Main Article Content
Abstract
Purpose – This study examines the direct and indirect relationships between the variables of waqf literacy, reputation, and integrity and investors' intentions in waqf shares.
Methodology – This study uses the Smart Equation Modeling (SEM) analysis approach with SEM PLS 4.0. A total of 247 investors were obtained through the questionnaire distribution.
Findings – The results of this study indicate that waqf literacy, reputation, and integrity have a significant positive direct effect on trust and investor intention in waqf shares. The trust variable has a significantly positive effect on investor intention in waqf shares. The trust variable can moderate the influence of waqf literacy, reputation, and integrity on investor intention in waqf shares.
Implications – For future researchers to enrich research on share waqf by adding other factors, discussing case studies specifically on share waqf nazirs, and comparing their management with other countries. To establish cooperation with stock exchange members who have Sharia Online Trading System (SOTS) services to make it easier for investors to share waqf.
Originality – This study adds trust variables as mediation for other variables and revalidates the results of the influence of waqf literacy, reputation, and integrity on investor intention in waqf shares.
Keywords
Article Details
Copyright (c) 2024 Irsyad Ali Amin, M. Nur Rianto Al Arif
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References
Adinugraha, H. H., Shulthoni, M., & Sain, Z. H. (2024). Transformation of cash waqf management in Indonesia: Insights into the development of digitalization. Review of Islamic Social Finance and Entrepreneurship, 3(1), 50-66. https://doi.org/10.20885/RISFE.vol3.iss1.art4
Aisyah, D., & Engriani, Y. (2019). Pengaruh reputasi, kualitas informasi, dan e-WOM terhadap minat beli pada situs jual beli online tokopedia yang dimediasi oleh kepercayaan pelanggan. Jurnal Kajian Manajemen dan Wirausaha, 1(4), 48–59. https://doi.org/10.24036/jkmw0278990
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Ali, K. M., Hassan, M. K., & Ali, A. E. S (Eds.). (2019). Revitalization of Waqf for Socio-Economic Development, Vol II. Springer International Publishing. https://doi.org/10.1007/978-3-030-18445-2
Ascarya, A., Hosen, M. N., & Rahmawati, S. (2022). Designing simple productive waqf models for Indonesia. International Journal of Ethics and Systems, 38(3), 380–401. https://doi.org/10.1108/IJOES-07-2020-0101
Avian, I., & Asrori, A. (2021). Pengaruh literasi amil terhadap kepercayaan muzaki melalui akuntabilitas dan transparansi amil. Business and Accounting Education Journal, 2(1), 81–100. https://doi.org/10.15294/baej.v2i1.49069
Azizi, N. D., Shukor, S. A., & Sabri, H. (2019). Determinants of repeated endowers’ donation intention in cash waqf: A case study in Majlis Agama Islam dan Adat Melayu Perak (MAIPk). Jurnal Manajemen Bisnis, 10(2). https://doi.org/10.18196/mb.10175
Azman, F. M. N., & Bidin, Z. (2015). Zakat compliance intention behavior on saving. International Journal of Business and Social Research, 5(1), 118–128. https://doi.org/10.18533/ijbsr.v5i1.688
Baihaqi, J., Islamiah, M. H., & Munandar, M. A. (2021). Penguatan akuntabilitas wakaf (ilustrasi pada kasus wakaf uang dan wakaf saham). Jurnal Akun Nabelo: Jurnal Akuntansi Netral, Akuntabel, Objektif, 4(1), 584–603. https://www.bwi.go.id/wp-content/uploads/2021/07/20210709-Research-Expose-Wakaf-Seri-6-Jadzil-Baihaqi-Penguatan-Akuntabilitas-Wakaf.pdf
Bennett, R., & Gabriel, H. (2003). Image and reputational characteristics of UK charitable organizations: an empirical study. Corporate Reputation Review, 6(3), 276–289. https://doi.org/10.1057/palgrave.crr.1540206
Burhanudin, M. E. (2020). Status Wakaf saham pada emiten yang keluar dari daftar efek syariah (DES). Al-Awqaf: Jurnal Wakaf dan Ekonomi Islam, 12(1), 72–85. https://doi.org/10.47411/al-awqaf.v12i1.15
Dabbous, A., Aoun Barakat, K., & Merhej Sayegh, M. (2020). Social commerce success: Antecedents of purchase intention and the mediating role of trust. Journal of Internet Commerce, 19(3), 262–297. https://doi.org/10.1080/15332861.2020.1756190
Fauzi, R. U. A., Kadi, D. C. N. A., & Ahmad, A. H. (2021). The role of trust as mediator in the effect of religiosity and bank image towards consumers’ intention. Asia Pacific Journal of Social Science Research, 6(1), 23. https://doi.org/10.37263/apjssr.v6i1.114.
Fishbein, M., & Ajzen, I. (1977). Belief, attitude, intention and behavior: An introduction to theory and research. Contemporary Sociology, 6(2), 244. https://doi.org/10.2307/2065853
Ghozali, I. (2021). Partial least squares konsep, teknik dan aplikasi menggunakan program empiris, SmartPLS 3.2.9 untuk penelitian empiris (3rd ed.). Badan Penerbit Universitas Diponegoro.
Haidlir, B. M., Laksmono, B. S., Kasri, R. A., Azizon, A., & Hartono, D. (2021). Public behaviour on cash waqf: Evidence from Indonesia. Jejak, 14(2), 316–332. https://doi.org/10.15294/jejak.v14i2.32032
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM). Sage Publications.
