The Influence of Attitude, Perceived Behavioral Control, and Financial Literacy on Stock Investment Interest Among Generation Z Management Students at UPN "Veteran" Yogyakarta
DOI:
https://doi.org/10.38035/dijefa.v7i4.7410Keywords:
Attitude, Perceived Behavioral Control, Financial Literacy, Stock Investment Interest, Generation ZAbstract
A growing number of Generation Z individuals are entering Indonesia's stock market, yet whether financial literacy meaningfully shapes their investment interest is still an open question, and few studies have tested attitude, perceived behavioral control, and financial literacy together within a single model built around Management students. This paper examines how these three factors jointly and individually relate to stock investment interest among Generation Z Management students. The sample comprised 323 active Management students, selected through purposive sampling from a population of 1,430 students who had completed a Financial Management course, with data gathered via a Likert-scale questionnaire and processed through multiple linear regression. The findings indicate that attitude, perceived behavioral control, and financial literacy each exert a positive and statistically significant partial effect on stock investment interest, and together account for 71.7 percent of its variance, with financial literacy emerging as the strongest predictor results that support all four proposed hypotheses. These outcomes align with earlier work linking financial literacy to investment interest, yet depart from findings among mutual fund investors where perceived behavioral control and financial literacy showed no significant effect, pointing to the possibility that such influences vary by investment instrument. The study's contribution lies in merging the Theory of Planned Behavior with financial literacy into a unified framework for explaining stock investment interest among Generation Z Management students.
References
Agustina, M. (2023). Pengaruh Literasi Keuangan, Modal Minimum dan Risiko Investasi Terhadap Minat Berinvestasi Emas dalam Perspektif Bisnis Syariah (Studi Kasus Pada Usaha Mikro di Kecamatan Sumberejo Kab Tanggamus). Doctoral Dissertation, UIN Raden Intan Lampung.
Ainiyah, F., Yuliana, I., & Prajawati, M. (2023). Sikap Investasi Dan Norma Subjektif Terhadap Minat Investasi Investasi Dengan Literasi Keuangan Sebagai Variabel Moderasi. Ekonomi Dan Bisnis, 10(1), 35–51. https://doi.org/10.35590/jeb.v10i1.6284
Ajzen, I. (1991). The Theory of Planned Behaviour. Organizational Behavior and Human Decision Processes, 50(2), 179–211.
Akhtar, F., & Das, N. (2019). Predictors of investment intention in Indian stock markets: Extending the theory of planned behaviour. International Journal of Bank Marketing, 37(1), 97–119. https://doi.org/10.1108/IJBM-08-2017-0167
Akhter, T., & Hoque, M. E. (2022). Moderating Effects of Financial Cognitive Abilities and Considerations on the Attitude–Intentions Nexus of Stock Market Participation. International Journal of Financial Studies, 10(1). https://doi.org/10.3390/IJFS10010005
Che Hassan, N., Abdul-Rahman, A., Mohd Amin, S. I., & Ab Hamid, S. N. (2023). Investment Intention and Decision Making: A Systematic Literature Review and Future Research Agenda. Sustainability (Switzerland), 15(5), 1–22. https://doi.org/10.3390/su15053949
Comte, H. (2021). FOMO, or the Mimetic Desire Theory leading to herd behavior in Venture Capital. Medium. https://medium.com/gaia-voice/fomo-or-the-mimetic-desire-theory-leading-to-herd-behavior-in-venture-capital-103f6705a3b0
Eshpulatov, D., Berdiev, G., & Artemenkov, A. (2025). Modeling the Determinants of Stock Market Investment Intention and Behavior Among Studying Adults: Evidence from University Students Using PLS-SEM. International Journal of Financial Studies, 13(3), 1–29. https://doi.org/10.3390/ijfs13030138
