American
Journal of Economic and Management Business
p-ISSN: XXXX-XXXX
e-ISSN: 2835-5199
Vol. 3 No. 6 June 2024
Decision to Invest in the Sharia Capital Market
with the Theory of Planned Behavior (TPB) Model
Approach
Iskananda Relian Santri
University of Jambi, Jambi,
Indonesia
Email: [email protected]
Abstract
This study aims to analyze the influence of understanding Sharia investment on
the decision to invest in the Sharia capital market using the Theory of Planned
Behavior (TPB) approach. Utilizing descriptive
quantitative analysis with the SEM-PLS tool, data were collected from [number
of samples] respondents who participated in the survey. The results indicate
that understanding Sharia investment has a direct influence on investment
decisions and also directly affects attitudes, subjective norms, and perceived behavioral control. Subjective norms and perceived behavioral control directly influence investment decisions,
while understanding Sharia investment indirectly influences investment
decisions through subjective norms and perceived behavioral
control. However, attitudes do not have a direct or indirect effect on
investment decisions. This study provides important implications for investors,
educators, and regulators in efforts to enhance understanding of Sharia
investment and encourage investor participation in the Sharia capital market,
as increasing education and understanding of Sharia investment can boost
investor participation and strengthen the Sharia capital market.
Keywords:
Understanding of Islamic investment,
Investment decisions, Islamic capital market, Theory of Planned Behavior (TPB)
INTRODUCTION
The birth of
various types of new transactions in business is driven by the development of
the global financial industry has had an influence on the Indonesian financial
industry the financial industry in Indonesia has experienced rapid development
with an increasing number of financial institutions established, one of which
is the capital market
The Islamic capital market in Indonesia has experienced significant
development in the last two decades, in line with the growth of the
Islamic-based economy and the demands of a Muslim-majority society
Many securities companies have adopted SOTS, one of which is PT. FAC
Sekuritas Indonesia. The company has undergone an evolution from Alvitamas
Securities to FAC Sekuritas Indonesia by introducing innovations such as Sharia-based
online trading applications. However, despite the significant growth in the
number of Muslim investors opening Sharia accounts, there is still a gap in the
number of investors opening regular accounts. This may be due to factors such
as the uneven distribution of information and the tendency of investors to
follow recommendations from others without conducting their own analysis
In this context, the Planned Behavior Theory (TPB), which emphasizes
attitudes, subjective norms, and behavioral control perceptions, can be the
basis for understanding investment decisions in the Islamic capital market.
Meanwhile, an understanding of Islamic economic principles, as explained in
Umar Chapra's work, emphasizes the importance of justice, halalness, and
benefits in making stock investments.
Thus, the development of the Islamic capital market in Indonesia not only
reflects the growth of the Islamic-based economy but also reflects the role of
religion in shaping the behavior of investors who seek a balance between
material and spiritual gains, as well as paying attention to Sharia principles
in every investment decision taken. Previous
research focused on examining the behavior of Muslim
investors in making investment decisions on the Indonesia Stock Exchange (IDX),
using a quantitative approach using path analysis with the SPSS version 20
program. The results show that investors' financial behavior
in buying and selling transactions on the stock exchange is shaped by
psychological factors
The behavior of Muslim investors in the Sharia Capital Market
is an interesting research issue
Based on the
background and formulation of the problem, this study aims to determine the
influence of investment understanding on investment decisions in the Sharia
capital market
METHODS
This study uses a quantitative descriptive approach that emphasizes the
analysis of numerical data processed by statistical methods
The data used in this study consists of primary and secondary data.
Primary data is obtained directly by researchers through observation
activities, interviews, questionnaires, or other means, and further processing
is required for the data to have meaning
This study's population is the people of Jambi Province, especially
Muslim investors who are customers at FALC Sekuritas
Jambi. Because this study had limited time and energy and a very large
population, a proportional non-random sampling technique was used to determine
the sample size. The minimum number of samples set is 100, and the maximum is
200, depending on the number of indicators multiplied by five. Based on the
sample size guidelines, the number of samples used is 125.
