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"Penelitian ini membahas pengaruh herding, loss aversion, fear of missing out, ditambah dengan religiusitas, literasi keuangan Islam, informasi perusahaan dan risk taking behaviour terhadap keputusan investasi saham syariah oleh para investor muslim, khususnya kelompok investor sebelum dan setelah pandemi COVID-19. Data dikumpulkan sebanyak 1179 responden dan diolah dengan aplikasi SmartPLS untuk menguji hipotesis dan melakukan analisis multi grup. Hasil penelitian mengungkapkan loss aversion, religiusitas, literasi keuangan Islam, informasi perusahaan dan risk taking behaviour mempunyai pengaruh yang signifikan terhadap keputusan investasi saham syariah oleh investor ritel muslim. Selain itu hasil multi group analysis mengungkap loss aversion, fear of missing out, dan risk taking behaviour signifikan di kalangan investor saat tahun 2020. Meski demikian, dalam penelitian ini menemukan bahwa variabel non bias seperti literasi keuangan Islam dan informasi perusahaan memiliki pengaruh yang lebih besar terhadap keputusan investasi dibanding variabel bias perilaku pada dua kelompok investor. Penelitian ini merekomendasikan pemangku kepentingan saham syariah untuk mendorong literasi keuangan Islam dan keterbukaan informasi perusahaan  yang berguna untuk membuat keputusan investasi investor muslim.

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This study discusses the effect of herding, loss aversion, fear of missing out, coupled with religiosity, Islamic financial literacy, company information and risk taking behavior on Islamic stock investment decisions by Muslim investors, especially between two investor groups, before and after the pandemic. Survey were collected 1179 respondents and processed with the SmartPLS to test hypotheses and perform multi-group analysis. The results reveal loss aversion, religiosity, Islamic financial literacy, company information and risk taking behavior have a significant influence on Islamic stock investment decisions by Muslim retail investors. Also, the multi group analysis revealed that loss aversion, fear of missing out, and risk taking behavior is significant among new investors in 2020. However, this study found that non-biased variables such as Islamic financial literacy and company information had a greater influence on investment decisions compared to behavioral bias variables in the two groups of investors. This study recommends sharia stock’s stakeholders to encourage Islamic financial literacy and disclosure of company information that is useful for making investment decisions for Muslim investors."

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Pertumbuhan jumlah investor di pasar modal syariah di Indonesia terus meningkat dari tahun 2015 sampai 2019, khususnya investor di saham syariah. Membuat keputusan investasi didasari oleh keadaan setiap investor, baik rasional maupun irasional aspek. Investor syariah dihadapkan terhadap rasionalitas dan moralitas ketika melakukan investasi pada saham syariah. Penelitian ini bertujuan mencari faktor-faktor yang memengaruhi investment decision investor saham syariah di Indonesia. Penelitian menggunakan kuesioner online dari google formulir untuk pengumpulan data, sehingga didapatkan 108 responden yang mengisi kuesioner. Analisis yang digunakan dalam penelitian ini adalah Partial Least Square (PLS)-SEM dengan bantuan perangkat lunak SmartPLS versi 3.2.8. Hasil dari penelitian ini menunjukan faktor financial literacy, personal value, dan risk aversion memiliki pengaruh positif terhadap investment decision. Sedangkan information asymmetry tidak memiliki pengaruh terhadap investment decision. Hasil lain yang didapatkan dari penelitian ini adalah financial literacy, personal value, information asymmetry tidak memiliki pengaruh terhadap risk aversion.

 

 

 

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The development of the number of investor in Islamic Capital Market in Indonesia has increased from 2015 to 2019, especially investors on Islamic stock. Investment decision making is based on the condition of every investor, both rational and irrational aspect. Islamic investor faced with rationality and morality when investing in Islamic stock. This research aims to look for factors that influence investment decisions Islamic stock investors in Indonesia. This research using online questionnaire from Google. The analysis used in this research is Partial Least Square (PLS) SEM with tools SmartPLS version 3.2.8. The results of this research show the factor financial literacy, personal values, and risk aversion influence on investment decision, whereas information asymmetry has no influence on investment decision. Other results from this research are financial literacy, information asymmetry and personal value has no influence on risk aversion.

