Locus of Control dan Financial Technology dalam Memoderasi Pengaruh Literasi Keuangan Terhadap Keputusan Investasi
DOI:
https://doi.org/10.47065/arbitrase.v6i1.2566Keywords:
Financial Literacy; Investment Decision; Locus of Control; Financial Technology; InvestmentAbstract
This study aims to examine the effect of financial literacy on investment decisions and explore the moderating role of locus of control and financial technology among accounting students at UPN Veteran East Java. A quantitative approach was used with a survey method involving 93 respondents, and data analysis was conducted using Partial Least Square Structural Equation Modeling (PLS-SEM) with the assistance of SmartPLS 4. The results of the study indicate that financial literacy has a significant effect on investment decisions, with a T-statistic value of 3.073 and a P-value of 0.002. However, neither locus of control (T-statistic = 0.584; P-value = 0.559) nor financial technology (T-statistic = 0.702; P-value = 0.483) was found to moderate the relationship between financial literacy and investment decisions. The R-square value of 0.728 indicates that 72.8% of the investment decision variables can be explained by this model. These findings emphasize the importance of financial literacy in supporting rational investment decision-making, as well as the need to optimize the role of psychological factors and financial technology in the process.
Downloads
References
Arianti, E. J., & Purbowati, R. (2024). PENGARUH FINANCIAL TECHNOLOGY, LITERASI KEUANGAN DAN PRESEPSI RESIKO TERHADAP KEPUTUSAN INVESTASI (Studi Pada Generasi Z Di ITEBIS PGRI Dewantara Jombang). Oikos: Jurnal Kajian Pendidikan Ekonomi Dan Ilmu Ekonomi, 09(01), 330–341. https://doi.org/https://doi.org/10.23969/oikos.v9i1.
Asfira, A., Hamzah, A., & Mutalib, A. A. (2025). Moderasi Literasi Keuangan Syariah dalam Pemahaman Investasi dan Pengelolaan Risiko Keuangan Ibu Milenial. EKOMA?: Jurnal Ekonomi, Manajemen, Akuntansi, 4(4), 6722–6738. https://doi.org/10.56799/ekoma.v4i4.9187
Fadika, J., & Indra, Y. A. (2024). Peran Pasar Modal Dalam Meningkatkan Minat Investasi Pada Generasi Muda Di Era Digital. Journal of Management and Innovation Entrepreneurship (JMIE), 2(1), 1700–1712. https://doi.org/10.70248/jmie.v2i1.1430
Fadila, N., Goso, G., Hamid, R. S., & Ukkas, I. (2022). Pengaruh Literasi Keuangan, Financial Technology, Persepsi Risiko, dan Locus of Control Terhadap Keputusan Investasi Pengusaha Muda. Owner, 6(2), 1633–1643. https://doi.org/10.33395/owner.v6i2.789
Febrianti, A., Isnurhadi, H., & Andriana, I. (2022). Pengaruh Literasi Keuangan, Experience Regret dan Perceived Risk terhadap Keputusan Investasi pada Mahasiswa Indonesia. Al-Kharaj?: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(5), 1966–1975. https://doi.org/10.47467/alkharaj.v5i5.2017
Fitriasuri, F., & Simanjuntak, R. M. A. (2022). Pengaruh pengetahuan investasi, manfaat motivasi, dan modal minimal investasi terhadap keputusan investasi di Pasar Modal. Owner, 6(4), 3333–3343. https://doi.org/10.33395/owner.v6i4.1186.
