Femilia, Dian Eka (2026) Pengaruh Overconfidence dan Risk Tolerance terhadap Keputusan Investasi Usaha dengan Literasi Keuangan sebagai Variabel Moderasi pada UMKM Food & Beverage di Surabaya. Undergraduate thesis, UPN Veteran Jawa Timur.
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Abstract
The increasingly dynamic growth of the Food & Beverage Micro, Small, and Medium Enterprises (MSMEs) sector in Surabaya requires business owners to make sound business investment decisions. However, investment decisions are not only influenced by rational considerations but can also be affected by behavioral factors such as overconfidence and risk tolerance. Furthermore, financial literacy can play a role in influencing the relationship between these behavioral factors and business investment decisions. Therefore, this study aims to analyze the influence of overconfidence and risk tolerance on business investment decisions and to examine the role of financial literacy as a moderating variable among Food & Beverage MSME entrepreneurs in Surabaya. This study employed a quantitative approach using primary data collected through a questionnaire distributed to 100 Food & Beverage MSME operators in Surabaya. Sampling was conducted using purposive sampling based on predetermined criteria, with the sample size determined using the Slovin formula. Data analysis was performed using the Structural Equation Modeling-Partial Least Squares (SEM-PLS) method with the assistance of the SmartPLS software. The analysis examined the effects of overconfidence and risk tolerance on business investment decisions and tested the role of financial literacy as a moderating variable. The results of the study indicate that overconfidence and risk tolerance can influence business investment decisions among MSME operators in the food and beverage sector in Surabaya. In addition, financial literacy plays a role in this relationship: higher levels of financial literacy increase the tendency for overconfidence to influence business investment decisions, while financial literacy reduces the influence of risk tolerance on such decisions.
| Item Type: | Thesis (Undergraduate) | ||||||||
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| Subjects: | H Social Sciences > HG Finance > HG4501-6051 Investment, capital formation, speculation | ||||||||
| Divisions: | Faculty of Economic and Business > Departement of Management | ||||||||
| Depositing User: | Dian Eka Femilia | ||||||||
| Date Deposited: | 22 Oct 2026 07:24 | ||||||||
| Last Modified: | 22 Oct 2026 07:24 | ||||||||
| URI: | https://repository.upnjatim.ac.id/id/eprint/61101 |
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