Analysis of Stock Investment Decisions with Locus of Control as a Moderating Variable among FEB Students of UPN Veteran East Java
Abstract
The increase in the number of stock investors among college students indicates that investment decisions are influenced not only by rational factors but also by psychological factors. This study aims to analyze the effects of overconfidence, experience regret, and availability bias on stock investment decisions and to examine the role of locus of control as a moderating variable among students at the Faculty of Economics and Business, UPN Veteran East Java. This study employs an explanatory quantitative approach using purposive sampling. The data consist of primary data collected from 133 student respondents at the Faculty of Economics and Business (FEB). The data were analyzed using the Partial Least Squares (PLS) method with the assistance of SmartPLS 4.0 software. The results indicate that overconfidence and availability bias influence stock investment decisions, whereas experience regret does not have a significant effect on these decisions. Furthermore, locus of control moderates the relationship between overconfidence and stock investment decisions by weakening its influence but does not moderate the relationships between experience regret or availability bias and stock investment decisions.
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