Unsystematic Risk Management based on Financial Literacy as a Supporting Factor in Investment Decisions
DOI:
https://doi.org/10.24269/ekuilibrium.v19i1.2024.pp136-148Abstract
This research examines financial literacy's influence on investment decisions through unsystematic risk management. The data source used in this research is primary data obtained through a questionnaire. The sampling technique used was purposive sampling, using sample criteria to enter as a research sample. This research involved 88 respondents as research samples. The analytical tool used to carry out statistical tests is SmartPLS. This study found that financial literacy and unsystematic risk management simultaneously had a significant positive effect on investment decisions. Unsystematic risk management has a significant positive effect on investment decisions. Furthermore, unsystematic risk management can mediate the relationship between financial literacy and investment decisions. This study highlights investor behavior in making investment decisions using the theory of planned behavior approach.
References
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Ahmad, M., & Shah, S. Z. A. (2022). Overconfidence heuristic-driven bias in investment decision-making and performance: mediating effects of risk perception and moderating effects of financial literacy. Journal of Economic and Administrative Sciences, 38(1), 60–90. https://doi.org/10.1108/jeas-07-2020-0116
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Ajzen, I. (2002). Perceived Behavioral Control , Self-Efficacy , Locus of Control , and the Theory of Planned Behavior1. Journal OfApplied Social Psychology, 665–683.
Antony, A., & Joseph, A. I. (2019). Influence of Behavioural Factors Affecting Investment Decision — An AHP Analysis. December 2017. https://doi.org/10.1177/0972622517738833
Awais, M., Fahad Laber, M., Rasheed, N., & Khursheed, A. (2016). International Journal of Economics and Financial Issues Impact of Financial Literacy and Investment Experience on Risk Tolerance and Investment Decisions: Empirical Evidence from Pakistan. International Journal of Economics and Financial Issues, 6(1), 73–79. http:www.econjournals.com
Baker, H. K., & Filbeck, G. (2015). Investment Risk Management.
Baker, H. K., Kumar, S., Goyal, N., & Gaur, V. (2019). How financial literacy and demographic variables relate to behavioral biases. Managerial Finance, 45(1), 124–146. https://doi.org/10.1108/MF-01-2018-0003
Bello, & Zakri. (2005). Idiosyncratic risk and mutual fund return. The Journal of Business and Economic Studies, 11(2).
Bikhchandani, S., Hirshleife, D., & Welch, I. (1992). A Theory of Fads , Fashion , Custom , and Cultural Change as Informational Cascades. Journal of Political Economy, 100(5), 992–1026.
Dhar, R., & Zhu, N. (2006). Up close and personal: Investor sophistication and the disposition effect. Management Science, 52(5), 726–740. https://doi.org/10.1287/mnsc.1040.0473
Falahati, L., Sabri, M. F., & Paim, L. H. J. (2012). Assessment a model of financial satisfaction predictors: Examining the mediate effect of financial behaviour and financial strain. World Applied Sciences Journal, 20(2), 190–197. https://doi.org/10.5829/idosi.wasj.2012.20.02.1832
Finucane, M. L., Alhakami, A., Slovic, P., & Johnson, S. M. (2000). The affect heuristic in judgments of risks and benefits. Journal of Behavioral Decision Making, 13(1), 1–17. https://doi.org/10.1002/(SICI)1099-0771(200001/03)13:1<1::AID-BDM333>3.0.CO;2-S
Firer, C. ; Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2008). Fundamentals of Corporate Finance.
Forlani, D., & Mullins, J. W. (2000). Perceived risks and choices in entrepreneurs’ new venture decisions. Journal of Business Venturing, 15(4), 305–322. https://doi.org/10.1016/S0883-9026(98)00017-2
Ganesan, Y., Allah Pitchay, A. Bin, & Mohd Nasser, M. A. (2020). Does intention influence the financial literacy of depositors of Islamic banking? A case of Malaysia. International Journal of Social Economics, 47(5), 675–690. https://doi.org/10.1108/IJSE-01-2019-0011
Gärling, T., Kirchler, E., Lewis, A., & van Raaij, F. (2009). Psychology, Financial Decision Making, and Financial Crises. Psychological Science in the Public Interest, Supplement, 10(1), 1–47. https://doi.org/10.1177/1529100610378437
Ghozali, I. (2014). Partial Least Squares (Konsep, Teknik dan Aplikasi SmartPLS 3,0). Universitas Diponegoro.
