Investment Decision-Making under Covid-19 Pandemic Pressure Based on Demographic Variables




Investment decision-making, demographic variables, risk perception, risk attitude, COVID-19, Indonesia


The covid-19 Pandemic has made many people work from home to have much time to trade in the capital market. Through the "Yuk Nabung Saham” program, Indonesia Stock Exchange (IDX) tries to introduce the capital market to young investors through a partnership with the university. This study aimed to analyze the effect of demographic variables (age, gender, and experience) on investment decision-making through risk perceptions and risk attitudes in the Indonesia Stock Exchange under the Covid-19 pandemic pressure. Used SEM-PLS analysis with Mediation effects, 160 Surabaya’s Investors as respondents analyzed. This study showed that age, gender, and experience affect investment decision-making through risk perception and risk attitude. In the Covid-19 pandemic, market conditions were very dynamic and erratic, resulting in investors' perceptions and risk attitudes changing, thus changing their behaviour to become more speculative and reactive to take advantage of the market. Students’ respondents were currently young investors who may not yet have mature financial capabilities, so they had behaviour with a high psychological bias. But in the next ten years, these investors would have grown into professional investors who strengthened the Indonesia Stock Exchange.



Surya, Mohammad T. A.; Ady, Sri U. (2022). "Investment Decision-Making under Covid-19 Pandemic Pressure Based on Demographic Variables" Journal of World Economy: Transformations & Transitions (JOWETT) 2(04):18. DOI:


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