Data collection methods include field research, library research, and
internet research. Field research uses primary data from respondents filling
out questionnaires with a Likert scale of 1-5 to measure perception. Library
research collects data from various literature relevant to the research topic,
while internet research uses data sources from official and trusted websites to
obtain data that is in accordance with the times
Data analysis was carried out using descriptive statistical analysis and
the Structural Equation Modelling Partial Least Square (SEM-PLS) method
The hypothesis test in
this study was carried out by looking at t-statistics and p-values
Test
t with path coefficients
The path coefficients test estimates the influence between variables and provides significant information useful for recognizing the relationship between research variables. It is also used to test the researcher's research hypothesis.
Table 1. Path Coefficients
Original
Sample (O) |
Sample
Mean (M) |
Standard Deviation
(STDEV) |
T statictics (|O/STDEV|) |
P-values |
|
Understanding_X
-> Investment Decision_Y |
-0.300 |
-0.296 |
0.094 |
3.206 |
0.001 |
Understanding_X -> Norm_Subjective_Z2 |
0.685 |
0.681 |
0.060 |
11.428 |
0.000 |
Understanding_X
-> Perceived_Behavioral_Control_Z3 |
0.646 |
0.647 |
0.052 |
12.407 |
0.000 |
Understanding_X
-> Attitude_Z1 |
0.801 |
0.806 |
0.030 |
26.277 |
0.000 |
Perceived_Behavioral_Control_Z3
-> Investment_Decision_Y |
0.998 |
1.007 |
0.054 |
18.380 |
0.000 |
Norma_Subjective_Z2
-> Investment Decision_Y |
0.139 |
0.144 |
0.064 |
2.186 |
0.029 |
Attitude_Z1 -> Investment Decision_Y |
-0.020 |
-0.039 |
0.125 |
0.162 |
0.871 |
Source: Output Smart PLS, data Primer,
2024
Based on the results of the inner model path coefficients in the table above,
it is known that the influence of the variable of Sharia investment
understanding on investment decisions has a path coefficient-value of -0.300
with a statistical t-value of 3.206 and a p-value of 0.001. Where t statistics
> t-table (1,657) and p-values <0.05. These results mean that the
understanding of Sharia investment has a negative and significant influence on
investment decisions, so the hypothesis of this study is accepted
Based on the results of the inner model path coefficients in the table
above, it is known that the influence of the variable of Sharia investment
understanding on attitudes has a path coefficient-value of 0.801 with a
statistical t-value of 26,277 and a p-value of 0.000. Where t statistics > t-table
(1,657) and p-values <0.05. This result means that the understanding of
Sharia investment has a positive and significant influence on attitudes, so the
hypothesis of this study is accepted.
Based on the results of the inner model path coefficients in the table
above, it is known that the influence of the variable of Sharia investment
understanding on subjective norms has a path coefficient-value of 0.685 with a
statistical t-value of 11,428 and a p-value of 0.000. Where t statistics > t-table
(1,657) and p-values <0.05. These results mean that the understanding of
Sharia investment has a positive and significant influence on subjective norms,
so the hypothesis of this study is accepted.
Based on the results of the inner model path coefficients in the table
above, it is known that the influence of the variable of Sharia investment
understanding on the perception of behavioral control
has a path coefficient-value of 0.646 with a statistical t-value of 12.407 and
a p-value of 0.000. Where t statistics > t-table (1,657) and p-values
<0.05. These results mean that the understanding of Sharia investment has a
positive and significant influence on the perception of behavioral
control, so the hypothesis of this study is accepted.
Based on the results of the inner model path coefficients in the table
above, it is known that the influence of attitude variables on investment
decisions has a path coefficient value of 0.020 with a statistical t-value of
0.162 and a p-value of 0.871. Where t statistics < t-table (1,657) and p-values
>0.05. This result means that attitude does not have a positive and
significant influence on investment decisions, so the hypothesis of this study
is rejected.
