Attribution-ShareAlike 4.0 International (CC BY-SA 4.0)
Vol.%%03,%No.%12,%December%2023%
e-ISSN:%2807-8691,|,p-ISSN:%2807-839X$
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Impact'of'Influencer'Trustworthiness'and'Financial'
Literacy'on'Herding'Behavior'with'Risk'Perception'
Mediating'Variables'of'Indonesian'Millennial'Investors'
!
Herdyawan!Natahadi
1
,!Makaryanawati
2
,!Kamarul!Baraini!Keliwon
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Keywords)
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ABSTRACT!
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The$ease$of$investment$resulted$in$soaring$number$of$millennial$
investors$in$ In d onesia.$Most$ investors$in$Indonesia$are$a$beginner$
and$do$not$know$how$to$invest$properly.$Ignorance$of$investment$
encourages$ investors$ to$ find$ information$ and$ looking$ for$ role$
model$ then$ commonly$ leads$ to$ herding$ behaviour.$ This$ habit$
contradicts$ with$ traditional$ finance$ theory$ where$ investors$
supposed$ to$ invest$ rationally$ and$ avoid$ risk.$ This$ study$ will$
further$ explore$ the$ relationship$ between$ trustworthiness$ of$
financial$influencers$and$financial$literacy$on$herding$behaviours$
with$risk$perception$ as$mediating$variables$in$millennial$investors$
in$ Indonesia.$ Based$ on$ path$ analysis$ resulting$ the$ variable$
significantly$ influence$ each$ other$ directly$ or$ indirectly$ through$
mediating$ variable.$ Direct$ effect$ of$ trustworthiness$ financial$
influencer$positively$related$with$the$herding$behaviour,$but$the$
financial$ literacy$ negatively$ related$ with$ the$ herding$ behaviour.$
Indirectly$ Financial$ literacy$ level$ increased$ to$ increase$ risk$
perception$ and$ trustworthiness$ financial$ influencer$ vice$ versa.$
The$decrease$of$risk$perception$leads$millennial$investor$to$herd$
and$the$increase$of$risk$perception$make$investor$more$careful$to$
make$investment.!There$are$still$33%$of$other$factors$influenced$
outside$ this$ study,$ for$ example$ gender,$ age,$ income,$ occupation$
and$ many$ other.! Prior$ study$ has$ not$ examined$ the$ impact$ of$ a$
millennial$ follower’s$ trust$ on$ influencers$ to$ herding$ behaviours$
using$risk$perception$as$a$mediating$variable.$
!
!
!
INTRODUCTION!
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3;6$)'A%";G%F;)'"#5"<%(5:I3E$% :N)$56"'3:;.% H@5'&$5<:5$A%':%G$'$5<3;$%'&$% ;@<N$5% :I% )"<(E$)%3;%'&3)%
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5$\@35$GA%$%)\@"5$G%3)%'&$%<"5#)3#;3I39";9$%E$6$E.%S3;9$%'&$%(:(@E"'3:;%:I%<3EE$;;3"E%3;6$)':5)%'&"'%I:EE:J%
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7
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International!Journal!of!Social!Service!and!Research!% &''()*++34))5.53GJ";3;)'3'@'$.9:.3G+%
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&@;G5$G%)"<(E$)%3;%'&$%)'@G=.%%
T"'"%9:EE$9'3:;%J")%9:;G@9'$G%@)3;#%\@$)'3:;;"35$)%<$")@5$G%@)3;#%e3M$5'%)9"E$).%e3M$5'%)9"E$%
3)% "% <$")@5$<$;'% )9"E$% G$6$E:($G% N=% d$;)3)% e3M$5'% Ue3M$5'A% ,2[KW.% e3M$5'% )9"E$)% ,% ':% Z% <$")@5$% "%
)@N4$9'a)% 5$)(:;)$% ':% "% )'"'$<$;'.% Q&$% \@$)'3:;;"35$% @)$G% 3;% '&3)% )'@G=% "G"(')% (5$63:@)% 5$)$"59&A%
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G3)'53N@'$G% :;E3;$% 63"% T35$9'% D$))"#$% ";G% !$5):;"E% R&"'% ':% I:EE:J$5)% J&:% "5$% (:'$;'3"EE=% "9'36$% 3;%
3;6$)'3;#%'&5:@#&%):93"E%<$G3"%"99:@;'%(:)')A%")%)&:J;%3;%jc(($;G3O%FFk.%
Q&$%G"'"%9:EE$9'$G%"I'$5%G3)'53N@'3;#%\@$)'3:;;"35$)%':%I:EE:J$5)%:I%I3;";93"E%3;IE@$;9$5)%J")%,/1%
5$)(:;G$;').%Q&$%5$)(:;G$;'%G"'"%G3)"##5$#"'$G%"#"3;%5$#"5G3;#%'&3)%5$)$"59&%I:9@)$G%:;%"%<3EE$;;3"E.%
c% D3EE$;;3"E% 3)% ):<$:;$% N:5;% N$'J$$;% ,27-% ";G% K---% Um"<"E% $'% "E.A% K-K[X% m:;$)A% K-K,W.% % Q&$5$% "5$%
'J$;'=`I:@5%5$)(:;G$;')%N:5;%"I'$5%K---%"''"9&$G%3;%jQ"NE$%,k.%%
%
Table!1.!Respondent!year!of!birth!