Gupta, P. K. (2011). Risk management in Indian companies: EWRM concerns and issues. Journal of Risk Finance, 12(2), 121–139. https://doi.org/10.1108/15265941111112848
Hamza, N., & Arif, I. (2019). Impact of Financial Literacy on Investment Decisions : The Mediating Effect of Big-Five Personality Traits Model. June.
Hassan Al-Tamimi, H. A., & Anood Bin Kalli, A. (2009). Financial literacy and investment decisions of UAE investors. Journal of Risk Finance, 10(5), 500–516. https://doi.org/10.1108/15265940911001402
Hoffmann, A. O. I., & Post, T. (2017). How return and risk experiences shape investor beliefs and preferences. Accounting and Finance, 57(3), 759–788. https://doi.org/10.1111/acfi.12169
Huston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs, 44(2), 296–316. https://doi.org/10.1111/j.1745-6606.2010.01170.x
Jackson, J. (2010). Promoting energy efficiency investments with risk management decision tools. Energy Policy, 38(8), 3865–3873. https://doi.org/10.1016/j.enpol.2010.03.006
Jorion, P. (2001). alue at Risk: The New Benchmark for Managing Financial Risk (2nd Editio). McGraw-Hil.
Junianto, Y., Kohardinata, C., & Silaswara, D. (2020). Financial Literacy Effect and Fintech in Investment Decision Making. Primanomics: Jurnal Ekonomi & Bisnis, 18(3), 150–168.
Kasoga, P. S. (2021). Heuristic biases and investment decisions: multiple mediation mechanisms of risk tolerance and financial literacy—a survey at the Tanzania stock market. Journal of Money and Business, 1(2), 102–116. https://doi.org/10.1108/jmb-10-2021-0037
Lam, J. (2001). Enterprise Risk Management: From Incentives to Controls, 2nd Edition.
Li, X., Miffre, J., Brooks, C., & O’Sullivan, N. (2008). Momentum profits and time-varying unsystematic risk. Journal of Banking and Finance, 32(4), 541–558. https://doi.org/10.1016/j.jbankfin.2007.03.014
Li, X., & Wu, Z. (2008). Reputation entrenchment or risk minimization?: Early stop and investor-manager agency conflict in fund management. Journal of Risk Finance, 9(2), 125–150. https://doi.org/10.1108/15265940810853904
Li, X., & Wu, Z. (2009). Corporate risk management and investment decisions. Journal of Risk Finance, 10(2), 155–168. https://doi.org/10.1108/15265940910938233
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
Merková, M., & Drábek, J. (2015). Use of Risk Analysis in Investment Measurement and Management. Procedia Economics and Finance, 34(15), 656–662. https://doi.org/10.1016/s2212-5671(15)01682-2
Mouna, A., & Anis, J. (2017). Financial literacy in Tunisia: Its determinants and its implications on investment behavior. Research in International Business and Finance, 39, 568–577. https://doi.org/10.1016/j.ribaf.2016.09.018
Mushinada, V. N. C. (2020). Are individual investors irrational or adaptive to market dynamics? Journal of Behavioral and Experimental Finance, 25. https://doi.org/10.1016/j.jbef.2019.100243
Mwathi, A. W., Kubasu, A., & Akuno, R. (2017). Effects of Financial Literacy on Personal Financial Decisions among Egerton University Employees , Nakuru. 5(3), 173–181. https://doi.org/10.11648/j.ijefm.20170503.16
Paquin, J. P., Gauthier, C., & Morin, P. P. (2016). The downside risk of project portfolios: The impact of capital investment projects and the value of project efficiency and project risk management programmes. International Journal of Project Management, 34(8), 1460–1470. https://doi.org/10.1016/j.ijproman.2016.07.009
Patil, S., & Bagodi, V. (2021). “A study of factors affecting investment decisions in India: The KANO way.†Asia Pacific Management Review, 26(4), 197–214. https://doi.org/10.1016/j.apmrv.2021.02.004
Rahman, M., & Gan, S. S. (2020). Generation Y investment decision: an analysis using behavioural factors. Managerial Finance, 46(8), 1023–1041. https://doi.org/10.1108/MF-10-2018-0534
Renn, O. (1998). Three decades of risk research : Accomplishments and new challenges. Journal of Risk Research, 1(1), 49–71.
