Determinants of Investment Decisions in the Capital Market: A Case Study in Public Education Participants
Abstract
The purpose of this study is to determine the factors that influence investment decisions in the capital market. Data was obtained directly from the distribution of questionnaires to public education participants. The population in this study is all participants of Capital Market-Public Education. The sample used in this study is by using probability sampling with a simple random sampling method or simple random sample. This type of research is quantitative research using Partial Least Square (PLS) analysis techniques. The inner model and outer model were used in this study, with the inner model useful for testing the quality of hypotheses, while the outer model for testing validity and reliability. Based on data processing from data that has been collected through questionnaires, and has passed the process of analysis and discussion, it can be concluded that all variables have a significant direct influence except for the Financial Literacy variable. While indirect influence shows that Lifestyle variables are able to mediate all variables used in this study.
References
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Supeni, E., Sari, I., & Rozzaid. (2023). Determinan keputusan investasi generasi z. 10(3), 198–214. https://doi.org/10.32534/jpk.v10i2.4043
Syakira, S. (2022). Analisis Determinan Keputusan Investasi Saham Syariah. LIKUID: Jurnal Ekonomi Industri Halal, 2(2), 63–80. https://doi.org/10.15575/likuid.v2i2.18968
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Umar, M., & Sun, G. (2015). Country risk, stock prices, and the exchange rate of the renminbi. Journal of Financial Economic Policy, 7(4), 366–376. https://doi.org/10.1108/JFEP-11-2014-0073
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Uttari, L. P. J. A. U., & Yudantara, G. A. P. (2023). Pengaruh Literasi Keuangan , Pendapatan , dan Perilaku Keuangan. Vokasi : Jurnal Riset Akuntansi, 12(1), 1–10.
Yudantara, I. G. A. P., & Yasa, I. N. P. (2020). Determinant Use of Behavior Online Shopping Information System. 158(Teams), 413–419. https://doi.org/10.2991/aebmr.k.201212.058
Yulistiyani, A., Rapini, T., & Setiawan, F. (2023). Analisis Faktor Financial Knowledge , Financial Behavior , Overconfidence , dan Pendapatan terhadap Keputusan Investasi Pendahuluan Perkembangan dan kemajuan pada bidang ini. Hal ini berdampak pada perekonomian Menurut Bursa Efek Indonesia ( BEI ) pada i. 13(1), 41–56. https://doi.org/10.32502/jimn.v13i1.6452
Andrews, H., Hill, T. D., & Cockerham, W. C. (2017). Educational Attainment and Dietary Lifestyles. In S. Shostak (Ed.), Advances in Medical Sociology (Vol. 18, pp. 101–120). Emerald Publishing Limited. https://doi.org/10.1108/S1057-629020170000018005
Cahya, B. T., Erlita, I., & Muttaqin, I. (2023). The Impact Of Financial Literacy, Financial Behavior and Income On Financial Planning For Child's Education Funds. E-Journal.Metrouniv.Ac.Id, 5(1), 72–84.
Das, S., & Maji, S. K. (2023). Impact of financial literacy and financial confidence on the savings behaviour of the farmers: The Indian scene. Agricultural Finance Review, 83(4/5), 845–861. https://doi.org/10.1108/AFR-05-2023-0056
Dul Candra, & Aulia Lutfi, B. (2022). The Influence of Lifestyle, Financial Literacy on the Consumptive Behavior of the Millennial Generation in the Covid-19 Pandemic Era in Padang. Airlangga International Journal of Islamic Economics and Finance, 5(01), 34–48. https://doi.org/10.20473/aijief.v5i01.37903
