Abstract
During this uncertain pandemic situation, the number of investors is increasing all over the world. Nevertheless, this trend does not indicate the right investment decision, especially for young investors who have specific characteristics. Risk-based portfolio preference is expected to be a bridge or mediation that can contribute to investment decisions caused by goal-based investing. The objective of this study is to analyze the interrelation of goal-based investing, risk-based portfolio preference, and investment decision among young investors in Rumah Saham Indonesia/RSI (Indonesian Stock House). The population of this research was 935 young individual investors registered with RSI. Using a proportionate random sampling, 280 young investors participated as the respondents. The data were collected through questionnaire surveys, and the Structural Equation Model was employed to analyze the interrelationship among the construct variables. The results reveal that Goal-Based Investing has a positive influence on Risk-Based portfolio Preference and Investment Decision, Risk-based portfolio preference has a positive influence on Investment Decision. In the model, Risk-Based Portfolio Preference functions as a mediating variable.
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