Article Sidebar

Determinants of Hybrid Investor Behavior Selecting Stock in The Islamic Capital Market with Maqasid of Sharia as Moderation
Submitted
August 7, 2023
Accepted
August 31, 2023
Published
August 31, 2023
Download
PDF
Statistic
Read Counter : 409 Download : 194

Downloads

Download data is not yet available.

Main Article Content

Abstract

The focal point of this research is the hybrid investor behavior and maqaṣid of sharia. Understanding maqaṣid of sharia is the right solution to negative public perceptions of investment in the Islamic capital market. Hybrid investor behavior comprises two variables: perceived risk and behavioral hybrid, which lead to different results. This study aims to find new theories about the behavior of hybrid investors towards stock options with maqaṣid of sharia as a moderating variable to strengthen scientific thinking to conceptually and contextually identify, evaluate, and execute the existing problems in choosing sharia stocks. This was an explanatory research study with a nonexperimental research design. This study used a quantitative method, and data were collected through questionnaires distributed to hybrid investors in Surakarta areas: Surakarta, Boyolali, Klaten, Sukoharjo, Wonogiri, Karanganyar, and Sragen. It involved 130 investors as research participants. The data were analyzed using Structural Equation Modeling to obtain a model that explains the relationship between the variables on Sharia stock options. This research revealed that the perception of risk has a negative and significant effect on the choice of Islamic stocks. Hybrid behavior has a positive and significant effect on the choice of Islamic stocks. Maqaṣid sharia moderates the effect of risk perception on sharia stock options and does not moderate the effect of hybrid behavior on the choice of sharia stocks.

Keywords

Hybrid Investor Behavior Islamic Capital Market Maqasid of Sharia Risk Perception Sharia Stocks Structural Equation Modeling

Article Details

License

Copyright (c) 2023 Jalari Jalari, Syamsul Anwar , Misnen Ardiansyah

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution (CC-BY-SA) 4.0 License that allows others to share the work with an acknowledgment of the work’s authorship and initial publication in this journal.

How to Cite
Jalari, J., Anwar , S. ., & Ardiansyah , M. . (2023). Determinants of Hybrid Investor Behavior: Selecting Stock in The Islamic Capital Market with Maqasid of Sharia as Moderation. Millah: Journal of Religious Studies, 22(2), 701–732. https://doi.org/10.20885/millah.vol22.iss2.art15
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX
Crossref
Scopus
Google Scholar
Europe PMC

References

  1. Adnantara, K. F. (2021). Niat investor di Bali dalam memilih saham di masa pandemi Covid-19 [Investors’ intentions in Bali when choosing shares during the Covid-19 pandemic]. Juara: Jurnal Riset Akuntansi, 11(2), 227–242. https://doi.org/10.36733/juara.v11i2.2835

  2. Afriyanti, I., & Arwani, A. (2022). Determinan kepercayaan, lingkungan sosial, pendapatan dan efikasi keuangan terhadap minat menabung di lembaga keuangan syariah [Determinants of trust, social environment, income and financial efficacy on interest in saving in Islamic financial institutions]. JIEF : Journal of Islamic Economics and Finance, 2(2), 36–50. https://doi.org/10.28918/jief.v2i2.6246

  3. Ahmad Fauzi, A. W., Husniyah, A. R., Mohamad Fazli, S., & Mohamad Amim, O. (2017). Financial risk tolerance as a predictor for Malaysian employees’ gold investment behavior. In M. H. Bilgin, H. Danis, E. Demir, & U. Can (Eds.), Regional Studies on Economic Growth, Financial Economics and Management (pp. 63–76). Springer International Publishing. https://doi.org/10.1007/978-3-319-54112-9_5

  4. Aisyah, P., N,R, E., & Mulyani, E. (2019). Pengaruh kualitas informasi akuntansi dan persepsi kontrol perilaku terhadap intensi investor dalam pemilihan saham. Jurnal Eksplorasi Akuntansi, 1(2), 769–780. https://doi.org/10.24036/jea.v1i2.109

  5. Akbar, M., Salman, A., Mughal Kh.s., Mehmood, F., & Makarevic, N. (2016). Factors affecting the individual decision making: A case study of Islamabad Stock Exchange. European Journal of Economic Studies, 1(15), 242–258. https://doi.org/10.13187/es.2016.15.242

  6. Akhmad, J. (2019). Metodologi penelitian bisnis: Dilengkapi contoh hasil-hasil penelitian [Business research methodology: Equipped with examples of research results]. Graha Ilmu.