Based on the results of the inner model path coefficients in the table
above, it is known that the influence of the subjective norm variable on
investment decisions has a path coefficient value of 0.139 with a statistical t-value
of 2.186 and a p-value of 0.029. Where t statistics > t-table (1,657) and p-values
<0.05. These results mean that subjective norms have a positive and
significant influence on investment decisions, so the hypothesis of this study
is accepted.
Based on the results of the inner model path coefficients in the table
above, it is known that the influence of behavioral
control perception variables on investment decisions has a path coefficient value
of 0.998 with a statistical t-value of 18,380 and a p-value of 0.000. Where t
statistics > t-table (1,657) and p-values <0.05. These results mean that
the perception of behavioral control has a positive
and significant influence on investment decisions, so the hypothesis of this
study is accepted.
Indirect submission
Table 2. Specific indirect
effects
Original
Sample (O) |
Sample
Mean (M) |
Standard
Deviation (STDEV) |
T statictics (|O/STDEV|) |
P-values |
|
X ->
Z3 -> Y |
0.644 |
0.652 |
0.070 |
9.229 |
0.000 |
X ->
Z2 -> Y |
0.095 |
0.099 |
0.047 |
2.017 |
0.044 |
X ->
Z1 -> Y |
-0.016 |
-0.034 |
0.102 |
0.16 |
0.873 |
Based on the table above it shows an indirect influence between the
understanding of Sharia investment and investment decisions through the
variable of perception of behavioral control. This is
shown by statistical values of 9,229 > 1,657 and p-values of 0,000 <
0.05.
There is an indirect influence between the understanding of Sharia
investment on investment decisions through subjective norm variables. This is
shown by statistical values of 2,017 > 1,657 and p-values of 0.04 < 0.05.
There is no indirect influence between the understanding of Sharia
investment on investment decisions through attitude variables. This is shown by
statistical values of 0.16 < 1.657 and p-values of 0.873 > 0.05.
Discussion
Based on the results of hypothesis testing using the bootstrapping method,
it was shown that the variables of Sharia investment understanding on
investment decisions obtained an original sample value of 0.012, a statistical
t-value greater than 1.96, which was 2.436, and a p-value smaller than 0.05,
which was 0.060. These results show that there is a significant positive
influence between investment understanding variables on investment decisions.
This means that if an investor's understanding of Sharia investment increases,
the possibility of deciding to invest in the Sharia capital market will also
increase. The results of this discovery are in line with research conducted by Silalahi
A good understanding of investment can strengthen the decision to follow
Islamic Sharia principles in finance and will bring blessings and salvation. This
is as stated in Q.S Al-Mujlà verse 11:
"O you who believe, when it is said to
you, 'Give space in the assemblies,' be spacious, and Allah will surely give
you space. If it is said, 'Stand up,' then stand up. Surely Allah will raise up
those who believe among you and those who are given some degree of knowledge.
Allah is meticulous in what you do." (QS. Al-Mujlà
[58]:11)
Quraish Shihab (2002), in his commentary, explains that Islam strongly
encourages its people to explore science in everything they do, including
investment. This is recommended so that Muslims do not depart from the path
that has been determined by Allah SWT and His Messenger and become Muslims with
a good mentality, both in this world and in the hereafter.
