Sustainable Stock Investment Decisions Integrating Digital Financial Literacy, Environmental Concern, and Behavioral Finance Factors

Abdul Syukur; Fakhmi  Zakari; Fery  Riyanto

doi:10.33633/jpeb.v11i2.17224

Authors

Abdul Syukur Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Dian Nuswantoro, Semarang
Fakhmi Zakari Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Dian Nuswantoro, Semarang
Fery Riyanto Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Dian Nuswantoro, Semarang

DOI:

https://doi.org/10.33633/jpeb.v11i2.17224

Keywords:

digital financial literacy, environmental concern, risk tolerance, sustainable stock investment, behavioral finance

Abstract

This study aims to examine the influence of Digital Financial Literacy, Environmental Concern, and Risk Tolerance on Sustainable Stock Investment Decision among stock investors in Indonesia. A quantitative approach was employed using a survey of 190 stock investors collected between January and February 2026 through a purposive sampling technique. The data were analyzed using Covariance-Based Structural Equation Modeling (CB-SEM) with SmartPLS 4. The results indicate that Digital Financial Literacy has a positive and significant effect on Sustainable Stock Investment Decision (β = 0.203; p < 0.05). Risk Tolerance also has a positive and significant effect (β = 0.704; p < 0.05) and emerges as the strongest predictor in the model. In contrast, Environmental Concern does not have a significant effect on Sustainable Stock Investment Decision (β = 0.084; p > 0.05). These findings suggest that sustainable stock investment decisions in Indonesia are influenced more by investors’ ability to utilize digital financial information and their tolerance for risk than by their concern for environmental issues..

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