  7. Ali, A. Z. (2016). Pengaruh emotional bias dalam pengambilan keputusan investasi saham pada investor pemula di Indonesia [The influence of emotional bias in stock investment decision making among novice investors in Indonesia] [M.A. Thesis, Universitas Gadjah Mada]. https://etd.repository.ugm.ac.id/penelitian/detail/106789

  8. Alwi, M., Kara, M., Abdullah, M. W., & Fachrurrazy, M. (2022). Konsep maqasid as syariah dalam perbankan syariah [The concept of maqasid as sharia in sharia banking]. Al-Amwal : Journal of Islamic Economic Law, 7(2), 56–80. https://doi.org/10.24256/alw.v7i2.3549

  9. Aprayuda, R., & Misra, F. (2020). Faktor yang mempengaruhi keinginan investasi investor muda di pasar modal Indonesia [Factors influencing young investors’ investment desires in the Indonesian capital market]. E-Jurnal Akuntansi, 30(5), 1084–1098. https://doi.org/10.24843/EJA.2020.v30.i05.p02

  10. Arbuckle, J. L. (2019). Amos (Version 26.0) [Computer software]. IBM SPSS.

  11. Azwar, K., Susanti, E., & Astuty, W. (2020). Pengaruh informasi akuntansi terhadap harga saham serta dampaknya terhadap PBV pada sub sektor farmasi yang terdaftar di BEI [The influence of accounting information on share prices and its impact on PBV in the pharmaceutical sub-sector listed on the IDX]. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 3(2), 330–340. https://doi.org/10.36778/jesya.v3i2.203

  12. Baihaqqi, I. K., & Prajawati, M. I. (2023). Pengaruh risk tolerance dan religiusitas terhadap keputusan investasi dengan literasi keuangan sebagai variabel moderasi [The influence of risk tolerance and religiosity on investment decisions with financial literacy as a moderating variable]. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(3), 960–968. https://doi.org/10.47065/ekuitas.v4i3.2448

  13. Cashman, G. D., Nardari, F., Deli, D. N., & Villupuram, S. V. (2014). Investor behavior in the mutual fund industry: Evidence from gross flows. Journal of Economics and Finance, 38(4), 541–567. https://doi.org/10.1007/s12197-012-9231-1

  14. Croy, G., Gerrans, P., & Speelman, C. (2010). The role and relevance of domain knowledge, perceptions of planning importance, and risk tolerance in predicting savings intentions. Journal of Economic Psychology, 31(6), 860–871. https://doi.org/10.1016/j.joep.2010.06.002

  15. Deviyanti, L. P. A. E., Purnamawati, I. G. A., & Yasa, I. N. P. (2017). Pengaruh norma subyektif, persepsi return, dan literasi keuangan terhadap minat mahasiswa untuk berinvestasi saham di pasar modal [The influence of subjective norms, perceived returns, and financial literacy on students’ interest in investing in shares in the capital market]. E-Jurnal S1 Akuntansi Universitas Pendidikan Ganesha, 8(2), 1–12. https://doi.org/10.23887/jimat.v8i2.14298

  16. Elias, E. F., & Malini, H. (2020). Do religion affiliations contribute to investor investing decision? A study of interpretive paradigms and ethnographic methods. Tanjungpura International Journal on Dynamics Economics, Social Sciences and Agribusiness, 1(1), 66–80. https://tijdessa.untan.ac.id/index.php/TIJDESSA/article/view/7

  17. Fad, M. F., & Imron, A. (2022). Halal cryptocurrency model under the maqashid al-shari’ah scheme. Journal of Islamic Economics Lariba, 8(1), 229–241. https://doi.org/10.20885/jielariba.vol8.iss1.art14

  18. Febriadi, S. R. (2017). Aplikasi maqashid syariah dalam bidang perbankan syariah [Application of maqashid sharia in the field of sharia banking]. Amwaluna: Jurnal Ekonomi Dan Keuangan Syariah, 1(2), 231–245. https://doi.org/10.29313/amwaluna.v1i2.2585

  19. Ferdinand, A. (2014). Structural equation modeling dalam penelitian manajemen [Structural equation modeling in management research] (5th edition). BP Universitas Diponegoro.

