Pengaruh Financial Literacy, Risk Tolerance, dan Religiusitas terhadap Keputusan Investasi di Pasar Modal Syariah (Studi pada Mahasiswa FEBI UIN K.H. Abdurrahman Wahid Pekalongan)

M. Khotim; Dwi Novaria Misidawati

doi:10.59059/maslahah.v2i3.1486

Authors

M. Khotim UIN K.H. Abdurrahman Wahid Pekalongan
Dwi Novaria Misidawati UIN K.H. Abdurrahman Wahid Pekalongan

DOI:

https://doi.org/10.59059/maslahah.v2i3.1486

Keywords:

Sharia Capital Market, Financial Literacy, Risk Tolerance, Religiosity, Investment Decisions

Abstract

The phenomenon of investment in the capital market is increasingly developing, especially the sharia capital market. Establishing a sharia capital market is the right decision considering that Indonesia is the country with the largest number of Muslims. The sharia capital market should be helped by the presence of a large Muslim community. However, in reality the level of public interest in the Islamic capital market has decreased. Irwan Abdullah as Head of the IDX Sharia Capital Market Division said that the market share of the sharia capital market decreased after the Covid-19 pandemic. Determining investment decisions is related to several things, such as financial literacy, risk tolerance, and religiosity. The aim of this research is to analyze the influence of financial literacy, risk tolerance and religiosity on the decision to invest in the sharia capital market among FEBI UIN K.H Abdurrahman Wahid Pekalongan students. This type of research is field research or field research with a quantitative approach. The population in this study was 2569 FEBI students. The data collection method is a questionnaire that has been tested as valid and reliable using a sample of 100 respondents. This research uses a multiple linear regression test data analysis method with the help of SPSS 21. The results of this research show that financial literacy and religiosity influence investment decisions. Meanwhile, risk tolerance does not influence investment decisions. Then simultaneously financial literacy, risk tolerance and religiosity influence investment decisions.

References

Ansofino, J., Yolamalinda, & Arfilindo, H. (2016). Buku ajar ekonometrika. Deepublish.

Arianti, B. F. (2021). Literasi keuangan: Teori dan implementasinya. CV. Pena Persada.

Baihaqqi, I. K., & Prajawati, M. I. (2023). Pengaruh risk tolerance dan religiusitas terhadap keputusan investasi dengan literasi keuangan sebagai variabel moderasi. Investasi dan Syariah (EKUITAS), 4(3), 960–968. https://doi.org/10.47065/ekuitas.v4i3.2448

Darma, B. (2021). Statistika penelitian menggunakan SPSS. GUEPEDIA.

Ellen, P., & Yuyun, I. (2018). Pengaruh financial literacy, illusion of control, overconfidence, risk tolerance, dan risk perception terhadap keputusan investasi pada mahasiswa di Kota Surabaya. Jurnal Ilmu Manajemen (JIM), 6(4), 424–434.

Fauziah, L. N. (2019). Analisis pengaruh tingkat literasi keuangan dan religiusitas terhadap keputusan investasi studi pada mahasiswa Fakultas Ekonomi UIN Maulana Malik Ibrahim Malang. Skripsi.

Fitriyani, S., & Anwar, S. (2022). The effect of herding, experience regret, and religiosity on sharia stock investment decisions for Muslim millennial investors with financial literacy as a moderating variable. Jurnal Ekonomi Syariah Teori dan Terapan, 9(1), 68–77. https://doi.org/10.20473/vol9iss20221pp68-77

Ghozali, I. (2011). Aplikasi analisis multivarate dengan program IBM SPSS 19 (Cet. ke-5). BP UNDIP.

Grable, J. E. (2000). Financial risk tolerance and additional factors that affect risk taking in everyday money matters. Journal of Business and Psychology, 14(4), 625–630. https://doi.org/10.1023/A:1022994314982

Gunawan, C. (2020). Mahir menguasai SPSS. Deepublish.

