The Effect Of Behavioral Finance, Investment Experience, And Risk Tolerance On Financial Allocation In Bond Instruments
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Keywords:
Behavioral Finance, Investment Experience, Risk Tolerance, Financial Allocation, Bonds.
Abstract
In recent years, investment interest among the younger generation, particularly Generation Z, has increased significantly. This increase is inseparable from the development of financial technology and social media, which provide easy access to investment information and various digital financial services (Widjanarko, 2023). The availability of various financial instruments provides individuals with alternatives in allocating their funds. This condition indicates that financial decisions are no longer solely based on rational considerations, but are also influenced by psychological factors, individual experience, and risk preferences. This research is motivated by the increasing participation of Generation Z investors in the Indonesian capital market, particularly in bonds, which are influenced not only by rational factors but also by behavioral aspects, experience, and risk tolerance. Therefore, this study analyzes the influence of behavioral finance, investment experience, and risk tolerance on financial allocation in bond instruments. The results of this study indicate that behavioral finance has a positive and significant effect on financial allocation, investment experience does not have a significant effect on financial allocation, and risk tolerance does not have a significant effect on financial allocation.
References
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Argo, J. J., Dahl, D. W., & Manchanda, R. V. (2023). Social influence research in consumer behavior: What we learned and what we need to explore. Journal of Business Research.
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Adielyani & Mawardi. (2020). The Influence of Overconfidence, Herding Behavior, and Risk Tolerance on Stock Investment Decisions: The Empirical Study of Millennial Investors in Semarang City. Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship, 10(1), 89–104.
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Badriatin. (2022). ersepsi Risiko dan Sikap Toleransi Risiko terhadap Keputusan Investasi Mahasiswa.
Besri. (2018). Pengaruh Financial Attitude, Financial Knowledge dan Locus of Control terhadap Financial Management Behavior Mahasiswa S-1 Fakultas Ekonomi Universitas Islam Indonesia Yogyakarta.
Budiarto (2017). Pengaruh Literasi Keuangan, Persepsi Risiko, dan Pendapatan terhadap Keputusan Investasi Masyarakat Surabaya. Jurnal Ekonomi dan Perbankan Syariah, 8(1), 1–19.
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Chen, X., et al. (2024). The knowledge domain and emerging trends in behavioral finance: A scientometric analysis. International Journal of Information Management.
Federal Reserve Board. (2024/2025). Survey of Household Economics and Decisionmaking (SHED).
FINRA Foundation. (2021). National Financial Capability Study (NFCS) Investor Survey.
Forest, J. J. (2024). Trading Activity in the Corporate Bond Market: A SAD Tale.
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.
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Kwak, E. J., dkk. (2024). A Comparison of Financial Risk-Tolerance Assessment Methods.
Kerlinger, F. N. (1973). Foundations of Behavioral Research.
Literature Review On Behavioral Bias in Financial Decision Making (2023)
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Liu.S&Yang.X. (2021). Financial decision-making in the digital era: Social proof and behavior of Chinese Gen Z investors. China Finance Review International.
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Nguyen. (2021). Behavioral factors on individual investors decision making and investment performance: A survey from the Vietnam stock market.
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Nga & Ken Yien (2013). The influence of personality trait and demographics on financial decision making among Generation Y.
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Ngoc, L. T. B. (2014). Behavior pattern of individual investors in stock market. International Journal of Business and Management, 9(1), 1–16.
Purwidianti. (2019). Pengaruh literasi keuangan, pengalaman keuangan dan pendapatan terhadap keputusan investasi. Jurnal Ekonomi – JE, 27(4).
Özkan. (2020). A conceptual view of behavioral finance. International European Journal of Managerial Research, 4(7), 246–263.
OECD/INFE. (2022). Toolkit for Measuring Financial Literacy and Financial Inclusion.
Omanović, A. (2024). Determinants of financial risk tolerance and portfolio allocation. Finance Research Letters.
Van der Merwe, E. (2012). Economic literacy as a factor in economic and financial decision-making.
Sani, N., & Paramita, V. S. (2024). Pengaruh Pengalaman Investasi, Risk Tolerance, Dan Sosial Media Terhadap Keputusan Investasi Dengan Literasi Keuangan Sebagai Variabel
Singh,R,&Yadav,S.(2023). Mengatakan bahwa overconfidence meningkatkan kecenderungan investor menata alokasi portofolio secara berlebihan.
