<![CDATA[ABSTRAK Penelitian ini bertujuan untuk mengetahui faktor-faktor apa saja yang berpengaruh terhadap keputusan investor saham syariah di Surabaya selama pandemi Covid-19. Faktor-faktor tersebut didapatkan melalui market variables, financial literacy, herding behavior, dan risk tolerance. Metode penelitian menggunakan pendekatan kuantitatif dengan teknik analisis yakni analisis faktor konfirmatori. Penelitian ini memakai teknik purposive dan snowball sampling untuk mendapatkan 100 responden melalui kuesioner yang disebar sesuai dengan kriteria yang telah ditentukan. Hasil dari penelitian menyatakan bahwa terdapat tiga faktor yang memengaruhi keputusan investor saham syariah di Surabaya selama pandemi Covid-19 yakni perilaku herding sebagai faktor utama, pengetahuan investasi sebagai faktor kedua, dan market variables sebagai faktor ketiga. Kata Kunci: Perilaku Herding, Pengetahuan Investasi, Market Variables, Keputusan Investasi, Pandemi Covid-19. ABSTRACT This study aims to determine what factors influence the decisions of Islamic stock investors in Surabaya during the Covid-19 pandemic. These factors are obtained through market variables, financial literacy, herding behavior, and risk tolerance. The research method uses a quantitative approach with analytical techniques, namely confirmatory factor analysis. This study used purposive and snowball sampling to get 100 respondents through questionnaires distributed according to the predetermined criteria. The results found that three factors influence the decisions of Islamic stock investors in Surabaya during the Covid-19 pandemic, i.e., herding behavior as the main factor, investment knowledge as the second factor, and market variables as the third factor. Keywords: Herding Behavior, Investment Knowledge, Market Variables, Investment Decisions, Covid-19 Pandemic. DAFTAR PUSTAKA Ahmed, Z., & Noreen, U. (2021). Role of behavioral determinants for investment decision making. 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