STUDI MODERASI LITERASI KEUANGAN DAN PESONALITY TRAITS PADA PENGARUH NEUROTRANSMITTERS TERHADAP KEPUTUSAN INVESTASI YANG DIMODERASI KEMBALI OLEH ASPEK DEMOGRAFI

Andrieta Shintia Dewi, - and Nugraha, - and Toni Heryana, - and Maya Sari, - (2025) STUDI MODERASI LITERASI KEUANGAN DAN PESONALITY TRAITS PADA PENGARUH NEUROTRANSMITTERS TERHADAP KEPUTUSAN INVESTASI YANG DIMODERASI KEMBALI OLEH ASPEK DEMOGRAFI. S3 thesis, Universitas Pendidikan Indonesia.

Abstract

Investor kerap bertindak tidak rasional akibat pengaruh persepsi subjektif, emosi, serta bias kognitif. Fenomena ini mendorong berkembangnya pendekatan behavioral finance yang menekankan pentingnya aspek psikologis seperti heuristik, efek framing, dan emosi dalam pembuatan keputusan investasi. Namun, pendekatan behavioral finance belum sepenuhnya mampu menjelaskan akar penyebab perilaku bias tersebut. Oleh karena itu, pendekatan neurofinance hadir untuk mengeksplorasi hubungan aktivitas otak—khususnya peran Neurotransmitters seperti dopamin, serotonin, epinefrin, dan norepinefrin—dengan Personality Traits, literasi keuangan, serta keputusan investasi. Penelitian ini bertujuan mengkaji bagaimana literasi keuangan dan Personality Traits memoderasi pengaruh Neurotransmitters terhadap keputusan investasi, yang kemudian dimoderasi kembali oleh faktor demografi. Data yang digunakan dalam penelitian ini yaitu data dari kuesioner yang telah diisi oleh 1360 responden investor di Indonesia. Uji yang dilakukan pada penelitian ini menggunakan pendekatan uji Regresi untuk melakukan analisis moderated moderation model. Berdasarkan hasil uji, ditemukan bahwa literasi keuangan memoderasi hubungan Neurotransmitters dengan keputusan investasi, yang dimoderasi kembali oleh usia, namun tidak oleh demografi lainnya. Personality Traits memoderasi hubungan Neurotransmitters terhadap keputusan investasi, yang dimoderasi kembali oleh usia dan jenis kelamin, sedangkan demografi lain tidak menunjukkan efek moderasi yang signifikan. Investors often act irrationally due to the influence of subjective perceptions, emotions, and cognitive biases. This phenomenon has led to the emergence of behavioral finance, which emphasizes the psychological aspects of investment decision-making, such as heuristics, framing effects, and emotions. However, behavioral finance alone has not fully explained the root causes of these biased behaviors. Consequently, the neurofinance approach has emerged to explore the relationship between brain activity—particularly the role of neurotransmitters such as dopamine, serotonin, epinephrine, and norepinephrine—and personality traits, financial literacy, and investment decision-making. This study aims to examine how financial literacy and personality traits moderate the influence of neurotransmitters on investment decision-making, with further moderation by demographic factors. The data were collected through questionnaires completed by 1,360 investors in Indonesia. The analysis employed a moderated moderation regression model approach. The results indicate that financial literacy moderates the relationship between neurotransmitters and investment decisions, with this moderation further influenced by age, but not by other demographic factors. Moreover, personality traits were found to moderate the relationship between neurotransmitters and investment decision-making, with additional moderation by age and gender, while other demographic variables did not exhibit significant moderating effects.

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Item Type:	Thesis (S3)
Additional Information:	ID SINTA Dosen Pembimbing : Nugraha: 5994754 Toni Heryana: 5995980 Maya Sari: 5984857
Uncontrolled Keywords:	keputusan investasi, literasi keuangan, neurotransmitters, personality traits investment decision, financial literacy, neurotransmitters, personality traits
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HG Finance
Divisions:	Fakultas Pendidikan Ekonomi dan Bisnis > S3 Manajemen
Depositing User:	andrieta shintia dewi
Date Deposited:	17 Dec 2025 03:30
Last Modified:	17 Dec 2025 03:30
URI:	http://repository.upi.edu/id/eprint/145461

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