Year!of!Birth!
Amount!
Percentage!
Q:'"E%
d$)(:;G$;'%
,/1%
,--i%
cN:6$%K---%
K/%
,/A/0i%
?$E:J%,27-%
-%
-A--i%
Millennials!
,K[%
1/A,-i%
Source:!Property!of!the!author’s!!!!!!!
Q&$%;@<N$5%:I%@)"NE$%)"<(E$)%5$G@9$G%':%,K[A%N@'%:;E=%,,,%5$)(:;G$;')%<$'%'&$%953'$53"%")%"%
<3EE$;;3"E%3;6$)':5%':%9:;G@9'%'&3)%)'@G=.%Q&3)%G"'"%)$$;%:;%jQ"NE$%Kk.%
%
Table!2.!Respondent!Investment!Profile!
Criteria!
Amount!
Percentage!
D3EE$;;3"E)%
,K[%
,--i%
C:'%"%D3EE$;;3"E%
3;6$)':5%
,K%
,-i%
Millennial!
Investor!
,,,%
2-i%
Source:!Property!of!the!author’s!!!!!!!
H5:<%'&$%)"<(E$%:I%<3EE$;;3"E)A%3'%3)%;$9$))"5=%':%5$9:;I35<%'&"'%'&$=%"5$%";%3;6$)':5%N=%")M3;#%
J&"'%3;6$)'<$;'%(E"'I:5<%@)$G%:;%jH3#@5$%KkA%%
International!Journal!of!Social!Service!and!ResearchA%%
_$5G="J";%C"'"&"G3
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A%D"M"5=";"J"'3
2
A%V"<"5@E%?"5"3;3%V$E3J:;
3
%
IJSSR!!"#$%19
!
Figure!2.!Investing!platform!used!by!respondent!
Source:!Property!of!the!author’s!!!!!!!
Research!Data!Analysis!
,. b"E3G3'=%";G%d$E3"N3E3'=%Q$)'%
Q&$%I35)'%)'$(% '"M$;%3;%<$")@53;#%'&$% 6"E3G3'=%:I%'&$% 6"53"NE$)%@)$G%3)%':%@)$%'&$% S!SS%K[%
"((E39"'3:;%':%#$'%'&$%9"E9@E"'$G%5%6"E@$.%H@5'&$5<:5$A%'&$%6"E@$%:I%5%'"NE$%:N'"3;$G%J3EE%N$%9:<("5$G%
J3'&%5%'"NE$A%3I%%5%6"E@$%&3#&$5%5%'"NE$%'&$;%'&$%\@$)'3:;)%:5%)'"'$<$;')%:;%'&$%\@$)'3:;;"35$%9";%N$%
@)$G%3;%5$)$"59&%U]&:P"E3A%K-K,W.%
F;%'&3)%)'@G=A%'&$%!$"5):;%";"E=)3)%'$)'%(5:G@9$G%"%9"E9@E"'$G%d%6"E@$%'&"'%6"53$G%I5:<%'&$%
E:J$)'%&"63;#%"%6"E@$%:I%-.Z[[% ':%'&$%&3#&$)'% J3'&%"%6"E@$%:I%-.1[1%J&39&%9:<("5$G%J3'&%'&$%'"NE$%d%
6"E@$%")%E3)'$G%3;%jQ"NE$%[k.%Q&$%!$"5):;%9:55$E"'3:;%6"E@$%:I%$6$5=% 6"53"NE$%3)%"N:6$%'&$%953'39"E% 6"E@$%
:I%'&3)%)'@G=%3)%-.,7Z%N")$G%:;%,,,%)"<(E$)%";G%"%<"5#3;%:I%$55:5%:I%-.Z.%S:A%3'%)'"'$G%'&"'%'&$%G"'"%
@)$G%3;%'&3)%)'@G=%"5$%"EE%6"E3G.%%
%
Table!3.!Validity!test!using!Pearson!Correlation!!
Variable!
Item!
Pearson!
Correlation!
Sig.!
n%
n,%
-A1KK%
-A---%
%
nK%
-A01K%
-A---%
%
n[%
-A02[%
-A---%
%
n/%
-A1[1%
-A---%
%
nZ%
-A0/[%
-A---%
o,%
o,.,%
-AZ11%
-A---%
%
o,.K%
-AZ/2%
-A---%
%
o,.[%
-A0/7%
-A---%
%
o,./%
-A1/2%
-A---%
%
o,.Z%
-A0Z2%
-A---%
%
o,.0%
-A07-%
-A---%
30
28
27
18
13
5
2 2
0
5
10
15
20
25
30
35
Mirae Asset Sekuritas
Ajaib
Bibit
IndoPremier Sekuritas
Mandiri Sekuritas
Valbury Sekuritas
BCA Sekuritas
BNI Sekuritas
Investing Platform
International!Journal!of!Social!Service!and!Research!% &''()*++34))5.53GJ";3;)'3'@'$.9:.3G+%
IJSSR!!"#$%20
oK%
oK.,%
-A0/Z%
-A---%
%
oK.K%
-A00/%
-A---%
%
oK.[%
-AZ1K%
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%
oK./%
-AZ[[%
-A---%
%
oK.Z%
-A1K-%
-A---%
%
oK.0%
-A0K,%
-A---%
%
oK.1%
-A0ZZ%
-A---%
%
oK.7%
-A00Z%
-A---%
%
oK.2%
-A00[%
-A---%
%
oK.,-%
-A0ZZ%
%
-A---%
p%
p,%
-A07Z%
-A---%
%
pK%
-A07,%
-A---%
%
p[%
-A0,[%
-A---%
%
p/%
-A0KZ%
-A---%
%
pZ%
-AZ2-%
-A---%
Source:!Property!of!the!author’s!!!!!!!