The results of the
research show that attitude has a significant direct effect on investment
decisions in the Sharia capital market
From the Islamic
perspective, attitude is commonly referred to as akhlakul
karimah, which is a form of good behavior
and deeds. The attitude that arises from an investor towards the choice of
investment instruments must be based on Sharia's conformity, which is not
prohibited. The attitude of these investors is expected to foster investment
activities that bring long-term luck, both in this world and in the hereafter
"Indeed, what the believers say when they are invited to Allah and His Messenger to decide (the matter) between them is only, 'We listen and we obey.' Those are the lucky ones." (QS. An-Nur (24]:51)
The results of the
research findings show that Subjective Norms have a significant direct effect
on the decision to invest in the Sharia Capital Market. Therefore, it can be
concluded that subjective norms, as seen from the influence and encouragement
of the closest people, succeed in directly fostering their investment decisions
in the Sharia Capital Market. Broadly speaking, these findings agree that
Investment Interest in the Sharia Capital Market among investors can arise from
a person's normative beliefs about the people around him who consider that
person should do or not do a behavior. An
individual's belief that his or her behavior is
supported by those around him can prove to have a direct impact on their
decision to invest in the Sharia Capital Market. The norms that arise from
things and people around them, including social media and friends, also influence
the decision to invest in the Sharia Capital Market. These findings are also
linear with previous empirical findings that state that Subjective Norms have a
significant direct effect on the decision to invest in the Sharia Capital
Market
From the Islamic
perspective, this relationship can be associated with habluminannas
or relationships between fellow humans as creatures of Allah SWT. Therefore,
this statement can also be interpreted as the interest and decision to invest
in a servant of Allah SWT. arises from the will and help of Allah SWT. through
human intermediaries. Humans in the framework of Sharia are encouraged to help
each other, especially in kindness and piety, in this case, to foster interest
in investing in accordance with Sharia provisions
"O you who believe, do not violate the Sharia (holiness) of Allah, do not (violate the honor) of the haram months, do not (disturb) the hadyu (sacrificial animals) and qala'id (sacrificial animals that are marked), and do not (disturb) the visitors of Baikalharam while they are seeking the bounty and pleasure of their Lord. When you have completed ihram, then it is permissible to hunt. Never hate a people because they hinder you from the Masjid al-Haram and encourage you to go beyond the limit. Help you in virtue and piety, and do not help in sin and enmity. Fear Allah, indeed, Allah is very heavy on Him." (QS. Al-Ma'idah [5]:2).
The study results show
that the Perception of Behavior Control significantly
affects the decision to invest in the Sharia Capital Market. Therefore, it can
be concluded that the Perception of Behavior Control
seen from the opportunity and availability of resources to invest in Sharia has
succeeded in directly fostering confidence in their investment decisions in the
Sharia Capital Market. Broadly speaking, these findings agree that the decision
to invest in the Sharia Capital Market can arise from the opportunity to invest
in Sharia and the availability of supporting resources, such as time, money,
skills, and cooperation. This is supported by Salisa
Perception of Behavior Control from an Islamic perspective can be
associated with the discussion of mujahadah an-nafs or the struggle against ego/lust. An investor driven
by his lust is easily caught up in pragmatic short-term goals, such as large
profits, and ignores long-term interests, such as bumping into things that are
forbidden by religion. The control of Sharia-based investment behavior from an Islamic perspective is able to encourage a
servant of Allah Swt. to invest in the path that is
pleasing to Allah Swt. and the path that is fought
for the public good
"Indeed, those who believe, emigrate, and wage jihad with their wealth and soul in the way of Allah, and those who give shelter and help (to Muhajirin), they are indeed protectors of some others. And there is no obligation on you to protect those who believe but have not yet emigrated before they emigrated. If they ask you for help in religion, then it is obligatory for you to give help, except for those who have made a covenant between you and them. Allah is Aware of what you are doing." (QS. Al-Anfal [8]:72).
The research findings show that Attitude has a significant effect on the decision to invest in the Sharia Capital Market. This means that investors who have a positive attitude towards the Islamic capital market are more likely to invest in that market. This positive attitude can be influenced by various factors, such as knowledge of the Sharia capital market, understanding of Sharia principles, and experience investing in the Sharia capital market.
The study results show that subjective norms do not significantly affect the decision to invest in the Islamic capital market. This means that an investor's perception of whether or not the people around him will approve or disapprove of his behavior of investing in the Islamic capital market does not significantly influence his decision to invest in that market. There are several reasons that may explain the findings of this study. First, it is possible that investors consider other factors in their investment decisions, such as economic, financial, and personal factors. Second, it is possible that investors do not care too much about other people's perceptions of their behavior when investing in the Islamic capital market. Third, it is possible that the subjective norms of investors related to investment in the Islamic capital market are still weak.
