Analysis of the Effect of Demographic Factors and Subjective Norms on Stock Investment Decisions

Abstract

Investment decisions are an alternative for increasing future income by allocating funds into activities aimed at obtaining profits. Selecting the right investment can lead individuals to better future financial planning. Individual planning for investment decisions can take the form of stock investments. This study aims to obtain empirical evidence regarding the influence of demographic factors and subjective norms on stock investment decisions. This research was conducted on investors who actively transact on the Indonesian Stock Exchange and are registered as investors through Panin Securities in Semarang. A sample of 72 respondents was obtained using the margin of error (MoE) method. The analysis technique used was multiple linear regression. Based on the results of the analysis, age, education, and subjective norms have a positive effect on stock investment decisions. The coefficient of determination (adjusted R²) shows a value of 0.770, indicating that 77% of the variation in investment decisions is explained by the independent variables of age, education, and subjective norms, while the remaining 23% is explained by variables not included in this study.