FACTORS INFLUENCING THE BEHAVIORAL INTENTION TO USE SHARIA SECURITIES AS AN INVESTMENT OPTION IN INDONESIA
DOI:
https://doi.org/10.33736/ijbs.6902.2024Keywords:
Sharia securities, behavioral intention, investment option, IndonesiaAbstract
This study aims to investigate the factors that can predict the behavioral intention of Muslims in Indonesia to use Sharia securities as an investment option. The TPB model was enhanced with Sharia compliance and financial intelligence to develop the theoretical model for this investigation. The paper investigates the impact of Sharia compliance and financial intelligence on attitude, and the impact of attitude, subjective norms, and perceived behavioral control on behavioral intention to use Sharia securities as an investment option as well. The mediating role of attitude was also investigated on the relationship between the proposed adoption factors and the behavioral intention to use Sharia securities as an investment option. Smart PLS (v. 4.0.8.9) software was used to analyze 617 responses collected via an online survey. The Findings showed that Sharia compliance and financial have a positive and significant effect on attitude, and attitude subjective norms, and perceived behavioral control also have a positive and significant effect on behavioral intention to use Sharia securities as an investment option. Moreover, attitude fully mediates the relationship between Sharia compliance and financial intelligence on behavioral intention to use Sharia securities as an investment option. The findings offer valuable insights to Sharia securities users, Sharia securities developers, and the government of Indonesia.
References
Abdul Halim, Z., How, J., Verhoeven, P., & Hassan, M. K. (2019). The value of certification in Islamic bond offerings. Journal of Corporate Finance, 55. https://doi.org/10.1016/j.jcorpfin.2018.09.002
https://doi.org/10.1016/j.jcorpfin.2018.09.002
Ajzen, I. (2020). The theory of planned behavior: Frequently asked questions. Human Behavior and Emerging Technologies, 2(4). https://doi.org/10.1002/hbe2.195
https://doi.org/10.1002/hbe2.195
Ajzen, I., & Fishbein, M. (2021). The Influence of Attitudes on Behavior. The Handbook of Attitudes, 187-236. https://doi.org/10.4324/9781410612823-13
https://doi.org/10.4324/9781410612823-13
Ali, M., Anwar, U., & Haseeb, M. (2021). The impact of COVID-19 on Islamic and conventional stocks in Indonesia: A wavelet-based study. Buletin Ekonomi Moneter Dan Perbankan, 24, 15-32. https://doi.org/10.21098/BEMP.V24I0.1480
https://doi.org/10.21098/bemp.v24i0.1480
Alomari, A. S. A., & Abdullah, N. L. (2023). Factors influencing the behavioral intention to use Crypto-currency among Saudi Arabian public university students: Moderating role of financial literacy. Cogent Business & Management, 10(1). https://doi.org/10.1080/23311975.2023.2178092
https://doi.org/10.1080/23311975.2023.2178092
Amofah, K., & Saladrigues, R. (2022). Impact of attitude towards entrepreneurship education and role models on entrepreneurial intention. Journal of Innovation and Entrepreneurship, 11(1). https://doi.org/10.1186/s13731-022-00197-5
https://doi.org/10.1186/s13731-022-00197-5
Aziz, A., Pratama, N., Hamidi, M. L., & Cahyono, E. (2023). The effect of halal brand awareness on purchase intention in indonesia : the mediating role of attitude The effect of halal brand awareness on purchase intention in indonesia : the mediating role of attitude. Cogent Business & Management, 10(1). https://doi.org/10.1080/23311975.2023.2168510
https://doi.org/10.1080/23311975.2023.2168510
Aziz, S., & Afaq, Z. (2018). Adoption of Islamic banking in Pakistan an empirical investigation. Cogent Business and Management, 5(1), 1-18. https://doi.org/10.1080/23311975.2018.1548050
https://doi.org/10.1080/23311975.2018.1548050
Barbera, F. La, & Ajzen, I. (2020). Control interactions in the theory of planned behavior: Rethinking the role of subjective norm. Europe's Journal of Psychology, 16(3). https://doi.org/10.5964/ejop.v16i3.2056
https://doi.org/10.5964/ejop.v16i3.2056
Bosnjak, M., Ajzen, I., & Schmidt, P. (2020). The theory of planned behavior: Selected recent advances and applications. In Europe's Journal of Psychology (Vol. 16, Issue 3). https://doi.org/10.5964/ejop.v16i3.3107
https://doi.org/10.5964/ejop.v16i3.3107
Chawla, D., & Joshi, H. (2019). Consumer attitude and intention to adopt mobile wallet in India - An empirical study. International Journal of Bank Marketing, 37(7). https://doi.org/10.1108/IJBM-09-2018-0256
https://doi.org/10.1108/IJBM-09-2018-0256
DetikFinance. (2022). Apa sih efek syariah itu? DetikFinance. https://finance.detik.com/ojk/d-3234091/apa-sih-efek-syariah-itu.
