Behavioral Bias, Robo-Advisory, and Trading Decisions on Millennial Investors (Generation and Z) in Surabaya, Indonesia

This study aims to examine the effect of behavioral bias, namely overconfidence, and herding effect on trading decisions and examine the moderating effect of Robo-advisory on behavioral bias and trading decisions on young Millennial investors in Surabaya. This research is quantitative with primary data through a survey by distributing questionnaires to 100 respondents of young Millennial investors in Surabaya. The sampling technique used purposive sampling. Data does obtain through distributing questionnaires both online and offline—data analysis method using OLS (Ordinary Least Square) with SPSS application. The results of H1 and H2 are supported, while H3 is rejected. Overconfidence and the herding effect affect the stock trading decisions of young millennial investors in Surabaya. Meanwhile, Robo-advisory does not moderate the relationship between behavioral bias and investors' stock trading decisions.