Digital Platform, Financial Literacy and Motivation on Generation Z's Decision to Invest in Islamic Stocks: A Structural Equation Modelling Analysis

Any Tsalasatul Fitriyah, Naili Rahmawati

Abstract


This study aims to determine the relationship between the measurement and structural models of digital platform, financial literacy, motivation, and Generation Z's decision to invest in Islamic stocks. Furthermore, this study uses Structural Equation Modeling (SEM) analysis and involves more than two variables, with 123 respondents from West Nusa Tenggara, Indonesia, who actively invest in Islamic stocks, providing accurate information through multivariate analysis. The study found that digital platforms and motivation have a significant impact on Generation Z's decision to invest in Islamic stocks, while financial literacy has an insignificant effect. However, the analysis results indicated that financial literacy has indirectly motivated them to invest in these types of stocks through motivation. This suggests that digital platforms and motivation play a crucial role in investment decisions. Therefore, service providers need to continuously develop digital applications as transaction tools to cater to the needs of Generation Z. Additionally, improving financial literacy is crucial to increasing people's investment skills, even though it may not directly affect investment decisions.

Keywords


digital platform; financial literacy; motivation; decision to invest

Full Text:

PDF

References


Ahmad, K., & Fauzan, M. (2007). Kitab Undang-Undang Hukum Perbankan dan Ekonomi Syariah. Kencana.

Aisa, N. N. (2022). Do Financial Literacy and Technology Affect Intention to Invest in the Capital Market in the Early Pandemic Period? Journal of Accounting and Investment, 23(1), 49-65.

Al Ibrahim, M. H., & Adib, N. (2018). Perilaku Investor Individu dalam Pengambilan Keputusan Investasi Saham (Studi Kasus Pada Investor Saham Individu di Malang). Jurnal Ilmiah Mahasiswa FEB, 7(1). 1-9.

Aziz, A. (2021). Besok, BEI Luncurkan Indeks 17 Saham Syariah BUMN, Ini Daftarnya!. https://investor.id/market-and-corporate/246432/besok-bei-luncurkan-indeks-17-saham-syariah-bumn-ini-daftarnya.

Bencsik, A., & Machova, R. (2016). Knowledge Sharing Problems from The Viewpoint of Intergeneration Management. ICMLG2016-4th International Conference on Management, Leadership and Governance. Kidmore End: Academic Conferences International Limited.

Berliana, B., Ari Ambarwati, S. D., & Yacobus, A. (2022). Determinants of Capital Market Investment Interest in the Millenial Generation in the Covid-19 Pandemic. International Journal of Economics, Business and Accounting Research, 6(2). https://doi.org/10.29040/ijebar.v6i2.5525.

Bonang, D., & Fitriyah, A. T. (2021). Society's Preference Concerns with Cashless and Cardless Transactions in Mataram, West Nusa Tenggara. Jurnal Manajemen Dakwah, 7(2), 301-325. https://doi.org/10.14421/

jmd.2021.72-05.

Darmawan, A., Kurnia, K., & Rejeki, S. (2019). Pengetahuan Investasi, Motivasi Investasi, Literasi Keuangan dan Lingkungan Keluarga Pengaruhnya terhadap Minat Investasi di Pasar Modal. Jurnal Ilmiah Akuntansi dan Keuangan, 8(2), 44-56. https://doi.org/10.32639/

jiak.v8i2.297.

Fadila, N., Goso, G., Hamid, R. S., & Ukkas, I. (2022). Pengaruh Literasi Keuangan, Financial Technology, Persepsi Risiko, dan Locus of Control terhadap Keputusan Investasi Pengusaha Muda. Owner: Riset dan Jurnal Akuntansi, 6(2), 1633-1643. https://doi.org/10.33395/

owner.v6i2.789.

Fitriyah, A. T., & Husni, V. H. (2020). Statistik Penelitian Ekonomi dan Bisnis. Sanabil.

Hasibuan, M. S. (2010). Manajemen Sumber Daya Manusia. Bumi Aksara.

Hutasoit, A. H. (2021). Effect of Information Technology, Investment Knowledge and Financial Literacy Millennial Generation of Interest Invest in Capital Market. Jurnal Mantik, 4(1), 1700-1707.

IDX. (2021). Transaksi Sesuai Syariah. Https://idx.co.id/id/idx-syariah/transaksi-sesuaisyariah/.

Jia, N., Rai, A., & Xu, S. X. (2020). Reducing Capital Market Anomaly: the Role of Information Technology Using an Information Uncertainty Lens. Management Science, 66(2), 1-22. https://doi.org/10.1287/

mnsc.2018.3235.

Junianto, Y., Kohardinata, C., & Silaswara. (2020). Financial Literacy Effect and Fintech in Investment Decision Making. Primanomics: Jurnal Ekonomi and Bisnis, 18(3), 1-13. https://doi.org/10.31253/

pe.v18i3.472.