Fatima, A., Rashid, A., & Khan, A. uz Z. (2019). Asymmetric impact of shocks on Islamic stock indices: a cross country analysis. Journal of Islamic Marketing, 10(1), 2-86. https://doi.org/10.1108/JIMA-04-2017-0043
https://doi.org/10.1108/JIMA-04-2017-0043
Gottems, L. B. D., Carvalho, E. M. P. de, Guilhem, D., & Pires, M. R. G. M. (2018). Good practices in normal childbirth: Reliability analysis of an instrument by cronbach's alpha. Revista Latino-Americana de Enfermagem, 26. https://doi.org/10.1590/1518-8345.2234.3000
https://doi.org/10.1590/1518-8345.2234.3000
Hair, Jr, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. L. (2010). SEM: An introduction. Multivariate data analysis: A global perspective. A Global Perspective, 5(6).
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). Journal of Marketing Theory and Practice PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice, 19(2).
https://doi.org/10.2753/MTP1069-6679190202
Hair, J. F., Sarstedt, M., Hopkins, L., & Kuppelwieser, V. G. (2014). Partial least squares structural equation modeling (PLS-SEM): An emerging tool in business research. In European Business Review (Vol. 26, Issue 2). https://doi.org/10.1108/EBR-10-2013-0128
https://doi.org/10.1108/EBR-10-2013-0128
Han, H., Hsu, L. T. (Jane), & Sheu, C. (2010). Application of the Theory of Planned Behavior to green hotel choice: Testing the effect of environmental friendly activities. Tourism Management, 31(3). https://doi.org/10.1016/j.tourman.2009.03.013
https://doi.org/10.1016/j.tourman.2009.03.013
Heykal, M. (2021). Mengenal Konsep Kepatuhan Syariah Dan Pengawasan Terhadapnya (Sharia Compliance). Binus University, School of Accounting. https://accounting.binus.ac.id/2021/12/06/mengenal-konsep-kepatuhan-syariah-dan-pengawasan-terhadaonya-sharia-compliance/
Hill, R. J., Fishbein, M., & Ajzen, I. (1977). Belief, Attitude, Intention and Behavior: An Introduction to Theory and Research. Contemporary Sociology, 6(2). https://doi.org/10.2307/2065853
https://doi.org/10.2307/2065853
Idris, M. (2021). Aset: Pengertian, Jenis, Sifat, dan Contohnya. Kompas.Com. https://money.kompas.com/read/2021/10/22/113333026/aset-pengertian-jenis-sifat-dan-contohnya?page=all.
Jabeen, M., & Kausar, S. (2022). Performance comparison between Islamic and conventional stocks: evidence from Pakistan's equity market. ISRA International Journal of Islamic Finance, 14(1), 59-72. https://doi.org/10.1108/IJIF-07-2020-0150
https://doi.org/10.1108/IJIF-07-2020-0150
Johnson, B. R., Jang, S. J., Larson, D. B., & De Li, S. (2001). Does adolescent religious commitment matter? A reexamination of the effects of religiosity on delinquency. Journal of Research in Crime and Delinquency, 38(1). https://doi.org/10.1177/0022427801038001002
https://doi.org/10.1177/0022427801038001002
Joseph F. Hair, Jeffrey J. Risher, Marko Sarstedt, & Christian M. Ringle. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1).
https://doi.org/10.1108/EBR-11-2018-0203
Kiyosaki, R. T. (2011). Rich Dad's cashflow quadrant : guide to financial freedom.
Kiyosaki, R. T., & Lechter, S. L. (2004). The Cashflow Quadrant: Rich Dads Guide lo Financial/ Freedom Publicado. In Warner Books, Inc. CASHFLOW Technologies, Inc.