Ruwanda, N. N. (2020). Pengaruh sikap keuangan, toleransi risiko, dan pengalaman keuangan terhadap perilaku pengelolaan keuangan keluarga.
Wahyu (2021). Pengaruh Faktor Perilaku terhadap Keputusan Investasi.
Widjanarko (2023). Determinasi Kemudahan Akses Informasi Bagi Keputusan Investasi Gen Z.
Wagner, J. (2014). An Empirical Analysis Linking a Person’s Financial Risk Tolerance and Financial Literacy to Financial Behaviors. Journal of Economic Psychology, 1–27.
Wulandari. (2014). Studi experienced regret, risk tolerance, overconfidence dan risk perception pada pengambilan keputusan investasi. Journal of Business and Banking, 4(1), 55–66.
Wang, Y., et al. (2024). Understanding consumer herding behavior in online purchases. Decision Support Systems.
Wei, J. (2018). Behavioral biases in the corporate bond market. Journal of Empirical Finance, 46, 34–55.
Yao, Z. (2021). Association between investment risk tolerance and portfolio risk.
Review of Behavioral Finance.
Zahro & Hapsari. (2023). Pengaruh perencanaan keuangan syariah, literasi keuangan syariah, perilaku keuangan dan pendapatan terhadap minat investasi. Jurnal Mirai Management, 8(2), 328–343.
Andreas, S. M. T. (2023) Pengaruh Financial Literacy, FOMO Lifestyle, dan Payment Perceived Usefulness terhadap Keputusan Investasi Generasi Z.
Argo, J. J., Dahl, D. W., & Manchanda, R. V. (2023). Social influence research in consumer behavior: What we learned and what we need to explore. Journal of Business Research.
Ainia. (2019). The influence of risk perception, risk tolerance, overconfidence, and loss aversion towards investment decision making. Journal of Economics, Business, & Accountancy Ventura, 21(3), 401–413.
Adielyani & Mawardi. (2020). The Influence of Overconfidence, Herding Behavior, and Risk Tolerance on Stock Investment Decisions: The Empirical Study of Millennial Investors in Semarang City. Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship, 10(1), 89–104.
Awais, M., Laber, M. F., Rasheed, N., & Khursheed, A. (2017). Impact of financial literacy and investment experience on investment decisions. International Journal of Economics and Financial Issues.
Almenberg, J. & Dreber, A. (2015). Gender, stock market participation and financial literacy. Economics Letters, 137, 140–142.
Badriatin. (2022). ersepsi Risiko dan Sikap Toleransi Risiko terhadap Keputusan Investasi Mahasiswa.
Besri. (2018). Pengaruh Financial Attitude, Financial Knowledge dan Locus of Control terhadap Financial Management Behavior Mahasiswa S-1 Fakultas Ekonomi Universitas Islam Indonesia Yogyakarta.
Budiarto (2017). Pengaruh Literasi Keuangan, Persepsi Risiko, dan Pendapatan terhadap Keputusan Investasi Masyarakat Surabaya. Jurnal Ekonomi dan Perbankan Syariah, 8(1), 1–19.
Campbell, D. T., & Stanley, J. C. (1963). Experimental and Quasi-Experimental Designs for Research. Houghton Mifflin.
Chen, X., et al. (2024). The knowledge domain and emerging trends in behavioral finance: A scientometric analysis. International Journal of Information Management.
Federal Reserve Board. (2024/2025). Survey of Household Economics and Decisionmaking (SHED).
FINRA Foundation. (2021). National Financial Capability Study (NFCS) Investor Survey.
Forest, J. J. (2024). Trading Activity in the Corporate Bond Market: A SAD Tale.
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.
Hair E. (2019). Multivariate Data Analysis (8th ed.). Cengage Learning
Kumar, S., & Goyal, N. (2022). Behavioral biases in investment decision making.
Journal of Behavioral Finance.
Kwak, E. J., dkk. (2024). A Comparison of Financial Risk-Tolerance Assessment Methods.
Kerlinger, F. N. (1973). Foundations of Behavioral Research.
Literature Review On Behavioral Bias in Financial Decision Making (2023)
Lim & Teh. (2020). Social influence, risk attitude, and investment allocation among young Malaysian retail investors. International Journal of Bank Marketing.
