Analisis Keputusan Investasi: Tinjauan Literatur Sistematis

Authors

  • Ni Putu Shinta Dewi Fakultas Ekonomi dan Bisnis Universitas Mahasaraswati Denpasar
  • Isti Fadah Fakultas Ekonomi dan Bisnis Universitas Jember

DOI:

https://doi.org/10.32795/96q0es61

Keywords:

Investment Decision, Financial Literacy, Behavioural Finance, Cognitive Biases, Sustainable Finance

Abstract

This systematic literature review examines the key theories and factors influencing investment decision-making, based on 25 articles published between 2019 and 2024. The study highlights the role of behavioral finance and prospect theory in explaining how psychological biases, such as overconfidence and loss aversion, impact investor behavior. Financial literacy is identified as a critical factor in promoting informed decision making, while socio-economic and cultural factors, such as age and education, also shape investment preferences. The growing significance of sustainable finance, driven by environmental, social, and governance (ESG) considerations, is also discussed. The review emphasizes the need for future research to explore the interaction of these factors for better investment outcomes.

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References

Adil, M., Singh, Y., & Ansari, M. S. (2022). How financial literacy moderate the association between behaviour biases and investment decision?. Asian Journal of Accounting Research, 7(1), 17-30.

Ahmad, M., & Shah, S. Z. A. (2020). 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.

Anggraeni, D. (2024). The Impact Of Financial Literacy And Behavioral Bias On Investment Decisions. Jurnal Ilmiah Akuntansi Manajemen, 7(1), 1-13.

Ashfaq, M., Shafique, A., & Selezneva, V. (2024). Exploring the missing link: Financial literacy and Cognitive biases in Investment Decisions. Journal of Modelling in Management, 19(3), 871-898.

Bachtiar, Y., Sulistiyowati, L. N., & Setyahety, R. A. (2023). Investment Decisions: Investment Knowledge, Investment Motivation, And Financial Literacy With Investment Interest As An Intervening Variable In The Millennial Generation In The Capital Market. Asia Pacific Journal of Business Economics and Technology, 3(06), 115-126

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Published

08/30/2025

Issue

Vol. 7 No. 2 (2025): Widya Manajemen

Section

Articles

License

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How to Cite

Ni Putu Shinta Dewi, & Isti Fadah. (2025). Analisis Keputusan Investasi: Tinjauan Literatur Sistematis. Widya Manajemen, 7(2), 172-185. https://doi.org/10.32795/96q0es61