DETERMINAN PERILAKU INVESTOR HYBRID DALAM MEMILIH SAHAM DI PASAR MODAL SYARIAH DENGAN MAQASID SYARIAH SEBAGAI MODERASI

Jalari, NIM.: 18300016010 (2023) DETERMINAN PERILAKU INVESTOR HYBRID DALAM MEMILIH SAHAM DI PASAR MODAL SYARIAH DENGAN MAQASID SYARIAH SEBAGAI MODERASI. Doctoral thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

Hybrid investor behavior and Islamic maqaṣid are the focal point of this research. Understanding maqaṣid sharia is the right solution to answer negative public perceptions about investment in the sharia capital market. Fatwas based on sharia maqaṣid are the right alternative to answer the problems of sharia investment. The hybrid investor behavior comprises two variables, perceived risk and behavioral hybrid, which lead to different results. On this basis, this study aims to find new theories about the behavior of hybrid investors towards stock options with Islamic maqaṣid as a moderating variable as a way to strengthen scientific thinking so as to conceptually and contextually identify, evaluate, and execute the existing problems in choosing sharia stocks using both fundamental analysis and technical analysis. This is explanatory research with a non-experimental research design. It aims to explain the causal relationship between the dependent variable (Y), namely the choice of Islamic stocks with Islamic maqaṣid as moderation. This study used a quantitative method and the data were collected through questionnaires distributed to hybrid investors in Surakarta and the surrounding areas, namely Surakarta, Boyolali, Klaten, Sukoharjo, Wonogiri, Karanganyar, and Sragen. It involved 130 investors as the research participants. The data were analyzed with SEM (Structural Equation Modeling) method using IBM AMOS version 23 to obtain a model that explains the relationship between variables on sharia stock options. The theoretical reflection revealed that the perception of risk has a negative and significant effect on the choice of Islamic stocks. Hybrid behavior has a positive and significant effect on the choice of Islamic stocks. Maqaṣid sharia moderates the effect of risk perception on sharia stock options. Maqaṣid sharia does not moderate the effect of hybrid behavior on the choice of sharia stocks. The higher the maqaṣid the stronger the behavior of hybrid investors in choosing Islamic stocks. These findings strengthen the foundation of the Islamic economy by way of strengthening governance in Islamic investment institutions. Establishment of strong and independent sharia institution to serve as a reference for sharia compliance requires a synergy between the role of OJK, financial acquisition, and Bank Indonesia. Human resources that support the Islamic finance industry are strengthened through researches related to Islamic finance. Another finding is that the practice of buying and selling sharia shares is in accordance with good standards according to the Quran, Hadith, ijma of fiqh scholars and the applicable laws in Indonesia.

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