The Effect of Financial Literacy, Perception of Risk and Herding Behavior on Sharia Stock Investing Decisions with Interest as a Mediating Variable and Financial Behavior as a Moderating Variable
Keywords:
Financial Literacy, Risk Perception, Herding Behavior, Investment Decision, Interest, Financial BehaviorAbstract
The purpose of this study was to examine the effect of financial literacy, risk perception and herding behavior on Islamic stock investment decisions with interest as a mediating variable and financial behavior as a moderating variable. The population in this study were all investors of PT FAC Sekuritas Indonesia Jambi Branch. The sample size used the slovin formula with a sample size of 391 investors. The sampling technique used purposive sampling and the analysis technique used SEM (Structural Equation Model) with Smart-PLS. The results of this study indicate that only five direct influence tests have positive and significant results, namely: financial literacy, risk perception and herding behavior have a significant positive effect on interest, herding behavior and interest have a significant positive effect on the decision to invest in Islamic stocks. While the results of the indirect influence test are only two with positive and significant results: financial literacy and risk perception through interest have a significant positive effect on the decision to invest in Islamic stocks. Furthermore, the results of the moderation test of financial behavior are not significant in moderating financial literacy and risk perception.
References
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Behera, Y. D. P., Nanda, S. S., Sahoo, S. K., & Sahoo, T. R. (2021). The Compounding Effect of Investors’ Cognition and Risk Absorption Potential on Enhancing the Level of Interest towards Investment in the Domestic Capital Market. Journal of Risk and Financial Management, 14(3). https://doi.org/10.3390/jrfm14030095
Bursa Efek Indonesia. (2022). Laporan Kajian optimalisasi publikasi statistik.
Bursa Efek Indonesia. (2025). Detail Siaran Pers (Vol. 1968). https://idx.co.id/id/berita/siaran-pers/1859
Candra, V., Simarmata, N. I. P., Mahyuddin, Purba, B., Purba, S., Chaerul, M., & Dkk. (2023). Metode Penelitian.
Chick, C. F., Pardo, S. T., Reyna, V. F., & Goldman, D. A. (2017). Decision making (individuals). The Curated Reference Collection in Neuroscience and Biobehavioral Psychology, 651–658. https://doi.org/10.1016/B978-0-12-809324-5.06393-8
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Hair.Jr. Edeh, E., Lo, W.-J., & Khojasteh, J. (2021). Review of Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R: A Workbook. In Structural Equation Modeling: A Multidisciplinary Journal (Vol. 30, Issue 1). https://doi.org/10.1080/10705511.2022.2108813
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Harahap, S. B., Bustami, Y., & Syukrawati, S. (2021). Pengaruh Literasi Keuangan Terhadap Minat Investasi Saham Syariah. Al Fiddhoh: Journal of Banking, Insurance, and Finance, 2(2), 75–82. https://doi.org/10.32939/fdh.v2i2.955
Hasibuan, T. F. H., Meifari, V., Muda, I., & Kesuma, S. A. (2023). Technology 4.0 Era Investment Decisions for Milenials and Generation Z. International Journal of Educational Review, Law And Social Sciences (IJERLAS), 3(4), 1297–1304. https://doi.org/10.54443/ijerlas.v3i4.976
Hetz, P. R., Dawson, C. L., & Cullen, T. A. (2015). Social Media Use and the Fear of Missing Out (FoMO) While Studying Abroad. Journal of Research on Technology in Education, 47(4), 259–272. https://doi.org/10.1080/15391523.2015.1080585
Hirdinis, & Haningsih, L. (2022). Locus of Control and Overconfidence in Investment Decisions Making through Investor’s Financial Behavior. Himalayan Economics and Business Management, 3(6), 159–174. https://doi.org/10.47310/Hjebm.2022.v03i06.018
Jiang, Z., Peng, C., & Yan, H. (2024). Personality differences and investment decision-making. Journal of Financial Economics, 153(January), 103776. https://doi.org/10.1016/j.jfineco.2023.103776
Kengatharan, L., & Kengatharan, N. (2014). The Influence of Behavioral Factors in Making Investment Decisions and Performance: Study on Investors of Colombo Stock Exchange, Sri Lanka. Asian Journal of Finance & Accounting, 6(1), 1. https://doi.org/10.5296/ajfa.v6i1.4893
KSEI Indonesia Central Securities Depository. (2024). Statistik Pasar Modal Indonesia. Publikasi PT Kustodian Sentral Efek Indonesia, 1–7. https://www.ksei.co.id/publications/demografi_investor
Kumar, S., & Goyal, N. (2015). Behavioural biases in investment decision making – a systematic literature review. Qualitative Research in Financial Markets, 7(1), 88–108. https://doi.org/10.1108/QRFM-07-2014-0022
Larcker, C. F. and D. F. (2012). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error Author(s): American Marketing Association, 18(Kolisch 1996), 49–56.