D:6$%:;A%5$E3"N3E3'=%'$)')%9:;G@9'$G%@)3;#%S!SS%K0%':%:N'"3;%R5:;N"9&a)%"E(&"%6"E@$.%Q&$%
6"53"NE$%J3EE%N$%G$9E"5$G%5$E3"NE$%J&$;%R5:;N"9&a)%"E(&"%6"E@$%#5$"'$5%'&";%-.1-%U]&:P"E3A%K-K,W.%
Q&$%5$)@E')%:I%'&$%R5:;N"9&%"E(&"%";"E=)3)%'$)'%)&:J%"%6$5=%)"'3)I"9':5=%6"E@$%")%)$$;%:;%jQ"NE$%/k.%
Q&$%6"E@$%:I%R5:;N"9&%"E(&"%3;%'&$)$%I3;G3;#)%3)%#5$"'$5%'&";%-.1-%):%'&$%G"'"%G$9E"5$G%5$E3"NE$.%
%
Table!4.!Reliability!test!using!Cronbach!Alpha!
Variable!
N!of!Item!
Cronbach!
Alpha!
n%
Z%
-A1KZ%
o,%
0%
-A1,1%
oK%
,-%
-A7[7%
p%
Z%
-A1[/%
K. RE"))39"E%c))@<('3:;%Q$)'%
d$I$553;#%':%'&$%N::M%N=%]&:P"E3%UK-K,WA%3;%9:;G@9'3;#%9E"))39"E%"))@<('3:;%'$)')A%'&5$$%'$)'%
<$'&:G)%<@)'%N$%9:;G@9'$G.%Q&$%I35)'%'$)'%<$'&:G%3)%'&$%V:E<:#:5:6`S<35;:6%'$)'A%J&39&%3)%"%'$)'%
':%$6"E@"'$%'&$%;:5<"E3'=%:I%G"'"%G3)'53N@'3:;%3I% '&$% 6"E@$% :I% ")=<(':'39% )3#;3I39";9$%:N'"3;$G%3)%
#5$"'$5%'&";%-.-Z.%Q&$%C:5<"E3'=%Q$)'%3;%'&3)%)'@G=%@)$G%V:E<:#:5:6%S<35;:6%Q$)'%";"E=)3).%Q&$%
'$)'%J")%9:;G@9'$G%'J39$%N$9"@)$A%3;%'&3)%)'@G=A%3'%3)%;$9$))"5=%':%9:;G@9'%";%3;G$($;G$;'%6"53"NE$%
5$#5$))3:;% ";"E=)3)% :I% '&$% <$G3"'3;#% 6"53"NE$% G$)953N$G% 3;% 5$#5$))3:;% ,% ";G% ";% 3;G$($;G$;'%
5$#5$))3:;%";"E=)3)%";G%<$G3"'3:;%:I%'&$%G$($;G$;'%6"53"NE$%G$)953N$G%3;%5$#5$))3:;%K.%Q&$%5$)@E')%
:I%'&$%;:5<"E3'=%'$)'%@)3;#%'&$%V:E<:#:5:6`S<35;:6%Q$)'%9:;9E@G$%'&"'%'&$%5$#5$))3:;%<:G$E%@)$G%
3)%;:5<"EE=%G3)'53N@'$G%J3'&%"%)3#;3I39";9$%6"E@$%:I%#5$"'$5%'&";%-.-ZA%")%)$$;%3;%jQ"NE$%Zk.%
%
International!Journal!of!Social!Service!and!ResearchA%%
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Table!5.!Normality!Test!using!One-Sample!Kolmogorov-Smirnov!Test!
One-Sample!Kolmogorov-Smirnov!Test!
!!
Residual!
Value!!!!!!!!!!!!!!!!
Regression!1!
Residual!
Value!!!!!!!!!!!!!!!!
Regression!2!
N!
,,,%
,,,%
Asymp.!Sig.!(2-tailed)!
.,-[%
.K--%
!