Kyriazos, T. A. (2018). Applied Psychometrics: Sample Size and Sample Power Considerations in Factor Analysis (EFA, CFA) and SEM in General. Psychology, 09(08), 2207-2230. https://doi.org/10.4236/psych.2018.98126
https://doi.org/10.4236/psych.2018.98126
Lashari, Z. A., Ko, J., & Jang, J. (2021). Consumers' intention to purchase electric vehicles: Influences of user attitude and perception. Sustainability (Switzerland), 13(12). https://doi.org/10.3390/su13126778
https://doi.org/10.3390/su13126778
Ledhem, M. A., & Mekidiche, M. (2022). Islamic securities (ṣukūk) and economic growth: New empirical investigation from Southeast Asia using non-parametric analysis of MCMC panel quantile regression. Islamic Economic Studies, 29(2), 119-138. https://doi.org/10.1108/ies-06-2021-0020
https://doi.org/10.1108/IES-06-2021-0020
Maghyereh, A. I., Abdoh, H., & Awartani, B. (2019). Connectedness and hedging between gold and Islamic securities: A new evidence from time-frequency domain approaches. Pacific Basin Finance Journal, 54(October 2018), 13-28. https://doi.org/10.1016/j.pacfin.2019.01.008
https://doi.org/10.1016/j.pacfin.2019.01.008
Mahlaole, S. T., & Malebana, M. J. (2022). Effects of Gender on Students' Entrepreneurial Intentions: A Theory of Planned Behaviour Perspective. Open Journal of Business and Management, 10(01). https://doi.org/10.4236/ojbm.2022.101004
https://doi.org/10.4236/ojbm.2022.101004
Nur Qalbi. (2022). Lima Tahun, Investor Syariah Naik Lima Kali Lipat. Business Insight. https://insight.kontan.co.id/news/lima-tahun-investor-syariah-naik-lima-kali-lipat
OJK. (2022a). Market Update Pasar Modal Syariah Indonesia Periode Januari - Juni 2022. Indonesian Financial Services Authority. https://www.ojk.go.id/id/kanal/syariah/tentang-syariah/Documents/Pages/Pasar-Modal-Syariah/Market Update Pasar Modal Syariah Indonesia Periode Januari - Juni 2022.pdf
OJK. (2022b). Perkembangan Pasar Modal Syariah 2021. Indonesian Financial Services Authority. https://pasarmodalsyariah.id/storage/files/laporan-perkembangan-pasar-modal-syariah-2021-1653957519.pdf
OJK. (2022c). Statistik Reksa Dana Syariah - September 2022. Indonesian Financial Services Authority. https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/reksa-dana-syariah/Documents/Pages/Statistik-Reksa-Dana-Syariah---September-2022/Statistik Reksa Dana Syariah September 2022.pdf
OJK. (2022d). Statistik Saham Syariah - September 2022. Indonesian Financial Services Authority. https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/saham-syariah/Documents/Pages/Statistik-Saham-Syariah---September-2022/Statistik Saham-2022 September.pdf
OJK. (2022e). Statistik Sukuk Syariah - September 2022. Indonesian Financial Services Authority. https://www.ojk.go.id/id/kanal/syariah/data-dan-statistik/data-produk-obligasi-syariah/Documents/Pages/Statistik-Sukuk-Syariah---September-2022/Statistik Sukuk September 2022.pdf
Omar, E. N., Jaafar, H. S., & Osman, M. R. (2013). Halalan Toyyiban Supply Chain of the Food Industry. Journal of Emerging Economies and Islamic Research, 1(3), 23. https://doi.org/10.24191/jeeir.v1i3.9127
https://doi.org/10.24191/jeeir.v1i3.9127
Purwanto, P., Abdullah, I., Ghofur, A., Abdullah, S., & Elizabeth, M. Z. (2022). Adoption of Islamic microfinance in Indonesia an empirical investigation: an extension of the theory of planned behaviour. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2087466
https://doi.org/10.1080/23311975.2022.2087466
QM Finansial. (2022). Apa sih Kecerdasan Finansial Itu? Bagaimana Cara Meningkatkannya? QM Finansial. https://qmfinancial.com/2022/08/kecerdasan-finansial/
Ringle, C. M., Wende, S., and Becker, J.-M. 2022. (2022). SmartPLS 4. Oststeinbek: SmartPLS GmbH. http://www.smartpls.com
Sabriseilabi, S., & Williams, J. (2022). Dimensions of religion and attitudes toward euthanasia. Death Studies, 46(5). https://doi.org/10.1080/07481187.2020.1800863
https://doi.org/10.1080/07481187.2020.1800863
Sarstedt, M., & Cheah, J. H. (2019). Partial least squares structural equation modeling using SmartPLS: a software review. In Journal of Marketing Analytics (Vol. 7, Issue 3). https://doi.org/10.1057/s41270-019-00058-3
https://doi.org/10.1057/s41270-019-00058-3
Schermelleh-Engel, K., Moosbrugger, H., & Müller, H. (2003). Evaluating the fit of structural equation models: Tests of significance and descriptive goodness-of-fit measures. MPR-Online, 8(2), 23-74.
