Behavioral Determinants of FOMO-Driven Investments: The Mediating Role of Literacy and Self-Control
Main Article Content
Investment decision-making behavior among Credit Union (CU) members increasingly reflects emotional, social, and cognitive interactions. This study investigates how Fear of Missing Out (FOMO), Social Influence (SI), and Risk Perception (RP) impact members’ Investment Decisions (ID), and the mediating roles of Financial Literacy (FL) and Self-Control (SC). A quantitative approach was used, collecting survey data from 300 CU members in Central Kalimantan, and the analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results reveal that FOMO negatively affects FL and SC, while SI positively influences both mediators. Consequently, FL and SC significantly improve the quality of investment decisions, confirming their dual mediating roles. RP, however, shows no direct or indirect effect. In conclusion, emotional and social factors shape investment decisions primarily through cognitive (financial literacy) and self-regulatory (self-control) mechanisms, rather than directly. Therefore, Credit Unions should prioritize “anti-FOMO” education and self-control development programs to foster more rational and sustainable investment behavior among members. The study contributes to behavioral finance literature by integrating cognitive and regulatory mechanisms in community-based financial settings. It offers practical guidance for Credit Unions through “anti-FOMO” education and self-control development programs.
Keywords:
Fear of Missing Out (FOMO), Financial Literacy, Self-Control, Social Influence, Investment Decision
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Adil, M., Singh, Y., & Ansari, M. S. (2021). How Financial Literacy Moderate the Association Between Behaviour Biases and Investment Decision? Asian Journal of Accounting Research, 7(1), 17–30. https://doi.org/10.1108/ajar-09-2020-0086
Altundal, V., Argan, M. T., & Argan, M. (2024). The Effect of FoMO, Uncertainty Avoidance and Impulsiveness on Financial Investment Decisions of Individual Investors. Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 27(2), 673–695. https://doi.org/10.29249/selcuksbmyd.1526087
Anbar, A., & Eker, M. (2010). An Empirical Investigation for Determining of the Relation Between Personal Financial Risk Tolerance and Demographic Characteristic. Ege Akademik Bakis (Ege Academic Review), 10(2), 503–503. https://doi.org/10.21121/eab.2010219633
Awad, A., Aziz, A. A., & Shma, T. R. (2025). Investment Behavior in the Egyptian Stock Market: The Impact of Social Media on Investor Decision-Making. Investment Management and Financial Innovations, 22(1), 203–212. https://doi.org/10.21511/imfi.22(1).2025.16
Bai, R. (2023). Impact of Financial Literacy, Mental Budgeting and Self Control on Financial Wellbeing: Mediating Impact of Investment Decision Making. Plos One, 18(11), e0294466. https://doi.org/10.1371/journal.pone.0294466
Chen, C., Ishfaq, M., Ashraf, F., Sarfaraz, A., & Wang, K. (2022). Mediating Role of Optimism Bias and Risk Perception Between Emotional Intelligence and Decision-Making: A Serial Mediation Model. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.914649
Cheng, X., & Zhao, N. (2020). Modelling the Diffusion of Investment Decisions on Modular Social Networks. Complexity, 2020, 1–8. https://doi.org/10.1155/2020/2981231
