The Effect of Heuristic Factors and Capital Availability on Investment Decision-Making Among Women Entrepreneurs in Surakarta: Financial Literacy as a Mediating Variable
Abstract
Investment refers to the allocation of resources in the present with the expectation of obtaining future benefits. Investment activities are not limited to capital market instruments but also include gold, land, production activities, and various other economic assets. In practice, investment decision-making is often influenced not only by rational considerations but also by psychological and behavioral factors that may lead to irrational decisions and suboptimal investment outcomes. This study aims to analyze the influence of heuristic factors, namely overconfidence heuristic, representativeness heuristic, availability heuristic, and capital availability on investment decisions among women entrepreneurs in Surakarta City, with financial literacy serving as a mediating variable. This research employed a quantitative approach using a survey method through questionnaires distributed to women entrepreneurs registered at the Office of Cooperatives, SMEs, and Industry of Surakarta City. The sampling technique used was purposive sampling, resulting in 360 respondents selected using the Slovin formula. Data analysis was conducted using Structural Equation Modeling (SEM) based on Partial Least Squares (PLS). The results indicate that representativeness heuristic, availability heuristic, and capital availability significantly influence financial literacy, while availability heuristic and financial literacy significantly affect investment decisions. Furthermore, financial literacy was found to mediate the relationship between heuristic factors and capital availability on investment decisions. The findings suggest that higher levels of financial literacy enable women entrepreneurs to make more rational, effective, and well-considered investment decisions, thereby supporting the sustainability and development of their businesses.
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