Pengaruh Literasi Keuangan, Risiko Investasi, Sharia Compliance, dan Norma Subjektif dalam Mendorong Minat Berinvestasi pada Instrumen Saham Securities Crowdfunding Syariah di Jakarta

Verina Araminda Prinari; Yudi Ahmad Faisal

doi:10.61132/jpaes.v2i3.1234

Authors

Verina Araminda Prinari Universitas Padjadjaran
Yudi Ahmad Faisal Universitas Padjadjaran

DOI:

https://doi.org/10.61132/jpaes.v2i3.1234

Keywords:

Finansial Literacy, Investment Interest, Sharia Compliance, Sharia Securities Crowdfunding, Subjective Norms

Abstract

This study aims to analyze the influence of financial literacy, investment risk, sharia compliance, and subjective norms on individual’s interest in investin in sharia-based securities crowdfunding (SCF) stock instruments in Jakarta. A quantitative approach with descriptive method was employed in this research. Primary data were collected through questionnaires distributed to 240 respondents selected using purposive sampling. The population in this study consisted of individuals who are interested in sharia SCF stocks and reside or work in Jakarta. The data were analyzed using structural equation modeling-partial least squares (SEM-PLS). The results indicate that finansial literacy, investment risk, sharia compliance, and subjective norms have a positive and significant influence on investment interest in sharia-based securities crowdfunding stock in Jakarta.

Downloads

Download data is not yet available.

References

Abdullah, S., & Oseni, U. A. (2017). Towards a Shari‘ah compliant equity-based crowdfunding for the halal industry in Malaysia. International Journal of Business and Society, 18(1), 223–240.

Adnyana, I. M. (2020). Manajemen investasi dan portofolio. Lembaga Penerbitan Universitas Nasional.

Ainiyah, F., Yuliana, I., & Prajawati, M. I. (2023). Sikap investasi dan norma subjektif terhadap minat investasi dengan literasi keuangan sebagai variabel moderasi. Ekonomi dan Bisnis, 10(1), 35–51.

Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T

Amanda, K. T., & Tanjung, A. A. (2023). Analisis pengetahuan investasi, return, dan risiko terhadap minat berinvestasi online di aplikasi Bibit. Owner: Riset & Jurnal Akuntansi, 7(4), 3375–3385.

Amin, M., Febry, M., Muhaimin, M., & Arifin, W. (2023). Perkembangan dan tantangan ekonomi syariah di Indonesia. Religion: Jurnal Agama, Sosial, dan Budaya, 2(4), 475–486.

Asosiasi Fintech Syariah Indonesia. (2024). Fintech syariah sebagai alternatif permodalan UMKM.

Asosiasi Layanan Urun Dana Indonesia (ALUDI). (2024).

Choerudin, A., Zulfachry, Widyaswati, R., Warpindyastuti, L. D., Khasanah, J. S. N., Harto, B., Oktaviani, N. F., Sohilauw, M. I., Nugroho, L., Suharsono, J., & Paramita, V. S. (2023). Literasi keuangan. PT Global Eksekutif Teknologi.

Christian, J. (2004). Planned behavior: The relationship between human thought and action (C. J. Armitage & J. Christian, Eds.). Transaction Publishers.

Dewi, I. A. M. L., & Giantari, I. G. A. K. (2023). Niat beli konsumen berbasis sikap, norma subyektif, dan kualitas produk. CV Intelektual Manifes Media.

Dewi, N. N. S. R. T., Adnantara, K. F., & Asana, G. H. S. (2017). Modal investasi awal dan persepsi risiko dalam keputusan berinvestasi. Jurnal Ilmiah Akuntansi, 2(2), 173–190.

Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM). SAGE Publications.

Ikhsan, M. A., & Wulandari, R. (2024). Impact of attitude, subjective norms, and perceived behavioral control on intention to invest in retail green sukuk among Muslim millennials in Jabodetabek. Journal of Islamic Economics Lariba, 10(1), 149–168.

