The Relationship Between Anxiety and Social Media in Stock Investment Decisions in Indonesia: Risk Tolerance as a Mediating Variable

Abstract

The general objective of this study is to see whether anxiety and social media affect investment decision making. This quantitative research uses a survey approach. This survey was conducted in 4 regional areas in Indonesia. Respondents in this study were retail investors who invested in stocks in the Indonesian capital market, totaling 300 respondents. The sampling technique used purposive sampling. Data analysis using Structural Equation Modeling (SEM) with SmartPls. Based on the test results, it can be seen that anxiety and social media have a direct relationship to investment decision making. Risk tolerance used as an intermediate variable in this study proved effective in mediating the relationship between anxiety and social media on investment decisions.