Firdaus, M. Y., Ayati, A., & Aprilia, P. (2022). The Effect of Financial Literature, Income and Herding Bias on Investment Dicisions (Study on Students of the Faculty of Economics and Business, Mercu Buana University, Jakarta). Indikator: Jurnal Ilmiah Manajemen Dan Bisnis, 6(1), 1. https://doi.org/10.22441/indikator.v6i1.13913
Ghosh, S. K. (2023). A search of investors’ trading practices in the Bangladesh capital market. LBS Journal of Management & Research, 21(2), 250–265. https://doi.org/10.1108/LBSJMR-04-2023-0015
Gunawan, A., Pirari, W. S., & Sari, M. (2020). Pengaruh Literasi Keuangan dan Gaya Hidup Terhadap Pengelolaan Keuangan Mahasiswa Prodi Manajemen Universitas Muhammadiyah Sumatera Utara. Jurnal Humaniora : Jurnal Ilmu Sosial, Ekonomi Dan Hukum, 4(2), 23–35. https://doi.org/10.30601/humaniora.v4i2.1196
Hafidah, A., & Nurdin, J. (2022). Analisis Literasi Keuangan dan Pendapatan Masyarakat dalam Pengelolaan Keuangan Terhadap Keputusan Investasi. Jurnal Ilmiah Metansi (Manajemen Dan Akuntansi), 5(2), 155–161. https://doi.org/10.57093/metansi.v5i2.174
Hardiyanti, S. (2022). Pengaruh Literasi Keuangan Dan Gaya Hidup Terhadap Perilaku Keuangan Karyawan Pertambangan Batu Bara Dikabupaten Sarolangun (Pt. Mandiangin Bara Sinergi). Jurnal Manajemen Terapan Dan Keuangan, 10(02), 281–292. https://doi.org/10.22437/jmk.v10i02.13162
Jiang, C.-H., & Huang, Y.-S. (2010). Investor overreaction and the ex-date price behavior of stock dividends: Evidence from the Taiwan Stock Exchange. Journal of Statistics and Management Systems, 13(1), 1–26. https://doi.org/10.1080/09720510.2010.10701453
Johanson, Ui. (2003). Why are capital market actors ambivalent to information about certain indicators on intellectual capital? Accounting, Auditing & Accountability Journal, 16(1), 31–38. https://doi.org/10.1108/09513570310464255
Kholilah, N. Al, & Iramani, Rr. (2013). Studi Financial Management Behavior Pada Masyarakat Surabaya. Journal of Business and Banking, 3(1), 69. https://doi.org/10.14414/jbb.v3i1.255
Kim, K., Ryu, D., & Yang, H. (2019). Investor sentiment, stock returns, and analyst recommendation changes: The KOSPI stock market. Investment Analysts Journal, 48(2), 89–101. https://doi.org/10.1080/10293523.2019.1614758
Kim, M., & Park, J. (2015). Individual Investor Sentiment and Stock Returns: Evidence from the Korean Stock Market. Emerging Markets Finance and Trade, 51(sup5), S1–S20. https://doi.org/10.1080/1540496X.2015.1062305
Kotler, P., & Keller, K. L. (2006). Marketing Management (12th ed.). Pearson Education, Inc.
Lemiyana. (2019). Pengaruh Investasi dan Gaya Hidup Investor Perempuan di Kota Palembang Lemiyana UIN Raden Fatah Palembang, Indonesia. Islamiconomic: Jurnal Ekonomi Islam, 10(1), 39–58.
Lestari, C. V, Lubis, T. A., & Solikhin, A. (2021). Pengaruh Literasi Keuangan Dan Pendapatan Terhadap Keputusan Investasi (Studi Kasus Karyawan Perum Bulog Kanwil Jambi). 28–37.
Meirisa, F., & Andreansyah, R. (2022). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Dengan Perilaku Keuangan Sebagai Variabel Intervening Penduduk Kecamatan Hilir Timur I Palembang. Jurnal Ilmiah Ekonomi Dan Bisnis Universitas Multi Data Palembang, 12(1), 102--111.
Nguyen, T. D., & Nguyen, T. T. M. (2011). Firmâ€specific marketing capital and job satisfaction of marketers: Evidence from Vietnam. The Learning Organization, 18(3), 251–263. https://doi.org/10.1108/09696471111123298
Otoritas Jasa Keuangan. (2017). Peningkatan Literasi dan Inklusi Keuangan di Sektor Jasa Keuangan Bagi Konsumen dan Masyarakat.
Otoritas Jasa Keuangan. (2022). Hasil Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) Tahun 2022 Otoritas Jasa Keuangan (OJK). (2017). Pengelolaan Investasi. https://ojk.go.id/id/kanal/pasar-modal/Pages/Pengelolaan-Investasi.aspx#:~:text=Investasi adalah penanaman modal%2C biasanya,berharga lain untuk memperoleh keuntungan.