Chung, Y., & Park, Y. (2018). What I Know, What I Think I Know, and Whom I Know. Journal of Consumer Affairs, 53(3), 1312–1349. https://doi.org/10.1111/joca.12231
Dinarjito, A. (2023). The Influence of Financial Behavior on Investment Decisions With Financial Literacy as a Mediation Variable. Jurnal Pajak Dan Keuangan Negara (Pkn), 5(1), 128–143. https://doi.org/10.31092/jpkn.v5i1.2281
Eren, B. A. (2023). Antecedents of Robo-Advisor Use Intention in Private Pension Investments: An Emerging Market Country Example. Journal of Financial Services Marketing, 29(3), 683–698. https://doi.org/10.1057/s41264-023-00229-5
Fadhlia, W., Nurhalis, N., Linda, L., & Haddad, S. R. A. (2023). Herding Bias Investor Masa New Normal Pandemi Covid-19. Jurnal Akuntansi Trisakti, 10(2), 169–188. https://doi.org/10.25105/jat.v10i2.17268
Friederich, F., Meyer, J., Matute, J., & Palau?Saumell, R. (2023). CRYPTO?MANIA: How Fear?of?missing?out Drives Consumers’ (Risky) Investment Decisions. Psychology and Marketing, 41(1), 102–117. https://doi.org/10.1002/mar.21906
Galvani, A. A., & Nahda, K. (2025). The Influence of Loss Aversion and Herding on Investment Decisions With Fear of Missing Out (FoMO) as a Mediating Variable. International Journal of Business and Applied Economics, 4(4), 1807–1822. https://doi.org/10.55927/ijbae.v4i4.201
Goeyana, A., & Marlina, M. A. E. (2024). Financial Literacy and Risk Perception: The Key to Understanding the Relationship Between Fomo and Investment Decisions. Jurnal Aplikasi Akuntansi, 9(1), 46–59. https://doi.org/10.29303/jaa.v9i1.433
Graça, S. S., & Kharé, V. P. (2020). Building Social-Capital Networks and Relationship Commitment in China and India. European Business Review, 32(5), 823–843. https://doi.org/10.1108/ebr-09-2019-0219
Gupta, S., & Shrivastava, M. (2021). Herding and Loss Aversion in Stock Markets: Mediating Role of Fear of Missing Out (FOMO) in Retail Investors. International Journal of Emerging Markets, 17(7), 1720–1737. https://doi.org/10.1108/ijoem-08-2020-0933
Hidayat, R., & Moin, A. (2023). The Influence of Financial Behavior on Capital Market Investment Decision Making With Mediating of Financial Literacy in Yogyakarta. International Journal of Research in Business and Social Science (2147-4478), 12(8), 227–237. https://doi.org/10.20525/ijrbs.v12i8.2974
Hildebrandus, H., Hady, H., & Nalurita, F. (2023). The Influence of Financial Literacy as a Mediation of the Relationship Between Behavioral Bias and Decisions in Investing Employees in Jabodetabek. Journal of Social Research, 2(5), 1643–1654. https://doi.org/10.55324/josr.v2i5.871
Hitsuwari, J., & Kumagai, M. (2024). Long-Term Investors With Enhanced Well-Being? Comparing Personality Traits by Investment Assets. https://doi.org/10.21203/rs.3.rs-5412013/v1
Hitsuwari, J., & Kumagai, M. (2025). Long-Term Investors With Enhanced Well-Being? Comparing Personality Traits by Investment Assets. Journal of Neuroscience Psychology and Economics, 18(1–2), 45–55. https://doi.org/10.1037/npe0000202
Idris, H. (2024). The Effects of FOMO on Investment Behavior in the Stock Market. Golden Ratio of Data in Summary, 4(2), 879–887. https://doi.org/10.52970/grdis.v4i2.757
Iqbal, M. A., Ahmad, S., & Rehman, S. u. (2023). IMPACT OF FINANCIAL LITERACY ON FINANCIAL SATISFACTION: MEDIATING ROLES OF INVESTMENT DECISIONS &Amp; MODERATING ROLE OF RISK ATTITUDE. Journal of Social Research Development, 4(2), 274–283. https://doi.org/10.53664/jsrd/04-02-2023-04-274-283
