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Abstract

Purpose: This study aims to understand the significance of stock liquidity and volatility in investment decision-making among Generation Z and Millennial investors on the Indonesia Stock Exchange.


Research Method: This study employed a qualitative, phenomenological design. Data were collected through in-depth, semi-structured interviews with Generation Z and Millennial investors selected using purposive sampling. Data analysis was conducted using Miles' interactive model.


Results and Discussion: The research findings indicate that stock liquidity is viewed as a form of investment security and flexibility. At the same time, volatility is perceived as both an opportunity and a risk. Investment experience shapes more rational decision-making, while social media and social circles serve as sources of investment education. Generation Z tends to focus on growth opportunities, whereas Millennials place greater emphasis on risk management.


Implications: The research findings contribute to the development of financial literacy and to the design of investment education programs tailored to the characteristics of different investor generations.


Originality: This study offers a phenomenological perspective on the interpretation of stock liquidity and volatility among Generation Z and Millennial investors in Indonesia.

Keywords

investment decisions stock liquidity investor behavior stock volatility investor generation

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How to Cite
Nisa, K. T., Pasulu, M. S., Nurwahyudi, M., Arifuddin, A., & Said, D. (2026). Stock Liquidity and Volatility in Investors’ Investment Decisions on the Indonesia Stock Exchange. Advances: Jurnal Ekonomi & Bisnis, 4(3), 848–864. https://doi.org/10.60079/ajeb.v4i3.896
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