Calculating Corporate Default Risk : Zombie Firm Model

This study aims to determine the effect of financial literacy on millennials' investment choice preferences. This study uses advanced financial literacy measurement in three dimensions: financial knowledge, financial attitude, and financial behavior. Meanwhile, investment choices are deposits, gold, property, mutual funds, and corporate stock. We surveyed the millennial generation, and 247 valid respondents participated in this study. We used multiple regression methods to evaluate the data. We found that financial literacy positively affects millennials' preference to invest in a company's stock and mutual funds. However, there is insufficient evidence to conclude that financial literacy affects millennials' investment preferences in deposits, gold, and property. However, this study shows that the risk attitude only affects investment preferences on a company's stock and positively moderates (strengthens) the financial attitude toward preferences on mutual funds