The Influence of Financial Literacy, Financial Technology Literacy, Risk Perception, and Self-Efficacy on Investment Decisions of Capital Market Investors in Maluku Through Multi-Group Analysis

This study aims to analyze the influence of financial literacy, financial technology literacy, risk perception, and self-efficacy on investment decisions among capital market investors in Maluku. Additionally, it examines gender differences in these relationships through a multi-group analysis approach. In regions with relatively low financial literacy levels like Maluku, understanding factors that influence investment behavior is crucial for strengthening financial inclusion strategies. This research employed a descriptive-verificative approach using survey methodology through questionnaires. The sample was determined using Cochran's formula at a 5% significance level and adjusted based on gender distribution of capital market investors in Maluku, resulting in 228 male and 172 female respondents. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM), supplemented by Partial Least Squares Multi-Group Analysis (PLS-MGA) to evaluate differences across gender groups. Results indicate that simultaneously, financial literacy, financial technology literacy, risk perception, and self-efficacy significantly influence investment decisions in both gender groups. Partially, all four variables significantly influence investment decisions among male investors. However, among female investors, self-efficacy does not show significant effect. Furthermore, PLS-MGA results reveal significant differences between male and female investors only in risk perception influence, while other variables do not exhibit statistically significant differences. These findings contribute to deeper understanding of gender roles in investment behavior and provide practical implications for regulators and financial institutions in designing more inclusive financial literacy strategies.