Vol. 3 No. 2 (2024): June

Abend, G. (2022). Making Things Possible. Sociological Methods and Research , 51 (1), 68–107. https://doi.org/10.1177/0049124120926204

Ademola, SA, Musa, AS, & Innocent, IO (2019). Moderating Effect of Risk Perception on Financial Knowledge, Literacy and Investment Decision. American International Journal of Economics and Finance Research , 1 (1), 34–44. https://doi.org/10.46545/aijefr.v1i1.60

Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes , 50 , 179–211. https://doi.org/10.1080/10410236.2018.1493416

Al-Hakim, M., Jihadi, IS, & Warsono, M. (2023). The Effect of Financial Literacy and Financial Behavior on Religiosity Moderated by Investment Decisions. Jamanika (Journal of Business Management and Entrepreneurship) , 3 (02), 186–195. https://doi.org/10.22219/jamanika.v3i02.27365

Alquraan, T., Alqisie, A., & Al Shorafa, A. (2016). Do Behavioral Finance Factors Influence Stock Investment Decisions of Individual Investors? (Evidence from Saudi Stock Market). American International Journal of Contemporary Research , 6 (3), 159–169. www.aijcrnet.com

An, S., & Dharmendra H. (2022). International Conference on "Global Business Management Strategies" A Moderating Role of Risk Perception on the Relationship Between Financial Literacy and Financial Knowledge on Investment Decisions. Shanlax International Journal of Management , 9 (1), 20–29. http://www.shanlaxjournals.com

Aren, S., & Zengin, AN (2016). Influence of Financial Literacy and Risk Perception on Choice of Investment. Procedia - Social and Behavioral Sciences , 235 (October), 656–663. https://doi.org/10.1016/j.sbspro.2016.11.047

Arthur, D., Sherman, C., Hameli, N., & Marzooqi, S. (2019). Materialism in the United Arab Emirates: A grounded model of materialism in an emerging market. International Journal of Emerging Markets , ahead - of - p . https://doi.org/10.1108/IJOEM-08-2017-0277

Asutay, M., Aziz, PF, Indrastomo, BS, & Karbhari, Y. (2023). Religiosity and Charitable Giving on Investors' Trading Behavior in the Indonesian Islamic Stock Market: Islamic vs Market Logic. Journal of Business Ethics , 188 (2), 327–348. https://doi.org/10.1007/s10551-023-05324-0

Auliana, D. (2024). The Influence of Financial Literacy, and Investment Knowledge on Investment Intention mediated by Investment Motivation. Journal of Applied Quantitative Economics , 17 (1), 63. https://doi.org/10.24843/jekt.2024.v17.i01.p05

Central Bureau of Statistics. (2018). Profile of the Indonesian Millennial Generation . 1–153. www.freepik.com

Baghani, M., & Sedaghat, P. (2016). Effect of Risk Perception and Risk Tolerance on Investors' Decision Making in Tehran Stock Exchange. International Academic Journal of Accounting and Financial Management , 3 (9), 45–53.

Bairagi, P., & Chakraborty, A. (2018). Influence of Risk-Perception on Retail Investors' Decision Making. Asian Journal of Management , 9 (2), 999. https://doi.org/10.5958/2321-5763.2018.00157.9

Bakar, S., & Yi, ANC (2016). The Impact of Psychological Factors on Investors' Decision Making in Malaysian Stock Market: A Case of Klang Valley and Pahang. Procedia Economics and Finance , 35 (October 2015), 319–328. https://doi.org/10.1016/s2212-5671(16)00040-x

Freeari, N., & Istikomah, A. (2020). The effect of investment motivation, financial literacy, and financial behavior on investment decisions (Studies on Management Students at Pelita Bangsa University). Journal of Research in Business, Economics, and Education , 2 (4), 842–851.

Breaban, A., & Noussair, C.N. (2018). Emotional State and Market Behavior. Review of Finance , 22 (1), 279–309. https://doi.org/10.1093/rof/rfx022

BusinessInsider. (2023). Millennials in their 30s are sitting in an economic quagmire that could stick with them through retirement . https://www.businessinsider.com/millennials-parents-debt-jobs-wages-homeownership-social-security-retirement-economy-2023-3

Chen, J. (2022). Millennials: Finances, Investing, and Retirement . 1–18.

Chircop, J., Johan, S., & Tarsalewska, M. (2020). Does religiosity influence venture capital investment decisions? Journal of Corporate Finance , 62 (February), 101589. https://doi.org/10.1016/j.jcorpfin.2020.101589

Choi, J., & Lee, K.-H. (2003). Risk perception and e-shopping: A cross-cultural study. Journal of Fashion Marketing and Management , 7 (1).