 

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"Investasi merupakan salah satu kegiatan muamalah yang dianjurkan dalam Islam. Pandemi COVID-19 membuat perekonomian Indonesia terpuruk yang ditunjukkan dengan pertumbuhan ekonomi yang kontraksi, tetapi fenomena yang berbeda terjadi pada pasar modal Syariah karena sektor ini terus tumbuh melalui produk yang mereka miliki. Oleh karena itu, penelitian ini bertujuan untuk menganalisis fenomena tersebut dengan behavioural finance melalui teori psikologis yakni menganalisis pengaruh kepribadian terhadap perceived investment performance atau performa investasi yang dirasakan. Penelitian ini mengadopsi model The Big Five Personality Traits sebagai kerangka teori dan melakukan pendekatan studi kuantitatif dengan metode Structural Equation Modelling (SEM). Variabel independen dalam penelitian antara lain mudah sepakat (agreeableness), keterbukaan (openness to experience), neurotisisme (neuroticism), ekstraversi (extraversion), dan berhati-hati (conscientiousness) dengan variabel dependen perceived investment performance. Penelitian ini menggunakan 293 sampel yang diperoleh melalui survei yang disebar secara daring yang merupakan investor Muslim dan sedang melakukan investasi di pasar modal Syariah. Hasil penelitian menunjukkan bahwa jenis kepribadian extraversion, openness to experience, dan neuroticism memengaruhi perceived investment performance (performa investasi yang dirasakan) secara signifikan, sementara jenis kepribadian agreeableness dan conscientiousness ditemukan tidak signifikan. Investor yang memiliki kepribadian ekstraversi (extraversion) dan keterbukaan (openness to experience) cenderung untuk melakukan investasi dengan risiko yang tinggi sehingga membuat performa investasi yang mereka rasakan lebih tinggi. Namun, investor dengan kepribadian neurotisisme (neuroticism) memiliki dampak yang sebaliknya. Penelitian ini juga menemukan bahwa mayoritas responden penelitian memiliki jenis kepribadian extraversion dan openness to experience. Hasil penelitian dapat digunakan oleh pemerintah untuk membantu pasar modal Syariah Indonesia bisa memiliki pertumbuhan yang lebih baik lagi dengan mengedukasi masyarakat terkait pentingnya personality traits dalam menentukan profil risiko pada investasi.

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Investment is one of the muamalah activities that are recommended in Islam. The COVID-19 pandemic has made the Indonesian economy slump as indicated by contractionary economic growth, but a different phenomenon occurs in the Islamic capital market because this sector continues to grow through the products they have. Therefore, this study aims to analyse this phenomenon with behavioural finance through psychological theory, namely analysing the influence of personality on perceived investment performance. This study adopts The Big Five Personality Traits model as a theoretical framework and approaches a quantitative study using the Structural Equation Modelling (SEM) method. The independent variables in this study are agreeableness, openness to experience, neuroticism, extraversion, and conscientiousness with the dependent variable is perceived investment performance. This study uses 293 samples gathered through an online survey who are Muslim investors and currently investing in the Islamic capital market. The results show that the extraversion, openness to experience, and neuroticism personality types significantly affected perceived investment performance, while agreeableness and conscientiousness were found to be insignificant. Investors who have an extraversion personality and openness to experience tend to invest with high risk so that their perceived investment performance is higher. However, investors with neuroticism personality traits have the opposite effect. This study also finds that the majority of research respondents had extraversion and openness to experience personality types. This study also finds that research respondents have extraversion personalities and openness to experience. The results of the study can be used by the government to help the Indonesian Islamic capital market to have better growth by educating the public regarding the importance of personality traits in determining the risk profile of investments."

"Penelitian ini bertujuan mengetahui pengaruh Islamic financial literacy dan personality traits melalui pendekatan theory of planned behaviour yang dimodifikasi terhadap intensi berinvestasi di pasar saham oleh masyarakat Muslim Indonesia. Data penelitian ini diolah menggunakan metode PLS-SEM melalui SmartPLS 3.3.3. Penelitian ini menemukan bahwa attitude, subjective norms, dan personality traits memiliki pengaruh langsung yang signifikan positif terhadap intention to invest, financial self-efficacy dan Islamic financial literacy tidak memiliki pengaruh langsung yang signifikan pada intention to invest, Islamic financial literacy secara langsung dapat mempengaruhi personality traits secara signfikan positif, Islamic financial literacy memiliki pengaruh signifikan positif terhadap intention to invest pada saat dimediasi oleh attitude dan personality traits, serta financial selfefficacy tidak mampu memberikan efek mediasi dan moderasi dalam hubungan personality traits terhadap intention to invest.

