STUDENTS' ENTHUSIASM FOR INVESTING IN THE SHARIA CAPITAL MARKET REMAINS LIMITED

Edisah Putra Nainggolan

Abstract


Investing with Islamic principles is the worship of Allah. In its teachings, Islam aims to achieve inner and outer happiness in this world and the afterlife for both the present and future generations. The Sharia capital market applies Sharia principles in economic transaction activities and is free from prohibited things such as usury, gambling, and speculation. This research aims to analyze factors in students' low interest in investing in the Islamic capital market. The factors that influence this include financial literacy, capital, and also risk. The population in this study were final semester students at Islamic Universities in Medan City with a sample of 100 people chosen randomly. The data analysis technique uses Structural Equation Modelling (SEM). The research results show that financial literacy has a significant influence on students' low interest in investing, capital has a significant influence on students' low interest in investing and risk also influences students' low interest in investing


Full Text:

PDF

References


Abdul kareem, A. A., Fayed, Z. T., Rady, S., Amin El-Regaily, S., & Nema, B. M. (2023). Factors Influencing Investment Decisions in Financial Investment Companies. Systems, 11(3). https://doi.org/10.3390/systems11030146

Adil, M., Singh, Y., & Ansari, M. S. (2022). How financial literacy moderate the association between behaviour biases and investment decision? Asian Journal of Accounting Research, 7(1). https://doi.org/10.1108/AJAR-09-2020-0086

Adnan, M., Tanjung, H., & Devi, A. (2021). Analisis Faktor-Faktor yang Mempengaruhi Minat & Keputusan Mahasiswa Bogor Berinvestasi di Pasar Modal Syariah pada Masa Pandemi(2019-2020). El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 2(3). https://doi.org/10.47467/elmal.v2i3.620

Amalia, F., Ervina, H., & Setyorini, N. (2022). Pengaruh Persepsi Return, Literasi Keuangan, Persepsi Risiko, Persepsi Kemudahan Terhadap Minat Investasi Secara Online (Studi Kasus Pada Pebisnis Muda). Jurnal Ilmiah Manajemen Bisnis Dan Ekonomi Kreatif, 1(2). https://doi.org/10.26877/jibeka.v1i2.25

Aman-Ullah, A., Mehmood, W., Amin, S., & Abbas, Y. A. (2022). Human capital and organizational performance: A moderation study through innovative leadership. Journal of Innovation and Knowledge, 7(4). https://doi.org/10.1016/j.jik.2022.100261

Anastasya Fauzianti, & Retnosari. (2022). Pengaruh Modal Awal Investasi, Pengetahuan Investasi, Sosial Media Influencer Terhadap Minat Investasi Mahasiswa Akuntansi Universitas Tidar. Jurnal Sinar Manajemen, 9(1). https://doi.org/10.56338/jsm.v9i1.2323

Ayuningtyas, E. S., & Harymawan, I. (2022). Risk Management Committee and Textual Risk Disclosure. Risks, 10(2). https://doi.org/10.3390/risks10020030

Basrowi, & Utami, P. (2020). Building strategic planning models based on digital technology in the Sharia capital market. Journal of Advanced Research in Law and Economics, 11(3). https://doi.org/10.14505/jarle.v11.3(49).06

Boresli, N. S., Haron, R., & Hassan, R. (2023). Corporate governance and foreign ownership in the Islamic capital market of Kuwait. Asian Economic and Financial Review, 13(1). https://doi.org/10.55493/5002.v13i1.4681

Burchi, A., Włodarczyk, B., Szturo, M., & Martelli, D. (2021). The effects of financial literacy on sustainable entrepreneurship. Sustainability (Switzerland), 13(9). https://doi.org/10.3390/su13095070

Carlo, A., Eichholtz, P., Kok, N., & Wijnands, R. (2023). Pension fund investments in infrastructure. Journal of Asset Management, 24(5). https://doi.org/10.1057/s41260-023-00315-2

Chiţimiea, A., Minciu, M., Manta, A. M., Ciocoiu, C. N., & Veith, C. (2021). The drivers of green investment: A bibliometric and systematic review. Sustainability (Switzerland), 13(6). https://doi.org/10.3390/su13063507

Fan, Z., Londono, J. M., & Xiao, X. (2022). Equity tail risk and currency risk premiums. Journal of Financial Economics, 143(1). https://doi.org/10.1016/j.jfineco.2021.05.020

Gilchrist, S., Wei, B., Yue, V. Z., & Zakrajšek, E. (2022). Sovereign risk and financial risk. Journal of International Economics, 136. https://doi.org/10.1016/j.jinteco.2022.103603

Gonçalves, T. C., Dias, J., & Barros, V. (2022). Sustainability Performance and the Cost of Capital. International Journal of Financial Studies, 10(3). https://doi.org/10.3390/ijfs10030063

Gunawan, A., Jufrizen, & Pulungan, D. R. (2023). Improving MSME performance through financial literacy, financial technology, and financial inclusion. International Journal of Applied Economics, Finance and Accounting, 15(1). https://doi.org/10.33094/ijaefa.v15i1.761

Gunawan, A., Pirari, W. S., & Sari, M. (2020). Pengaruh Literasi Keuangan dan Gaya Hidup terhadap Pengelolaan Keuangan Mahasiswa Prodi Manajemen Universitas Muhammadiyah Sumatera Utara. Jurnal Humaniora, 4(2).