CNBC. (2023). Millennials may be using credit cards as a 'de facto emergency fund'—here's why they shouldn't . https://www.cnbc.com/2023/03/06/millennials-may-be-using-credit-cards-as-a-de-facto-emergency-fund.html

CNBC Indonesia. (2019). Close the Millennial Debt Hole . https://www.cnbcindonesia.com/mymoney/20190423151549-74-68313/plug- Lubang-utang-milenial

DAT, K. (2020). The Impact of Financial Literacy on Investment Decisions: With Special Reference to Undergraduates in Western Province, Sri Lanka. Asian Journal of Contemporary Education , 4 (2), 110–126. https://doi.org/10.18488/journal.137.2020.42.110.126

Duxbury, D. (2015). Behavioral finance: insights from experiments I: theory and financial markets. Review of Behavioral Finance , 7 (1).

Fastrich, G. M., & Murayama, K. (2020). Development of Intention and Role of Choice During Sequential Knowledge Acquisition. AERA Open , 6 (2). https://doi.org/10.1177/2332858420929981

Fazliyaton Elias, E., & Malini, H. (2020). Do Religion Affiliations Contribute To Investors Investing Decision? a Study of Interpretive Paradigms and Ethnographic Methods. Tanjungpura International Journal on Dynamics Economics, Social Sciences and Agribusiness 66 TIJDESSA , 1 (1), 66–80. http://jurnal.untan.ac.id/

Fitriyani, S., & Anwar, S. (2022). The Effect of Herding, Experience Regret and Religiosity on Sharia Stock Investment Decisions for Muslim Millennial Investors with Financial Literacy as a Moderating Variable. The Effect of Herding, Experience Regret and Religiosity on Investment Decisions . 9 (1), 68–77. https://doi.org/10.20473/vol9iss20221pp68-77

Hamka, H., Jupri, M., & Budiono, R. (2020). The Influence of Financial Literacy on Intention in Investing for the Academic Community of the International Indonesian Finance & Business Academy (AKBII), Bandung, Indonesia. International Journal of Business, Economics, and Social Development , 1 (1), 1–12. https://doi.org/10.46336/ijbesd.v1i1.13

Hooker, R.H. (2017). the Determinants and Implications of Millennials' Stock Market Investment Habits and Opinions . 1–35.

IDX Channel. (2021). Gen Z to Millennials have the most debt, the total reaches IDR 14.74 trillion . https://www.idxchannel.com/economics/gen-z-besar-milenial-paling-besar-ngutang-total-capai-rp1474-triliun

Jain, J., Walia, N., Singla, H., Singh, S., Sood, K., & Grima, S. (2023). Heuristic Biases as Mental Shortcuts to Investment Decision-Making: A Mediation Analysis of Risk Perception. Risks , 11 (4). https://doi.org/10.3390/risks11040072

Jain, R., & Bhardwaj, V. (2023). Influence of Psychological Factors on the Perception and Behavior of Mutual Fund Investors. International Journal of Research Publications and Reviews Journal Homepage: Www.Ijrpr.Com , 4 (5), 1146–1150. www.ijrpr.com

Jones, J., Hymer, C., Roccapriore, A., & Smith, B. (2023). Does religion matter to angels? Exploring the influence of religion in entrepreneurial investor decision-making. Small Business Economics , 0123456789 . https://doi.org/10.1007/s11187-023-00840-9

Kanten, P., Girgin, B., & Kurt, E. (2018). The antecedents of individual investment behavior: materialism, risk aversion, positive and negative influences. Pressacademia , 7 (1), 24–30. https://doi.org/10.17261/pressacademia.2018.851

Karanam, M., & Shenbagavalli, R. (2019). Investment patterns of millennials: A path ahead. Research Journal of Social … , 09 (04). https://www.researchgate.net/profile/Madhavi-Karanam/publication/337050258_Investment_pattern_of_Millennials_A_Path_Ahead/links/5dc28c07299bf1a47b1921a9/Investment-pattern-of-Millennials-A-Path-Ahead.pdf

Kartini, K., & Nugraha, NF (2015). The Influence of Illusions of Control, Overconfidence and Emotion on Investment Decision Making among Investors in Yogyakarta. Ajie , 4 (2), 114–122. https://doi.org/10.20885/ajie.vol4.iss2.art6

Klingner, C. M., & Guntinas-Lichius, O. (2023). Facial expressions and emotions. Laryngorhinoologie , 102 (3), S115–S125.