Iram, T., Bilal, A. R., & Latif, S. (2021). Is Awareness That Powerful? Women’s Financial Literacy Support to Prospects Behaviour in Prudent Decision-Making. Global Business Review, 25(5), 1356–1381. https://doi.org/10.1177/0972150921996185
Isnugroho, E., Sulistiono, S., & Hidayati, N. U. (2025). Literasi Digital Investor Ritel Di Era Disrupsi: Navigasi Keuangan Pribadi Dan Pasar Modal Menuju Society 5.0 Yang Berkelanjutan. Prosemnasimkb, 2(2), 277–286. https://doi.org/10.61132/prosemnasimkb.v2i2.201
Khan, M. T. I., Tan, S., & Goh, G. G. G. (2018). Advanced Financial Literacy of Malaysian Gen Y Investors and Its Consequences. Margin the Journal of Applied Economic Research, 13(1), 83–108. https://doi.org/10.1177/0973801018800085
Kim, S., & McGill, A. L. (2011). Gaming With Mr. Slot or Gaming the Slot Machine? Power, Anthropomorphism, and Risk Perception. Journal of Consumer Research, 38(1), 94–107. https://doi.org/10.1086/658148
Kumar, R. N., Janani, M., Pavithra, R., & Kumar, T. M. (2025). Beyond the Hype: A Tech-Driven Analysis of Gen Z’s Cryptocurrency Investment Behavior Amid Regulatory Uncertainty and Risk-Return Perceptions in India. Nmims Management Review, 33(3), 186–198. https://doi.org/10.1177/09711023251351511
Lamichhane, P., & Simkhada, A. (2024). Risk Tolerance, Overconfidence and Investment Decisions in Nepal. Journal of General Education and Humanities, 3(2), 227–240. https://doi.org/10.58421/gehu.v3i2.244
Loscalzo, Y., Rogier, G., & Velotti, P. (2025). Problematic Trading: A Systematic Review of Theoretical Considerations. Frontiers in Psychiatry, 16. https://doi.org/10.3389/fpsyt.2025.1505012
Meyer, J., Friederich, F., Matute, J., & Schwarz, M. (2024). My Money—My Problem: How Fear?of?missing?out Appeals Can Hinder Sustainable Investment Decisions. Psychology and Marketing, 41(11), 2677–2694. https://doi.org/10.1002/mar.22077
Mol, J. M., Botzen, W. J. W., Blasch, J., Kranzler, E. C., & Kunreuther, H. (2021). All by Myself? Testing Descriptive Social Norm-Nudges to Increase Flood Preparedness Among Homeowners. Behavioural Public Policy, 8(1), 121–153. https://doi.org/10.1017/bpp.2021.17
Priscilla, F., & Saleh, M. Soc. S. S. (2023). Effect Influencer, P2p Reputation and Risk Perception Towards Investment Decisions of Millenial in P2p Lending: Financial Literacy as a Mediation Variable. Jurnal Dimensi, 12(2), 364–387. https://doi.org/10.33373/dms.v12i2.5684
Purwidianti, W., Rahmawati, I. Y., & Dwiyanti, R. (2023). Overconfidence and Herding Bias on Investment Decisions the Role of Risk Perception as a Mediator. Asian Journal of Economics Business and Accounting, 23(18), 36–45. https://doi.org/10.9734/ajeba/2023/v23i181056
Rahyuda, H., & Candradewi, M. R. (2023). Determinants of Cryptocurrency Investment Decisions (Study of Students in Bali). Investment Management and Financial Innovations, 20(2), 193–204. https://doi.org/10.21511/imfi.20(2).2023.17
Seraj, A. H. A., Alzain, E., & Alshebami, A. S. (2022). The Roles of Financial Literacy and Overconfidence in Investment Decisions in Saudi Arabia. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.1005075
Susanto, A. N., Diniari, N. K. S., Wahyuni, A. A. S., I Wayan Gede Artawan Eka Putra, Kurniawan, L. S., Ariani, N. K. P., & Wardani, I. A. K. (2023). Relationship Between Fear of Missing Out, Impulsivity Toward Stress, Anxiety, and Depression Among Crypto Asset Traders in Indonesia. International Journal of Health & Medical Sciences, 6(2), 93–98. https://doi.org/10.21744/ijhms.v6n2.2124