  20. Ferreira-Schenk, S., & Dickason-Koekemoer, Z. (2023). Analysing the factors affecting the long-term investment intention of investors. International Journal of Economics and Financial Issues, 13(1), Article 1. https://doi.org/10.32479/ijefi.13640

  21. Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25 [Multivariate analysis application with the IBM SPSS 25]. Universitas Diponegoro.

  22. Halim, A. (2015). Analisis investasi dan aplikasinya [Investment analysis and its applications]. Salemba Empat.

  23. Hartini, K., & Inggriani, I. (2020). Pengaruh pendapatan dan lingkungan sosial terhadap keputusan pembelian secara taqsith [The influence of income and social environment on taqsith purchasing decisions]. Al-Intaj : Jurnal Ekonomi Dan Perbankan Syariah, 6(1), 94–110. https://doi.org/10.29300/aij.v6i1.2861

  24. Hidayati, S. A., Wahyulina, S., & Suryani, E. (2022). Pengaruh cognitive bias dan emotional bias terhadap keputusan penempatan dana untuk modal kerja pada usaha kecil menengah (UKM) di Pulau Lombok pada masa pandemi Covid 19 [The influence of cognitive bias and emotional bias on decisions about placing funds for working capital in small and medium enterprises (UKM) on Lombok Island during the Covid 19 pandemic]. JMM UNRAM (Jurnal Magister Manajemen Universitas Mataram), 11(1), 21–38. https://doi.org/10.29303/jmm.v11i1.697

  25. Indrawan, M. G. & Raymond. (2020). Pengaruh norma subjektif dan returnekspektasian terhadap minat investasi saham pada calon investor pada program Yuk Nabung Saham di Kota Batam [The influence of subjective norms and return expectations on interest in investing in shares among potential investors in the Yuk Nabung Saham program in Batam City]. Akrab Juara: Jurnal Ilmu-Ilmu Sosial, 5(3), 156–166. https://123dok.com/document/ye38pl0q-pengaruh-subjektif-return-ekspektasian-terhadap-investasi-investor-program.html

  26. Kartini, K., & Nugraha, N. F. (2015). Pengaruh illusions of control, overconfidence dan emotion terhadap pengambilan keputusan investasi pada investor di Yogyakarta [The influence of illusions of control, overconfidence and emotion on investment decision making among investors in Yogyakarta]. AJIE (Asian Journal of Innovation and Entrepreneurship), 4(2), 114–122. https://doi.org/10.20885/ajie.vol4.iss2.art6

  27. Khan, M., Khan, A., Askari, M., Ali, Q., Shoukat, R., Rahies, M., Askari, M., & Khan, M. (2022). Evaluation of the impact of risk tolerance and financial literacy on investment intentions of securities investors in Pakistan using the Theory of Planned Behavior (TBP). Empirical Economic Review, 5(1), 104–137. https://doi.org/10.29145/eer.51.05

  28. Khatib, S. (2018). Konsep maqashid al-syari`ah: Perbandingan antara pemikiran Al-Ghazali dan Al-Syathibi [The concept of maqashid al-syari`ah: Comparison between the thoughts of Al-Ghazali and Al-Syathibi]. Jurnal Ilmiah Mizani: Wacana Hukum, Ekonomi Dan Keagamaan, 5(1), 47–62. https://doi.org/10.29300/mzn.v5i1.1436

  29. Khoirunnisa, K., & Priantinah, D. (2017). Pengaruh norma subjektif, return ekspektasian dan modal investasi minimal terhadap minat investasi saham mahasiswa Akuntansi Fakultas Ekonomi Universitas Negeri Yogyakarta [The influence of subjective norms, expected returns and minimum investment capital on interest in investing in shares of Accounting students, Faculty of Economics, Yogyakarta State University]. Jurnal Profita: Kajian Ilmu Akuntansi, 5(8), Article 8. https://journal.student.uny.ac.id/ojs/index.php/profita/article/view/9972

  30. Lian, C., Ma, Y., & Wang, C. (2019). Low interest rates and risk-taking: Evidence from individual investment decisions. The Review of Financial Studies, 32(6), 2107–2148. https://doi.org/10.1093/rfs/hhy111

