Self-Attribution Bias and Financial Factors in Stock Investment Decisions

Abstract

This study aims to examine the effect of self-attribution bias, financial technology, financial literacy, and risk tolerance on stock investment decisions among university students who are members of the Capital Market Study Group (Kelompok Studi Pasar Modal/KSPM) in Special Region of Yogyakarta. This study uses a quantitative approach with primary data obtained through a questionnaire from 53 respondents selected using non-probability sampling. The criteria include active KSPM members with stock investment experience. Data were analyzed using multiple linear regression with SPSS version 26. The results show that financial technology, financial literacy, and risk tolerance have a positive and significant effect on stock investment decisions, while self-attribution bias does not show a significant effect. These findings indicate that rational and technological factors play a more dominant role than psychological bias in shaping students’ stock investment decisions.