The Influence of Financial Technology, Risk Tolerance, Financial Self-Efficacy, Cognitive Dissonance Bias, and Loss Aversion on Investment Decisions

Investment decisions are shaped by various investor considerations, including financial technology, risk tolerance, financial self-efficacy, cognitive dissonance bias, and loss aversion. Because the findings of previous studies have been inconsistent, this study re-examines the effect of these five variables on investment decisions. Data were collected quantitatively from 100 respondents in Wonosobo Regency, with the sample size determined using the Slovin formula, and analyzed using multiple linear regression. The simultaneous test shows that all independent variables have a significant effect on investment decisions. However, the partial test shows that only financial self-efficacy and cognitive dissonance bias are significant, indicating that investors take these two factors into account when investing. Meanwhile, financial technology, risk tolerance, and loss aversion show no significant effect