Price, Customer Experience, e-WOM, Customer Loyalty, Shopee

Abstrak

This research is motivated by the complexity of the global financial market, a deep understanding of
investment instruments is key for investors. The purpose of this study in general is to analyze the level of
accuracy of stock returns on investment decisions with investment risk as an intervening variable and to
provide alternative solutions in making investment decisions on stocks. This study uses a quantitative
research method. The company data used as a sample in this study are 10 Manufacturing Companies in the
Food and Beverages Sub-Sector Listed on the Indonesia Stock Exchange (IDX) for the 2020-2023 Period using
a purposive sampling technique. The results of this study are: (1) The Stock Return Variable (X1) partially has
a significant effect on Investment Risk (Z) with a significant value of 0.000 < 0.05, it is stated that H0 is
rejected and H1 is accepted, (2) The Stock Return Variable (X2) partially does not have a significant effect on
Investment Decisions (Y) with a significant value of 0.952 > 0.05, it is stated that H0 is accepted and H2 is
rejected, (3) The Investment Risk Variable (X3) partially does not have a significant effect on Investment
Decisions (Y) with a significant value of 0.841 > 0.05, it is stated that H0 is accepted and H3 is rejected, (4)
The indirect effect of Stock Return (X4) on Investment Decisions (Y) through Investment Risk (Z) is 0.0701.
And it is known that the t-value on the Z variable has a value of 910.760 > 1.684. This means that Investment
Risk (Z) does not significantly mediate the relationship between Stock Return (X6) and Investment Decision
(Y) (Mediation Hypothesis Rejected), (5) This study shows that in making investment decisions it is very
important to understand the characteristics of each instrument. Where stocks offer the potential for high
profits with greater risk. Therefore, it is very important for investors to study, consult and understand in
depth with financial planners before making investment decisions