Fadilah, R. A. N., Viana, E. D., & Matoati, R. (2025). Literasi Keuangan, Financial Self-Efficacy, Orientasi Masa Depan dan Theory of Planned Behavior terhadap Minat Investasi Dana Pensiun. Modus, 37(2), 238–259. https://doi.org/10.24002/modus.v37i2.10592
Hapsari, S. A. (2021). The Theory of Planned Behavior and Financial Literacy to Analyze Intention in Mutual Fund Product Investment. Proceedings of the 5th Global Conference on Business, Management and Entrepreneurship (GCBME 2020), 187(Gcbme 2020), 136–141. https://doi.org/10.2991/aebmr.k.210831.028
Irfan, Sari, M., & Jufrizen. (2025). Exploring the roles of financial literacy, past behavior, and subjective norms in shaping investment intention: A mediation analysis. Investment Management and Financial Innovations, 22(4), 30–42. https://doi.org/10.21511/imfi.22(4).2025.03
Janssen, D., & Carradini, S. (2021). Generation Z Workplace Communication Habits and Expectations. IEEE Transactions on Professional Communication, 64(2), 137–153. https://doi.org/10.1109/TPC.2021.3069288
Kesuma, I. M. A. (2024). Pengaruh Literasi Keuangan, Pendapatan dan Harga Emas Terhadap Minat Investasi Emas (Studi pada PT Pegadaian Cabang Klungkung) [Universitas Pendidikan Ganesha]. http://repo.undiksha.ac.id/id/eprint/22542
KSEI. (2026). Statistik Pasar Modal Indonesia Januari 2026. Kustodian Sentral Efek Indonesia. https://web.ksei.co.id/files/Statistik_Publik_Januari_2026.pdf
Kumari, J. S., Senani, K. G. P., & Ajward, R. (2023). Predicting investors’ intention to invest in the stock market during COVID-19: can we use an extended theory of planned behavior? Journal of Asia Business Studies, 17(4), 681–700. https://doi.org/10.1108/JABS-12-2021-0517
Lai, C. P. (2019). Personality traits and stock investment of individuals. Sustainability (Switzerland), 11(19). https://doi.org/10.3390/su11195474
Luo, Z., Azam, S. M. F., & Wang, L. (2023). Impact of financial literacy on household stock profit level in China. PLoS ONE, 18(12 December), 1–19. https://doi.org/10.1371/journal.pone.0296100
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Maghfiroh, I. (2021). Pengaruh Literasi Keuangan dan Perilaku Keuangan Terhadap Minat Investasi dengan Gender Sebagai Moderasi (Studi Pada Keluarga di Kota Malang). In Doctoral Dissertation Universitas Islam Negeri Maulana Malik Ibrahim. http://etheses.uin-malang.ac.id/29739/
Mayuni, A. A. S. P. (2022). Pengaruh Pengetahuan Investasi, Return, Risiko, Modal Minimal, Kemudahan Aplikasi Investasi Online, dan Social Media Influencer Terhadap Minat Investasi Mahasiswa di Pasar Modal (Studi Pada Mahasiswa Fakultas Ekonomi Universitas Pendidikan Ganesha). Doctoral Dissertation, Universitas Pendidikan Ganesha.
Nugraha, B. A., & Rahadi, R. A. (2021). Analysis of Young Generations toward Stock Investment Intention: A Preliminary Study in an Emerging Market. Journal of Accounting and Investment, 22(1), 80–103. https://doi.org/10.18196/jai.v22i1.9606
OJK. (2025). Hasil Survei Nasional Literasi dan Inklusi Keuangan Tahun 2025. https://ojk.go.id/id/Fungsi-Utama/Perilaku-Pelaku-Usaha-Jasa-Keuangan/SNLIK/Pages/SNLIK-2025.aspx
Pandurugan, V., & Al Shammakhi, B. N. S. (2024). Modelling the theory of planned behaviour to evaluate the investment intention of generation Z in the speculative market: stocks, Forex and cryptocurrencies. Arab Gulf Journal of Scientific Research, 42(4), 1900–1916. https://doi.org/10.1108/AGJSR-07-2023-0319
Przybylski, A. K., Murayama, K., Dehaan, C. R., & Gladwell, V. (2013). Motivational, emotional, and behavioral correlates of fear of missing out. Computers in Human Behavior, 29(4), 1841–1848. https://doi.org/10.1016/j.chb.2013.02.014
Putri, M. A. R. (2023). Pengaruh Religiusitas Terhadap Perilaku Investor pada Socially Responsible Investment (SRI) dengan Pendekatan Theory of Planned Behavior (TPB). In Doctoral dissertation, Universitas Islam Negeri Maulana Malik Ibrahim.
