Pengaruh Financial Literacy, Risk Tolerance, Cognitive Bias, dan Financial Technology Terhadap Stock Market Participation pada Mahasiswa Program Studi Akuntansi Universitas Sumatera Utara - Indonesia

Abstract

Over the last few years, the number of investors in Indonesia has increased significantly. New investors are dominated by generation z who actively use the internet in their daily activities. Although the number is very large, there is a large number of investor tensions between the number of investors on the islands of Sumatra and Java. The purpose of this study was to examine the effect of financial literacy and information technology on the z generation capital market participation, in this case students. This research involved 235 Accounting study program students Batch 2019, 2020 and 2021 who have not/have/are investing in the capital market. Researchers used descriptive statistics and logistic regression using SPSS 25 to analyze the data. The results showed that simultaneously the four independent variables namely financial literacy, risk tolerance, cognitive bias and Financial technology have a significant effect on stock market participation. Partially, risk tolerance and Financial technology have a significant positive effect on stock market participation, while financial literacy has a non-significant negative effect on stock market participation and cognitive bias has a positive but not significant effect on stock market participation.