Tanuwijaya, K., & Setyawan, I. R. (2021). Can Financial Literacy Become an Effective Mediator for Investment Intention? Accounting, 7(7), 1591–1600. https://doi.org/10.5267/j.ac.2021.5.011
Ullah, R., Sarwar, I., Amir, S. M., Muzamil, M. R., & Ullah, E. (2023). Risk Tolerance and Investment Decisions Among Credit Beneficiaries. Journal of Economic Impact, 5(3), 211–216. https://doi.org/10.52223/econimpact.2023.5305
Wahyu, V. D., & Firmialy, S. D. (2024). Analysis of Financial Literacy and Overconfidence on Investment Decision With Risk Tolerance Mediation and Gender as Moderator (Case Study of Generation Z Investors in Bandung City). Journal of Economics Finance and Management Studies, 07(08). https://doi.org/10.47191/jefms/v7-i8-63
Worighi, I., Geury, T., Baghdadi, M. E., Mierlo, J. V., Hegazy, O., & Maach, A. (2019). Optimal Design of Hybrid PV-Battery System in Residential Buildings: End-User Economics, and PV Penetration. Applied Sciences, 9(5), 1022. https://doi.org/10.3390/app9051022
Yan, Z. (2025). Behavioural Factors in Risk Perception and Financial Decision Making. Intelligent Decision Technologies, 19(5), 3444–3455. https://doi.org/10.1177/18724981251346316
Yutama, M. S., Maghfiroh, R. U., & Prakoso, A. S. (2022). The Investment Interest as a Mediator Variables Towards Investment Decisions. J-Mkli (Jurnal Manajemen Dan Kearifan Lokal Indonesia), 6(2), 107. https://doi.org/10.26805/jmkli.v6i2.163
Zaki, A. A., & Tubastuvi, N. (2025). The Role of Capital Market Literacy in Mediating the Effect of Social Media and Financial Motivation on the Behavior of Young Investors in Indonesia. Journal of Accounting and Finance Management, 6(3), 1479–1498. https://doi.org/10.38035/jafm.v6i3.2241
Zhang, L., Pentina, I., & Fan, Y. (2021). Who Do You Choose? Comparing Perceptions of Human vs Robo-Advisor in the Context of Financial Services. Journal of Services Marketing, 35(5), 634–646. https://doi.org/10.1108/jsm-05-2020-0162
Zhang, M., Nazir, M. S., Farooqi, R., & Ishfaq, M. (2022). Moderating Role of Information Asymmetry Between Cognitive Biases and Investment Decisions: A Mediating Effect of Risk Perception. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.828956
Zhang, R., & Sidik, M. H. J. (2024). Big Data, Artificial Intelligence, and Financial Literacy: Exploring Their Combined Influence on Investment Behavior Among Chinese Household. Journal of Information Systems Engineering & Management, 9(1), 24446. https://doi.org/10.55267/iadt.07.14651
Adil, M., Singh, Y., & Ansari, M. S. (2021). How Financial Literacy Moderate the Association Between Behaviour Biases and Investment Decision? Asian Journal of Accounting Research, 7(1), 17–30. https://doi.org/10.1108/ajar-09-2020-0086
Altundal, V., Argan, M. T., & Argan, M. (2024). The Effect of FoMO, Uncertainty Avoidance and Impulsiveness on Financial Investment Decisions of Individual Investors. Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 27(2), 673–695. https://doi.org/10.29249/selcuksbmyd.1526087
Anbar, A., & Eker, M. (2010). An Empirical Investigation for Determining of the Relation Between Personal Financial Risk Tolerance and Demographic Characteristic. Ege Akademik Bakis (Ege Academic Review), 10(2), 503–503. https://doi.org/10.21121/eab.2010219633