Hair Jr, J. F., Sarstedt, M., Ringle, C. M., & Gudergan, S. P. (2017). Advanced Issues In Partial Least Squares Structural Equation Modeling. Sage Publications.

Hariawan, H. D. A., & Canggih, C. (2022). Analisis Faktor yang Mempengaruhi Keputusan Investasi di Pasar Modal Syariah: Studi Kasus di Kota Surabaya. Jurnal Ekonomi Syariah Teori Dan Terapan, 9(4). https://doi.org/10.20473/vol9iss20224pp495-511

Hassan, S., Dhali, M., Mehar, S. M., & Zaman, F. (2022). Islamic Securitization as a Yardstick for Investment in Islamic Capital Markets. International Journal of Service Science, Management, Engineering, and Technology, 13(1). https://doi.org/10.4018/IJSSMET.315592

Indriastuti, M., & Chariri, A. (2021). The role of green investment and corporate social responsibility investment on sustainable performance. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2021.1960120

Izzah, N., & Sudiarti, S. (2022). Generation Z’s Level Of Muslim Understanding On Sharia Capital Market. Al-Masharif: Jurnal Ilmu Ekonomi Dan Keislaman, 10(1). https://doi.org/10.24952/masharif.v10i1.5771

Julita, J., & Prabowo, B. R. (2021). Pengaruh Pendapatan dan Perilaku Keuangan terhadap Keputusan Investasi saat Pandemi (Studi Kasus Nasabah PT. Pegadaian (Persero) CP Helvetia. Proceding Seminar Nasional Kewirausahaan, 2(1).

Kelly, K., & Pamungkas, A. S. (2022). Pengaruh Literasi Keuangan, Persepsi Risiko dan Efikasi Keuangan terhadap Minat Investasi Saham. Jurnal Manajerial Dan Kewirausahaan, 4(3). https://doi.org/10.24912/jmk.v4i3.19668

Klaudia, S., Rohmah, T. N., Devi, Y. V., & Ayu, C. R. L. (2018). Menakar Pengaruh Risiko, Return, Pemahaman Investasi, dan Modal Investasi Terhadap Minat UMKM dalam Memilih Jenis Investasi. Jurnal Penelitian Teori & Terapan Akuntansi (PETA), 3(1). https://doi.org/10.51289/peta.v3i1.339

Kristanti Dwiputri, Husnatarina, F., & Bimaria, O. (2022). Pengaruh Modal Minimal Investasi, Pengetahuan Investasi, Risiko dan Return terhadap Minat Berinvestasi Saham pada Mahasiswa Jurusan Akuntansi Universitas Palangka Raya di Era Pandemi Covid-19. Jurnal Penelitian UPR, 2(1). https://doi.org/10.52850/jptupr.v2i1.4123

Maharani, D., Masrina, M., & Albanjari, M. F. (2022). Pengaruh Manfaat Dan Resiko Investasi Terhadap Minat Investasi. Jurnal Pendidikan, Sains Sosial, Dan Agama, 8(1). https://doi.org/10.53565/pssa.v8i1.472

Memon, M. A., Ramayah, T., Cheah, J. H., Ting, H., Chuah, F., & Cham, T. H. (2021). PLS-SEM STATISTICAL PROGRAMS: A REVIEW. Journal of Applied Structural Equation Modeling, 5(1). https://doi.org/10.47263/JASEM.5(1)06

Morgan, P. J., & Long, T. Q. (2020). Financial literacy, financial inclusion, and savings behavior in Laos. Journal of Asian Economics, 68. https://doi.org/10.1016/j.asieco.2020.101197

Musa, G. I., Bahari, Z., & Aziz, A. H. A. (2020). The impact of islamic capital market on malaysian real economy. Jurnal Ekonomi Malaysia, 54(2). https://doi.org/10.17576/JEM-2020-5402-08

Nainggolan, E. P. (2023). Balance: Jurnal Akuntansi dan Manajemen Peran Mediasi Inklusi Keuangan pada Literasi Keuangan dan Kinerja UMKM di Kabupaten Deli Serdang. In Balance: Jurnal Akuntansi dan Manajemen (Vol. 2, Issue 1).

