Sijabat, Reza Syahputra (2026) Studi Komparasi Keputusan Alokasi Portofolio Investasi Saham Dan Reksa Dana Berdasarkan Literasi Keuangan, Ekspektasi Return, Risk Tolerance, Dan Herding Behavior. Undergraduate thesis, UPN Veteran Jawa Timur.
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Abstract
The development of financial technology (fintech) has driven a significant increase in the number of young Generation Z investors actively investing in stocks and mutual funds through digital platforms. This study aims to analyze differences in portfolio allocation decisions between stocks and mutual funds among Generation Z based on their level of financial literacy, return expectations, risk tolerance, and herding behavior. This study was a comparative quantitative study with 110 respondents from the Inflow Surabaya community selected through purposive sampling. Data were collected using a Likert-scale questionnaire and analyzed using descriptive statistics and the nonparametric Kruskal-Wallis test, as the data were not normally distributed. The results showed that financial literacy significantly differentiated stock allocations, but not mutual funds, as they were used as a balancing instrument by all groups. Return expectations significantly differentiated allocations between both instruments. Risk tolerance was shown to play a significant role, with individuals with high risk tolerance allocating more funds to stocks, while those with low risk tolerance preferred mutual funds. Herding behavior also significantly differentiated portfolio allocation decisions. Overall, cognitive and behavioral factors were shown to influence differences in portfolio allocations among Generation Z, necessitating increased financial education and behavioral bias control for more rational and optimal investment decisions. Keywords: Financial Literacy, Expected Return, Risk Tolerance, Herding Behavior, Portfolio Allocation, Generation Z, Stocks, Mutual Funds, Kruskal-Wallis, Behavioral Finance
| Item Type: | Thesis (Undergraduate) | ||||||||
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| Subjects: | H Social Sciences > HG Finance > HG4501-6051 Investment, capital formation, speculation | ||||||||
| Divisions: | Faculty of Social and Political Sciences > Departement of Business Administration | ||||||||
| Depositing User: | Reza Syahputra Sijabat | ||||||||
| Date Deposited: | 25 May 2026 06:57 | ||||||||
| Last Modified: | 25 May 2026 07:44 | ||||||||
| URI: | https://repository.upnjatim.ac.id/id/eprint/52408 |
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