Riawan. (2023). Peran Islamic Ethics Financial Behavior Dan Unsystematic Risk Management Dalam Investment Decision. Universitas Islam Sultan Agung Semarang.
Rosman, R., & Rahman, A. R. A. (2015). The practice of IFSB guiding principles of risk management by Islamic banks. The Eletronic Library, 6(2), 150–172.
Sabir, S. A., Mohammad, H. Bin, & Shahar, H. B. K. (2019). The role of overconfidence and past investment experience in herding behaviour with a moderating effect of financial literacy: Evidence from pakistan stock exchange. Asian Economic and Financial Review, 9(4), 480–490. https://doi.org/10.18488/journal.aefr.2019.94.480.490
Saputra, R. F., Suyanto, S., & Japlani, A. (2021). Pengaruh Literasi Keuangan Terhadap Minat Berinvestasi di Pasar Modal Dengan Perkembangan Teknologi Digital Sebagai Variabel Moderasi (Studi Empiris Mahasiswa Akuntansi Universitas Muhammadiyah Metro). Jurnal Akuntansi AKTIVA, 2(2), 196–203. http://scholar.ummetro.ac.id/index.php/aktiva/article/view/1543
Sashikala, V., & Chitramani, P. (2018). The Impact of Behavioural Factors on Investment Intention of Equity Investors. Asian Journal of Management., 09(01). https://doi.org/10.5958/2321-5763.2018.00028.8
Sathiyamurthi, K., Devi, K., & Raj, A. N. (2021). Materials Today : Proceedings Computational analysis and intelligence for mediating effect of investment knowledge on investment intention and investment behaviors. Materials Today: Proceedings, xxxx, 1–5. https://doi.org/10.1016/j.matpr.2021.01.062
Servon, L. J., & Kaestner, R. (2008). Consumer financial literacy and the impact of online banking on the financial behavior of lower-income bank customers. Journal of Consumer Affairs, 42(2), 271–305. https://doi.org/10.1111/j.1745-6606.2008.00108.x
Shah, S. Z. A., Ahmad, M., & Mahmood, F. (2018). Heuristic biases in investment decision-making and perceived market efficiency: A survey at the Pakistan stock exchange. Qualitative Research in Financial Markets, 10(1), 85–110. https://doi.org/10.1108/QRFM-04-2017-0033
Shukla, A., Rushdi, N. J., & Katiyar, R. C. (2020). Impact of behavioral biases on investment decisions ‘a systematic review.’ International Journal of Management, 11(4), 68–76. https://doi.org/10.34218/IJM.11.4.2020.009
Sindhu, R., Jandail, R. R. S., & Kumar, R. (2014). A Novel Approach for Sentiment Analysis and Opinion Mining. International Journal of Emerging Technology and Advanced Engineering, 4(4), 522–527.
Slovic, P. (1999). Trust, emotion, sex, politics and science: Surveying the risk-assessment battlefield. The Perception of Risk, 19(4), 390–412. https://doi.org/10.1111/j.1539-6924.1999.tb00439.x
Songling, Y., Ishtiaq, M., & Anwar, M. (2018). Enterprise Risk Management Practices and Firm Performance, the Mediating Role of Competitive Advantage and the Moderating Role of Financial Literacy. Journal of Risk and Financial Management, 11(3), 35. https://doi.org/10.3390/jrfm11030035
Thomas, A., & Spataro, L. (2018). Financial Literacy, Human Capital and Stock Market Participation in Europe. In Journal of Family and Economic Issues (Vol. 39, Issue 4). https://doi.org/10.1007/s10834-018-9576-5
van Rooij, M., Lusardi, A., & Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449–472. https://doi.org/10.1016/j.jfineco.2011.03.006
Widiyastuti, A., & Nashirudin, M. (2022). Faktor Penyebab Rendahnya Minat Mahasiswa Untuk Berinvestasi. Jurnal Justisia Ekonomika: Magister Hukum Ekonomi Syariah, 6(1). https://doi.org/10.30651/justeko.v6i1.13331
Xiang, C. Y. (2014). The Influence of Behavioral Factors in Making Investment Decisions and Performance: Study on Investors of Colombo Stock Exchange, Sri Lanka. Asian Journal of Finance & Accounting, 6(1).
