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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.
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Copyright (c) 2023 Jalari Jalari, Syamsul Anwar , Misnen Ardiansyah
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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
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
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
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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
Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25 [Multivariate analysis application with the IBM SPSS 25]. Universitas Diponegoro.
Halim, A. (2015). Analisis investasi dan aplikasinya [Investment analysis and its applications]. Salemba Empat.
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