  31. Lim, K. L., Soutar, G. N., & Lee, J. A. (2013). Factors affecting investment intentions: A consumer behaviour perspective. Journal of Financial Services Marketing, 18(4), 301–315. https://doi.org/10.1057/fsm.2013.23

  32. Liu, Y., Shi, H., Li, Y., & Amin, A. (2021). Factors influencing Chinese residents’ post-pandemic outbound travel intentions: An extended theory of planned behavior model based on the perception of COVID-19. Tourism Review, 76(4), 871–891. https://doi.org/10.1108/TR-09-2020-0458

  33. Maharani, L. L., & Adi, I. K. Y. (2021). Pengaruh kualitas informasi akuntansi, persepsi kontrol perilaku, dan pengetahuan investasi terhadap intensi investor dalam pemilihan saham di GI-BEI Universitas Triatma Mulya [The influence of the quality of accounting information, perceived behavioral control, and investment knowledge on investor intentions in selecting shares at GI-BEI Triatma Mulya University]. Journal Research of Accounting, 3(1), 39–52. https://doi.org/10.51713/jarac.v3i1.43

  34. Mahardhika, A. S., & Zakiyah, T. (2020). Millennials’ intention in stock investment: Extended Theory of Planned Behavior. Riset Akuntansi Dan Keuangan Indonesia, 5(1), 83–91. https://doi.org/10.23917/reaksi.v5i1.10268

  35. Nabilah, F. & Hartutik. (2020). Pengaruh pengetahuan, religiusitas dan motivasi investasi terhadap minat berinvestasi pasar modal syariah pada komunitas investor saham pemula [The influence of knowledge, religiosity and investment motivation on interest in investing in the Islamic capital market in the novice stock investor community]. Taraadin : Jurnal Ekonomi Dan Bisnis Islam, 1(1), 55–67. https://doi.org/10.24853/trd.1.1.55-67

  36. Ng, L., & Wu, F. (2010). Peer effects in the trading decisions of individual investors. Financial Management, 39(2), 807–831. https://doi.org/10.1111/j.1755-053X.2010.01093.x

  37. Nugroho, A. P., Puspitawati, E. S., & Andriansyah, Y. (2022). The performance analysis of Bank Syariah Mandiri with Maqasid Sharia Index approach in the 2013–2017 period. Indonesian Journal of Interdisciplinary Islamic Studies (IJIIS), 5(3), 223–242. https://doi.org/10.20885/ijiis.vol.5.iss3.art6

  38. Pak, O., & Mahmood, M. (2015). Impact of personality on risk tolerance and investment decisions: A study on potential investors of Kazakhstan. International Journal of Commerce and Management, 25(4), 370–384. https://doi.org/10.1108/IJCoMA-01-2013-0002

  39. Puspitaningtyas, Z. (2012). Relevansi nilai informasi akuntansi dan manfaatnya bagi investor [The value relevance of accounting information and its benefits for investors]. EKUITAS (Jurnal Ekonomi dan Keuangan), 16(2), 164–183. https://doi.org/10.24034/j25485024.y2012.v16.i2.214

  40. Rachmah, A. R. (2018). Analisis pencapaian maqashid syariah pada bank umum syariah di Indonesia (Studi kasus pada 3 bank terpilih) [Analysis of the achievement of sharia maqashid in Islamic commercial banks in Indonesia (Case study of 3 selected banks)]. Jurnal Ilmiah Mahasiswa FEB, 6(2), Article 2. https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/4952

  41. Rahmania, N. L. & Nurdin. (2019). Pengaruh penerapan indeks maqashid syariah terhadap risiko kredit [The influence of applying sharia maqashid index  on credit risk]. Prosiding Manajemen, 5(2), 923–928. https://doi.org/10.29313/.v0i0.17710

  42. Ramadiani. (2010). SEM dan Lisrel untuk analisis multivariate [SEM and Lisrel for multivariate analysis]. JSI: Jurnal Sistem Informasi (E-Journal), 2(1), Article 1. https://doi.org/10.36706/jsi.v2i1.722

  43. Razali, M., Mohd, N., Hadigunawan, N., & Saidon, R. (2021). Maqasid shariah hifz mal in e-wallet application. Islāmiyyāt, 43(1), Article 1. http://ejournal.ukm.my/islamiyyat/article/view/48498

  44. Rivai, V. (2014). Manajemen sumber daya manusia untuk perusahaan: Dari teori ke praktik [Human resource management for corporations: From theory to practice] (6th edition). Raja Grafindo Persada.