Naufal, M. D., & Suharti, S. (2020). The development of Sharia capital markets and its role in financing the government projects. IOP Conference Series: Earth and Environmental Science, 592(1). https://doi.org/10.1088/1755-1315/592/1/012021

Neitzert, F., & Petras, M. (2022). Corporate social responsibility and bank risk. Journal of Business Economics, 92(3). https://doi.org/10.1007/s11573-021-01069-2

Otero González, L., Durán Santomil, P., & Tamayo Herrera, A. (2020). The effect of Enterprise Risk Management on the risk and the performance of Spanish listed companies. European Research on Management and Business Economics, 26(3). https://doi.org/10.1016/j.iedeen.2020.08.002

Panyukov, D. I., Kozlovskii, V. N., Aidarov, D. V., & Shakurskii, M. V. (2023). Risk Assessment and Risk Management. Russian Engineering Research, 43(8). https://doi.org/10.3103/S1068798X23080208

Paramita, N., Khoirunnisa Harahap, A., & Batubara, M. (2022). Kelebihan dan Kekurangan Pasar Modal Syariah di Indonesia (Perkembangan Dan Problematika Pasar Modal Syariah Di Indonesia). EKSISBANK: Ekonomi Syariah Dan Bisnis Perbankan, 6(2). https://doi.org/10.37726/ee.v6i2.424

Prasetia, Y. S. (2018). Implementasi Regulasi Pasar Modal Syariah Pada Sharia Online Trading System (SOTS). Al-Tijary, 2(2). https://doi.org/10.21093/at.v2i2.726

Rachi Titi, & Sari, R. (2021). Pengaruh Ekspektasi Return, Persepsi Terhadap Resiko, Dan Self Efficacy Terhadap Minat Investasi Saham. Jurnal Ilmu Ekonomi Dan Sosial, 10(1).

Rahayu, N. P. H., & Yuniarta, G. A. (2022). Pengaruh Edukasi Investasi, Return, Persepsi Harga dan Motivasi Investasi Terhadap Minat Mahasiswa Untuk Berinvestasi di Pasar Modal. Jurnal Akuntansi Profesi, 13(2).

Riepe, J., Rudeloff, M., & Veer, T. (2022). Financial literacy and entrepreneurial risk aversion. Journal of Small Business Management, 60(2). https://doi.org/10.1080/00472778.2019.1709380

Sari, V. M., Putri, N. K., Arofah, T., & Suparlinah, I. (2021). Pengaruh Motivasi Investasi, Pengetahuan Dasar Investasi, Modal Minimal, dan Kemajuan Teknologi terhadap Minat Investasi Mahasiswa. Jurnal Doktor Manajemen (JDM), 4(1). https://doi.org/10.22441/jdm.v4i1.12117

Sekita, S., Kakkar, V., & Ogaki, M. (2022). Wealth, Financial Literacy and Behavioral Biases in Japan: the Effects of Various Types of Financial Literacy. Journal of the Japanese and International Economies, 64. https://doi.org/10.1016/j.jjie.2021.101190

Sun, C., Abbas, H. S. M., Xu, X., Gillani, S., Ullah, S., & Raza, M. A. A. (2023). Role of capital investment, investment risks, and globalization in economic growth. International Journal of Finance and Economics, 28(2). https://doi.org/10.1002/ijfe.2514

Tarighi, H., Salehi, M., Moradi, M., & Zimon, G. (2022). Social Capital, Intellectual Capital, and Audit Fee: Conflicting Evidence from Iran. Economies, 10(2). https://doi.org/10.3390/economies10020039

Wahyuni, S. F., Radiman, R., & Kinanti, D. (2023). Pengaruh Literasi Keuangan, Lifestyle Hedonis dan Sikap Keuangan Pribadi Terhadap Perilaku Keuangan Mahasiswa. Owner, 7(1). https://doi.org/10.33395/owner.v7i1.1304

Wandi, G., Kristiastuti, F., & Sari, U. K. (2021). Pengaruh Literasi Keuangan Terhadap Minat Investasi Pada Mahasiswa Fakultas Ekonomi Universitas Nurtanio Bandung. Jurnal Bisnis Manajemen & Ekonomi, 19(2).

Widuhung, S. D. (2021). Reaction of Sharia Capital Market toward Political Events in Indonesia. Asian Journal of Economics, Business and Accounting. https://doi.org/10.9734/ajeba/2021/v21i1930502

Yusfiarto, R., Nugraha, S. S., Mutmainah, L., Berakon, I., Sunarsih, S., & Nurdany, A. (2023). Examining Islamic capital market adoption from a socio-psychological perspective and Islamic financial literacy. Journal of Islamic Accounting and Business Research, 14(4). https://doi.org/10.1108/JIABR-02-2022-0037

Yusuf, M., Yahya, Y., & Hamid, Abd. (2021). PENGARUH MODAL MINIMAL INVESTASI DAN RETURN TERHADAP MINAT INVESTASI MASYARAKAT KOTA PALEMBANG DI PASAR MODAL. Jurnal Neraca: Jurnal Pendidikan Dan Ilmu Ekonomi Akuntansi, 5(1). https://doi.org/10.31851/neraca.v5i1.5889

Zhao, H., & Zhang, L. (2021). Financial literacy or investment experience: which is more influential in cryptocurrency investment? International Journal of Bank Marketing, 39(7). https://doi.org/10.1108/IJBM-11-2020-0552


Refbacks

  • There are currently no refbacks.