Hashim, K. F., & Tan, F. B. (2015). The mediating role of trust and commitment on members’ continuous knowledge sharing intention: A commitment-trust theory perspective. International Journal of Information Management, 35(2), 145–151. https://doi.org/10.1016/j.ijinfomgt.2014.11.001
Havita, G., & Hakim, G. (2017). Wakaf saham ditinjau dari hukum Islam dan peraturan perundang-undangan setelah berlakunya undang-undang nomor 41 tahun 2004 tentang wakaf. Jurnal Syarikah: Jurnal Ekonomi Islam, 3(1), 358–371. https://doi.org/https://doi.org/10.30997/jsei.v3i1.720
Indahsari, K., Burhan, M. U., Ashar, K., & Multifiah. (2014). Determinants of individual Muslim behaviour in accomplishing zakah, infaq, shadaqah and waqf through amil institution. International Journal of Economic Policy in Emerging Economies, 7(4), 346–365. https://doi.org/10.1504/IJEPEE.2014.066627
Iranmanesh, M., Mirzaei, M., Parvin Hosseini, S. M., & Zailani, S. (2020). Muslims’ willingness to pay for certified halal food: An extension of the theory of planned behaviour. Journal of Islamic Marketing, 11(1), 14–30. https://doi.org/10.1108/JIMA-03-2018-0049
Istikhomah, D., & Asrori, A. (2019). Pengaruh literasi terhadap kepercayaan muzaki pada lembaga pengelola zakat dengan akuntabilitas dan transparansi sebagai variabel intervening. Economic Education Analysis Journal, 8(1), 95-109. https://doi.org/10.15294/eeaj.v8i1.29763
Jasin, H., Mujiatun, S., Fauzi Rambe, M., & Bahagia Siregar, R. (2021). Apakah kepercayaan memediasi pengaruh reputasi bank dan religiusitas terhadap purchase intention? Jurnal Ilmiah Manajemen dan Bisnis, 22(1), 86–102. https://doi.org/10.30596/jimb.v22i1.5630
Jatmiko, W., Haidlir, B. M., Azizon, A., Laksmono, B. S., & Kasri, R. (2023). Intergenerational analysis of cash waqf behavior: Lessons learned from Indonesia. Journal of Islamic Accounting and Business Research. 15(4), 590-618. https://doi.org/10.1108/JIABR-03-2022-0086
Kasri, R. A., & Chaerunnisa, S. R. (2022). The role of knowledge, trust, and religiosity in explaining the online cash waqf amongst Muslim millennials. Journal of Islamic Marketing, 13(6), 1334–1350. https://doi.org/10.1108/JIMA-04-2020-0101
Khairi, K. F., Ridhwan, M., Aziz, A., Laili, N. H., Nooh, M. N., Yazis, M., & Basah, A. (2014). Human and economic development through share waqf (waqf corporate): The case of GLCs in Malaysia. Life Science Journal, 11(1), 104-110. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2384269
Mahdzan, N. S., & Tabiani, S. (2013). The impact of financial literacy on individual saving: An exploratory study in the Malaysian context. Transformations in Business and Economics, 12(1), 41–55. http://www.transformations.knf.vu.lt/28/se28.pdf
Masrizal, Huda, N., Harahap, A., Trianto, B., & Sabiu, T. T. (2023). Investigating the determinants of cash waqf intention: An insight from Muslims in Indonesia. Journal of Islamic Monetary Economics and Finance, 9(1), 17–38. https://doi.org/10.21098/jimf.v9i1.1607
Mayer R. C., Davis, J. H., & Schoorman, F. D. (1995). An integrative model of organizational trust. Academy of Management Review, 20(3), 709-734. https://doi.org/10.2307/258792
Medias, F., Rahman, A. A., Susamto, A. A., & Pambuko, Z. B. (2021). A systematic literature review on the socio-economic roles of waqf: Evidence from organization of the Islamic cooperation (OIC) countries. Journal of Islamic Accounting and Business Research, 13(1), 177–193. https://doi.org/10.1108/JIABR-01-2021-0028
Melendez, S. E. (2001). The nonprofit sector and accountability. New Directions for Philanthropic Fundraising, 31, 121–132. https://doi.org/10.1002/pf.3107
Nadyan, A. F., & Rahmi, D. (2022). Faktor yang mempengaruhi minat investor melakukan wakaf saham. Jurnal Ilmiah Ekonomi Islam, 8(3), 2641–2650. http://dx.doi.org/10.29040/jiei.v8i3.5426
Nur Iman, A. K., Najiyah, F., & Asshiddiqi, M. (2021). Unfolding the possibility to develop share-waqf in Indonesia through the concepts, opportunities & challenges. Journal of Islamic Economic Laws, 4(1), 45–60. https://doi.org/10.23917/jisel.v4i1.12510
Paksi, G. M., Manzilati, A., & Ekawaty, M. (2018). Kajian hukum dan implementasi wakaf harta bergerak di Indonesia: Wakaf uang dan saham. ISLAMICONOMIC: Jurnal Ekonomi Islam, 9(2), 173–190. https://doi.org/10.32678/ijei.v9i2.94
Prasetyo, A. (2019). Wakaf saham dalam meningkatkan investasi saham syariah di Indonesia. Majalah Ekonomi, 24(2), 204–210. https://doi.org/10.36456/majeko.vol24.no2.a2066
Purnomowati, I., Mahrinasari, M., Budiarty, I., & Prasetyo, T. (2020). Integrity, personal religiosity values, and reputation as determinants of enhancing trust on AWAQF institutions: Are Indonesians showing intentions to endow fund? Talent Development & Excellence, 12(1), 1786–1797. http://iratde.com/index.php/jtde/article/view/798/610
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