Xiao, J. J., Chen, C., & Chen, F. (2014). Consumer financial capability and financial satisfaction. Social Indicators Research, 118(1), 415–432. https://doi.org/10.1007/s11205-013-0414-8
Ahmad, M., & Shah, S. Z. A. (2022). Overconfidence heuristic-driven bias in investment decision-making and performance: mediating effects of risk perception and moderating effects of financial literacy. Journal of Economic and Administrative Sciences, 38(1), 60–90. https://doi.org/10.1108/jeas-07-2020-0116
Ajzen, I. (1991). The Theory of Planned Behavior.
Ajzen, I. (2002). Perceived Behavioral Control , Self-Efficacy , Locus of Control , and the Theory of Planned Behavior1. Journal OfApplied Social Psychology, 665–683.
Antony, A., & Joseph, A. I. (2019). Influence of Behavioural Factors Affecting Investment Decision — An AHP Analysis. December 2017. https://doi.org/10.1177/0972622517738833
Awais, M., Fahad Laber, M., Rasheed, N., & Khursheed, A. (2016). International Journal of Economics and Financial Issues Impact of Financial Literacy and Investment Experience on Risk Tolerance and Investment Decisions: Empirical Evidence from Pakistan. International Journal of Economics and Financial Issues, 6(1), 73–79. http:www.econjournals.com
Baker, H. K., & Filbeck, G. (2015). Investment Risk Management.
Baker, H. K., Kumar, S., Goyal, N., & Gaur, V. (2019). How financial literacy and demographic variables relate to behavioral biases. Managerial Finance, 45(1), 124–146. https://doi.org/10.1108/MF-01-2018-0003
Bello, & Zakri. (2005). Idiosyncratic risk and mutual fund return. The Journal of Business and Economic Studies, 11(2).
Bikhchandani, S., Hirshleife, D., & Welch, I. (1992). A Theory of Fads , Fashion , Custom , and Cultural Change as Informational Cascades. Journal of Political Economy, 100(5), 992–1026.
Dhar, R., & Zhu, N. (2006). Up close and personal: Investor sophistication and the disposition effect. Management Science, 52(5), 726–740. https://doi.org/10.1287/mnsc.1040.0473
Falahati, L., Sabri, M. F., & Paim, L. H. J. (2012). Assessment a model of financial satisfaction predictors: Examining the mediate effect of financial behaviour and financial strain. World Applied Sciences Journal, 20(2), 190–197. https://doi.org/10.5829/idosi.wasj.2012.20.02.1832
Finucane, M. L., Alhakami, A., Slovic, P., & Johnson, S. M. (2000). The affect heuristic in judgments of risks and benefits. Journal of Behavioral Decision Making, 13(1), 1–17. https://doi.org/10.1002/(SICI)1099-0771(200001/03)13:1<1::AID-BDM333>3.0.CO;2-S
Firer, C. ; Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2008). Fundamentals of Corporate Finance.
Forlani, D., & Mullins, J. W. (2000). Perceived risks and choices in entrepreneurs’ new venture decisions. Journal of Business Venturing, 15(4), 305–322. https://doi.org/10.1016/S0883-9026(98)00017-2
Ganesan, Y., Allah Pitchay, A. Bin, & Mohd Nasser, M. A. (2020). Does intention influence the financial literacy of depositors of Islamic banking? A case of Malaysia. International Journal of Social Economics, 47(5), 675–690. https://doi.org/10.1108/IJSE-01-2019-0011
Gärling, T., Kirchler, E., Lewis, A., & van Raaij, F. (2009). Psychology, Financial Decision Making, and Financial Crises. Psychological Science in the Public Interest, Supplement, 10(1), 1–47. https://doi.org/10.1177/1529100610378437
Ghozali, I. (2014). Partial Least Squares (Konsep, Teknik dan Aplikasi SmartPLS 3,0). Universitas Diponegoro.
