ABSTRACT
Indonesia is entering the digital financial inclusion era where the public utilizes the internet and digital platforms to have more resources. This condition attracts Indonesian millennials to explore financial instruments, especially in the stock market. During the COVID-19 pandemic, where the stock market price goes down, there is a unique phenomenon where the number of individual investors, dominated by millennials, is increasing. This paper examines whether behavioral bias occurs during the investment decision-making process. The main focus is examining the overconfidence level of millennial investors in the investment decision-making process during the pandemic. A quantitative research method is chosen to investigate the 114 valid respondents’ data collected using a Google Form questionnaire and then analyzed using partial least squares structural equation modeling (PLS-SEM). Overconfidence is proved to have a significant effect on the investment decision for millennial investors during the COVID-19 pandemic.