Lerner, J.S., Li, Y., Valdesolo, P., & Kassam, K.S. (2015). Emotion and Decision Making. The Annual Review of Psychology , 66 (799–823).

Malhotra, N. K. (2010). Applied Approach Marketing Research (4th ed.).

Martin, C. A., & Tulgan, B. (2006). Managing the Generation Mix (2nd ed.). HRD Press.

Masini, A., & Menichetti, E. (2012). The impact of behavioral factors in the renewable energy investment decision making process: Conceptual framework and empirical findings. Energy Policy , 40 (1), 28–38. https://doi.org/10.1016/j.enpol.2010.06.062

McKinsey. (2021). McKinsey on Investing . 7 .

Mumtaz, K., Saif, O. Bin, & Rehman, W. (2022). The Impact of Personal Religiosity on Individuals' Investment Decisions. Annals of Human and Social Sciences , 3 (2), 686–694. https://ojs.ahss.org.pk/journal/article/view/21/69

Niveditasri, N., & Sanmitha, D.G. (2020). Religious Faith and Its Impact on Investment and Financial Decisions. IOSR Journal Of Humanities And Social Science (IOSR-JHSS , 25 (2), 55. https://doi.org/10.9790/0837-2502105559

Obeng-Manu, F. (2022). Effect of Financial Literacy on Investment Decision Among Economics Students. Journal of Finance & Economics Research , 7 (1), 16–30. https://doi.org/10.20547/jfer2207102

FSA. (2023). Fintech Lending Statistics for the Period February 2023 . https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/fintech/Pages/Statistik-Fintech-Lending-Periode-Februari-2023.aspx

Financial Services Authority. (2017). COPY OF FINANCIAL SERVICES AUTHORITY CIRCULAR LETTER NUMBER 30 /SEOJK.07/2017 .

Prakash, BYP (2023). The Subscription that Pays Dividends . 1–6.

Primastuti Dyah Shintawati, M., & Gusti Agung Musa Budidarma, I. (2023). The Effect Of Income And Financial Literacy On Investment Decisions With Financial Behavior As An Intervening Variable. International Journal of Science and Society , 5 (5), 2023. http://ijsoc.goacademica.com

Rahadjeng, ER, & Fiandari, YR (2020). the Effect of Attitude, Subjective Norms and Control of Behavior Towards Intention in Share Investment. Business Management , 10 (2), 17–25. https://doi.org/10.22219/jmb.v10i2.13616

Rahayu, A. . (2019). Millennials in Indonesia have more installments than investments . Merdeka.Com. www.merdeka.com/uang/milenial-di- Indonesia-more%02have-installments-than-investment.html

Riaz, T., & Iqbal, H. (2015). Impact of Overconfidence, Illusion of control, Self Control and Optimism Bias on Investors Decision Making; Evidence from Developing Markets. Research Journal of Finance and Accounting , 6 (11), 2222–2847. www.iiste.org

Richins, M. L., & Dawson, S. (1992). A Consumer Values Orientation for Materialism and Its Measurement: Scale Development and Validation. Journal of Consumer Research , 19 (3), 303. https://doi.org/10.1086/209304

Rudhiwantoro, A. (2018). Important Steps for Millennial Generation towards Financial Freedom through Investment. Journal of Accounting and Finance , 1 .

Sadiq, M.N., & Khan, R.A.A. (2018). Financial Literacy, Risk Perception and Investment Intention among Youth in Pakistan. International Journal of Management Sciences and Business Research , 7 (5), 2226–8235. http://www.ijmsbr.com

Sashikala, V., & Chitramani, P. (2018). The Impact of Behavioral Factors on Investment Intention of Equity Investors. Asian Journal of Management , 9 (1), 183. https://doi.org/10.5958/2321-5763.2018.00028.8

Sekaran, U., & Bougie, R. (2019). Research Methods For Business: A Skill Building Approach .

Shohiha, A., Pusparini, MD, & Pinasti, US (2022). Factors Influencing Muslim Investors to Invest in Sharia Stocks during the Covid-19 Pandemic. Journal of Islamic Economics Lariba , 8 (2), 313–330. https://doi.org/10.20885/jielariba.vol8.iss2.art11

Sindhu, K., & Kumar, S. R. (2014). Influence of Risk Perception of Investors on Investment Decisions. Journal of Finance and Accounting , 2 (2), 15–25.

Supriyatna, I. (2019). These are three causes of millennial debt, avoid them immediately! Suara.Com. https://www.warna.com/bisnis/2019/09/15/130554/i%0Ani-three-causes-millennial-lots-debt-immediate-avoid

Shariati, A., Sumarlin, & Ainun, ANA (2019). THE IMPACT OF ILLUSION OF CONTROL, OVERCONVIDENCE AND EMOTIONS ON INVESTMENT DECISIONS MADE BY YOUNG INVESTORS IN THE CITY OF MAKASSAR. Conference Proceedings 1st AICIEB1st , 235–246.