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This study aims to determine the effect of Islamic financial literacy and personality traits through a modified theory of planned behavior approach to the intention to invest in the stock market by Indonesian Muslims. The data of this study were processed using the PLS-SEM method through SmartPLS 3.3.3. This study found that attitude, subjective norms, and personality traits have a significant positive direct effect on intention to invest, financial self-efficacy and Islamic financial literacy do not have a significant direct effect on intention to invest, Islamic financial literacy can significantly positive affects personality traits, Islamic financial literacy has a significant positive effect on intention to invest when mediated by attitude and personality traits, and financial self-efficacy is not able to provide mediating and moderating effects in the relationship between personality traits and intentions to invest."

"ABSTRAKStudi ini mengidentifikasi keberadaan behavioral bias di pasar saham Indonesia dan mengkaji dampak behavioral bias terhadap performa investasi individual. Secara khusus, kami menemukan behavioral bias investor individual berupa overconfidence bias, loss-aversion bias, anchoring and adjustment bias, mental accounting bias dan confirmation bias. Mental accounting bias, confirmation bias dan anchoring and adjustment bias yang berkaitan dengan cognitive error menunjukkan korelasi yang signifikan terhadap tingkat pendidikan. Pada penelitian ini kami juga menemukan bahwa confirmation bias dan mental accounting bias memiliki hubungan yang positif pada performa investasi, sedangkan loss-aversion bias and anchoring and adjustment bias memiliki hubungan negatif yang signifikan terhadap performa unvestasi.

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ABSTRACTThis study identifies the existence of behavioral biases in the Indonesian stock market and to examine the effect of the behavioral bias on individual investment performance. To be specific, we find that individual investors in Indonesia have behavioral biases of overconfidence bias, loss-aversion bias, anchoring and adjustment bias, mental accounting bias and confirmation bias. The mental accounting bias, confirmation bias and anchoring and adjustment bias associated with cognitive error showed a statistically significant correlation with the level of education. Finally, we find that confirmation bias and mental accounting bias are positive relationship with investment performance, whereas loss-aversion bias and anchoring and adjustment bias are negative significant relationship with investment performance."

"Out of 50 Muslim-majority countries around the world, only six are electoral democracies. This problem has multiple material and ideational causes. This essay focuses on one ideational factor: the dominant method of Islamic law. The essay explains how this method became dominant after the eleventh century and why it causes the incompatibility between sharia (Islamic law) and democracy. The essay suggests further research to be published in Muslim Politics Review and other journals about how to develop alternative Islamic legal methods, which would be open to rationalism and empirical observations."

"Penelitian ini mengkaji pengaruh investment decision (PER) para investor dan profitability (ROE) terhadap firm value (TOBINSQ) di pasar modal Indonesia selama periode 2018-2021. Menggunakan data panel fixed effect standard robust dan metode purposive sampling pada perusahaan yang terdaftar di Bursa Efek Indonesia, penelitian ini menemukan bahwa keputusan investasi berpengaruh signifikan dan positif terhadap nilai perusahaan. Selanjutnya, profitabilitas berperan sebagai variabel moderasi yang memperkuat hubungan antara keputusan investasi dan nilai perusahaan. Dengan meningkatnya profitabilitas, efek positif dari keputusan investasi pada nilai perusahaan semakin kuat. Hasil ini menunjukkan pentingnya profitabilitas dalam membentuk persepsi investor tentang nilai perusahaan.

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This study examines the influence of investor's investment decision (PER) and profitability (ROE) on firm value (TOBINSQ) in the Indonesian capital market during the 2018-2021 period. Using a robust standard fixed-effect panel data and purposive sampling method on companies listed on the Indonesia Stock Exchange, this study finds that investment decisions significantly and positively influence the firm value. Furthermore, profitability acts as a moderating variable that strengthens the relationship between investment decisions and firm value. As profitability increases, the positive effect of investment decisions on firm value becomes stronger. These results underscore the importance of profitability in shaping investors' perceptions of firm value."