Gumilang, R. R., Amanda, H., & Ginanjar, Y. (2023). Impact Motivasi Investasi, Literasi Keuangan, dan Perilaku Keuangan Terhadap Keputusan Investasi. Coopetition?: Jurnal Ilmiah Manajemen, 14(1), 91–100. https://doi.org/10.32670/coopetition.v14i1.3033
Juliano, M., Fionasari, D., & Marlina, E. (2024). Pengaruh Pengetahuan Investasi,Motivasi Investasi Dan Persepsi Risiko Terhadap Keputusan Investasi Pada Mahasiswa Universitas Muhammadiyah Riau. Jurnal Akuntansi Dan Keuangan, 9(2), 212–224. https://doi.org/10.33772/jakuho.v9i2.165
Khoiroh, L. M., Indriasari, I., & Nastiti, P. R. (2024). Pengaruh Pengetahuan Investasi, Faktor Demografi, Financial Technology, dan Locus of Control terhadap Keputusan Investasi Mahasiswa di Kota Semarang. Innovative: Journal Of Social Science Research, 4(3), 10910–10923. https://doi.org/10.31004/innovative.v4i3.11804
Mahardhika, M. D., & Asandimitra, N. (2023). Pengaruh overconfidence, risk tolerance, return, financial literacy, financial technology terhadap keputusan investasi. Jurnal Ilmu Manajemen, 11(3), 602–613. https://doi.org/https://doi.org/10.26740/jim.vn.p602-613
Maryanti, T., & Susilowati, E. (2023). Analisis Pengaruh Locus of Control dan Gaya Kepemimpinan Terhadap Kinerja Auditor (Studi Pada Badan Pemeriksa Keuangan Perwakilan Provinsi Jawa Timur). Behavioral Accounting Journal, 4(1), 311–322. https://doi.org/10.33005/baj.v4i1.128
Pana, V., & Ambarwati, L. (2023). Pengaruh Ekspektasi Return dan Literasi Keuangan Terhadap Minat Berinvestasi Emas pada Mahasiswa STIE Widya Wiwaha. Jurnal Akuntansi Dan Keuangan, 11(2), 176. https://doi.org/10.29103/jak.v11i2.12193
Pradipa, A., Trisnadewi, N. S., & Dwijayanti, ni K. M. A. (2023). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Dengan Financial Technology Sebagai Pemediasi Di Kota Denpasar. Jurnal Riset Akuntansi, 13(2), 217–236. https://doi.org/https://doi.org/10.36733/juara.v13i2
Pradipta, M. A. (2024). The Effect of Financial Literacy, Financial Planning, and Risk Tolerance on Investment Decision With Financial Technology as a Moderating Variable (Study on Generation Z in DKI Jakarta). 14(2), 247–262. https://doi.org/10.30738/jm.v14i2.4293
Pramesti, D. A. R., & Widarno, B. (2025). Pengaruh Financial Technology dan Lingkungan Sosial Terhadap Perilaku Pengelolaan Keuangan Mahasiswa dengan Locus of control Sebagai Moderasi ( Studi Kasus Pada Mahasiswa Universitas Slamet Riyadi Surakarta). ProBank?: Jurnal Ekonomi Dan Perbankan, 10(1), 18–29. https://doi.org/https://doi.org/10.36587/probank.v10i1.1895
Pratiwi, A. D., Indriasari, I., & Meiriyanti, R. (2023). Pengaruh Literasi Keuangan, Pendapatan, Modal Minimal, Dan Pengetahuan Investasi Terhadap Keputusan Investasi Karyawan. Transekonomika: Akuntansi, Bisnis Dan Keuangan, 3(5), 867–876. https://doi.org/10.55047/transekonomika.v3i5.525
Putrie, S. G. S., & Usman, B. (2022). Pengaruh Literasi Keuangan & Penghindaran Risiko Terhadap Keputusan Investasi Dengan Locus of Control Sebagai Variabel Moderasi Di Dki Jakarta. Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi (Jmbi Unsrat), 9(2), 703–722. https://doi.org/10.35794/jmbi.v9i2.43131
Rumbayan, V. C., Maramis, J. B., & Untu, V. N. (2024). Analisis Faktor Faktor Yang Mempengaruhi Keputusan Berinvestasi: Studi Kasus Pada Mahasiswa Estoc Fakultas Ekonomi Dan Bisnis Universitas Sam Ratulangi. Jurnal EMBA, 12(4), 274–286. https://doi.org/https://doi.org/10.35794/emba.v12i4.58957
Suidarma, I. M., Pradnyani, N. P. A. P., & Yasa, I. N. A. (2023). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Dimoderasi Perilaku Keuangan Pada Mahasiswa. Jurnal Pendidikan Akuntansi Dan Keuangan, 11(2), 105–120. https://doi.org/10.17509/jpak.v11i2.55539
Triana, O. F., & Yudiantoro, D. (2022). Pengaruh Literasi Keuangan, Pengetahuan Investasi, dan Motivasi Terhadap Keputusan Berinvestasi Mahasiswa di Pasar Modal Syariah. SERAMBI: Jurnal Ekonomi Manajemen Dan Bisnis Islam, 4(1), 21–32. https://doi.org/10.36407/serambi.v4i1.517
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Locus of Control dan Financial Technology dalam Memoderasi Pengaruh Literasi Keuangan Terhadap Keputusan Investasi
ARTICLE HISTORY
Issue
Section
Copyright (c) 2025 Muhammad Rafi Faisal, Endah Susilowati
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