Halim, A. (2005). Analisis investasi. PT. Salemba Empat.

Hardani, A., Ustiawaty, J., Utami, E. F., Istiqomah, R. R., Fardani, R. A., & Auliya, N. H. (2020). Metode penelitian kualitatif dan kuantitatif. CV. Pustaka Ilmu Group Yogyakarta.

Mahardhika, M. D., Asandimitra, N., & Surabaya, U. N. (2023). Pengaruh overconfidence, risk tolerance, return, financial literacy, financial technology terhadap keputusan investasi. Jurnal Ilmu Manajemen, 11(3), 602–612.

Maksar, M. S., Ma’mum, S. Z., Murini, & Firdani, W. S. (2022). Pengaruh religiusitas dan persepsi risiko terhadap pengambilan keputusan investasi syariah yang dimoderasi oleh gender. Journal Economics, Technology and Entrepreneur, 1(2), 47–62.

Mandagie, Y. R. O., Febrianti, M., & Fujianti, L. (2020). Analisis pengaruh literasi keuangan, pengalaman investasi, dan toleransi risiko terhadap keputusan investasi. Relevan: Jurnal Riset Akuntansi, 1(1), 35–47. https://doi.org/10.35814/relevan.v1i1.1814

Muhamad. (2017). Lembaga perekonomian Islam: Prespektif hukum, teori, dan aplikasi. UPP STIM YJPN.

Muklis, F. (2016). Perkembangan dan tantangan pasar modal. Al Masraf (Jurnal Lembaga Keuangan dan Perbankan), 1(1), 67–74.

Nasution, S. (2016). Metode research: Penelitian ilmiah. PT. Bumi Aksara.

Nofsinger, J. R. (2001). No investment madness: How psychology affects your investing and what to do about it. Financial Times Prentice Hall.

Rustiana, D., & S. R. (2022). Pengaruh religiusitas dan tingkat literasi pasar modal syariah terhadap minat berinvestasi pada saham syariah: Studi kasus pada mahasiswa di Jawa Timur. Jurnal Ilmiah Ekonomi Islam, 2(2), 2484–2502.

Safryani, U., Aziz, A., & Triwahyuningtyas, N. (2020). Analisis literasi keuangan, perilaku keuangan, dan pendapatan terhadap keputusan investasi. Jurnal Ekonomi Syariah, 8(3).

Saputra, S. E., Natassia, R., & Utami, H. Y. (2020). The effect of religiosity moderation with loss aversion on the investment decision of personal investors in Padang City. Andalas Management Review, 4(1), 40–45.

Sugiyono. (2016). Metode penelitian dan pengembangan: Research dan development (Cetakan ke-). Alfabeta.

Sulistyowati, A., Rianto, M. R., Handayani, M., & Bukhari, E. (2022). Pengaruh financial literacy, return, dan risiko terhadap keputusan investasi generasi milenial Islam di Kota Bekasi. Jurnal Ilmiah Ekonomi Islam, 8(02), 2253–2260.

Syahrizal, A., Prasaja, A. S., & Anjeli, L. (2023). Pengaruh risiko, return, dan religiusitas terhadap keputusan investasi mahasiswa. Jurnal Ekonomi Syariah, 4(2), 253–273.

Tandelilin, E. (2010). Portofolio dan investasi: Teori dan aplikasi (Edisi Pert). Kanisius.

Tandelilin, E. (2011). Analisis investasi dan manajemen portofolio. BPPE.

Utsman, M. A. (2021). Analisis pengaruh risk tolerance, financial attitude, dan literasi keuangan syariah terhadap keputusan investasi saham syariah. Jurnal Ilmiah Mahasiswa FEB. Retrieved from https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/7643

Wulandari, D. A., & Iramani, R. (2014). Studi experienced regret, risk tolerance, overconfidence dan risk perception pada pengambilan keputusan investasi. Journal of Business and Banking, 4(1), 55. https://doi.org/10.14414/jbb.v4i1.293