"Penelitian ini bertujuan untuk menganalisis faktor kepercayaan yang mempengaruhi Generasi Z (Gen Z) ninvestor dalam proses pengambilan keputusan investasi mereka saat memanfaatkan fitur Robo-advisor. Dengan meningkatnya adopsi layanan penasehat Robo di kalangan investor muda, pengertian dinamika kepercayaan yang terlibat sangat penting bagi investor dan industri teknologi finansial. Penelitian ini bertujuan untuk menjelaskan faktor-faktor utama yang membentuk persepsi kepercayaan di kalangan investor Gen Z dan mengeksplorasi dampaknya terhadap keputusan investasi yang dibuat melalui roboadvisors. Secara khusus, penelitian ini bertujuan untuk menguji pengaruh enam variabel independen utama, termasuk Reputasi, Kualitas Informasi, Kualitas Layanan, Komitmen Layanan, Peraturan Pemerintah, dan Sikap terhadap Kecerdasan Buatan, pada variabel dependen Kepercayaan pada Vendor dan Kepercayaan pada Teknologi terhadap Kepercayaan pada Robo-advisor. Peneliti menggunakan teknik Partial Least Squares Structural Equation Modeling (PLS-SEM) untuk menguji hubungan antar variabel dan mengevaluasi hipotesis yang diajukan. Di antara 228 responden yang dikumpulkan, temuan mengungkapkan bahwa Reputasi, Kualitas Informasi dan Kualitas Layanan secara positif mempengaruhi kepercayaan pelanggan pada vendor Robo-advisor. Selanjutnya, Komitmen Layanan, Peraturan Pemerintah, dan Sikap terhadap Kecerdasan Buatan berpengaruh positif terhadap kepercayaan pelanggan terhadap Teknologi Roboadvisor. Kemudian sebagai variabel mediasi, Kepercayaan pada Vendor dan Kepercayaan pada Teknologi berpengaruh positif terhadap kepercayaan pelanggan pada Robo-advisor. Dengan mengeksplorasi faktor kepercayaan ini, penelitian ini berupaya untuk meningkatkan pemahaman kita tentang bagaimana investor Generasi Z memandang dan mengevaluasi layanan Robo-advisory, yang pada akhirnya membantu investor dan industri teknologi finansial dalam membuat keputusan berdasarkaninformasi.

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The purpose of this research study is to analyze the trust factors that influence Generation (GenZ) investors in their investment decision-making process when utilizing the robo advisor feature. With the increasing adoption of Robo-advisory services among younger investors, understanding the trust dynamics involved is crucial for both investors and the fintech industry. This research aims to shed light on the key factors that shape trust perceptions among Gen Z investors and explore their impact on investment decisions made through robo-advisors. Specifically, this study aims to examine the impact of six main independent variables, including Reputation, Information Quality, Service Quality, Service Commitment, Government Regulation, and Attitude toward Al, on the dependent variables of Trust in Vendor and Trust in Technology towards Trust in Robo-advisor. The researcher employed the Partial Least Squares Structural Equation Modeling (PLS-SEM) technique to examine the connections among variables and evaluate the proposed hypotheses. Among the collected 228 respondents, the findings revealed that Reputation, Informatin Quality and Service Quality positively affects customer's trust in robo-advisor vendors. Furthermore, Service Commitment, Government Regulation dan Attitude toward AI positively affects customer's trust in robo-advisor technology. Afterwards as a mediating variable, Trust in vendors and Trust in Technologies positively affects customer's trust in robo-advisors. By exploring these trust factors, this research seeks to enhance our understanding of how Gen Z investors perceive and evaluate robo-advisory services, ultimately aiding investors and the fintech industry in making informed decisions."

"Penelitian ini bertujuan untuk mengetahui peran income dan financial literacy terhadap keputusan investasi saham dengan overconfidence dan risk aversion sebagai variabel mediasi. Data penelitian dikumpulkan melalui kuesioner online dengan sejumlah 210 responden yang berusia di atas 18 tahun, memiliki investasi dalam bentuk saham, dan berdomisili di wilayah Jabodetabek. Hasil penelitian menunjukkan bahwa overconfidence secara signifikan memiliki peran mediasi dalam pengaruh income dan financial literacy terhadap keputusan investasi saham. Sementara itu, risk aversion tidak memediasi pengaruh income dan financial literacy terhadap keputusan investasi saham. Hasil penelitian juga menunjukkan income dan financial literacy memiliki pengaruh positif terhadap overconfidence, sedangkan income dan financial literacy memiliki pengaruh negatif terhadap risk aversion.

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This study aims to determine the role of income and financial literacy on stock investment decisions with overconfidence and risk aversion as mediating variables. Research data was collected through an online questionnaire with a number of 210 respondents who were over 18 years old, had investments in stocks, and were domiciled in Jabodetabek. The results showed that overconfidence significantly has a mediating role in the effecst of income and financial literacy on stock investment decisions. Meanwhile, risk aversion does not mediate the effects of income and financial literacy on stock investment decisions. The results also show that income and financial literacy have positive effects on overconfidence, while income and financial literacy have negative effects on risk aversion."