Khairani Saladin, Marwan Asri, Rahmat Eka Putra, Alfi Husni Fansurya
This study examines the literacy levels and investment behaviour of novice stock investors in Indonesia. Specifically, this study reveals the influence of investment literacy on risk tolerance, overconfidence, and herding behaviour, comparing men and women. The data was collected from 210 members of an Indonesian community for novice investors. Using the Mann-Whitney U test, the differences in investment behaviour between male and female investors were examined. This study also examines the effect of investment literacy on investor behaviour through structural equation modelling analysis. The findings show that female investors exhibit a greater aversion to risk and lower levels of investment confidence in comparison to their male counterparts. Furthermore, investment literacy significantly influences the behaviour of novice investors. However, the study found no significant differences between the two groups in terms of financial literacy and herding tendencies. The discussion includes implications for practice and potential avenues for future research. © 2025, Bulgarska Akademiya na Naukite. All rights reserved.
Tourism Department, Universitas Negeri Padang, Indonesia; Universitas Gadjah Mada, Indonesia; Politeknik Negeri Padang, Indonesia
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