Souiden, N., & Rani, M. (2015). Consumer attitudes and purchase intentions toward Islamic banks: The influence of religiosity. International Journal of Bank Marketing, 33(2). https://doi.org/10.1108/IJBM-10-2013-0115
https://doi.org/10.1108/IJBM-10-2013-0115
Susila, J. (2022). Kecerdasan Finansial. Kementerian Keuangan R.I. https://www.djkn.kemenkeu.go.id/kpknl-madiun/baca-artikel/15029/Kecerdasan-Finansial.html
Tornikoski, E., & Maalaoui, A. (2019). Critical reflections - The Theory of Planned Behaviour: An interview with Icek Ajzen with implications for entrepreneurship research. International Small Business Journal: Researching Entrepreneurship, 37(5). https://doi.org/10.1177/0266242619829681
https://doi.org/10.1177/0266242619829681
Tusiime, I. M., & Wang, M. (2020). Are Islamic stocks subject to oil price risk exposure? Journal of Risk Finance, 21(2), 181-200. https://doi.org/10.1108/JRF-05-2019-0076
https://doi.org/10.1108/JRF-05-2019-0076
Vaughan-Johnston, T. I., Fabrigar, L. R., Xia, J., DeMarree, K. G., & Clark, J. K. (2023). Desired attitudes guide actual attitude change. Journal of Experimental Social Psychology, 105. https://doi.org/10.1016/j.jesp.2022.104437
https://doi.org/10.1016/j.jesp.2022.104437
Yuliastuti, D. (2022). Daftar 30 Saham Syariah, Pilihan Investasi Bebas Riba. Fortune Indonesia. https://www.fortuneidn.com/sharia/desy/30-daftar-saham-syariah-pilihan-investasi-bebas-riba
Downloads
Published
How to Cite
Issue
Section
License
Copyright Transfer Statement for Journal
1) In signing this statement, the author(s) grant UNIMAS Publisher an exclusive license to publish their original research papers. The author(s) also grant UNIMAS Publisher permission to reproduce, recreate, translate, extract or summarize, and to distribute and display in any forms, formats, and media. The author(s) can reuse their papers in their future printed work without first requiring permission from UNIMAS Publisher, provided that the author(s) acknowledge and reference publication in the Journal.
2) For open access articles, the author(s) agree that their articles published under UNIMAS Publisher are distributed under the terms of the CC-BY-NC-SA (Creative Commons Attribution-Non Commercial-Share Alike 4.0 International License) which permits unrestricted use, distribution, and reproduction in any medium, for non-commercial purposes, provided the original work of the author(s) is properly cited.
3) For subscription articles, the author(s) agree that UNIMAS Publisher holds copyright, or an exclusive license to publish. Readers or users may view, download, print, and copy the content, for academic purposes, subject to the following conditions of use: (a) any reuse of materials is subject to permission from UNIMAS Publisher; (b) archived materials may only be used for academic research; (c) archived materials may not be used for commercial purposes, which include but not limited to monetary compensation by means of sale, resale, license, transfer of copyright, loan, etc.; and (d) archived materials may not be re-published in any part, either in print or online.
4) The author(s) is/are responsible to ensure his or her or their submitted work is original and does not infringe any existing copyright, trademark, patent, statutory right, or propriety right of others. Corresponding author(s) has (have) obtained permission from all co-authors prior to submission to the journal. Upon submission of the manuscript, the author(s) agree that no similar work has been or will be submitted or published elsewhere in any language. If submitted manuscript includes materials from others, the authors have obtained the permission from the copyright owners.
5) In signing this statement, the author(s) declare(s) that the researches in which they have conducted are in compliance with the current laws of the respective country and UNIMAS Journal Publication Ethics Policy. Any experimentation or research involving human or the use of animal samples must obtain approval from Human or Animal Ethics Committee in their respective institutions. The author(s) agree and understand that UNIMAS Publisher is not responsible for any compensational claims or failure caused by the author(s) in fulfilling the above-mentioned requirements. The author(s) must accept the responsibility for releasing their materials upon request by Chief Editor or UNIMAS Publisher.
6) The author(s) should have participated sufficiently in the work and ensured the appropriateness of the content of the article. The author(s) should also agree that he or she has no commercial attachments (e.g. patent or license arrangement, equity interest, consultancies, etc.) that might pose any conflict of interest with the submitted manuscript. The author(s) also agree to make any relevant materials and data available upon request by the editor or UNIMAS Publisher.