Awad, A., Aziz, A. A., & Shma, T. R. (2025). Investment Behavior in the Egyptian Stock Market: The Impact of Social Media on Investor Decision-Making. Investment Management and Financial Innovations, 22(1), 203–212. https://doi.org/10.21511/imfi.22(1).2025.16
Bai, R. (2023). Impact of Financial Literacy, Mental Budgeting and Self Control on Financial Wellbeing: Mediating Impact of Investment Decision Making. Plos One, 18(11), e0294466. https://doi.org/10.1371/journal.pone.0294466
Chen, C., Ishfaq, M., Ashraf, F., Sarfaraz, A., & Wang, K. (2022). Mediating Role of Optimism Bias and Risk Perception Between Emotional Intelligence and Decision-Making: A Serial Mediation Model. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.914649
Cheng, X., & Zhao, N. (2020). Modelling the Diffusion of Investment Decisions on Modular Social Networks. Complexity, 2020, 1–8. https://doi.org/10.1155/2020/2981231
Chung, Y., & Park, Y. (2018). What I Know, What I Think I Know, and Whom I Know. Journal of Consumer Affairs, 53(3), 1312–1349. https://doi.org/10.1111/joca.12231
Dinarjito, A. (2023). The Influence of Financial Behavior on Investment Decisions With Financial Literacy as a Mediation Variable. Jurnal Pajak Dan Keuangan Negara (Pkn), 5(1), 128–143. https://doi.org/10.31092/jpkn.v5i1.2281
Eren, B. A. (2023). Antecedents of Robo-Advisor Use Intention in Private Pension Investments: An Emerging Market Country Example. Journal of Financial Services Marketing, 29(3), 683–698. https://doi.org/10.1057/s41264-023-00229-5
Fadhlia, W., Nurhalis, N., Linda, L., & Haddad, S. R. A. (2023). Herding Bias Investor Masa New Normal Pandemi Covid-19. Jurnal Akuntansi Trisakti, 10(2), 169–188. https://doi.org/10.25105/jat.v10i2.17268
Friederich, F., Meyer, J., Matute, J., & Palau?Saumell, R. (2023). CRYPTO?MANIA: How Fear?of?missing?out Drives Consumers’ (Risky) Investment Decisions. Psychology and Marketing, 41(1), 102–117. https://doi.org/10.1002/mar.21906
Galvani, A. A., & Nahda, K. (2025). The Influence of Loss Aversion and Herding on Investment Decisions With Fear of Missing Out (FoMO) as a Mediating Variable. International Journal of Business and Applied Economics, 4(4), 1807–1822. https://doi.org/10.55927/ijbae.v4i4.201
Goeyana, A., & Marlina, M. A. E. (2024). Financial Literacy and Risk Perception: The Key to Understanding the Relationship Between Fomo and Investment Decisions. Jurnal Aplikasi Akuntansi, 9(1), 46–59. https://doi.org/10.29303/jaa.v9i1.433
Graça, S. S., & Kharé, V. P. (2020). Building Social-Capital Networks and Relationship Commitment in China and India. European Business Review, 32(5), 823–843. https://doi.org/10.1108/ebr-09-2019-0219
Gupta, S., & Shrivastava, M. (2021). Herding and Loss Aversion in Stock Markets: Mediating Role of Fear of Missing Out (FOMO) in Retail Investors. International Journal of Emerging Markets, 17(7), 1720–1737. https://doi.org/10.1108/ijoem-08-2020-0933
Hidayat, R., & Moin, A. (2023). The Influence of Financial Behavior on Capital Market Investment Decision Making With Mediating of Financial Literacy in Yogyakarta. International Journal of Research in Business and Social Science (2147-4478), 12(8), 227–237. https://doi.org/10.20525/ijrbs.v12i8.2974
Hildebrandus, H., Hady, H., & Nalurita, F. (2023). The Influence of Financial Literacy as a Mediation of the Relationship Between Behavioral Bias and Decisions in Investing Employees in Jabodetabek. Journal of Social Research, 2(5), 1643–1654. https://doi.org/10.55324/josr.v2i5.871