Q&$%;$O'%<$'&:G%3)%"%<@E'39:EE3;$"53'=%'$)'%):%'&"'%'&$5$%"5$%;:%G3II39@E'3$)%3;%3G$;'3I=3;#%3I%
'&$5$%"5$%6"53"NE$)%'&"'%&"6$%"%&3#&%9:55$E"'3:;.%d$)$"59&$5)%@)$%':E$5";9$%";G%bFH%6"E@$)%:N'"3;$G%
'&5:@#&% 5$#5$))3:;% '$)')% ':% ";"E=)$% <@E'39:EE3;$"53'=% ";G% 9:<("5$% '&$<% J3'&% '&$% E3<3'% :I%
<@E'39:EE3;$"53'=%6"E@$).%Q&$%G"'"%E3<3'%3)%)"3G%;:'%':%:99@5.%D@E'39:EE3;$"53'=%3)%"%':E$5";9$%6"E@$%
#5$"'$5%'&";%-.,-%";G%"%bFH%6"E@$%E:J$5%'&";%,-%U]&:P"E3A%K-K,W.%S:A%3'%9:;9E@G$)%'&"'%'&$%5$#5$))3:;%
<:G$E%@)$G%3;%'&3)%)'@G=%G:$)%;:'%:99@5%3;%<@E'39:EE3;$"53'=%"99:5G3;#%':%)'"'3)'39"E%'$)')%")%)&:J;%
3;%jQ"NE$%0k.%
Table!6.!Multicollinearity!test!
Model!
Collinearity!
Statistics!
Tolerance!
VIF!
Regression!1!
o,%
A27K%
,A-,2%
oK%
A27K%
,A-,2%
Regression!2!
o,%
A2,2%
,A-77%
oK%
A2/[%
,A-0,%
p%
A2,,%
,A-21%
Source:!Property!of!the!author’s!!!!!!!
Q&$% E")'%3)%'&$%&$'$5:)9$G")'393'=%'$)'A%J&39&%"3<)%':%I3;G%:@'%3I%'&$5$%3)%;:%@;3I:5<3'=%3;%6"53";9$%
'&"'%3)%"'%53)M%:I%(5:G@93;#%3;'$5(5$'"'3:;%$55:5).%Q&3)%)'@G=%@)$G%S($"5<";a)%5&:%";"E=)3)%':%(5:G@9$%
5$)3G@"E% 6"E@$)% 3;% &$'$5:)M$G")'393'=% '$)'3;#.% Q&$% 5$)3G@"E% 6"E@$% J3EE% 9:;9E@G$% I5$$% I5:<%
&$'$5:)M$G")'393'=% )=<(':<)% 3I% 3'% 3)% <:5$% '&";% #5$"'$5% '&";% -.-Z-.% d$I$553;#% ':% jQ"NE$% 1k% :I% N:'&%
5$#5$))3:;% <:G$E)A% ;:;$% &"G% )=<(':<)% :I% &$'$5:)M$G")'393'=% N$9"@)$% "EE% 5$)3G@"E% 6"E@$)% $O9$$G$G%
-.-Z-%"99:5G3;#%':%'&$%"''"9&$G%S!SS%'$)'%5$)@E').%
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Table!7.!Heteroscedasticity!test!using!Spearman’s!rho.!
!!
!!
Residual!
Value!
Regression!1!
S($"5<";a)%
5&:%
o,%
S3#.%UK`'"3E$GW%
A[,0%
oK%
S3#.%UK`'"3E$GW%
A772%
Regression!2!
S($"5<";a)%
5&:%
o,%
S3#.%UK`'"3E$GW%
A2Z1%
oK%
S3#.%UK`'"3E$GW%
A7/K%
p%
S3#.%UK`'"3E$GW%
A2[7%
Source:!Property!of!the!author’s!!!!!!!
International!Journal!of!Social!Service!and!Research!% &''()*++34))5.53GJ";3;)'3'@'$.9:.3G+%
IJSSR!!"#$%22
Path!Analysis!
("'&%";"E=)3)%3)%;$9$))"5=%':%G$'$5<3;$%&:J%<@9&%3;IE@$;9$%'&$%3;G$($;G$;'%6"53"NE$%&")%:;%
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"%3)%"%9:$II393$;'%'5@)'J:5'&3;$))%I3;";93"E%3;IE@$;9$5+%I3;";93"E%E3'$5"9=%':%($59$('3:;%53)MA%N%3)%9:$II393$;'%
:I%($59$('3:;%53)M%':%&$5G3;#%N$&"63:@5A%";G%S8%3)%)'";G"5G%$55:5%$"9&%9:$II393$;'.%Q&$%S:N$E%Q$)'%%3)%"%
)'"'3)'39"E%'$)'%@)$G%':%'$)'%'&$%3;G35$9'%3;IE@$;9$%:I%<$G3"':5%6"53"NE$)%UcN@`?"G$5%>% m:;$)A%K-K,X%S:N$EA%
,27KW.% F;% 9"E9@E"'3;#% '&$% S:N$E% '$)'A% 5$)$"59&$5)% @)$% 3;'$5"9'36$% S:N$E% 9"E9@E"'3:;% ):I'J"5$% 95$"'$G%
U!5$"9&$5%>%e$:;"5G$EE3A%K--,W.%
* +
,-
.
/-
'
01
+
'
2'/,
'
01
,
'
2
%
U/W%
%
RESULTS!
Descriptive!Statistics!