Indriana, Satila, H. T., Alwi, B. D., & Fikri, M. (2022). Fintech equity crowdfunding syariah sebagai solusi akses permodalan UMKM. BISNIS: Jurnal Bisnis dan Manajemen Islam, 10(1).

Komite Nasional Ekonomi dan Keuangan Syariah (KNEKS). (2021). Modul securities crowdfunding (SCF) syariah untuk penerbit/UMKM (The guideline of Islamic securities crowdfunding for MSMEs as issuer) (1st ed.).

Komite Nasional Ekonomi dan Keuangan Syariah (KNEKS). (2022). Modul securities crowdfunding (SCF) syariah untuk investor (1st ed.).

Ladamay, A. Z. F., Supriyanto, T., & Nugraheni, S. (2021). Pengaruh media sosial, literasi keuangan, risiko, imbal hasil, dan religiusitas terhadap minat berinvestasi sukuk generasi Z di Jakarta. Islamic Economics Journal, 7(2), 161–185. https://doi.org/10.21111/iej.v7i2.6552

Lubis, T. A. (2016). Manajemen investasi dan perilaku keuangan. Salim Media Indonesia.

Lusardi, A., & Mitchell, O. S. (2011). Financial literacy around the world: An overview. Journal of Pension Economics and Finance, 10(4), 497–508. https://doi.org/10.3386/w17107

Majid, R. (2024). What drives prospective investors to support small and medium enterprises via Islamic securities crowdfunding. Journal of Islamic Marketing, 15(11), 3174–3194. https://doi.org/10.1108/JIMA-11-2023-0375

Majid, R., & Nugraha, R. A. (2022a). Crowdfunding and Islamic securities: The role of financial literacy. JIMF: Journal of Islamic Monetary Economics and Finance, 8(1), 89–112. https://doi.org/10.21098/jimf.v8i1.1420

Majid, R., & Nugraha, R. A. (2022b). MSMEs and Islamic securities crowdfunding: The importance of financial literacy. Muslim Business and Economic Review, 1(2).

Muryanto, Y. T. (2023). The urgency of sharia compliance regulations for Islamic fintechs: A comparative study of Indonesia, Malaysia, and the United Kingdom. Journal of Financial Crime, 30(5), 1264–1278.

Nugroho, A. F., Supriyanto, T., & Tanjung, H. (2024). Analysis determinants of investment interest in sharia securities crowdfunding platforms. Jurnal Ekonomi, 13(1), 140–150. https://doi.org/10.54209/ekonomi.v13i01

Oseni, U. A., Hassan, M. K., & Matri, D. (2014). Strategic opportunities for Islamic finance: The French legal framework for venture capital and cooperative finance. JKAU: Islamic Economics, 26(2), 153–180.

Paningrum, D. (2022). Buku referensi investasi pasar modal. Lembaga Chakra Brahmana Lentera.

Ratmojoyo, Y. S., Supriyanto, T., & Nugraheni, S. (2021). Faktor-faktor yang mempengaruhi minat berinvestasi saham syariah. Etihad: Journal of Islamic Banking and Finance, 1(2), 115–131.

Sukarno, A., Haryono, S., Nusanto, G., Ambarwati, S. D. A., Sugandini, D., & Pamuji, W. A. (2024). The effect of financial literacy, motivation, return on investment, social media, and fintech on investment intention in the millennial generation. Review of Integrative Business and Economics Research, 13(3), 431–440.

Tawfik, O. I., Elmaasrawy, H. E., & Hussainey, K. (2025). The impact of sharia compliance on attracting investments: Empirical evidence from GCC. International Journal of Islamic and Middle Eastern Finance and Management, 18(1), 23–48.

Utami, R. A. R., Susilowati, D., & Ulfah, P. (2021). Pengaruh kepatuhan syariah, return, risiko, dan pengetahuan investasi terhadap minat mahasiswa berinvestasi saham di pasar modal syariah. Indonesian Journal of Islamic Business and Economics, 3(2).

Wardhana, A. (2024). Perilaku konsumen di era digital. Eureka Media Aksara.