The Role of Sharia Financial Literacy in Moderating the Relationship Between Herding Behaviour and Risk Tolerance Towards Sharia Stock Investment Decisions Among Gen Z Muslim Investor an Islamic Economic Perspective (A Study of Gen Z in Bandar Lampung City)
Keywords:
Herding behavior, risk tolerance, sharia financial literacy, investment decisions, Generation Z, sharia investmentAbstract
The phenomenon of increasing investment interest among Generation Z encourages the need for a deep understanding of the factors that influence investment decisions, especially in the context of Islamic economics. This study aims to analyze the influence of herding behavior and risk tolerance on sharia stock investment decisions among Generation Z Muslim investors in Bandar Lampung City, as well as to examine the role of sharia financial literacy as a moderating variable. The research method used a quantitative approach with Structural Equation Modeling (SEM) data analysis techniques based on Partial Least Square (PLS), with a sample size of 100 respondents. The results of the study indicate that herding behavior has a positive and significant influence on investment decisions, reflecting the tendency of Generation Z to follow group decisions in uncertain situations. Additionally, risk tolerance was also found to have a positive and significant influence on investment decisions, where higher risk tolerance leads to a greater tendency to make investment decisions. However, sharia financial literacy was unable to moderate the influence of herding behavior on investment decisions. Conversely, sharia financial literacy was found to strengthen the influence of risk tolerance on investment decisions, affirming its role in shaping more rational decisions aligned with sharia principles. This study contributes to the development of sharia financial literacy and wiser investment decision-making among young Muslims. These findings also provide an important foundation for policymakers and sharia financial industry players in designing more targeted education and marketing strategies.
Downloads
References
Agusta, Cherishta, and Harti Budi Yanti. “Pengaruh Risk Perception Dan Herding Terhadap Pengambilan Keputusan Investasi.” Jurnal Ekonomi Trisakti 2, no. 2 (2022): 1179–88. https://doi.org/10.25105/jet.v2i2.14443.
Baihaqqi, Idhofi Khusna, and Maretha Ika Prajawati. “Pengaruh Risk Tolerance Dan Religiusitas Terhadap Keputusan Investasi Dengan Literasi Keuangan Sebagai Variabel Moderasi.” Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS) 4, no. 3 (2023): 960–68. https://doi.org/10.47065/ekuitas.v4i3.2448.
Cholifah, Siti Nur, Amalia Nuril Hidayati, Imam Sopingi, Uin Sayyid, and Ali Rahmatullah. “Keputusan Investasi Dipengaruhi Oleh Overconfidence, Financial Literacy, Risk Tolerance Dan Risk Perception (Studi Pada Nasabah PT. Phintraco Sekuritas Kantor Cabang Surabaya).” JIES: Journal of Islamic Economics Studies 4, no. 1 (2023): 1–15.
Eduardus Tandelin. Pasar Modal : Manajemen Portofolio & Investasi. Edited by Ganjar Sudibyo. Yogyakarta: Yogyakarta : PT Kanisius, 2017.
Fajar, M. Andryzal. “Analisis Perbandingan Kinerja Saham Syariah Dan Saham Konvensional Berdasarkan Return, Rasio Sharpe, Rasio Jensen Dan Rasio Treynor Di Sektor Manufaktur Bursa Efek Indonesia.” Jurnal Fokus Ekonomi 15, no. 2 (2020): 445–61.
Faris Wildan Mutawally, Nadia Asandimitra. “Pengaruh Financial Literacy, Risk Perception, Behavioral Finance Dan Pengalaman Investasi Terhadap Keputusan Investasi Mahasiswa Surabaya.” Jurnal Ilmu Manajemen Volume 7 N (2019): 12.
Goma, Edwardus Iwantri, Aisyah Trees Sandy, and Muhammad Zakaria. “Analisis Distribusi Dan Interpretasi Data Penduduk Usia Produktif Indonesia Tahun 2020.” Jurnal Georafflesia: Artikel Ilmiah Pendidikan Geografi 6, no. 1 (2021): 20. https://doi.org/10.32663/georaf.v6i1.1781.
Haifa Asma Karimah, Agus Suman. “Pengaruh Literasi Keuangan, Herding, Dan Heuristik Terhadap Kinerja Investasi Mahasiswa Di Indonesia” 3, no. 1 (2024).
Hardani, Auliya Hikmatul nur , andriani Helmina , fardani asri Roushandy , ustiawati jumari, utami fatmi evi, sukmana juliana dhika, istiqomah rahmatul ria. Buku Metode Penelitian Kualitatif. Revista Brasileira de Linguística Aplicada. Vol. 5, 2023.
Hikmah, Hikmah, Mauli Siagian, and Parlindungan Siregar. “Analisis Tingkat Literasi Keuangan, Experienced Regret, Dan Risk Tolerance Pada Keputusan Investasi Di Batam.” Jesya (Jurnal Ekonomi & Ekonomi Syariah) 3, no. 1 (2020): 138–46. https://doi.org/10.36778/jesya.v3i1.142.
Jajasan Penjelenggara Penterdjemah/Pentafsir Al-Qoeraan (1967) / Tim Penyempurnaan Terjemahan Al-Qur’an (2016-2019). Al-Qur’an Dan Terjemahannya Edisi Penyempurnaan. 1st ed. Lajnah Pentashihan Mushaf Al-Qur’an, 2019.
Kasmir. Pengantar Manajemen Keuangan. 2nd ed. Prenada Media, 2016.
Keuangan, Otoritas Jasa. “Daftar Efek Syariah (DES) Per Januari 2023 Perkembangan Saham Syariah,” 2023, 1–2.
