This study aims to examine the influence of fundamental analysis,
technical analysis, and psychological factors on investment decisions, as well
as the influence of fundamental analysis, technical analysis, and
psychological factors on investment decisions moderated by financial
literacy. This research method is a quantitative one with a descriptive
approach. The population in this study were FEB and FISIP UPN "Veteran"
East Java students, with a target sample of 209 respondents. The sampling
technique used was purposive sampling with the criteria of the millennial
generation, aged 20 to 28, being active investors. The sample in this study
was made up of millennial students, totaling 55 respondents.
The data collection method is a questionnaire. The data used in this
study is primary data collected through a questionnaire survey. The data
analysis used is the Structural Equation Model (SEM) with the Partial Least
squares (PLS) approach. This analysis is used to test hypotheses, namely,
fundamental analysis, technical analysis, psychological factors, financial
literacy, and investment decisions.
The results of the study show that fundamental analysis, technical
analysis, and psychological factors have no significant effect on investment
decisions, and financial literacy cannot moderate the relationship between
fundamental analysis, technical analysis, and psychological factors and
investment decisions. The limitations of this study are that it only uses 55
respondents, and the variables used have not been able to show a
relationship with investment decisions. It is hoped that further research can
increase the number of respondents, use other variables such as
macroeconomics, the latest news, graphic patterns, and herding, and make
financial literacy an independent or mediating variable.
Keywords: Fundamental Analysis, Technical Analysis, Psychological
Factors, Financial Literacy, Investment Decisions