https://mail.insyma.org/proceedings/files/original/articles/Muhammmad_Mawahib__Ahmadi.pdf Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Proceedings of the International Symposium on Management (INSYMA) (Vol 22, 2025) Proceedings meta_title Herding Behavior and Risk Perception: Psychological Determinants of Investment Choices in Emerging Markets Author #1 Tina Lestari Author #2 Le Hoai Nam Author #3 Muhammmad Mawahib Ahmadi Abstract/Description This research investigates the influence of behavioral factors—overconfidence, risk aversion, and herding behavior—on investment decision-making. Anchored in the principles of behavioral finance, the study emphasizes the psychological underpinnings that drive financial behavior beyond traditional rational models. Using a quantitative approach with a sample of 110 investors in Indonesia, the findings reveal that herding behavior exerts the strongest positive impact on investment decisions, highlighting the pivotal role of social influence in financial markets. Risk aversion also significantly shapes investment choices, indicating that investors with a higher tendency to avoid risk prefer more secure and stable assets. Meanwhile, overconfidence, though positively associated with investment decision-making, demonstrates a comparatively smaller effect. These results underscore the necessity for interventions aimed at improving investors' critical thinking and reducing susceptibility to cognitive and emotional biases. The study contributes to the growing body of literature on behavioral finance by offering empirical evidence on how individual psychological traits affect investment behavior in emerging markets. Future research is encouraged to expand the model by incorporating variables such as financial literacy, emotional intelligence, and market sentiment keywords a;b;c;d Behavioral Finance; Investment Decision-Making; Overconfidence; Risk Aversion; Herding Behavior publication_date 2025/06/20 2025/06/15 pdf_url https://insyma.org/proceedings/files/articles/Muhammmad_Mawahib__Ahmadi.pdf abstract_html_url https://insyma.org/proceedings/items/show/ https://insyma.org/proceedings/items/show/364 firstpage 315 lastpage 320 issn 3047-857X 3047-857X conference Proceedings of the International Symposium on Management (INSYMA) Proceedings of the International Symposium on Management (INSYMA) publisher_name Fakultas Bisnis dan Ekonomika, Universitas Surabaya Fakultas Bisnis dan Ekonomika, Universitas Surabaya no article 53 Volume 22 authors Tina Lestari, Le Hoai Nam, Muhammmad Mawahib Ahmadi Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Herding Behavior and Risk Perception: Psychological Determinants of Investment Choices in Emerging Markets Creator An entity primarily responsible for making the resource Tina Lestari, Le Hoai Nam, Muhammmad Mawahib Ahmadi