Rahies, M. K., Khan, M. A., Askari, M., Ali, Q., & Shoukat, R. (2022). Evaluation of the Impact of Risk Tolerance and Financial Literacy on Investment Intentions of Securities Investors in Pakistan using the Theory of Planned Behavior (TBP). Empirical Economic Review, 5(1), 105–121. https://doi.org/10.29145/eer.51.05
Raut, R. K. (2020). Past behaviour, financial literacy and investment decision-making process of individual investors. International Journal of Emerging Markets, 15(6), 1243–1263. https://doi.org/10.1108/IJOEM-07-2018-0379
Saputri, N. D. M., Raneo, A. P., & Muthia, F. (2023). The FoMO Phenomenon: Impact on Investment Intentions in Millennial Generation with Financial Literacy as Moderation. Owner, 7(3), 2590–2597. https://doi.org/10.33395/owner.v7i3.1619
Sari, Z. M., & Wulandari, P. P. (2019). Pengaruh Norma Subjektif, Perceived Behavioral Control dan Persepsi Keamanan Terhadap Minat Masyarakat dalam Menggunakan Peer-to-Peer Lending (Studi Kasus pada Kota Malang). Jurnal Ilmiah Mahasiswa FEB, 7(2).
Sekaran, U., & Bougie, R. (2016). Research Methods for Business: A Skill Building Approach.
Setyorini, N., & Indriasari, I. (2020). Does millennials have an investment interest? theory of planned behavior perspective. Diponegoro International Journal of Business, 3(1), 28–35. https://doi.org/https://doi.org/10.14710/dijb.3.1.2020.28-35
Sidiq, A. W., & Niati, A. (2020). Pengaruh Tingkat Literasi Keuangan, Sikap Individu Terhadap Minat Investasi Saham di Kalangan Mahasiswa S2 Magister Manajemen Universitas Semarang. Solusi, 18(1), 1–16. https://doi.org/10.26623/slsi.v18i1.2097
Susanto, K. P., Mandagie, W. C., Endri, E., & Wiwaha, A. (2025). Financial literacy, technological progress, financial attitudes and investment decisions of Gen Z Indonesian investors. Investment Management and Financial Innovations, 22(1), 25–34. https://doi.org/10.21511/imfi.22(1).2025.03
Waningsih, R., & Meirini, D. (2023). Pengaruh Pengetahuan Investasi, Literasi Keuangan, Risiko Investasi dan Efikasi Keuangan Terhadap Minat Investasi Mahasiswa di PMS. Jurnal Pendidikan Ekonomi (JURKAMI), 8(2), 298–311. https://doi.org/10.31932/jpe.v8i1.2242
Xu, S., Yang, Z., Ali, S. T., Li, Y., & Cui, J. (2022). Does Financial Literacy Affect Household Financial Behavior? The Role of Limited Attention. Frontiers in Psychology, 13(June), 1–23. https://doi.org/10.3389/fpsyg.2022.906153
Yanuar, Y., & Arifin, A. Z. (2022). The Effect of Perceived Behavioral Control, Personality Traits, Financial Risk, and Expected Investment Value on Investment Intention Among Millennial Investors. Proceedings of the 3rd Tarumanagara International Conference on the Applications of Social Sciences and Humanities (TICASH 2021), 655(Ticash 2021), 901–906. https://doi.org/10.2991/assehr.k.220404.143
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Latifa Nur Rahmasari, Khoirul Hikmah
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Dinasti International Journal of Economics, Finance & Accounting (DIJEFA).
