Pengaruh Investment Experience, Financial Behaviour, dan Risk Tolerance terhadap Keputusan Investasi pada Instrumen Keuangan Hijau
DOI:
https://doi.org/10.54259/manabis.v5i2.7654Kata Kunci:
Investment Experience, Financial Behaviour, Risk Tolerance, Investment Decision, Green FinanceAbstrak
This study aims to analyze the influence of investment experience, financial behaviour, and Risk Tolerance on investment decisions in green financial instruments within the context of sustainable finance. A quantitative approach was employed using the Partial Least Squares-Structural Equation Modeling (PLS-SEM) method with SmartPLS software. Data were collected through an online survey using a purposive sampling technique, involving 204 respondents who are active investors. The results indicate that investment experience has a significant effect on both investment decisions and Risk Tolerance, suggesting that experience enhances individuals’ ability to understand risks and opportunities in green investments. In addition, financial behaviour significantly influences investment decisions and Risk Tolerance, highlighting the importance of sound financial management in supporting rational and well-planned investment decisions. Furthermore, Risk Tolerance has a significant impact on investment decisions, indicating that an individual’s level of Risk Tolerance plays a crucial role in selecting appropriate investment instruments. Overall, the findings suggest that improved investment experience and positive financial behaviour strengthen individuals’ Risk Tolerance, which ultimately leads to more optimal investment decisions in green financial instruments.
Unduhan
Referensi
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211.
Akhtar, F., Thyagaraj, K. S., & Das, N. (2021). The impact of social influence on investment decision making and Risk Tolerance. International Journal of Financial Studies, 9(3), 1–15.
Aren, S., & Zengin, A. N. (2021). Influence of financial literacy and risk perception on investment decisions. Journal of Behavioral Finance, 22(2), 145–156.
Bansal, R., & Kaur, H. (2023). Demographic determinants of financial Risk Tolerance among young investors. Journal of Financial Services Marketing, 28(1), 33–45.
Bodie, Z., Kane, A., & Marcus, A. J. (2024). Investments (13th ed.). New York: McGraw-Hill Education.
Bouteska, A., & Regaieg, B. (2020). Loss aversion, overconfidence of investors and their impact on market performance evidence from the US stock markets. Journal of Economics, Finance and Administrative Science, 25(49), 451–478.
Choowan, P., et al. (2024). Financial behaviour and financial well-being: A meta-analysis study. International Journal of Economics and Financial Issues, 14(1), 55–68.
Damayanti, S., Putra, R., & Lestari, A. (2024). Financial literacy, financial attitude, and locus of control on financial behaviour among Generation Z. Jurnal Keuangan dan Perbankan, 28(1), 44–58.
Gerrans, P., Speelman, C., & Campitelli, G. (2021). The relationship between personal financial wellness and financial behaviour. Journal of Family and Economic Issues, 42(2), 312–327.
Grable, J. E. (2000). Financial Risk Tolerance and additional factors that affect risk taking in everyday money matters. Journal of Business and Psychology, 14(4), 625–630.
Hidayat, A., Nugroho, L., & Pratiwi, D. (2023). Pengaruh financial management behavior dan self-efficacy terhadap keputusan investasi generasi muda. Jurnal Manajemen Keuangan, 11(2), 85–97.
Jordan, M. (2023). Financial behaviour of Generation Z in the digital era. Journal of Financial Planning, 36(4), 55–66.
Khan, M., Ahmad, R., & Hussain, S. (2023). Sustainable investment behavior and financial decision making among young investors. Sustainability, 15(7), 1–17.
Kumar, S., Sharma, P., & Verma, A. (2024). Risk Tolerance and investment decision in emerging financial markets. International Journal of Finance and Economics, 29(2), 221–238.
Kumari, T. (2020). Behavioral finance and investor Risk Tolerance: A review study. International Journal of Management Studies, 7(3), 88–97.
Lawrence, J. G. (2012). Principles of investments (12th ed.). Boston: Pearson Education.
Li, Y., Chen, X., & Wang, H. (2024). Sustainable investment preference among Generation Z investors. Journal of Sustainable Finance & Investment, 14(1), 76–92.
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
Milzam, M., Rahardjo, T., & Putri, A. (2024). Pengaruh Risk Tolerance terhadap keputusan investasi Generasi Z di Indonesia. Jurnal Ekonomi dan Bisnis Digital, 6(1), 44–56.
Nguyen, T., Nguyen, H., & Tran, P. (2022). Financial sophistication and investment decision quality among retail investors. Asian Economic and Financial Review, 12(5), 411–425.
Nguyen, V., et al. (2023). Personality traits and financial Risk Tolerance among young investors. Finance Research Letters, 52, 1–9.
Nofsinger, J. R. (2022). The psychology of investing (7th ed.). New York: Routledge.
Organisation for Economic Co-operation and Development. (2022). Green finance and investment trends 2022. Paris: OECD Publishing.
Otoritas Jasa Keuangan. (2023). Laporan perkembangan investasi dan edukasi keuangan Indonesia 2023. Jakarta: OJK.
Pangestu, R. (2025). Pengaruh toleransi risiko dan literasi keuangan terhadap keputusan investasi Generasi Z di Jakarta Barat. Jurnal Ilmu Manajemen dan Investasi, 8(1), 23–35.
Putri, D., & Santoso, A. (2024). Pengaruh pengetahuan investasi dan persepsi risiko terhadap keputusan investasi generasi muda. Jurnal Manajemen dan Bisnis Indonesia, 10(1), 77–89.
Rahman, A., et al. (2023). Environmental awareness and sustainable investment decisions among young investors. Journal of Sustainable Finance, 9(2), 122–137.
Rahman, M., et al. (2024). Risk Tolerance as a mediating variable in investment decision behaviour. International Journal of Economics and Finance, 16(1), 99–113.
Rahmawati, N., Sari, D., & Kurniawan, A. (2025). Analisis faktor-faktor yang memengaruhi keputusan investasi Generasi Z di Indonesia. Jurnal Keuangan dan Perbankan Indonesia, 9(1), 15–28.
Raut, R. K., Das, N., & Kumar, R. (2020). Financial literacy and investment decisions among young investors. Journal of Public Affairs, 20(4), 1–10.
Sadiq, M., & Ishaq, H. M. (2022). Risk Tolerance and sustainable investment decision making. Sustainability, 14(11), 1–14.
Setiawan, B., Lestari, P., & Hidayah, N. (2022). Financial behaviour and investment decisions among millennials. Jurnal Ekonomi Modernisasi, 18(2), 101–114.
Supeni, R., Widodo, S., & Lestari, F. (2023). Pengaruh perkembangan teknologi digital terhadap minat investasi generasi muda. Jurnal Ekonomi Digital Indonesia, 5(2), 66–78.
Xiao, J. J. (2016). Consumer financial capability and wellbeing. In Handbook of Consumer Finance Research (2nd ed.). New York: Springer.
Yeo, S., et al. (2023). Financial behaviour and personal financial management among young adults. Journal of Financial Counseling and Planning, 34(2), 210–224.
Zhang, Y., Liu, H., & Chen, W. (2024). Risk Tolerance and sustainable investment preference in emerging markets. Sustainability Finance Review, 6(1), 15–29.
Unduhan
Diterbitkan
Cara Mengutip
Terbitan
Bagian
Lisensi
Hak Cipta (c) 2026 Hikmah Hikmah, Muhammad Haldy, Helmi Toatubun
Artikel ini berlisensi Creative Commons Attribution 4.0 International License.
