Pengaruh Persepsi Risiko dan Bandwagon Effect terhadap Minat Investasi: Studi pada Mahasiswa Pendidikan Bisnis Angkatan 2024 di Pasar Modal

The rapid growth of capital market investors in Indonesia has not been accompanied by a proportional increase in investment participation among university students, indicating the persistence of psychological and social barriers that influence investment decisions. Previous studies have reported inconsistent findings regarding the effects of risk perception and the bandwagon effect on investment interest, highlighting the need for further investigation within the context of Business Education students. Using a quantitative ex post facto approach, data were collected from all 85 students of the 2024 Business Education cohort at Universitas Negeri Medan through a total sampling technique. Responses obtained from Likert-scale questionnaires were analyzed using multiple linear regression, including t-tests, F-tests, and coefficient of determination analysis. The findings reveal that risk perception has a negative and significant effect on investment interest, whereas the bandwagon effect positively and significantly influences students' willingness to invest. Simultaneously, both variables explain 44.8% of the variation in investment interest, indicating that psychological considerations and social influence jointly shape students' investment intentions. These findings contribute to the development of the Theory of Planned Behavior in investment behavior research by demonstrating the complementary roles of internal attitudes and subjective social norms. The results also provide practical implications for universities and capital market institutions in designing financial literacy programs and investment education strategies that reduce perceived risk while fostering a positive investment environment among students