Mubaraq, M. R., Anshori, M., & Trihatmoko, H. (2021). the Influence of Financial Knowledge and Risk Tolerance on Investment Decision Making. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(2), 140. https://doi.org/10.26418/jebik.v10i2.47089
Mussy, E., Tumbuan, W. J. F. A., & Tielung, M. V. J. (2023). the Influences of Financial Literacy and Financial Technology on Manado Millennial Investment Intention in Capital Market. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 11(1), 1338–1347. https://doi.org/10.35794/emba.v11i1.47482
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Nuryasman MN, N. S. (2020). Faktor-Faktor Yang Mempengaruhi Pengambilan Keputusan Investasi Saham. Jurnal Ekonomi, 25(2), 251. https://doi.org/10.24912/je.v25i2.669
Picaully, M. R. (2018). Pengaruh Kepercayaan Pelanggan Terhadap Niat Pembelian Gadget Di Shopee Indonesia. Jurnal Manajemen Maranatha, 18(1), 31–40. https://doi.org/10.28932/jmm.v18i1.1094
Pratama, A., Fauzi, A., & Purwohedi, U. (2022). Pengaruh Persepsi Risiko, Ekspektasi Return, Dan Behavioral Motivation Terhadap Keputusan Investasi Mahasiswa Yang Terdaftar Di Galeri Investasi Pada Perguruan Tinggi Negeri Jakarta. Indonesian Journal of Economy, Business, Entrepreneurship, Business and Finance, 2(3), 252–267. https://doi.org/10.53067/ijebef.v2i3
Putu, N., & Dewi, R. (2018). The Effect of Investment Knowledge , Risk Perception , Intensity of Technology Use , and Easy of Use of Technology on Investment Interest in The Capital Market in Bali State Polytechnic Students. 1–8.
Rika, A. R., & Syaiah. (2022). Pengaruh Persepsi Risiko Dan Toleransi Risiko Terhadap Keputusan Invesasi (Studi Kasus Investor Di MNC Trade Syariah Kendari). Jurnal Akuntansi Dan Keuangan, 7(2), 91–107.
Rosyadi, I., Adi Artanto, F. A., & Febrianto, M. Y. (2021). Pengaruh Kepuasan Kerja terhadap Kinerja Karyawan di RTO dengan Structural Equation Modeling (SEM) dan Partial Least Square (PLS). Indonesian Journal of Strategic Management, 4(1). https://doi.org/10.25134/ijsm.v4i1.5287
Salsabila, R. (2024). Factors Affecting Muslims ’ Decision in Tangerang Selatan During Recession to Make Sharia Investment Factors Affecting Muslims ’ Decision in Tangerang Selatan e-ISSN : 2809-8862 during Recession to Make Sharia Investment Rania Salsabila. Jurnal Ekonomi, Koperasi & Kewirausahaan, 15(November).
