DETERMINAN KEPUTUSAN INVESTASI GENERASI Z PADA PASAR MODAL SYARIAH INDONESIA

Ayu Wandirah, NIM.: 22208012011 (2024) DETERMINAN KEPUTUSAN INVESTASI GENERASI Z PADA PASAR MODAL SYARIAH INDONESIA. Masters thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

This study aims to identify the determinants of investment decisions of generation Z in the Indonesian Islamic capital market. The model built involves three exogenous variables, two moderating variables, and one exogenous variable. The variables that function as exogenous variables are overconfidence, herding behavior, and loss aversion. The variables that function as moderating variables are risk tolerance and Islamic financial literacy. and finally, the variable that acts as an endogenous variable is investment decisions. This study is a quantitative study using primary data as its data source. Data were obtained by distributing questionnaires throughout Indonesia. A total of 254 respondents (generation Z throughout Indonesia) were used as samples in this study. The collected data were then analyzed using the structural equation modeling - partial least square (SEM-PLS) approach. The results of the data analysis show that directly the investment decisions of generation Z in the Islamic capital market are influenced by loss aversion. Indirectly, the investment decisions of generation Z in the Islamic capital market are influenced by overconfidence through risk tolerance and Islamic financial literacy. While overconfidence and herding behavior cannot directly influence the decisions of generation Z. In addition, it is known that risk tolerance and Islamic financial literacy are not able to be moderators between loss aversion, and herding behavior and investment decisions of generation Z in the Islamic capital market. The results of this study are expected to contribute to developing a financial behavior model by integrating Islamic financial principles.

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