The Effect of Heuristics, Herding Behavior, and Financial Literacy on Investment Decisions

Patriani Wahyu Dewanti, Amilia Ayu Pratiwi


This study aims to determine the effects of heuristics, herding behavior, and financial literacy on investment decisions. This study is quantitative research. The data were collected by online questionnaire in Google Forms. The sample in this study amounted to 100 respondents who were selected using a purposive sampling method (non-probability sampling) and analyzed using the Structural Equation Model (SEM) with a Partial Least Square (PLS) measurement tool. The results of this study indicate that heuristics, herding behavior, and financial literacy have positive effects on investment decisions.


Keywords: heuristics, herding behavior, financial literacy, investment decisions.

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