Saputri, N. D. M., Raneo, A. P., & Muthia, F. (2023). The FoMO Phenomenon: Impact on Investment Intentions in Millennial Generation with Financial Literacy as Moderation. Owner, 7(3), 2590–2597. https://doi.org/10.33395/owner.v7i3.1619
Shah, T. A., Naveed, & Hussain, I. (2024). The Effect of Herding Behavior on Investment Decision : Moderating Effect of Over-Confidence. 5(3), 132–146. https://doi.org/10.55737/qjssh.381051524
Shahrul, S. (2023). Pengaruh Literasi Keuangan Dan Lingkungan Sosial Terhadap Perilaku Keuangan Mahasiswa. Jurnal Audit Dan Perpajakan (JAP), 3(1), 1–8. https://doi.org/10.47709/jap.v3i1.2423
Simon, V. (2024). Detail Siaran Pers (Vol. 1968). https://idx.co.id/id/berita/siaran-pers/1859
Sulistyowati, A., Rianto, M. R., Handayani, M., & Bukhari, E. (2022). Pengaruh Financial Literacy, Return dan Resiko terhadap Keputusan Investasi Generasi Milenial Islam di Kota Bekasi. Jurnal Ilmiah Ekonomi Islam, 8(2), 2253. https://doi.org/10.29040/jiei.v8i2.5956
Suriansyah, N. S., & Harianto, W. (2022). Effect of Financial Literacy, Income and Risk Perception on Investment Decision Making With Financial Behavior as Moderating Variable. Indonesian Journal of Innovation Studies, 20, 1–13. https://doi.org/10.21070/ijins.v20i.715
Tamara, D. (2022). Do Overconfidence and Herding Affect Stock Investment Decision? Indonesian Cases During Pandemic Covid-19. Mix: Jurnal Ilmiah Manajemen, 12(3), 541. https://doi.org/10.22441/jurnal_mix.2022.v12i3.012
Wang, W., Su, C., & Duxbury, D. (2022). The conditional impact of investor sentiment in global stock markets: A two-channel examination. Journal of Banking and Finance, 138, 106458. https://doi.org/10.1016/j.jbankfin.2022.106458
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Yudha, N., Widyari, A., Ayu, P., Widari, D., Ayu, I., Tiara, K., Sari, P., & Denpasar, U. M. (2024). Herding behavior in stock investment decision making. Jurnal Revenue, 4, 906–919.
Anugrah Dwi. (2023). Pengertian Investasi dan Jenis-Jenisnya - UMSU Kampus Terbaik. Fakultas Ekonomi Dan Bisnis, 1–5. https://feb.umsu.ac.id/pengertian-investasi-dan-jenis-jenisnya/
Audini, A. F. (2020). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi Dengan Perilaku Kuangan Sebagai Varaibel Moderasi. Niagawan, 9(2), 102. https://doi.org/10.24114/niaga.v9i2.19035
Ayumi, R. N. (2022). Pengaruh Literasi Keuangan, Pengetahuan Investasi Melalui Minat Investasi Sebagai Variabel Intervening Terhadap Keputusan Investasi Mahasiswa. 2(1), 41–48.
Bakar, S., & Yi, A. N. C. (2016). The Impact of Psychological Factors on Investors’ Decision Making in Malaysian Stock Market: A Case of Klang Valley and Pahang. Procedia Economics and Finance, 35(May), 319–328. https://doi.org/10.1016/s2212-5671(16)00040-x
Behera, Y. D. P., Nanda, S. S., Sahoo, S. K., & Sahoo, T. R. (2021). The Compounding Effect of Investors’ Cognition and Risk Absorption Potential on Enhancing the Level of Interest towards Investment in the Domestic Capital Market. Journal of Risk and Financial Management, 14(3). https://doi.org/10.3390/jrfm14030095
Bursa Efek Indonesia. (2022). Laporan Kajian optimalisasi publikasi statistik.
Bursa Efek Indonesia. (2025). Detail Siaran Pers (Vol. 1968). https://idx.co.id/id/berita/siaran-pers/1859
Candra, V., Simarmata, N. I. P., Mahyuddin, Purba, B., Purba, S., Chaerul, M., & Dkk. (2023). Metode Penelitian.
