Determinants of Investment Decisions in Capital Markets with Trust as a Moderator

Sabrina Sabrina (), Haliah Haliah and Muh. Irdam Ferdiansah
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Sabrina Sabrina: Hasanuddin University
Haliah Haliah: Hasanuddin University
Muh. Irdam Ferdiansah: Hasanuddin University

A chapter in Proceedings of the 9th International Conference on Accounting, Management, and Economics 2024 (ICAME 2024), 2025, pp 1289-1308 from Springer

Abstract: Abstract This study aims to examine the influence of social media influencers, risk perception, and return expectations on investment decisions in the capital market, with trust as a moderating variable. This study uses a quantitative approach with primary data obtained through purposive sampling technique, involving 100 respondents from generation Z (born 1995-2012) who live in Makassar City. Data were collected through questionnaires using Google Forms and analysed with SPSS version 26, using multiple regression tests and moderation regression analysis. The results showed that social media influencers, risk perception, and return expectation have a positive influence on investment decisions. In addition, the trust variable is proven to pseudo-moderate the influence of the three variables on investment decisions. These findings suggest that the level of trust can strengthen or weaken the impact of social media influencers, risk perceptions, and return expectations in influencing investment decisions in the capital market, and emphasise the important role of trust, especially among young investors.

Keywords: Social Media Influencer; Risk Perception; Return Expectation; Investment Decision; Trust (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-758-8_105

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DOI: 10.2991/978-94-6463-758-8_105

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