T$)953('36$%)'"'3)'39"E%";"E=)3)%3)%;$$G$G%':% (5:63G$%3;'$5(5$'"'3:;% ";G%G$)953N$%G"'"%'&5:@#&%
<$";%6"E@$)A%<3;3<@<%6"E@$)A%<"O3<@<%6"E@$)%";G%)'";G"5G%G$63"'3:;)%U]&:P"E3A%K-K,W.%Q&$%6"E@$)%
#$;$5"'$G%I5:<%G$)953('36$%)'"'3)'39"E%'$)')%"5$%@)$G%':%$O(E"3;%'&$%G"'"%':%<"M$%3'%$")3$5%':%@;G$5)'";G%
";G%(5:63G$% "% E3''E$% 3;)3#&'% 3;':%'&$% 5$)$"59&% :;% '&$% 6"53"NE$)% @)$G.%Q&$%5$)@E')% :I% '&$% )'"'39% '$)'%"5$%
"''"9&$G%':%jQ"NE$%7k.%
!
Table!8.!Descriptive!Statistic!
Descriptive!Statistics%
!
N!
Minimum!
Maximum!
Median!
Mean!
Std.!Deviation!
X1!
,,,%
,0%
K2%
K-.Z%
K,.17%
K.7Z7%
X2!
,,,%
K/%
/2%
[0.Z%
[[.7,%
Z.Z,,%
Z!
,,,%
7%
K-%
,[%
,[.0K%
K.2-Z%
Y!
,,,%
,-%
K[%
,0.Z%
,Z.1[%
K.2-7%
Valid!N!
(listwise)!
,,,%
%
%
%
%
%
Source:!Property!of!the!author’s!!!!!!!
International!Journal!of!Social!Service!and!ResearchA%%
_$5G="J";%C"'"&"G3
1
A%D"M"5=";"J"'3
2
A%V"<"5@E%?"5"3;3%V$E3J:;
3
%
IJSSR!!"#$%23
Q&$%"''"9&$G%jQ"NE$%7k%)&:J)%,,,%)"<(E$)%)&:J;%3;%9:E@<;%CA%";G%"EE%:I%'&$<%"5$%6"E3G.%Q&$%
"6$5"#$%6"E@$%3)%&3#&$5%'&";%'&$%)'";G"5G%G$63"'3:;A%";G%9:;9E@G$G%'&"'%"EE%'&$%G"'"%3)%6"53$G%";G%$6$;E=%
G3)'53N@'$G.%C:%5$)@E'%)'";G)%:@'%<:5$%'&";%'&$%:'&$5.%D:)'%5$)(:;G$;')%'5@)'%'&$%3;IE@$;9$5A%@;G$5)'";G%
I3;";93"E%E3'$5"9=A%&"6$%"%#::G%53)M%($59$('3:;A%";G%'$;G%;:'%':%G:%&$5G3;#%N$&"63:@5).%
Regression!1!
%
) Table!9.!Model!Summary!Regression!Model!1!
Model!Summary!
Model!
R!
R!Square!
Adjusted!R!
Square!
Std.!Error!of!the!
Estimate!
Regression!
Model!1!
.1[K%
.Z[0%
.ZK7%
-.7,,Z2%
Source:!Property!of!the!author’s!!!!!!!
Q&$% I35)'% 5$#5$))3:;% '$)'% 3)% ':% $6"E@"'$% 5$#5$))3:;% N$'J$$;% 3;G$($;G$;'% 6"53"NE$)A% ;"<$E=%
'5@)'J:5'&3;$))%:I%I3;";93"E%3;IE@$;9$5)%Uo,W%";G%I3;";93"E%E3'$5"9=%UoKW%J3'&%6"53"NE$)%<$G3"'3;#%53)M%
($59$('3:;%UpW.%d$I$553;#% ':% jQ"NE$% 2k% :I% '&$% <:G$E% )@<<"5=A% d%6"E@$%3)%&:J%<@9&%'&$%3;G$($;G$;'%
6"53"NE$%3;%"%5$#5$))3:;%"II$9')%'&$%3;G$($;G$;'%6"53"NE$.%F;%'&$%I35)'%5$#5$))3:;A%3'%9:;9E@G$G%'&"'%'&$%
3;IE@$;9$%:I%6"53"NE$)%o,%";G%oK%:;%p%3)%Z[%($59$;'A%):%'&$%5$<"3;3;#%/1i%3;IE@$;9$G%N=%:'&$5%$O:#$;:@)%
6"53"NE$)%'&"'%;:'%@)$G%N=%5$)$"59&$5%3;%'&3)%)'@G=%N")$G%:;%'&$%"G4@)'$G%d%)\@"5$.%
%
Table!10.!Regression!Model!1!
Coefficients!
Variable!
Unstandardized!
Coefficients!
Standardized!
Coefficients!
t!
Sig.!
B!
Std.!Error!
Beta!
!
X1!
`.KZ0%
.-K1%
`.0K-%
`2.[17%
.---%
X2!
.,-[%
.-,/%
./7K%
1.K72%
.---%
Source:!Property!of!the!author’s!!!!!!!
