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Abstract
Purpose – This research examines the relationship between information quality, subjective norms, behavioral control in Generation Z Sharia investment decisions during the Covid-19 era. It also explores how media information can either reinforce or counter these factors.
Methodology – Quantitative analysis was conducted in this study using SmartPLS 3.0. Primary data were collected from investor respondents during the Covid-19 pandemic from December 2021 to December 2022. The data collection was facilitated through Google Forms, and the indicator measurement utilized the Likert Scale.
Findings – The study revealed a positive relationship pattern between information quality and behavioral control with Islamic investment decision-making in Generation Z during the Covid-19 era. Additionally, subjective norms showed a negative relationship pattern with Sharia investment decision-making in Generation Z during this time. Moreover, information media was found to influence the impact of information quality, subjective norms, and behavioral control on Islamic investment decision-making among Generation Z during the Covid-19 era.
Implication – The insights from this research have been shared with investors, serving as a foundational reference for planning and implementing more effective and sustainable Sharia investment programs and strategies.
Originality – This study introduces an alternative perspective by focusing on the realm of Islamic investment decisions made by Generation Z, a unique demographic with distinct characteristics, preferences, and behaviors. This investigation was conducted within the context of economic shocks, specifically during the Covid-19 period, and emphasized the role of information media as a crucial channel for rapid access to information, particularly through digital media. Additionally, the study employed the PLS-SEM model, adding a novel methodological approach to the research.
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Copyright (c) 2023 Khavid Normasyhuri, Yuli Dahlia Saputri, Erike Anggraeni
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References
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References
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Aprayuda, R., Misra, F., & Kartika, R. (2021). Does the order of information affect investors’ investment decisions? Experimental investigation. Journal of Accounting and Investment, 22(1), 150–172. https://doi.org/10.18196/jai.v22i1.9965
Armansyah, R. F. (2022). Herd instinct bias, emotional biases, and information processing biases in investment decisions. Jurnal Manajemen Dan Kewirausahaan, 24(2), 105–117. https://doi.org/10.9744/jmk.24.2.105-117
Arshad, I., Tayasri, I., Im, L. C., & Sahban, M. A. (2021). Perceived risk and theory of planned behaviour. Jurnal Aplikasi Manajemen, Ekonomi Dan Bisnis, 6(1), 25–36. https://doi.org/10.51263/jameb.v6i1.136
Atabay, E., & Dinç, E. (2020). Financial information manipulation and its effects on investor demands: The case of bist bank. Contemporary Studies in Economic and Financial Analysis, 102, 41–56. https://doi.org/10.1108/S1569-375920200000102007
Awn, A. M., & S. M, F. A. (2020). Libyan investors’ intention to invest in Islamic sukuk : Theory of planned behaviour Approach. European Journal of Economic and Financial Research, 4(1), 71–90. https://doi.org/10.5281/zenodo.3774672
Béjaoui, A., Mgadmi, N., Moussa, W., & Sadraoui, T. (2021). A short-and long-term analysis of the nexus between bitcoin, social media and Covid-19 outbreak. Heliyon, 7(7). https://doi.org/10.1016/j.heliyon.2021.e07539
Berliana, B., Ambarwati, S. D. A, & Yacobus, A. (2022). Determinants of capital market investment interest in the millenial generation in the Covid-19 pandemic. International Journal of Economics, Business and Accounting Research (IJEBAR), 6(2), 775–787. https://doi.org/10.29040/ijebar.v6i2.5525
Blankespoor, E., DeHaan, E., & Marinovic, I. (2020). Disclosure processing costs, investors’ information choice, and equity market outcomes: A review. Journal of Accounting and Economics, 70(2–3), 101344. https://doi.org/10.1016/j.jacceco.2020.101344
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Dharani, M., Hassan, M. K., Rabbani, M. R., & Huq, T. (2022). Does the Covid-19 pandemic affect faith-based investments? Evidence from global sectoral indices. Research in International Business and Finance, 59(May 2021), 101537. https://doi.org/10.1016/j.ribaf.2021.101537
Eisenbeiss, M., Hartmann, S. A., & Hornuf, L. (2023). Social media marketing for equity crowdfunding: Which posts trigger investment decisions? Finance Research Letters, 52(September 2022), 103370. https://doi.org/10.1016/j.frl.2022.103370
EL Harbi, S., & Toumia, O. (2020). The status quo and the investment decisions. Managerial Finance, 46(9), 1183–1197. https://doi.org/10.1108/MF-11-2019-0571
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