The study results show that the perception of behavioral control does not significantly affect the decision to invest in the Islamic capital market. This means that an investor's beliefs about his ability to control his or her behavior in investing in the Islamic capital market do not significantly influence his decision to invest in such markets. There are several reasons that may explain the findings of this study. First, it is possible that investors consider other factors in their investment decisions, such as economic, financial, and personal factors. Second, it is possible that the investor has high confidence in his or her ability to control his or her behavior so that the perception of behavioral control is no longer a significant factor in influencing his or her decision. Surah An-Nahl (16:9): "And do not pursue something that you do not know."
This verse emphasizes the importance of acquiring knowledge and understanding before making any decisions, including investment decisions. Investors should seek reliable information and educate themselves about various investment options' risks and potential benefits.
Surah Al-Baqarah (2:282): "And do not impose yourself beyond your ability. God has ordained for you what is lighter for you. May you be grateful."
This verse encourages
individuals to carry out productive activities, including investing, while
still acknowledging their limitations and avoiding excessive risk-taking.
Investors should carefully assess their financial capacity and risk tolerance
before making investment decisions.
Analysis
of the influence of investment understanding on investment decisions with
attitudes, subjective norms, and perception of behavioral
control as intervening variables
The research results show that the understanding of Sharia investment indirectly affects investment decisions through Attitudes in the Sharia Capital Market. Thus, it can be interpreted that a good understanding of Sharia investment will certainly affect investors' assessment/perception of benefits when investing in the Sharia Capital Market. Then, a good assessment or perception of the benefits of investment in the Sharia Capital Market tends to give rise to investment decisions in the Sharia Capital Market. Therefore, it can be concluded that this study confirms the mediating role of attitude toward understanding Sharia investment and investment decisions in the Sharia Capital Market.
The research results show that the understanding of Sharia investment indirectly affects investment decisions through Subjective Norms in the Sharia Capital Market. Thus, it can be interpreted that with a good level of understanding of Sharia investment, they will tend to have confidence that their interest and decision to invest in the Sharia Capital Market will get support from the people closest to them. Furthermore, these subjective norms will encourage the decision to invest in the Sharia Capital Market. Therefore, it can be concluded that this study confirms the mediating role of the Subjective Norm on the understanding of Sharia investment and the decision to invest in the Sharia Capital Market.
The results of the research findings explain that the understanding of Sharia has an indirect effect on investment decisions through the Perception of Behavioral Control in the Sharia Capital Market. Investors have the resources, knowledge, and time to decide to invest in the Sharia Capital Market. The allocation of knowledge resources and time to invest in the Sharia Capital Market is certainly closely related to their research ability to do technical things such as how to sell, buy, seek optimal profits, look for investment instruments in the Sharia Capital Market with lower risk, and how to choose the right investment in the Sharia Capital Market. The relationship between the perception of behavioral control and the understanding of Sharia investment is able to encourage investment in the Sharia Capital Market.
The attitude, subjective norms, and perception of behavior control of an investor are expected to foster investment activities that bring long-term luck, both in this world and in the hereafter. Humans in the framework of Sharia are encouraged to help each other, especially in kindness and piety, in this case, to foster investment decisions that are in accordance with Sharia provisions.
