Exploring the Influence of Parental Financial Behavior, Financial Literacy, and Herding Behavior on Investment Behavior Among Generation Z Investors

Abstract

This study aims to determine the influence of parents' financial behavior, financial literacy, and herding behavior on the investment behavior of Generation Z Investors. The population of this study is management students of Universitas Ciputra Surabaya, with a total of 364 respondents. The sample selection method utilized a purposive sampling technique. The study was conducted by questionnaires and using the Structural Equation Model - Partial Least Square (SEM-PLS). This study showed that Parent Financial Behavior has positive effects on Financial Literacy and does not directly affect the Investment Behavior of Generation Z investors in management students of Universitas Ciputra Surabaya but instead has indirect effects on the students' Financial Literacy. This study also shows that Herding Behavior positively affects the Investment Behavior of undergraduate management students of Ciputra University Surabaya.