FINANCIAL DETERMINANTS OF INVESTMENT DECISION-MAKING IN FRAUDULENT SCHEMES WITH SCAM AWARENESS AS A MEDIATING VARIABLE AND RISK TOLERANCE AS A MODERATING VARIABLE

Authors

  • Adara Mishel Harjanto Universitas Ciputra Surabaya, Indonesia
  • Adi Kurniawan Yusup Universitas Ciputra Surabaya, Indonesia

DOI:

https://doi.org/10.29040/ijebar.v9i4.18483

Abstract

This study explores how financial literacy, financial behavior, and financial stress influence investment scam awareness, as well as how this awareness shapes investment decisions among Generation Z in Indonesia. This study applies Protection Motivation Theory (PMT) to explain how threat recognition and coping responses explain investors' behavior. Quantitative approach was used for this research with data sourced using an online questionnaire survey distributed to Generation Z investors in Indonesia through purposive sampling method. The data were evaluated using Structural Equation Modeling Partial Least Squares (SEM-PLS) using SmartPLS 4 to test the relationships between variables. The findings indicate that financial literacy has a positive and significant effect on investment scam awareness, allowing individuals to better recognize fraudulent schemes. In contrast, financial behavior and financial stress show no significant effect on awareness of investment scams. Furthermore, scam awareness does not directly affect investment decisions, but risk tolerance was proven to moderate this relationship. These findings show that although financial literacy improves scam awareness, investment decisions are also shaped by other factors. This work offers additional insight to existing literature by delivering a deeper understanding of how financial determinants shape investment decision-making in fraudulent investment contexts, especially among Generation Z investors in Indonesia.

Downloads

Published

2026-01-01

How to Cite

Harjanto, A. M., & Yusup, A. K. (2026). FINANCIAL DETERMINANTS OF INVESTMENT DECISION-MAKING IN FRAUDULENT SCHEMES WITH SCAM AWARENESS AS A MEDIATING VARIABLE AND RISK TOLERANCE AS A MODERATING VARIABLE. International Journal of Economics, Business and Accounting Research (IJEBAR), 9(4). https://doi.org/10.29040/ijebar.v9i4.18483

Issue

Vol. 9 No. 4 (2025): IJEBAR, VOL. 09 ISSUE 04, DECEMBER 2025

Section

Articles

Citation Check

License

Authors who publish with IJEBAR agree to the following terms: Authors retain copyright and grant the IJEBAR right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC BY-SA 4.0) that allows others to share (copy and redistribute the material in any medium or format) and adapt (remix, transform, and build upon the material) the work for any purpose, even commercially with an acknowledgement of the work's authorship and initial publication in IJEBAR. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in IJEBAR. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).