Gupta, P. K. (2011). Risk management in Indian companies: EWRM concerns and issues. Journal of Risk Finance, 12(2), 121–139. https://doi.org/10.1108/15265941111112848
Hamza, N., & Arif, I. (2019). Impact of Financial Literacy on Investment Decisions : The Mediating Effect of Big-Five Personality Traits Model. June.
Hassan Al-Tamimi, H. A., & Anood Bin Kalli, A. (2009). Financial literacy and investment decisions of UAE investors. Journal of Risk Finance, 10(5), 500–516. https://doi.org/10.1108/15265940911001402
Hoffmann, A. O. I., & Post, T. (2017). How return and risk experiences shape investor beliefs and preferences. Accounting and Finance, 57(3), 759–788. https://doi.org/10.1111/acfi.12169
Huston, S. J. (2010). Measuring Financial Literacy. Journal of Consumer Affairs, 44(2), 296–316. https://doi.org/10.1111/j.1745-6606.2010.01170.x
Jackson, J. (2010). Promoting energy efficiency investments with risk management decision tools. Energy Policy, 38(8), 3865–3873. https://doi.org/10.1016/j.enpol.2010.03.006
Jorion, P. (2001). alue at Risk: The New Benchmark for Managing Financial Risk (2nd Editio). McGraw-Hil.
Junianto, Y., Kohardinata, C., & Silaswara, D. (2020). Financial Literacy Effect and Fintech in Investment Decision Making. Primanomics: Jurnal Ekonomi & Bisnis, 18(3), 150–168.
Kasoga, P. S. (2021). Heuristic biases and investment decisions: multiple mediation mechanisms of risk tolerance and financial literacy—a survey at the Tanzania stock market. Journal of Money and Business, 1(2), 102–116. https://doi.org/10.1108/jmb-10-2021-0037
Lam, J. (2001). Enterprise Risk Management: From Incentives to Controls, 2nd Edition.
Li, X., Miffre, J., Brooks, C., & O’Sullivan, N. (2008). Momentum profits and time-varying unsystematic risk. Journal of Banking and Finance, 32(4), 541–558. https://doi.org/10.1016/j.jbankfin.2007.03.014
Li, X., & Wu, Z. (2008). Reputation entrenchment or risk minimization?: Early stop and investor-manager agency conflict in fund management. Journal of Risk Finance, 9(2), 125–150. https://doi.org/10.1108/15265940810853904
Li, X., & Wu, Z. (2009). Corporate risk management and investment decisions. Journal of Risk Finance, 10(2), 155–168. https://doi.org/10.1108/15265940910938233
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
Merková, M., & Drábek, J. (2015). Use of Risk Analysis in Investment Measurement and Management. Procedia Economics and Finance, 34(15), 656–662. https://doi.org/10.1016/s2212-5671(15)01682-2
Mouna, A., & Anis, J. (2017). Financial literacy in Tunisia: Its determinants and its implications on investment behavior. Research in International Business and Finance, 39, 568–577. https://doi.org/10.1016/j.ribaf.2016.09.018
Mushinada, V. N. C. (2020). Are individual investors irrational or adaptive to market dynamics? Journal of Behavioral and Experimental Finance, 25. https://doi.org/10.1016/j.jbef.2019.100243
Mwathi, A. W., Kubasu, A., & Akuno, R. (2017). Effects of Financial Literacy on Personal Financial Decisions among Egerton University Employees , Nakuru. 5(3), 173–181. https://doi.org/10.11648/j.ijefm.20170503.16
Paquin, J. P., Gauthier, C., & Morin, P. P. (2016). The downside risk of project portfolios: The impact of capital investment projects and the value of project efficiency and project risk management programmes. International Journal of Project Management, 34(8), 1460–1470. https://doi.org/10.1016/j.ijproman.2016.07.009
Patil, S., & Bagodi, V. (2021). “A study of factors affecting investment decisions in India: The KANO way.†Asia Pacific Management Review, 26(4), 197–214. https://doi.org/10.1016/j.apmrv.2021.02.004
Rahman, M., & Gan, S. S. (2020). Generation Y investment decision: an analysis using behavioural factors. Managerial Finance, 46(8), 1023–1041. https://doi.org/10.1108/MF-10-2018-0534
Renn, O. (1998). Three decades of risk research : Accomplishments and new challenges. Journal of Risk Research, 1(1), 49–71.