Literacy, Pengaruh Financial, Persepsi Risiko, D A N Herding, Terhadap Keputusan, Konsentrasi Keuangan, Fakultas Ekonomi, D A N Ilmu, Universitas Islam, Negeri Sultan, and Syarif Kasim. “Oleh: Nurcindi Meizoya Nim. 12070123386,” 2024.
Malkiel, Burton G. “A Random Walk Down Street.” W. W. Norton & Company, 2003, 1–370.
Markku Kaustia and Samuli Knüpfer. “Peer Performance and Stock Market Entry.” Journal of Financial Economics 104, no. issue 2 (2013): 321–38. https://doi.org/10.1016.
Mumtazah, Muhammad Rizqi, and Muhadjir Anwar. “Analisis Pengaruh Herding Behavior Dalam Memoderasi Keputusan Investasi Saham Pada Mahasiswa UPN Veteran Jawa Timur.” Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan 5, no. 1 (2022): 115–23. https://doi.org/10.32670/fairvalue.v5i1.2012.
Nurhayati, Yulistia Devi, Ghina Ulfah Saefurrohman, Nur Wahyu Ningsih. “Analisis Fundamental Dan Penilaian Saham Guna Keputusan Investasi (Studi Pada Perusahaan Yang Terdaftar Di Daftar Efek Syariah (Des) Periode 2017-2019),” 2019.
Permata, Chika Yanda, and Erly Mulyani. “Pengaruh Informasi Akuntansi, Risk Perception Dan Herding Terhadap Keputusan Investasi.” JEA Jurnal Eksplorasi Akuntansi 4, no. 2 (2022): 311–23.
Pratidina, B.s., & Anggraini, A. “Pengaruh Financial Literacy, Herding, Risk Perception Terhadap Keputusan Investasi Pada Mahasiswa Akuntansi Universitas Pamulang Angkatan 2020-2021.” Jurnal Ilmiah Ekonomi Dan Manajemen 1, no. 2 (2023): 78–91.
Putri, Ramadhani Anendy, and Yuyun Ishanah. “Faktor-Faktor Yang Memengaruhi Keputusan Investasi Pada Saham Di Surabaya.” Jurnal Ilmu Manajemen 8, no. 1 (2020): 197–209.
Rianto, Bambang. Pasar Modal Syariah Di Indonesia. 4th ed. Yogyakarta: BPFE-Yogyakarta, 2010.
Romys Binekasari. “Investor Saham Syariah RI Masih Minim, BEI Target 1 Juta Tahun Ini.” CNBC Indonesia, 2024.
Setiawan, Arya, Yosevin Karnawati, Risk Perception, and Pembuatan Keputusan. “Pengaruh Overconfidence, Herding, Dan Risk Perception Terhadap Keputusan Investasi.” Neraca Manajemen, Ekonomi 4, no. 7 (2024): 1–21.
Sugiyono. Metode Penelitian Kuantitatif Kualitatif Dan R&D. Bandung: Alpabeta, 2013.
Sushil Bikhchandani And Sunil Sharma. “Herd Behavior in Financial Markets.” International Monetary Fund Vol. 47, N, no. 1 (2001): 69–72. https://doi.org/10.1111/j.1532-950X.1995.tb01298.x.
Utsman, M A. “Analisis Pengaruh Risk Tolerance, Financial Attitude, Dan Literasi Keuangan Syariah Terhadap Keputusan Investasi Saham Syariah (Studi Kasus: Investor Millenial).” Jurnal Ilmiah Mahasiswa FEB 1, no. 1 (2021): 1–16.
Wardani, Astri Kusuma, and Lutfi Lutfi. “Pengaruh Literasi Keuangan, Experienced Regret, Risk Tolerance, Dan Motivasi Pada Keputusan Investasi Keluarga Dalam Perspektif Masyarakat Bali.” Journal of Business & Banking 6, no. 2 (2019): 195–214. https://doi.org/10.14414/jbb.v6i2.996.
Wijoyo, Hadion, Irjus Indrawan, Yoyok Cahyono, and Handokp. Generasi Z & Revolusi Industri 4.0 Penulis. Pena Persada Redaksi, 2020.
Wiyanto, Kelvin Gunawan & Hendra. “Terhadap Keputusan Investasi Emas.” Jurnal Manajerial Dan Kewirausahaan 6, no. 1 (2022): 76–85.
Www Ksei Co.id, Www Ksei Co.id. “Pertumbuhan Investor.” Ksei, 2024, 1–16.
Wynne W.Chin. Commentary: Issues and Opinion on Structural Equation Modeling. MIS Quaterly. Vol. 22, 1998.
Yanti, Hilda, and Hermawan Triono. “Pengaruh Herding, Overconfidence, Risk Perception, Dan Personal Financial Needs Terhadap Keputusan Investasi Mahasiswa.” J-Aksi : Jurnal Akuntansi Dan Sistem Informasi 5, no. 1 (2024): 92–103. https://doi.org/10.31949/jaksi.v5i1.8554.
Zahida, Alivazain Brillianti. “Peran Literasi Keuangan, Risk Tolerance, Dan Risk Perception Terhadap Keputusan Investasi Mahasiswa.” Improvement: Jurnal Manajemen Dan Bisnis 1, no. 1 (2021): 39. https://doi.org/10.30651/imp.v1i1.9527.
Zvi Bodie, Alex Kane, Alan J. Marcus. Investments. 10th ed. McGraw Hill, 2014.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Al-Muhasabah: Jurnal Ekonomi, Manajemen, Akuntansi dan Keuangan
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