Q&$%5$)@E')%:I%5$#5$))3:;%9:;G@9'$G%@)3;#%S!SS%)$$;%:;%jQ"NE$%,-k%)&:J%&:J%<@9&%3;IE@$;9$%
'&$% 3;G$($;G$;'% 6"53"NE$% &")% :;% '&$% G$($;G$;'% E3)'$G% 3;% '&$% ?$'"% )'";G"5G3P$G% 9:$II393$;')% 9:E@<;.%
^&$5$% '&$% '5@)'J:5'&3;$))% :I% I3;";93"E% 3;IE@$;9$5)% Uo,W% ;$#"'36$E=% "II$9')% '&$% 53)M% ($59$('3:;% :I% "%
<3EE$;;3"E%3;6$)':5%N=%`-.0K-A%:5%$6$5=%3;95$")$%3;%'&$%'5@)'J:5'&3;$))%:I%I3;";93"E%3;IE@$;9$5)%Uo,W%N=%
,i%'&$5$%3)%"% 9&";#$%:I%`-.0K-%3;%'&$% 53)M% ($59$('3:;%:I%<3EE$;;3"E% 3;6$)':5).% H@5'&$5<:5$A%H3;";93"E%
e3'$5"9=% UoKW% &")% "% (:)3'36$% $II$9'% :;% '&$% 53)M% ($59$('3:;% :I% "% <3EE$;;3"E% 3;6$)':5% N=% -./7KA% :5% $6$5=%
3;95$")$%3;%I3;";93"E%E3'$5"9=%UoKW%N=%,i%'&$5$%3)%"%9&";#$%:I%-./7K%3;%'&$%53)M%($59$('3:;%:I%"%<3EE$;;3"E%
3;6$)':5.%H5:<%'&3)%5$#5$))3:;%$6"E@"'$%3'%9:;9E@G$G%'&"'%'&$%3;IE@$;9$%:I%o,%";G%oK%:;%'&$%6"53"NE$%p%3)%
)3#;3I39";'%N$9"@)$%'&$%6"E@$%:I%S3#.%t-.Z-.%S:%'&"'%'&$%I:EE:J3;#%$\@"'3:;%)'"'$G%:;%UZW%
!
p+3%456%&
&
'3%785%&
'
%s%6948:.!
UZW%
!
Regression!2!
!
Table!11.!Regression!Model!2!
Model!Summary!
Model!
R!
R!Square!
Adjusted!R!
Square!
Std.!Error!of!the!
Estimate!
International!Journal!of!Social!Service!and!Research!% &''()*++34))5.53GJ";3;)'3'@'$.9:.3G+%
IJSSR!!"#$%24
Regression!
Model!1!
.7KZ%
.07,%
.01K%
,.,2-01%
Source:!Property!of!the!author’s!!!!!!!
Q&$%)$9:;G%5$#5$))3:;%'$)'%3)%':%$6"E@"'$%5$#5$))3:;%N$'J$$;%'&$%3;G$($;G$;'%6"53"NE$%";G%'&$%
<$G3"'3;#%6"53"NE$A%;"<$E=%'5@)'J:5'&3;$))%:I%I3;";93"E%3;IE@$;9$5)%Uo,WA%I3;";93"E%E3'$5"9=%UoKWA%";G%53)M%
($59$('3:;%UpW%:I%'&$%G$($;G$;'%6"53"NE$A%;"<$E=%_$5G3;#%?$&"63:@5)%UnW.%d$I$553;#%':%jQ"NE$%,,k%:I%'&$%
<:G$E%)@<<"5=A%6"E@$%3)%&:J%<@9&%'&$%3;G$($;G$;'%6"53"NE$%3;%"%5$#5$))3:;%"II$9')%'&$%3;G$($;G$;'%
6"53"NE$.%F;%'&$%I35)'%5$#5$))3:;A%3'%9: ;9E@G$G%'&"'%'&$%3;IE@$;9$%:I%6"53"NE$)%o,A%oKA%";G%p%:;%n%3)%01iA%):%
'&$%5$<"3;3;#%[[i%3)%3;IE@$;9$G%N=%:'&$5%$O:#$;:@)%6"53"NE$)%'&"'%J$5$%;:'%@)$G%N=%'&$%5$)$"59&$5%3;%
'&3)%)'@G=%N")$G%:;%'&$%"G4@)'$G%d%)\@"5$.%%
%
Table!12.!Regression!Model!2!
Coefficients!
Model!
Unstandardized!
Coefficients!
Standardized!
Coefficients!
t!
Sig.!
B!
Std.!Error!
Beta!
%
X1!
-.256!
.-K1%
`.0K-%
`2.[17%
.---%
X2!
.103!
.-,/%
./7K%
1.K72%
.---%
Source:!Property!of!the!author’s!!!!!!!