Riawan. (2023). Peran Islamic Ethics Financial Behavior Dan Unsystematic Risk Management Dalam Investment Decision. Universitas Islam Sultan Agung Semarang.
Rosman, R., & Rahman, A. R. A. (2015). The practice of IFSB guiding principles of risk management by Islamic banks. The Eletronic Library, 6(2), 150–172.
Sabir, S. A., Mohammad, H. Bin, & Shahar, H. B. K. (2019). The role of overconfidence and past investment experience in herding behaviour with a moderating effect of financial literacy: Evidence from pakistan stock exchange. Asian Economic and Financial Review, 9(4), 480–490. https://doi.org/10.18488/journal.aefr.2019.94.480.490
Saputra, R. F., Suyanto, S., & Japlani, A. (2021). Pengaruh Literasi Keuangan Terhadap Minat Berinvestasi di Pasar Modal Dengan Perkembangan Teknologi Digital Sebagai Variabel Moderasi (Studi Empiris Mahasiswa Akuntansi Universitas Muhammadiyah Metro). Jurnal Akuntansi AKTIVA, 2(2), 196–203. http://scholar.ummetro.ac.id/index.php/aktiva/article/view/1543
Sashikala, V., & Chitramani, P. (2018). The Impact of Behavioural Factors on Investment Intention of Equity Investors. Asian Journal of Management., 09(01). https://doi.org/10.5958/2321-5763.2018.00028.8
Sathiyamurthi, K., Devi, K., & Raj, A. N. (2021). Materials Today : Proceedings Computational analysis and intelligence for mediating effect of investment knowledge on investment intention and investment behaviors. Materials Today: Proceedings, xxxx, 1–5. https://doi.org/10.1016/j.matpr.2021.01.062
Servon, L. J., & Kaestner, R. (2008). Consumer financial literacy and the impact of online banking on the financial behavior of lower-income bank customers. Journal of Consumer Affairs, 42(2), 271–305. https://doi.org/10.1111/j.1745-6606.2008.00108.x
Shah, S. Z. A., Ahmad, M., & Mahmood, F. (2018). Heuristic biases in investment decision-making and perceived market efficiency: A survey at the Pakistan stock exchange. Qualitative Research in Financial Markets, 10(1), 85–110. https://doi.org/10.1108/QRFM-04-2017-0033
Shukla, A., Rushdi, N. J., & Katiyar, R. C. (2020). Impact of behavioral biases on investment decisions ‘a systematic review.’ International Journal of Management, 11(4), 68–76. https://doi.org/10.34218/IJM.11.4.2020.009
Sindhu, R., Jandail, R. R. S., & Kumar, R. (2014). A Novel Approach for Sentiment Analysis and Opinion Mining. International Journal of Emerging Technology and Advanced Engineering, 4(4), 522–527.
Slovic, P. (1999). Trust, emotion, sex, politics and science: Surveying the risk-assessment battlefield. The Perception of Risk, 19(4), 390–412. https://doi.org/10.1111/j.1539-6924.1999.tb00439.x
Songling, Y., Ishtiaq, M., & Anwar, M. (2018). Enterprise Risk Management Practices and Firm Performance, the Mediating Role of Competitive Advantage and the Moderating Role of Financial Literacy. Journal of Risk and Financial Management, 11(3), 35. https://doi.org/10.3390/jrfm11030035
Thomas, A., & Spataro, L. (2018). Financial Literacy, Human Capital and Stock Market Participation in Europe. In Journal of Family and Economic Issues (Vol. 39, Issue 4). https://doi.org/10.1007/s10834-018-9576-5
van Rooij, M., Lusardi, A., & Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449–472. https://doi.org/10.1016/j.jfineco.2011.03.006
Widiyastuti, A., & Nashirudin, M. (2022). Faktor Penyebab Rendahnya Minat Mahasiswa Untuk Berinvestasi. Jurnal Justisia Ekonomika: Magister Hukum Ekonomi Syariah, 6(1). https://doi.org/10.30651/justeko.v6i1.13331
Xiang, C. Y. (2014). The Influence of Behavioral Factors in Making Investment Decisions and Performance: Study on Investors of Colombo Stock Exchange, Sri Lanka. Asian Journal of Finance & Accounting, 6(1).