The attitude is explained in surah An-Nur verse 51:
"Indeed, what the believers say, when they are invited to Allah and His Messenger so that He decides (the matter) between them, it is, 'We listen, and we obey.' Those are the lucky ones." (QS. An-Nur (24]:51)
The encouragement to help in the context of kindness is listed in QS. Al-Maidah verse 2:
"O you who believe, do not violate the Sharia (holiness) of Allah, do not (violate the honor) of the haram months, do not (disturb) the hadyu (sacrificial animals) and qala'id (sacrificial animals that are marked), and do not (disturb) those who visit Bailujah while they are seeking the bounty and pleasure of their Lord! When you have completed ihram, hunt for it. Do not hold hatred towards a people, for they hinder you from the Masjid al-Haram, and encourage you to go beyond the limit. Help you in doing good and piety, and do not help in sin and enmity. Fear Allah, indeed, Allah is very heavy with His torment." (QS. Al-Ma'idah [5]:2)
"Indeed, those who believe, emigrate, and wage jihad with their wealth and soul in the way of Allah, and those who give a place of residence and help (to the Muhajirin), they are partly protectors of others. For those who believe but have not emigrated, then there is no obligation on you in the slightest to protect them until they emigrate. (However), If they ask you for help in religious matters, then it is obligatory for you to provide help, except for those who have an agreement with them. Allah is Aware of what you are doing." (QS. Al-Anfal [8]:72)
Based on the results of the data
processing above, there are several policy implications that can be taken to
improve and improve investment decisions in the Islamic capital market from
various analyses that have been carried out. Each variable is as follows:
1. Analysis
related to the influence of investment understanding on investment decisions in
the Islamic capital market requires increased education and literacy. The
development of educational products and services and the implementation of
comprehensive Islamic financial education and literacy programs are needed to
increase public understanding of the Islamic capital market, including its
risks and potential benefits. Various communication media, such as seminars,
workshops, mass media, and digital platforms, can be used to reach the wider
community. In addition, Sharia capital market education also needs to be
included in the formal education curriculum in schools and universities.
2. The
results of the analysis show that the influence of Subjective Norms and
Perception of Behavioral Control has a positive
effect on the Decision to Invest in the Sharia Capital Market (except
Attitude). Therefore, it is necessary to build positive social norms by holding
socialization to improve social norms that support investment in the Sharia
capital market. In addition, it is necessary to encourage community leaders and
influencers to promote Sharia investment as a positive and useful option.
Supporting the Sharia investor community in sharing information and positive
experiences with each other is also important in building strong social norms.
3. The
results of the analysis, which showed that there was an Indirect Influence
between Investment Understanding on Investment Decisions to Invest in Sharia
Capital Markets through Subjective Normal Variables, as well as Perception of Behavior Control as an Intervening Variable, emphasized the
importance of focusing on education and the development of subjective norms and
perception of behavioral control. This includes the
development of educational programs that increase understanding of investment
and help investors develop supportive subjective norms and perceptions of
quality behavioral control towards investment in the
Islamic capital market. Providing training to investors to identify and
overcome psychological barriers that may hinder them from investing is also
important. In addition, it provides guidance and support to novice investors to
build their confidence and investing skills.
CONCLUSION
The conclusion of the
analysis of the influence of investment decisions in the capital market with
the Theory of Planned Behavior (TPB) approach on the
people of Jambi province who invest in FALC Sekuritas
Jambi, using Structural Equation Model (SEM) analysis based on Partial Least
Square (PLS), concludes that: a) Investment understanding has a positive and
significant effect on investment decisions in the Islamic capital market, where
investors with a better investment understanding tend to be more confident and
ready to invest in the Islamic capital market; b) Investment understanding also
has a positive and significant effect on investors' attitudes, subjective
norms, and behavioral control in investing in the
Islamic capital market, with investors who have a better understanding of
investment tend to have a more positive attitude, more supportive subjective
norms, and stronger behavioral control towards
investment in the Islamic capital market; c) Attitudes directly have a positive
effect on the decision to invest in the Islamic capital market, where investors
with a more positive attitude towards the Islamic capital market are more
likely to invest in the market; d) Subjective norms and behavioral
control directly affect the decision to invest in the Islamic capital market,
although both do not directly influence the investment decision through their
influence on attitudes; e) Understanding investment directly affects the
decision to invest in the Islamic capital market through attitudes, subjective
norms, and behavioral control as intervening
variables. Therefore, an understanding of investment can improve investors'
attitudes, subjective norms, and behavioral control,
which ultimately encourages them to invest in the Islamic capital market.
Suggestions for increasing investor literacy and education, promoting the Sharia
capital market, and increasing investor knowledge were also submitted.
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Copyright holders:
Iskananda Relian Santri (2024)
First publication right:
AJEMB – American Journal of Economic
and Management Business