Q&$% ;$O'% S!SS% 5$#5$))3:;% 5$)@E'% jQ"NE$% /.Zk% )&:J% &:J% <@9&% 3;IE@$;9$% '&$% 3;G$($;G$;'% ";G%
<$G3"'3:;%6"53"NE$)%&"6$%:;%'&$%G$($;G$;')%E3)'$G%3;%'&$%?$'"%)'";G"5G3P$G%9:$II393$;')%9:E@<;.%^&$5$%
'&$%'5@)'J:5'&3;$))%:I%I3;";93"E%3;IE@$;9$5)%Uo,W%&")%"%(:)3'36$%$II$9'%:;% '&$%&$5G3;#%N$&"63:@5)%:I%"%
<3EE$;;3"E%3;6$)':5%N=%-.Z12A%:5%$6$5=%3;95$")$%3;%'&$%'5@)'J:5'&3;$))%:I%I3;";93"E%3;IE@$;9$5)%Uo,W%N=%
,iA%'&$5$%3)%"%9&";#$%:I%-.Z12%3;%'&$%&$5G3;#%N$&"63:@5)%:I%<3EE$;;3"E%3;6$)':5).%H@5'&$5<:5$A%'&$5$%3)%
H3;";93"E%e3'$5"9=%UoKW%;$#"'36$E=%"II$9'3;#%'&$%&$5G3;#%N$&"63:@5)%:I%"%<3EE$;;3"E%3;6$)':5%N=%`-.K77A%:5%
$6$5=%3;95$")$%3;%I3;";93"E%E3'$5"9=%UoKW%N=% ,i%'&$5$%3)%"%9&";#$%:I%`-.K77%3;%'&$%&$5G3;#%N$&"63:@5)%:I%"%
<3EE$;;3"E%3;6$)':5.%H3;"EE=A%'&$%53)M%($59$('3:;%UpW%:I%"%<3EE$;;3"E%3;6$)':5%;$#"'36$E=%"II$9')%'&$%&$5G3;#%
N$&"63:@5)%:I%<3EE$;;3"E%3;6$)':5)%N=%`-./-ZA%:5%$6$5=%3;95$")$%3;%53)M%($59$('3:;%UpW%N=%,iA%'&$5$%3)%"%
9&";#$%:I%`-./-Z%3;%'&$%&$5G3;#%N$&"63:@5)%:I%<3EE$;;3"E%3;6$)':5).%H5:<%'&3)%5$#5$))3:;%$6"E@"'3:;A%3'%
9:;9E@G$G%'&"'%'&$%3;IE@$;9$%:I%o,%";G%oK%:;%'&$%6"53"NE$%p%3)%)3#;3I39";'%N$9"@)$%'&$%6"E@$%:I%S3#.%t-.Z-.%
S:%'&$%I:EE:J3;#%$\@"'3:;%)'"'$G%:;%U0W%
!
n%r%
%;<=%>
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'3%588%?'3%76;%>
'
'69;47
.!
U0W%
Sobel!Test!Result!
Q"NE$%,[.%S:N$E%Q$)'%o,u%p%u%n%
%
%
%
!
Source:!Property!of!the!author’s!!!!!!!
H@5'&$5<:5$A%"%S:N$E%'$)'%3)%;$$G$G%':%"))$))%J&$'&$5%'&$%<$G3"'3:;%6"53"NE$%@)$G%9";%<$G3"'$%
'&$%3;G$($;G$;'%";G%G$($;G$;'%6"53"NE$)%@)$G.%S:N$E%'$)'%5$)@E')%#$'%"%6"E@$%:I%vZ.70Z0v%I:5%o,u%pu%n%
";G%v`Z.-72v%I:5%oKu%p%u%nA%")%)$$;%3;%jQ"NE$%,[k.%Q&$%"N):E@'$%6"E@$%:I%'&$%S:N$E%'$)'%<@)'%$O9$$G%,.20%
J3'&% "% )3#;3I39";9$%:I% E$))% '&";% -.-Z%':% (5:6$% '&$% 6"53"NE$% <$G3"'$)% '&$% 3;G$($;G$;'% ";G% G$($;G$;'%
6"53"NE$)%U_ ";G"=";3%>%d")&3GA%K-,0W.%^3'&%'&$%I@EI3E<$;'%:I%'&$%S:N$E%'$)'%N$;9&<"5M)A%53)M%($59$('3:;%
)3#;3I39";'E=%<$G3"'$)%'&$%3;IE@$;9$%:I%I3;";93"E%3;IE@$;9$5%'5@)'J:5'&3;$))%";G%I3;";93"E%E3'$5"9=%:;%'&$%
&$5G3;#%N$&"63:@5)%:I%<3EE$;;3"E%3;6$)':5).%
Model!
Sobel!Test!
Value!
Std.!Error!
p-value!
X1→!Z→!Y!
Z.0Z0%
-.-,[%
-.-------K%
X2→!Z!→!Y!
`Z.-72%
-.--Z%
-.------[0%
International!Journal!of!Social!Service!and!ResearchA%%
_$5G="J";%C"'"&"G3
1
A%D"M"5=";"J"'3
2
A%V"<"5@E%?"5"3;3%V$E3J:;
3
%
IJSSR!!"#$%25
Hypothesis!Analysis%
Figure!3.!Diagram!with!Coefficient!Attached!
Source:!Property!of!the!author’s!!!!!!!
d$)$"59&$5)%3;9E@G$%'&$%9:$II393$;'%6"E@$%:;%'&$%5$)$"59&%G3"#5"<%I5:<%"EE%5$#5$))3:;%'$)')%";G%
'&$%S:N$E%'$)'%':%<"M$%3'%$")3$5%':%@;G$5)'";GA%")%"''"9&$G%':%jH3#@5$%[k.%?")$G%:;%'&$%5$)@E')%:N'"3;$GA%
'&$%5$)$"59&$5%&")%)@<<"53P$G%'&$%5$)@E')%:I%'&$%&=(:'&$)$)%"''"9&$G%':%jQ"NE$%,/k.%%
!
