Perceived Risk and Finfluencers as Determinants of Stock Investment Intention among Generation Z Employees at Universitas Negeri Padang: The Moderating Role of Financial Literacy

This study examines the relationships between perceived risk, finfluencers, and stock investment intention among Generation Z employees at Universitas Negeri Padang, with financial literacy serving as a moderating variable. A quantitative approach with a causal research design was employed. The study involved 104 respondents selected through purposive sampling, comprising Generation Z employees who met the research criteria. Data were collected using questionnaires and analyzed through multiple linear regression and Moderated Regression Analysis (MRA) with IBM SPSS Statistics. The results show that perceived risk is negatively associated with stock investment intention, whereas finfluencers are positively associated with stock investment intention. However, financial literacy does not significantly moderate either relationship. These findings indicate that although perceived risk and finfluencers are relevant to understanding stock investment intention, financial literacy does not significantly alter the strength of these relationships in the studied context. This study contributes empirical evidence to the investment literature by examining these relationships among Generation Z employees in a public university setting, including lecturers and educational staff. The findings highlight the importance of rational risk assessment and critical evaluation of financial information from finfluencers when making investment decisions