Tandio, T. (2016). The Influence of Capital Market Training, Return, Risk Perception, Gender, and Technological Progress on Student Investment Intention. Udayana University Accounting E-Journal , 16.3 , 2316–2341. https://ojs.unud.ac.id/index.php/Akuntansi/article/download/21199/15415

Tapscott, D. (1998). Growing up Digital: The Rise of the Net Generation . McGraw-Hill.

Tentero, JM, Tumanggor, RO, & Tasdin, W. (2021). The Role of Religiosity in the Psychological Well-Being of Young Adulthood Women with Acne Problems. Proceedings of the International Conference on Economics, Business, Social, and Humanities (ICEBSH 2021) , 570 (Icebsh), 114–120. https://doi.org/10.2991/assehr.k.210805.018

Tyas, Theresia, Rois, Muhammad, Prihati, & Slamet. (2019). ANALYSIS OF THE INFLUENCE OF INVESTMENT KNOWLEDGE, CAPITAL MARKET TRAINING, MINIMUM INVESTMENT CAPITAL AND RISK PERCEPTION ON STUDENTS' INVESTMENT INTENTION IN CAPITAL MARKETS (STUDY AT PT PHINTRACO SEKURITAS BRANCH OFFICE SEMARANG) . 2 (1), 49–70.

Verghese, J., & Chin, P. N. (2022). Factors influencing investors' intention to purchase gold and silver bullion: evidence from Malaysia. Journal of Financial Services Marketing , 27 . https://doi.org/10.1057/s41264-021-00092-2

Wachinger, G., Renn, O., Begg, C., & Kuhlicke, C. (2013). The risk perception paradox-implications for governance and communication of natural hazards. Risk Analysis , 33 (6), 1049–1065. https://doi.org/10.1111/j.1539-6924.2012.01942.x

Waheeda, H., Ahmed, Z., Saleem, Q., Din, SMU, & Ahmed, B. (2020). The Mediating Role of Risk Perception in the Relationship between Financial Literacy and Investment Decision. International Journal of Innovation, Creativity and Change , 14 (4), 112–131. https://doi.org/10.4038/cbj.v11i1.58

Waqas, M., & Siddiqui, D. (2021). Does Materialism, Emotions, Risk and Financial Literacy Affect the Propensity for Indebtedness in Pakistan: The Complementary Role of Hedonism and Demographics. SSRN Electronic Journal . https://doi.org/10.2139/ssrn.3942317

Widayati, C., Arijanto, A., Hellen Widjaja, P., & T. Fintura, A. (2021). the Effect of Emotional Intelligence, Communication and Teamwork on Employee Performance. Dynasty International Journal of Digital Business Management , 2 (3), 554–568. https://doi.org/10.31933/dijdbm.v2i3.843

Widjaja, R., & Pertiwi, D. (2021). the Influence of Emotional Factors, Materialism, Risk Perception, and Financial Literacy on the Tendency of Debt of Millennial Generation in Surabaya. International Journal of Financial and Investment Studies (IJFIS) , 1 (2), 85–93. https://doi.org/10.9744/ijfis.1.2.85-93

Wisudanto, & Mubarok, Z. (2016). Income, Financial Risk Tolerance, Financial Literacy and Participation in Capital Market. Research Gate , October .

Woo, K.Y., Mai, C., McAleer, M., & Wong, W.K. (2020). Review on efficiency and anomalies in stock markets. Economies , 8 (1), 1–51. https://doi.org/10.3390/economies8010020

Yip, J. A., & Schweitzer, M. E. (2016). Mad and misleading: Incidental anger promotes deception. Organizational Behavior and Human Decision Processes , 137 , 207–217. https://doi.org/10.1016/j.obhdp.2016.09.006

Yuniningsih, Y., & Santoso, B. (2020). Does Family Environment Moderate The Effect of Financial Literacy, Attitudes and Motivation on Investment Intention. Attestation: Scientific Journal of Accounting, 3 (2), 126–132. https://doi.org/10.57178/attestation.v3i2.261

Zhang, X., Li, S., Liu, Y., Chen, X., Shang, X., Qi, F., Wang, X., Guo, X., & Chen, J. (2019). Gain–loss situations modulate neural responses to self–other decision making under risk. Scientific Reports , 9 (1), 1–9. https://doi.org/10.1038/s41598-018-37236-9