  45. Sachdeva, M., Lehal, R., Gupta, S., & Garg, A. (2021). What make investors herd while investing in the Indian stock market? A hybrid approach. Review of Behavioral Finance, 15(1), 19–37. https://doi.org/10.1108/RBF-04-2021-0070

  46. Sadiq, M., Singh, J., Raza, M., & Mohamad, S. (2020). The impact of environmental, social and governance index on firm value: Evidence from Malaysia. International Journal of Energy Economics and Policy, 10(5), 555–562. https://doi.org/10.32479/ijeep.10217

  47. Seni, N. N. A., & Ratnadi, N. M. D. (2017). Theory of Planned Behavior untuk memprediksi niat berinvestasi [Theory of Planned Behavior to predict investment intentions]. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 6(12), 4043–4068. https://doi.org/10.24843/EEB.2017.v06.i12.p01

  48. Silalahi, P. R. (2020). Perilaku investor muslim dalam pengambilan keputusan investasi saham di Bursa Efek Indonesia (BEI) [Behavior of Muslim investors in making stock investment decisions on the Indonesia Stock Exchange] [M.A. Thesis, Universitas Islam Negeri Sumatera Utara]. http://repository.uinsu.ac.id/9589/

  49. Simangunsong, A. R. (2021). Analisis pengaruh sikap rasional dan irasional terhadap keputusan investasi investor individu di BEI Kota Palangka Raya [Analysis of the influence of rational and irrational attitudes on investment decisions of individual investors on the IDX in Palangka Raya City]. Jurnal Manajemen Sains Dan Organisasi, 2(2), 136–147. https://doi.org/10.52300/jmso.v2i2.3054

  50. Sugiyanto, Rahayu, N. E., Abdurrahman, & Lubna. (2023). Perilaku Investor dalam berinvestasi Saham Syariah Di Bursa Efek Indonesia: Perilaku Investor dalam berinvestasi Saham Syariah Di Bursa Efek Indonesia. Journal Advancement Center for Finance and Accounting, 3(1), 66–106. https://journal.jacfa.id/index.php/publish/article/view/39

  51. Taufiqoh, E., Diana, N., & Junaidi, J. (2019). Pengaruh norma subjektif, motivasi investasi, pengetahuan investasi, persepsi return dan literasi keuangan terhadap minat mahasiswa berinvestasi saham di pasar modal (Studi empiris pada mahasiswa Akuntansi FEB Unisma dan Unibraw di Malang) [The influence of subjective norms, investment motivation, investment knowledge, perception of return and financial literacy on students’ interest in investing in shares in the capital market (Empirical study of FEB Unisma and Unibraw Accounting students in Malang)]. e_Jurnal Ilmiah Riset Akuntansi, 8(5), 9–19. https://jim.unisma.ac.id/index.php/jra/article/view/4063

  52. Wirawan, R., Mildawati, T., & Suryono, B. (2022). Determinan pengambilan keputusan investasi berdasarkan norma subjektif, kontrol perilaku, dan perilaku heuristik [Determinants of investment decision making based on subjective norms, behavioral control, and heuristic behavior]. EKUITAS (Jurnal Ekonomi dan Keuangan), 6(1), 43–58. https://doi.org/10.24034/j25485024.y2022.v6.i1.5163

  53. Yang, M., Mamun, A. A., Mohiuddin, M., Al-Shami, S. S. A., & Zainol, N. R. (2021). Predicting stock market investment intention and behavior among Malaysian working adults using partial least squares structural equation modeling. Mathematics, 9(8), Article 8. https://doi.org/10.3390/math9080873

  54. Ye, J., Li, D., & Cao, Y. (2020). Investor irrational selection bias in stock market based on cognitive psychology: Evidence from herding behaviour. Revista Argentina De Clinica Psicologica, 29(1), 90–98. https://doi.org/10.24205/03276716.2020.13

  55. Yue-tang, B., Xia-qun, L. I. U., & Jin-sheng, L. I. (2019). Evolution model and simulation of investors behavior in stock market based on hybrid learning strategies in network. Operations Research and Management Science, 28(11), 156. https://doi.org/10.12005/orms.2019.0262

No Related Submission Found