Pengaruh Financial Influencer, Herding Behavior dan Fear of Missing Out (Fomo) terhadap Keputusan Investasi di Pasar Modal: Studi Kasus pada Gen Z yang Tinggal di Wonosobo

Lukman Sutrisno; Syafiq Dimas Perdana; Helmi Pratama; Muhamad Asif Maulana Akbar; Noor Hikmah

doi:10.37481/sjr.v9i4.1761

Authors

Lukman Sutrisno Universitas Sains Al Qur'an
Syafiq Dimas Perdana Universitas Sains Al-Qur'an
Helmi Pratama Universitas Sains Al-Qur'an
Muhamad Asif Maulana Akbar Universitas Sains Al-Qur'an
Noor Hikmah Universitas Sains Al-Qur'an

DOI:

https://doi.org/10.37481/sjr.v9i4.1761

Keywords:

Financial Influencer, Herding Behavior, FOMO, Investment Decision, Generation Z

Abstract

The increasing participation of Generation Z in capital market investment, supported by digital access and social media, may shape investment decisions through financial information and psychological factors. This study aims to examine the influence of financial influencers, herding behavior, and fear of missing out (FOMO) on investment decisions among Generation Z residing in Wonosobo Regency. A quantitative survey approach was employed, involving 115 respondents selected through purposive sampling. Data were collected using an online questionnaire and analyzed through multiple linear regression using SPSS version 27, preceded by validity, reliability, and classical assumption tests. The results show that financial influencers have a positive and significant influence on investment decisions (t = 5.775; p < 0.001). FOMO also has a positive and significant influence (t = 3.408; p < 0.001). In contrast, herding behavior does not significantly influence investment decisions (t = 1.674; p = 0.097). The model produces an Adjusted R-Square of 0.838, indicating that the three variables collectively explain 83.8% of the variation in investment decisions. These findings indicate that social media-based financial information and FOMO are relevant factors in the investment decisions of Generation Z in Wonosobo.

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