed under a Creative Commons Attribution 4.0 International License.
Copyright :
Authors who publish their manuscripts in this journal agree to the following conditions:
- Copyright in each article belongs to the author.
- The author acknowledges that the GIJEA has the right to be the first to publish under a Creative Commons Attribution 4.0 International license (Attribution 4.0 International CC BY 4.0).
- Authors can submit articles separately, arrange the non-exclusive distribution of manuscripts that have been published in this journal to other versions (for example, sent to the author's institutional repository, publication in a book, etc.), by acknowledging that the manuscript has been published for the first time at GIJEA.