MENGUNGKAP KERENTANAN KEUANGAN INVESTOR: FOMO, OVERCONFIDENCE, FINFLUENCER, DAN LEVERAGE TRADING
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Abstract
The increasing use of technology in investment activities has broadened retail-investor participation, particularly among younger generations, but has also increased exposure to financial vulnerability arising from psychological and social factors in decision-making. This study examines the effects of financial fear of missing out (FOMO), overconfidence bias, finfluencer exposure, financial self-control, financial literacy, and leverage trading on the financial vulnerability of capital-market investors. Using a quantitative survey design, data were collected from 162 respondents selected through purposive sampling. The instrument was adapted from prior studies and tested for validity and reliability. Data were analyzed using multiple linear regression. The F-test indicates that the regression model as a whole is not statistically significant; thus, the six psychological and behavioral determinants do not adequately explain financial vulnerability. This result suggests that broader structural and contextual factors, including income stability, investment experience, and macroeconomic conditions, may play a more decisive role than individual psychological traits in shaping investors’ financial vulnerability. The study contributes to the behavioral finance literature by jointly testing these six determinants among Indonesian capital-market investors and showing that they are insufficient, on their own, to explain financial vulnerability. Policymakers and financial educators should therefore incorporate structural and contextual factors when designing interventions to reduce investors’ financial vulnerability.
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This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
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