International Journal of Financial and Investment Studies (IJFIS)

THE INFLUENCE OF LITERACY, TOLERANCE, AND EXPERIENCE ON INVESTMENT DECISIONS OF GENERATION Z IN SURABAYA

Kevin Halim — 2026-08-13

The increasing participation of Generation Z in the Indonesian capital market needs to be balanced with the ability to make rational investment decisions in accordance with their risk profile. This study aims to analyze the influence of financial literacy, risk tolerance, and investment experience on the investment decisions of Generation Z investors in Surabaya. The study used a quantitative explanatory approach with a purposive sampling technique. The study respondents consisted of 225 Generation Z investors aged 18–29 years, domiciled in Surabaya, owning shares in the capital market, and having a customer fund account. Data were collected through an online questionnaire and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The results showed that financial literacy had no significant effect on investment decisions. Risk tolerance had a positive and significant effect on investment decisions. Investment experience also had a positive and significant effect. These three variables explained 33.0% of the variation in investment decisions. These findings indicate that Generation Z investment decisions are more determined by readiness to face risks and direct experience in the capital market than by mastery of basic financial concepts. Therefore, investment education programs need to focus on fundamental analysis, technical analysis, investment simulations, and portfolio risk management.

THE INFLUENCE OF INFORMATION TECHNOLOGY USE ON DIGITAL PAYMENT USE WITH SOCIAL MEDIA COMMUNITY AS A MODERATING VARIABLE

Maria Natalia Damayanti Maer — 2026-08-13

This study examines the influence of information technology use on digital payment use, with social media communities as a moderating variable. A quantitative approach was used with primary data collected from 202 Surabaya residents who had used mobile payments for shopping and participated in social media communities. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results show that information technology use has a positive relationship with digital payment use, although the effect is significant only at the 10% level. Social media communities have a stronger positive relationship with digital payment use. The interaction between information technology use and social media communities is also positive and significant at the 10% level, providing cautious support for the moderating effect. These findings suggest that the use of digital devices, internet access, service applications, and transaction information can support digital payment use, particularly when users also obtain information, recommendations, and assistance through social media communities. For businesses and service providers, technology development should therefore be supported by credible communication and community engagement. The study contributes to the discussion of digital payment use by showing that technological use and the social environment may work together in shaping user behavior.

FROM PLAY TO PURCHASE: HOW GAMIFICATION EXPERIENCE DRIVES PURCHASE INTENTION THROUGH TRUST, VALUE, AND ENGAGEMENT

Advent Chandra — 2026-08-13

This study aims to examine the influence of gamification experience on purchase intention, with perceived trust, perceived value, and customer engagement as mediating variables, among Shopee e-commerce users in East Java Province. This study uses a quantitative approach, with numerical scale data collected via an online questionnaire in Google Forms. The research population comprises individuals in East Java who have used Shopee and made transactions on it. The sampling technique used was nonprobability judgmental sampling, with the criteria that respondents were at least 17 years old and had made transactions in the last three months. A total of 200 respondents met the criteria and were analyzed in this study. All measurement items were graded using a five-point Likert scale, ranging from 1 (strongly disagree) to 5 (strongly agree). Data analysis was carried out using descriptive statistics and Structural Equation Modeling based on Partial Least Squares (PLS-SEM). The results show that gamification experience has a significant effect on perceived trust, perceived value, and customer engagement, with the strongest influence on customer engagement. However, the gamification experience does not have a significant direct effect on purchase intention. In addition, perceived value and customer engagement have a significant effect on purchase intention, whereas perceived trust does not. Mediation analysis showed that perceived value and customer engagement mediated the relationship between gamification experience and purchase intention, whereas perceived trust did not. These findings confirm that engagement-based mechanisms and value perceptions are more decisive in translating gamification experiences into purchase intent than trust alone, thereby expanding the theoretical understanding of gamification's effectiveness in the context of digital commerce.

THE INFLUENCE OF SUPPLIER RELATIONSHIP MANAGEMENT ON COMPETITIVE ADVANTAGE THROUGH SUPPLY CHAIN INTEGRATION

Ruth Srininta Tarigan — 2026-08-13

This study aims to analyze the effect of Supplier Relationship Management on Competitive Advantage, with Supply Chain Integration as a mediating variable, in medium- and large-scale manufacturing companies in East Java. The study uses an explanatory research approach with a non-probability sampling method through judgment sampling. Data were obtained by distributing questionnaires to 97 respondents and measured using a five-point Likert scale. Data analysis was performed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with the help of SmartPLS software. The results show that Supplier Relationship Management has a positive and significant effect on Supply Chain Integration (β = 0.766; p < 0.001) and Competitive Advantage (β = 0.286; p = 0.034). Supply Chain Integration also has a positive and significant effect on Competitive Advantage (β = 0.341; p = 0.021). Furthermore, the indirect effect of Supplier Relationship Management on Competitive Advantage through Supply Chain Integration was positive and significant (β = 0.261; p = 0.027). These findings indicate that Supply Chain Integration acts as a partial mediator in the relationship between Supplier Relationship Management and Competitive Advantage. Therefore, effective supplier relationship management needs to be supported by information integration, coordination, and involvement among supply chain actors so that companies can improve flexibility, delivery accuracy, the ability to meet customer needs, and competitive position.

THE INFLUENCE OF PRODUCT QUALITY, SERVICE QUALITY, AND ELECTRONIC WORD OF MOUTH ON PURCHASE INTENTION

Felix Enrico Evan Harianto — 2026-08-13

This study aims to analyze the influence of product quality, service quality, and electronic word of mouth on purchase intention among Serabi Notosuman Surakarta consumers. The study used a quantitative approach with a purposive sampling technique. Data were obtained through online questionnaires distributed to consumers who had visited or purchased at least twice and were at least 17 years old. Of the 102 questionnaires collected, 98 met the criteria and were used in the analysis. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with the help of SmartPLS 3.0. The results showed that product quality had no significant effect on purchase intention (β = 0.237; p = 0.161) or electronic word of mouth (β = 0.165; p = 0.148). Conversely, service quality had a positive and significant effect on purchase intention (β = 0.397; p = 0.001) and electronic word of mouth (β = 0.536; p < 0.001). Electronic word of mouth also had a positive and significant effect on purchase intention (β = 0.266; p = 0.008). These findings indicate that consumer purchase intention is more influenced by service quality and online consumer reviews or recommendations than by direct product quality. Therefore, management needs to maintain product quality while prioritizing improving service quality and managing electronic word of mouth to strengthen consumer purchase intention.