Hitsuwari, J., & Kumagai, M. (2024). Long-Term Investors With Enhanced Well-Being? Comparing Personality Traits by Investment Assets. https://doi.org/10.21203/rs.3.rs-5412013/v1
Hitsuwari, J., & Kumagai, M. (2025). Long-Term Investors With Enhanced Well-Being? Comparing Personality Traits by Investment Assets. Journal of Neuroscience Psychology and Economics, 18(1–2), 45–55. https://doi.org/10.1037/npe0000202
Idris, H. (2024). The Effects of FOMO on Investment Behavior in the Stock Market. Golden Ratio of Data in Summary, 4(2), 879–887. https://doi.org/10.52970/grdis.v4i2.757
Iqbal, M. A., Ahmad, S., & Rehman, S. u. (2023). IMPACT OF FINANCIAL LITERACY ON FINANCIAL SATISFACTION: MEDIATING ROLES OF INVESTMENT DECISIONS &Amp; MODERATING ROLE OF RISK ATTITUDE. Journal of Social Research Development, 4(2), 274–283. https://doi.org/10.53664/jsrd/04-02-2023-04-274-283
Iram, T., Bilal, A. R., & Latif, S. (2021). Is Awareness That Powerful? Women’s Financial Literacy Support to Prospects Behaviour in Prudent Decision-Making. Global Business Review, 25(5), 1356–1381. https://doi.org/10.1177/0972150921996185
Isnugroho, E., Sulistiono, S., & Hidayati, N. U. (2025). Literasi Digital Investor Ritel Di Era Disrupsi: Navigasi Keuangan Pribadi Dan Pasar Modal Menuju Society 5.0 Yang Berkelanjutan. Prosemnasimkb, 2(2), 277–286. https://doi.org/10.61132/prosemnasimkb.v2i2.201
Khan, M. T. I., Tan, S., & Goh, G. G. G. (2018). Advanced Financial Literacy of Malaysian Gen Y Investors and Its Consequences. Margin the Journal of Applied Economic Research, 13(1), 83–108. https://doi.org/10.1177/0973801018800085
Kim, S., & McGill, A. L. (2011). Gaming With Mr. Slot or Gaming the Slot Machine? Power, Anthropomorphism, and Risk Perception. Journal of Consumer Research, 38(1), 94–107. https://doi.org/10.1086/658148
Kumar, R. N., Janani, M., Pavithra, R., & Kumar, T. M. (2025). Beyond the Hype: A Tech-Driven Analysis of Gen Z’s Cryptocurrency Investment Behavior Amid Regulatory Uncertainty and Risk-Return Perceptions in India. Nmims Management Review, 33(3), 186–198. https://doi.org/10.1177/09711023251351511
Lamichhane, P., & Simkhada, A. (2024). Risk Tolerance, Overconfidence and Investment Decisions in Nepal. Journal of General Education and Humanities, 3(2), 227–240. https://doi.org/10.58421/gehu.v3i2.244
Loscalzo, Y., Rogier, G., & Velotti, P. (2025). Problematic Trading: A Systematic Review of Theoretical Considerations. Frontiers in Psychiatry, 16. https://doi.org/10.3389/fpsyt.2025.1505012
Meyer, J., Friederich, F., Matute, J., & Schwarz, M. (2024). My Money—My Problem: How Fear?of?missing?out Appeals Can Hinder Sustainable Investment Decisions. Psychology and Marketing, 41(11), 2677–2694. https://doi.org/10.1002/mar.22077
Mol, J. M., Botzen, W. J. W., Blasch, J., Kranzler, E. C., & Kunreuther, H. (2021). All by Myself? Testing Descriptive Social Norm-Nudges to Increase Flood Preparedness Among Homeowners. Behavioural Public Policy, 8(1), 121–153. https://doi.org/10.1017/bpp.2021.17
Priscilla, F., & Saleh, M. Soc. S. S. (2023). Effect Influencer, P2p Reputation and Risk Perception Towards Investment Decisions of Millenial in P2p Lending: Financial Literacy as a Mediation Variable. Jurnal Dimensi, 12(2), 364–387. https://doi.org/10.33373/dms.v12i2.5684
Purwidianti, W., Rahmawati, I. Y., & Dwiyanti, R. (2023). Overconfidence and Herding Bias on Investment Decisions the Role of Risk Perception as a Mediator. Asian Journal of Economics Business and Accounting, 23(18), 36–45. https://doi.org/10.9734/ajeba/2023/v23i181056