Table!14.!Hypothesis!Test!
Hypothe
sis!
Path!
Regression!
Coefficient!
Sig.!
Sobel!
Test!
Statistic!
p-Value!
Result!
H1!
X1!→!Z!
`-A0K-%
.---%
%
%
Accepte
d!
H2!
X2!→!Z!
-A/7K%
.---%
%
%
Accepte
d!
H3!
Z!→!Y!
`-./-Z%
.---%
%
%
Accepte
d!
H4!
X1!→!Y!
-AZ12%
.---%
%
%
Accepte
d!
H5!
X2!→!Y!
`-AK77%
.---%
%
%
Accepte
d!
H6!
X1→!Z!→!Y!
%
%
ZA0Z%
-A--%
Accepte
d!
H7!
X2→!Z!→!Y!
%
%
`ZA-7%
-A--%
Accepte
d!
Source:!Property!of!the!author’s!!!!!!!
8"9&%6"53"NE$%&")%"%)3#;3I39";'%3<("9'%I:5%G35$9'%$II$9'%N")$G%:;%3')%5$)($9'36$%("'&A%3;G39"'$G%N=%
"%)3#;3I39";9$% 6"E@$%N$E:J%-.-Z.%D:6$% :;%':%&=(:'&$)3)%:;$% '&"'% I3;";93"E%3;IE@$;9$5%'5@)'J:5'&3;$))%
;$#"'36$E=% 3;IE@$;9$)% 53)M% ($59$('3:;A% <"'9&$)% J3'&% (5$63:@)% 5$)$"59&% :;% '&$% Q5@)'J:5'&3;$))% :I%
3;IE@$;9$5)% 3)% 3<(:5'";'% 3;% ($;$'5"'3;#% 3;I:5<"'3:;% N$9"@)$% 3'% 9";% 3;IE@$;9$% '&$% ($59$('3:;% ";G%
N$&"63:@5)% :I% '&$35% I:EE:J$5)% UcEH"55"4% $'% "E.A% K-K,W% S($93I39"EE=A% '&$% 3;IE@$;9$% $O$5'$G% N=% 3;IE@$;9$5%
'5@)'J:5'&3;$))% J3EE% ;$#"'36$E=% "II$9'% "99:5G3;#% ':% &:J% ";% 3;IE@$;9$5% N@3EG)% '5@)'% 3;% &3)% I:EE:J$5)%
UT$)&N&"#%>%D:&";A%K-K-X%D:5"$)%$'%"E.A%K-,2W.% _=(:'&$)3)%'J:%I3;";93"E%E3'$5"9=%(:)3'36$E=%3;IE@$;9$)%
−0,620
0,482
-0,405
Trustworthiness
Influencer financial
(X1)
Financial Literacy (X2)
Herding Behaviors (Y)
Risk Perception (Z)
H1
0,579
H2
H3
−0,288
𝒆
𝟏
= 𝟎, 𝟔𝟖𝟏
𝒆
𝟐
= 𝟎, 𝟓𝟔𝟒
H7
H6
H4
H5
5,08
5,65
International!Journal!of!Social!Service!and!Research!% &''()*++34))5.53GJ";3;)'3'@'$.9:.3G+%
IJSSR!!"#$%26
53)M%($59$('3:;.%Q&3)%)'@G=%(5:6$)%'&"'%'&$5$%"5$%3;G$$G%G3II$5$;9$)%3;%'&$%53)M%($59$('3:;%:I%($:(E$%J3'&%
G3II$5$;'% 9:#;3'36$% E$6$E)% UV";"#")"N"3% >% c##"5J"EA% K-K-W.% F;% E3;$% J3'&% (5$63:@)% 5$)$"59&% :;% 53)M%
<";"#$<$;'A%3'%J3EE%N$%<@9&%N$''$5%3I%I3;";93"E%E3'$5"9=%3)%&3#&%UV@<"53A%K-K-W%_=(:'&$)3)%'&5$$%53)M%
($59$('3:;%3;IE@$;9$)%&$5G3;#%N$&"63:5)%;$#"'36$E=A%Q&3)%I3;G3;#%3)%9:;'5"5=%':%5$)$"59&%'&"'%)'"'$)%'&$%
&@<";% 3;)'3;9'% '&"'% 3)% "I5"3G% ':% '"M$% 53)M)% J:@EG% G:% &$5G3;#% N$&"63:@5)% ':% "6:3G% 53)M)% Ub$G"G3% >%
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;"<$E=%'&"'%'&$%<:5$%($:(E$%J";'%':%"6:3G% 53)M%:5%&"6$%"% &3#&%($59$('3:;%:I%53)MA%'&$%E$))%E3M$E=%':%$;#"#$%
3;%&$5G3;#%N$&"63:5)%UH:5E";3%>%D@EE3;)A%K---X%C@5%c3;3%>%e@'I3A%K-,2W.%%
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REFERENCES!
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V;:JE$G#$A%e3'$5"9=%";G%F;6$)'<$;'%T$93)3:;.%@'$0-3,")!"&$0",&-.",1)A./0",1).:)23.".'-3%),"5)
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