Liu.S&Yang.X. (2021). Financial decision-making in the digital era: Social proof and behavior of Chinese Gen Z investors. China Finance Review International.
Moderasi (Studi Pada Investor Generasi Z Jawa Barat). Equilibrium: Jurnal Ilmiah Ekonomi, Manajemen Dan Akuntansi, 13(1), 134-147.
Manik al. (2021) Faktor-Faktor yang Mempengaruhi Minat Generasi Z dalam Berinvestasi Tabungan Emas pada Pegadaian Digital Syariah. Jurnal Cakrawala Ilmiah, Vol. 1(4), 637–646.
Masruroh. (2021). Pengaruh risk tolerance terhadap keputusan mahasiswa Surabaya berinvestasi dengan financial literacy sebagai variabel moderasi. JAE (Jurnal Akuntansi dan Ekonomi), 6(3), 32–39
Mandagie. (2020). Analisis pengaruh literasi keuangan, pengalaman investasi dan toleransi risiko terhadap keputusan investasi Jurnal Riset Akuntansi, 1(1), 35–47.
Nguyen. (2023). Behavioral finance and digital investment: Evidence from retail investors in Asia. Journal of Economic Behavior & Organization, 212, 354–372.
Nguyen. (2021). Behavioral factors on individual investors decision making and investment performance: A survey from the Vietnam stock market.
The Journal of Asian Finance, Economics and Business, 8(3), 845–853.
Nga & Ken Yien (2013). The influence of personality trait and demographics on financial decision making among Generation Y.
Young Consumers, 14(3), 230–243.
Ngoc, L. T. B. (2014). Behavior pattern of individual investors in stock market. International Journal of Business and Management, 9(1), 1–16.
Purwidianti. (2019). Pengaruh literasi keuangan, pengalaman keuangan dan pendapatan terhadap keputusan investasi. Jurnal Ekonomi – JE, 27(4).
Özkan. (2020). A conceptual view of behavioral finance. International European Journal of Managerial Research, 4(7), 246–263.
OECD/INFE. (2022). Toolkit for Measuring Financial Literacy and Financial Inclusion.
Omanović, A. (2024). Determinants of financial risk tolerance and portfolio allocation. Finance Research Letters.
Van der Merwe, E. (2012). Economic literacy as a factor in economic and financial decision-making.
Sani, N., & Paramita, V. S. (2024). Pengaruh Pengalaman Investasi, Risk Tolerance, Dan Sosial Media Terhadap Keputusan Investasi Dengan Literasi Keuangan Sebagai Variabel
Singh,R,&Yadav,S.(2023). Mengatakan bahwa overconfidence meningkatkan kecenderungan investor menata alokasi portofolio secara berlebihan.
Ruwanda, N. N. (2020). Pengaruh sikap keuangan, toleransi risiko, dan pengalaman keuangan terhadap perilaku pengelolaan keuangan keluarga.
Wahyu (2021). Pengaruh Faktor Perilaku terhadap Keputusan Investasi.
Widjanarko (2023). Determinasi Kemudahan Akses Informasi Bagi Keputusan Investasi Gen Z.
Wagner, J. (2014). An Empirical Analysis Linking a Person’s Financial Risk Tolerance and Financial Literacy to Financial Behaviors. Journal of Economic Psychology, 1–27.
Wulandari. (2014). Studi experienced regret, risk tolerance, overconfidence dan risk perception pada pengambilan keputusan investasi. Journal of Business and Banking, 4(1), 55–66.
Wang, Y., et al. (2024). Understanding consumer herding behavior in online purchases. Decision Support Systems.
Wei, J. (2018). Behavioral biases in the corporate bond market. Journal of Empirical Finance, 46, 34–55.
Yao, Z. (2021). Association between investment risk tolerance and portfolio risk.
Review of Behavioral Finance.
Zahro & Hapsari. (2023). Pengaruh perencanaan keuangan syariah, literasi keuangan syariah, perilaku keuangan dan pendapatan terhadap minat investasi. Jurnal Mirai Management, 8(2), 328–343.
Published
2026-01-16
How to Cite
Kennale Justin Wang, & I Gede Adiputra. (2026). The Effect Of Behavioral Finance, Investment Experience, And Risk Tolerance On Financial Allocation In Bond Instruments: -. International Journal of Economics, Business and Innovation Research, 5(01), 832-853. https://doi.org/10.63922/ijebir.v5i01.2815
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