Kadoya, Y., & Khan, M. S. R. (2020). Financial Literacy in Japan: New Evidence Using Financial Knowledge, Behavior, and Attitude. Sustainability, 12(9), 3683. https://doi.org/10.3390/su12093683.

Kumari, D. A. T. (2020). The Impact of Financial Literacy on Investment Decisions: with Special Reference to Undergraduates in Western Province, Sri Lanka. Asian Journal of Contemporary Education, 4(2), 110-126. https://doi.org/10.18488/journal.137.2020.42.110.126.

KSEI. (2021). Laporan Tahunan 2021. Https://www.ksei.co.id/annual-reports.

Malik, A. D. (2017). Analisa Faktor–Faktor yang Mempengaruhi Minat Masyarakat Berinvestasi di Pasar Modal Syariah Melalui BURSA Galeri Investasi UISI. Jurnal Ekonomi dan Bisnis Islam, 3(1), 61–84. https://doi.org/10.20473/jebis.v3i1.4693.

Margaretha, F., & Pambudhi. (2015). Tingkat Literasi Keuangan pada Mahasiswa S1 Fakultas Ekonomi. Jurnal Manajemen dan Kewirausahaan, 17(1), 76–85. https://doi.org/10.9744/jmk.17.1.76-85.

Mitra, N., Syahniar, S., & Alizamar, A. (2019). Consumptive Behavior of Students in Shopping Online and Implications in Guidance and Counseling Services in Universities. International Journal of Reseach and Counseling and Education, 3(2), 120-124.

Fatwa DSN MUI. (2002). Fatwa DSN MUI No. 40/DSN-MUI/IX/2002 Tentang Pasar Modal dan Pedoman Umum Penerapan Prinsip Syariah di Bidang Pasar Modal. https://dsnmui.or.id/kategori/fatwa/page/12/.

OJK. (2019). Survey Nasional Literasi dan Inklusi Keuangan 2019. http://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Pages/

Survei-Nasional-Literasi-dan-InklusiKeuangan-2019.aspx.

OJK. (2021). Pasar Modal Syariah. https://www.ojk.go.id/id/kanal/

syariah/tentangsyariah/pages/pasar-modal-syariah.aspx.

Pradhana, R. W. (2018). Pengaruh Financial Literacy, Cognitive Bias, dan Emotional Bias terhadap Keputusan Investasi (Studi pada investor Galeri Investasi Universitas Negeri Surabaya). Jurnal Ilmu Manajemen, 6(3), 108-117.

Prasetyo, A. A., & Rahadi, R. A. (2022). A Conceptual Study on the Influence of Financial Literacy and Behavioral Biases on Generation Z Investment Decision Making in the Stock Market. Himalayan Journals, 3(2), 11-23. https://doi.org/10.47310/Hjebm.2022.v03i02.002.

Rahmawati, N. (2015). Manajemen Investasi Syariah. Sanabil.

Renie, E., Luth, T., & Hamidah, S. (2019). The Legal Construction of Sharia Capital Market in Indonesia. Journal of Law, Policy, and Globalization, 82, 32-48. https://doi.org/10.7176/JLPG/82-05.

Rosalyn, A. M. (2018). The Effect of Rupiah Exchange Rate and Inflation Rate towards Composite Stock Price Index in Indonesia Stock Exchange. Russian Journal of Agricultural and Socio-Economic Science, 78(6), 53-58. Https://doi.org/10.18551/rjoas.2018-06.05.

Rosdiana, R. (2020). Investment Behavior in Generation Z and Millennial Generation. Dinasti International Journal of Economics, Finance & Accounting, 1(5), 766–780. https://doi.org/10.38035/

dijefa.v1i5.595.

Safryani, U., Aziz, A., & Triwahyuningtyas, N. (2020). Analisis Literasi Keuangan, Perilaku Keuangan, dan Pendapatan terhadap Keputusan Investasi. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 319-322. https://doi.org/10.37641/jiakes.v8i3.384.

Samsuri, A., Ismiyanti, F., & Narsa, I. M. (2019). The Effects of Risk Tolerance and Financial Literacy to Investment Intentions. International Journal of Innovation, Creativity and Change, 10(9), 40-54.

Sulistyowati, N. W. (2017). Pengaruh Motivasi Ekstrinsik dan Prestasi Belajar Akuntansi terhadap Minat Investasi dan Keputusan Investasi Mahasiswa FE Program Studi Akuntansi UNESA Jurnal Ekonomi Pendidikan dan Kewirausahaan, 3(1), 76-90. https://doi.org/

26740/jepk.v3n1.p76-90.




DOI: https://doi.org/10.18326/muqtasid.v13i2.112-126

Refbacks

  • There are currently no refbacks.


Bookmark and Share


Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

                                                                

Creative Commons License

MUQTASID by http://muqtasid.iainsalatiga.ac.id/ is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

MUQTASID Jurnal Ekonomi dan Perbankan Syariah UIN SALATIGA p-ISSN: 2087-7013, e-ISSN: 2527-8304