Xiao, J. J., Chen, C., & Chen, F. (2014). Consumer financial capability and financial satisfaction. Social Indicators Research, 118(1), 415–432. https://doi.org/10.1007/s11205-013-0414-8
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2024-03-15
How to Cite
Riawan, R., Widhianingrum, W., & Wijianto, W. (2024). Unsystematic Risk Management based on Financial Literacy as a Supporting Factor in Investment Decisions. Ekuilibrium : Jurnal Ilmiah Bidang Ilmu Ekonomi, 19(1), 136–148. https://doi.org/10.24269/ekuilibrium.v19i1.2024.pp136-148
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- Personal Servers. Authors and/or their employers shall have the right to post the accepted version of articles pre-print version of the article, or revised personal version of the final text of the article (to reflect changes made in the peer review and editing process) on their own personal servers or the servers of their institutions or employers without permission from Universitas Muhamamdiyah Ponorogo, provided that the posted version includes a prominently displayed Universitas Muhamamdiyah Ponorogo copyright notice and, when published, a full citation to the original publication, including a link to the article abstract in the journal homepage. Authors shall not post the final, published versions of their papers;
- Classroom or Internal Training Use. An author is expressly permitted to post any portion of the accepted version of his/her own articles on the author's personal web site or the servers of the author's institution or company in connection with the author's teaching, training, or work responsibilities, provided that the appropriate copyright, credit, and reuse notices appear prominently with the posted material. Examples of permitted uses are lecture materials, course packs, e-reserves, conference presentations, or in-house training courses;
- Electronic Preprints. Before submitting an article to an Ekuilibrium: Jurnal Ilmiah Bidang Ilmu Ekonomi, authors frequently post their manuscripts to their own web site, their employer's site, or to another server that invites constructive comment from colleagues. Upon submission of an article to Ekuilibrium: Jurnal Ilmiah Bidang Ilmu Ekonomi, an author is required to transfer copyright in the article to Economy Faculty Universitas Muhammadiyah Ponorogo, and the author must update any previously posted version of the article with a prominently displayed Economy Faculty Universitas Muhammadiyah Ponorogo copyright notice. Upon publication of an article by the Universitas Muhammadiyah Ponorogo, the author must replace any previously posted electronic versions of the article with either (1) the full citation to the work with a Digital Object Identifier (DOI) or link to the article abstract in Ekuilibrium: Jurnal Ilmiah Bidang Ilmu Ekonomi journal homepage, or (2) the accepted version only (not the final, published version), including the Economy Faculty Universitas Muhammadiyah Ponorogo copyright notice and full citation, with a link to the final, published article in journal homepage.
4. Articles in Press (AiP) service
Economy Faculty Universitas Muhammadiyah Ponorogo may choose to publish an abstract or portions of the paper before we publish it in the journal. Please contact our Production department immediately if you do not want us to make any such prior publication for any reason, including disclosure of a patentable invention.
5. Author/Employer Rights
If you are employed and prepared the article on a subject within the scope of your employment, the copyright in the article belongs to your employer as a work-for-hire. In that case, Economy Faculty Universitas Muhammadiyah Ponorogo assumes that when you sign this Form, you are authorized to do so by your employer and that your employer has consented to the transfer of copyright, to the representation and warranty of publication rights, and to all other terms and conditions of this Form. If such authorization and consent has not been given to you, an authorized representative of your employer should sign this Form as the Author.
6. RCEPM-LIPI Copyright Ownership
It is the formal policy of Economy Faculty Universitas Muhammadiyah Ponorogo to own the copyrights to all copyrightable material in its technical publications and to the individual contributions contained therein, in order to protect the interests of the Economy Faculty Universitas Muhammadiyah Ponorogo, its authors and their employers, and, at the same time, to facilitate the appropriate re-use of this material by others. Economy Faculty Universitas Muhammadiyah Ponorogo distributes its technical publications throughout the world and does so by various means such as hard copy, microfiche, microfilm, and electronic media. It also abstracts and may translate its publications, and articles contained therein, for inclusion in various compendiums, collective works, databases and similar publication.
7. Licensing Terms
Ekuilibrium is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Permissions beyond the scope of this license may be available at https://journal.umpo.ac.id/