Otoritas Jasa Kuangan. (2017a). Surat Edaran Otoritas Jasa Keuangan Nomor 30 /SEOJK.07/2017 Tentang Pelaksanaan Kegitan Dalam Rangka Meningkatkan Literasi Keuangan di Sektor Jasa Keuangan. pojk. chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.ojk.go.id/id/kanal/edukasi-dan-perlindungan-konsumen/regulasi/surat-edaran-ojk/Documents/SAL%20SEOJK%2030%20-%20Literasi%20Keuangan.pdf
Otoritas Jasa Kuangan. (2017b). Surat Edaran Otoritas Jasa Keuangan Nomor 31 /SEOJK.07/2017 Tentang Pelaksanaan Kegiatan Dalam Rangka Meningkatkan Inklusi Keuangan di Sektor Jasa Keuangan. chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.ojk.go.id/id/kanal/edukasi-dan-perlindungan-konsumen/regulasi/surat-edaran-ojk/Documents/SAL%20SEOJK%2031%20-%20Inklusi%20Keuangan.pdf
PT Kustodian Sentral Efek Indonesia (KSEI). (2023). Statistik Pasar Modal Indonesia. Reviandani, W. (2019). Pengaruh Pengalaman Keuangan Dan Tingkat Pendapatan Terhadap Perilaku Keuangan Keluarga Di Desa Yosowilangun Kecamatan Manyar Gresik. Manajerial, 6(01), 48. https://doi.org/10.30587/manajerial.v6i01.862
Rupande, L., Muguto, H. T., & Muzindutsi, P.-F. (2019). Investor sentiment and stock return volatility: Evidence from the Johannesburg Stock Exchange. Cogent Economics & Finance, 7(1), 1600233. https://doi.org/10.1080/23322039.2019.1600233
Safryani, U., Aziz, A., & Triwahyuningtyas, N. (2020). Analisis Literasi Keuangan, Perilaku Keuangan, Dan Pendapatan Terhadap Keputusan Investasi. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 319–332. https://doi.org/10.37641/jiakes.v8i3.384
Said, B., Rehman, S. U., Ullah, R., & Khan, J. (2021). Investor overreaction and global financial crisis: A case of Pakistan stock exchange. Cogent Economics & Finance, 9(1), 1966195. https://doi.org/10.1080/23322039.2021.1966195
Shintawati, M. P. D., & Budidarma, I. G. A. M. (2023). The Influence Of Financial Behavior On Investment Decisions With Financial Literacy As A Mediation Variable. Jurnal Pajak Dan Keuangan Negara (PKN), 5(1), 128–143. https://doi.org/10.31092/jpkn.v5i1.2281
Stepanyan, G. G. (2011). Financial Liberalization and Foreign Institutional Investors: Literature Review. In N. Boubakri & J.-C. Cosset (Eds.), International Finance Review (Vol. 12, pp. 17–50). Emerald Group Publishing Limited. https://doi.org/10.1108/S1569-3767(2011)0000012004
Sugiyono. (2019). Metode Penelitian Kuantitatif Kualitatif dan R&D. alfabeta.
Supeni, E., Sari, I., & Rozzaid. (2023). Determinan keputusan investasi generasi z. 10(3), 198–214. https://doi.org/10.32534/jpk.v10i2.4043
Syakira, S. (2022). Analisis Determinan Keputusan Investasi Saham Syariah. LIKUID: Jurnal Ekonomi Industri Halal, 2(2), 63–80. https://doi.org/10.15575/likuid.v2i2.18968
Tountopoulos, V. D. (2019). Pecuniary Sanctions Against Issuers in European Capital Market Law: Harming the Protected Investors? European Business Organization Law Review, 20(4), 695–733. https://doi.org/10.1007/s40804-019-00132-4
Umar, M., & Sun, G. (2015). Country risk, stock prices, and the exchange rate of the renminbi. Journal of Financial Economic Policy, 7(4), 366–376. https://doi.org/10.1108/JFEP-11-2014-0073
Undang-Undang Republik Indonesia. (1995). Undang-Undang Republik Indonesia Nomor 8 TAHUN 1995 Tentang Pasa Modal https://doi.org/10.7312/schi13174-003
Uttari, L. P. J. A. U., & Yudantara, G. A. P. (2023). Pengaruh Literasi Keuangan , Pendapatan , dan Perilaku Keuangan. Vokasi : Jurnal Riset Akuntansi, 12(1), 1–10.
Yudantara, I. G. A. P., & Yasa, I. N. P. (2020). Determinant Use of Behavior Online Shopping Information System. 158(Teams), 413–419. https://doi.org/10.2991/aebmr.k.201212.058
Yulistiyani, A., Rapini, T., & Setiawan, F. (2023). Analisis Faktor Financial Knowledge , Financial Behavior , Overconfidence , dan Pendapatan terhadap Keputusan Investasi Pendahuluan Perkembangan dan kemajuan pada bidang ini. Hal ini berdampak pada perekonomian Menurut Bursa Efek Indonesia ( BEI ) pada i. 13(1), 41–56. https://doi.org/10.32502/jimn.v13i1.6452
Published
2024-06-10
How to Cite
LUTHVIANA, Dewi Nurika Sari; MURDIYANTO, Edi; AKBAR, Taufik.
Determinants of Investment Decisions in the Capital Market: A Case Study in Public Education Participants.
JMK (Jurnal Manajemen dan Kewirausahaan), [S.l.], v. 9, n. 2, p. 214-231, june 2024.
ISSN 2656-0771.
Available at: <https://ejournal.uniska-kediri.ac.id/index.php/ManajemenKewirausahaan/article/view/5194>. Date accessed: 21 dec. 2024.
doi: https://doi.org/10.32503/jmk.v9i2.5194.
Issue
Section
Artikel Ilmiah
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