The effect of flexing influencer and customer attitude on social media on cryptocurrency investment decisions (study on gen z in north Jakarta)
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Abstract
This study is driven by the growing impact of flexing influencer content on social media toward Generation Z perspectives and investment decisions, especially in the high-risk cryptocurrency sector. The research examines whether flexing influencers and customer attitudes, either individually or jointly, affect cryptocurrency investment decisions. Using a quantitative explanatory approach, data were collected from 385 Generation Z respondents in North Jakarta through simple random sampling and analyzed with PLS-SEM. Findings show that both variables significantly influence investment decisions, partially and simultaneously. However, with an R-Square value of 0.124, they explain only 12.4% of the variance, indicating the presence of other dominant factors beyond this model.
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How to Cite
Sephiani, R., & Astuti, W. (2025). The effect of flexing influencer and customer attitude on social media on cryptocurrency investment decisions (study on gen z in north Jakarta). Enrichment : Journal of Management, 15(4), 435-444. https://doi.org/10.35335/enrichment.v15i4.2379
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Agustin, N., Yanti, Y., & Nasihin, I. (2023). Model Pengukuran Tax Evasion berbasis Money Ethics dan Tax Morals. Jurnal Riset Akuntansi & Perpajakan (JRAP), 10(1), 103–114. https://doi.org/10.35838/jrap.2023.010.01.10
Cahaya, Y. F., Sungkono, S., Rukmana, O., Rajoana, J., Setyarachma, A., Prasetyo, J. H., & Setyanto, E. (2024). Crypto apps: How user perceptions shape continued usage? Jurnal Manajemen Dan Pemasaran Jasa, 17(2), 223–240. https://doi.org/10.25105/v17i2.19866
Dameria, L. (2023). Motivasi Kerja, Budaya Organisasi, Lingkungan Kerja, dan Komitmen Organisasi Terhadap Kepuasan Kerja Karyawan Industri Kimia. Al Qalam: Jurnal Ilmiah Keagamaan Dan Kemasyarakatan, 17(6), 4059. https://doi.org/10.35931/aq.v17i6.2856
Dewi, R. D. (2022). PENGARUH HARGA, KERAGAMAN PRODUK DAN PROMOSI TERHADAP KEPUTUSAN PEMBELIAN KONSUMEN PADA GOSTORE (Study kasus pada Online Shop Yoruskin Store). 23–36.
Firmansyah, D., & Saepuloh, D. (2022). Social Learning Theory: Cognitive and Behavioral Approaches. Jurnal Ilmiah Pendidikan Holistik (JIPH), 1(3), 297–324. https://journal.formosapublisher.org/index.php/jiph/index
Furadantin, N. R. (2018). Analisis Data Menggunakan Aplikasi SmartPLS v.3.2.7 2018. Academia (Accelerating the World’s Research), 2. https://scholar.google.com/scholar?q=related:2uQwPffimx4J:scholar.google.com/&scioq=analisis+data+menggunakan+smartPLS&hl=id&as_sdt=0,5
Gunawan, H., & Prasetyo, J. H. (2020). The Influence of Service Quality towards the Customer Satisfaction of XYZ Bank at Gajah Mada Branch Office in West Jakarta. International Journal of Innovative Science and Research Technology, 5(3), 160–164. https://ijisrt.com/assets/upload/files/IJISRT20MAR004.pdf
Hair, J., & Alamer, A. (2022). Partial Least Squares Structural Equation Modeling (PLS-SEM) in second language and education research: Guidelines using an applied example. Research Methods in Applied Linguistics, 1(3), 100027. https://doi.org/10.1016/j.rmal.2022.100027
Hanif, H., Harahap, M. I., & Silalahi, P. R. (2025). Pengaruh Gaya Hidup , Fomo , Literasi Keuangan Syariah , dan Persepsi Risiko Terhadap Keputusan Investasi Cryptocurrency. 6(1), 83–93. https://doi.org/10.47065/jbe.v6i1.6916
Inci, A. C., & Lagasse, R. (2019). Cryptocurrencies: applications and investment opportunities. Journal of Capital Markets Studies, 3(2), 98–112. https://doi.org/10.1108/JCMS-05-2019-0032
Khaerunnisa, G., Mulyana, R., & Abdurrahman, L. (2023). Pengujian Pengaruh Tata Kelola Ti Terhadap Transformasi Digital Dan Kinerja Asuransi a Menggunakan Structural Equation Modeling. JIPI (Jurnal Ilmiah Penelitian Dan Pembelajaran Informatika), 8(2), 381–392. https://doi.org/10.29100/jipi.v8i2.3469
Marheni, D. K., Jenny, J., & Agustin, I. N. (2023). Cryptocurrency decision analysis as an instrument in modern financial markets through investment intention. Jurnal Manajemen Dan Pemasaran Jasa, 16(2), 237–254. https://doi.org/10.25105/jmpj.v16i2.17476
Norisnita, M., & Indriati, F. (2022). Application of Theory of Planned Behavior (TPB) in Cryptocurrency Investment Prediction: A Literature Review. Journal of Economics and Business, 5(2). https://doi.org/10.31014/aior.1992.05.02.424
Nurul Fahmi, A., Komariah, S., & Wulandari, P. (2024). Flexing Dan Personal Branding: Konten Analisis Sosial Media Generasi Z Di Indonesia. Jurnal Analisa Sosiologi, 13(1), 22–40.
Peng, S., Prentice, C., Shams, S., & Sarker, T. (2024). A systematic literature review on the determinants of cryptocurrency pricing. China Accounting and Finance Review, 26(1), 1–30. https://doi.org/10.1108/cafr-05-2023-0053
Perayunda, I. G. A. D., & Mahyuni, L. P. (2022). Faktor-Faktor Yang Mempengaruhi Keputusan Investasi Cryptocurrency Pada Kaum Milenial. EKUITAS (Jurnal Ekonomi Dan Keuangan), 6(3), 351–372. https://doi.org/10.24034/j25485024.y2022.v6.i3.5224
Praditya, F. P., & Kardiyem, K. (2023). Pengaruh Pengetahuan Keuangan Dan Sikap Keuangan Terhadap Perilaku Pengelolaan Keuangan Dengan Locus Of Control Sebagai Variabel Moderasi. Jurnal Pendidikan Ekonomi, 16(2), 173. https://doi.org/10.17977/um014v16i22023p173
Putu, K., Murjana, O., & Sinarwati, N. K. (2022). Persepsi Mahasiswa tentang Flexing dan Pengaruhnya Terhadap Keputusan Investasi. Jurnal Akuntansi Profesi, 13(3), 837–844.
Rijanto, B. P., & Utami, N. (2024). Financial technology, social media influencers, and experience of cryptocurrency investment decisions: Financial literacy’s role. Jurnal Manajemen Maranatha, 23(2), 201–216. https://doi.org/10.28932/jmm.v23i2.8717
Shecillia, Y. (2023). Hubungan Individualisme Ekonomi Terhadap Keterikatan Kerja Dimediasi Oleh Motivasi Kerja. 3, 1859–1872.
Yonatan, A. Z. (2024). 10 Media Sosial dengan Pengguna Terbanyak 2024. GoodStats. https://data.goodstats.id/statistic/10-media-sosial-dengan-pengguna-terbanyak-2024-CaJT1
Zanesty, R. A. R., Arya, T., Prakasa, D., Chantika, I., & Rakhmawati, N. A. (2022). ANALISIS PENGARUH INFLUENCER SOSIAL MEDIA TERHADAP KEPUTUSAN MASYARAKAT INDONESIA. 15(1), 44–59.