The Effect of Financial Literacy, Overconfidence, and Herding Behavior on Application-Based Investment Decisions

https://doi.org/10.35912/gaar.v4i1.5587
Published: Nov 11, 2025

Abstract:

Purpose: This study examines the influence of financial literacy, overconfidence, and herding behavior on investment decisions made through digital-based applications. It aims to determine which cognitive and behavioral factors most significantly shape investors’ decision-making in the digital era.

Methodology: The research applies a quantitative approach using a survey method involving 400 individual investors in Sumatra, Indonesia, selected through purposive sampling. Data were collected via an online questionnaire and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS 4.0. The analysis covered the outer model (validity and reliability) and the inner model (path coefficients and significance testing).

Results/findings: The results indicate that financial literacy, overconfidence, and herding behavior each have a positive and significant effect on application-based investment decisions. These findings show that knowledge, self-confidence, and social influence play vital roles in shaping investors’ behavior in digital investment platforms.

Conclusions: Investors’ decisions in digital applications are influenced by both cognitive and social psychological factors, supporting behavioral finance theory, which asserts that investment behavior is not entirely rational.

Limitations: This study is limited to individual investors in Sumatra and uses self-reported data, which may cause response bias. It also excludes external factors such as market volatility, emotional regulation, and platform usability that could affect investment behavior.

Contribution: This research enriches behavioral finance literature by examining financial literacy, overconfidence, and herding behavior together in the context of digital investment platforms in Indonesia, offering new empirical evidence on their combined influence on investment decisions.

Keywords:
1. Digital Applications
2. Financial Literacy
3. Herding Behavior
4. Investment Decisions
5. Overconfidence
Authors:
1 . Zahrul Zima
2 . Fitra Dharma
3 . Retno Yuni Nur Susilowati
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How to Cite
Zima, Z., Dharma, F., & Susilowati, R. Y. N. (2025). The Effect of Financial Literacy, Overconfidence, and Herding Behavior on Application-Based Investment Decisions. Goodwood Akuntansi Dan Auditing Reviu, 4(1), 121–147. https://doi.org/10.35912/gaar.v4i1.5587
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Issue & Section
Vol. 4 No. 1 (2025): November
Articles
References

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    Ahmad, M., & Wu, Q. (2022). Does herding behavior matter in investment management and perceived market efficiency? Evidence from an emerging market. Management Decision, 60(8), 2148-2173. doi:https://doi.org/10.1108/MD-07-2020-0867

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    Gilenko, E., & Chernova, A. (2021). Saving behavior and financial literacy of Russian high school students: An application of a copula-based bivariate probit-regression approach. Children and Youth Services Review, 127, 106122. doi:https://doi.org/10.1016/j.childyouth.2021.106122

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    Ikhsan, M., Ismiyanti, F., & Komalasari, P. (2024). Enhancing Rational Investment Decisions: The Impact of Financial Literacy and Experience on Indonesian Retail Investors, Moderated by Overconfidence. Journal of System and Management Sciences, 14(10), 517-529. doi:https://doi.org/10.33168/jsms.2024.1029

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    Lim, S., Seetaram, N., Hosany, S., & Li, M. (2023). Consumption of pop culture and tourism demand: Through the lens of herding behaviour. Annals of Tourism Research, 99, 103531. doi:https://doi.org/10.1016/j.annals.2023.103531

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    Markowitz, H. M. (2008). Portfolio selection: efficient diversification of investments: Yale university press.

    Mavruk, T. (2022). Analysis of herding behavior in individual investor portfolios using machine learning algorithms. Research in International Business and Finance, 62, 101740. doi:https://doi.org/10.1016/j.ribaf.2022.101740

    Nugraheni, N. N. A., Kellen, P. B., & Rozari, P. d. (2021). The effect of financial behavior, financial literacy, and macroeconomics on stock investment decision-making in East Nusa Tenggara. Annals of Management and Organization Research, 3(1), 1-20. doi:https://doi.org/10.35912/amor.v3i1.1183

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    Tang, I. M. H., & Haryono, N. A. (2023). Pengaruh Mental Accounting, Regret Aversion Bias, Herding Bias, Loss Aversion, Risk Perception, dan Financial Literacy terhadap Keputusan Investasi Investor Generasi Z di Kota Surabaya selama Pandemi Covid-19. Jurnal Ilmu Manajemen, 457-472. doi:https://doi.org/10.26740/jim.v11n2.p457-472

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