Rahyuda, H., & Candradewi, M. R. (2023). Determinants of Cryptocurrency Investment Decisions (Study of Students in Bali). Investment Management and Financial Innovations, 20(2), 193–204. https://doi.org/10.21511/imfi.20(2).2023.17
Seraj, A. H. A., Alzain, E., & Alshebami, A. S. (2022). The Roles of Financial Literacy and Overconfidence in Investment Decisions in Saudi Arabia. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.1005075
Susanto, A. N., Diniari, N. K. S., Wahyuni, A. A. S., I Wayan Gede Artawan Eka Putra, Kurniawan, L. S., Ariani, N. K. P., & Wardani, I. A. K. (2023). Relationship Between Fear of Missing Out, Impulsivity Toward Stress, Anxiety, and Depression Among Crypto Asset Traders in Indonesia. International Journal of Health & Medical Sciences, 6(2), 93–98. https://doi.org/10.21744/ijhms.v6n2.2124
Tanuwijaya, K., & Setyawan, I. R. (2021). Can Financial Literacy Become an Effective Mediator for Investment Intention? Accounting, 7(7), 1591–1600. https://doi.org/10.5267/j.ac.2021.5.011
Ullah, R., Sarwar, I., Amir, S. M., Muzamil, M. R., & Ullah, E. (2023). Risk Tolerance and Investment Decisions Among Credit Beneficiaries. Journal of Economic Impact, 5(3), 211–216. https://doi.org/10.52223/econimpact.2023.5305
Wahyu, V. D., & Firmialy, S. D. (2024). Analysis of Financial Literacy and Overconfidence on Investment Decision With Risk Tolerance Mediation and Gender as Moderator (Case Study of Generation Z Investors in Bandung City). Journal of Economics Finance and Management Studies, 07(08). https://doi.org/10.47191/jefms/v7-i8-63
Worighi, I., Geury, T., Baghdadi, M. E., Mierlo, J. V., Hegazy, O., & Maach, A. (2019). Optimal Design of Hybrid PV-Battery System in Residential Buildings: End-User Economics, and PV Penetration. Applied Sciences, 9(5), 1022. https://doi.org/10.3390/app9051022
Yan, Z. (2025). Behavioural Factors in Risk Perception and Financial Decision Making. Intelligent Decision Technologies, 19(5), 3444–3455. https://doi.org/10.1177/18724981251346316
Yutama, M. S., Maghfiroh, R. U., & Prakoso, A. S. (2022). The Investment Interest as a Mediator Variables Towards Investment Decisions. J-Mkli (Jurnal Manajemen Dan Kearifan Lokal Indonesia), 6(2), 107. https://doi.org/10.26805/jmkli.v6i2.163
Zaki, A. A., & Tubastuvi, N. (2025). The Role of Capital Market Literacy in Mediating the Effect of Social Media and Financial Motivation on the Behavior of Young Investors in Indonesia. Journal of Accounting and Finance Management, 6(3), 1479–1498. https://doi.org/10.38035/jafm.v6i3.2241
Zhang, L., Pentina, I., & Fan, Y. (2021). Who Do You Choose? Comparing Perceptions of Human vs Robo-Advisor in the Context of Financial Services. Journal of Services Marketing, 35(5), 634–646. https://doi.org/10.1108/jsm-05-2020-0162
Zhang, M., Nazir, M. S., Farooqi, R., & Ishfaq, M. (2022). Moderating Role of Information Asymmetry Between Cognitive Biases and Investment Decisions: A Mediating Effect of Risk Perception. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.828956
Zhang, R., & Sidik, M. H. J. (2024). Big Data, Artificial Intelligence, and Financial Literacy: Exploring Their Combined Influence on Investment Behavior Among Chinese Household. Journal of Information Systems Engineering & Management, 9(1), 24446. https://doi.org/10.55267/iadt.07.14651