Chick, C. F., Pardo, S. T., Reyna, V. F., & Goldman, D. A. (2017). Decision making (individuals). The Curated Reference Collection in Neuroscience and Biobehavioral Psychology, 651–658. https://doi.org/10.1016/B978-0-12-809324-5.06393-8
Dinarjito, A. (2023). The Influence Of Financial Behavior On Investment Decisions With Financial Literacy As A Mediation Variable: Case Study In PKN STAN Learning Assignment …. Jurnal Pajak Dan Keuangan Negara (PKN). https://jurnal.pknstan.ac.id/index.php/pkn/article/view/2281
Global Web Index. (2018). Fear of Missing Out ( FOMO ) on Social Media.
Hair, Joseph F, Sarstedt, Marko, Ringle, & M, C. (2017). Partial Least Squares Structural Equation Modeling. September.
Hair, Jr., J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R. Springer Nature.
Hair.Jr. Edeh, E., Lo, W.-J., & Khojasteh, J. (2021). Review of Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R: A Workbook. In Structural Equation Modeling: A Multidisciplinary Journal (Vol. 30, Issue 1). https://doi.org/10.1080/10705511.2022.2108813
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Hair Jr., J. F., Anderson, R. E., Babin, B. J., & Black, W. C. (2019). Multivariate Data Analysis, Multivariate Data Analysis. Book, 87(4), 611–628.
Hakim, L., & Rahmawati, J. (2023). Pengaruh Herding Behaviour, Risk Tolerance dan Iklan Proyek terhadap Minat Mahasiswa Berinvestasi pada Crowdfunding Syariah dengan Religiusitas sebagai Variabel Moderasi. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(3), 2730–2749. https://doi.org/10.47467/alkharaj.v6i3.4672
Haleem, A., Javaid, M., Qadri, M. A., & Suman, R. (2022). Understanding the role of digital technologies in education: A review. Sustainable Operations and Computers, 3(February), 275–285. https://doi.org/10.1016/j.susoc.2022.05.004
Halim, R., & Pamungkas, A. S. (2023). The Influence of Risk Perception, Overconfidence, and Herding Behavior on Investment Decision. International Journal of Application on Economics and Business, 1(1), 521–529. https://doi.org/10.24912/v1i1.521-529
Harahap, S. B., Bustami, Y., & Syukrawati, S. (2021). Pengaruh Literasi Keuangan Terhadap Minat Investasi Saham Syariah. Al Fiddhoh: Journal of Banking, Insurance, and Finance, 2(2), 75–82. https://doi.org/10.32939/fdh.v2i2.955
Hasibuan, T. F. H., Meifari, V., Muda, I., & Kesuma, S. A. (2023). Technology 4.0 Era Investment Decisions for Milenials and Generation Z. International Journal of Educational Review, Law And Social Sciences (IJERLAS), 3(4), 1297–1304. https://doi.org/10.54443/ijerlas.v3i4.976
Hetz, P. R., Dawson, C. L., & Cullen, T. A. (2015). Social Media Use and the Fear of Missing Out (FoMO) While Studying Abroad. Journal of Research on Technology in Education, 47(4), 259–272. https://doi.org/10.1080/15391523.2015.1080585
Hirdinis, & Haningsih, L. (2022). Locus of Control and Overconfidence in Investment Decisions Making through Investor’s Financial Behavior. Himalayan Economics and Business Management, 3(6), 159–174. https://doi.org/10.47310/Hjebm.2022.v03i06.018
Jiang, Z., Peng, C., & Yan, H. (2024). Personality differences and investment decision-making. Journal of Financial Economics, 153(January), 103776. https://doi.org/10.1016/j.jfineco.2023.103776
Kengatharan, L., & Kengatharan, N. (2014). The Influence of Behavioral Factors in Making Investment Decisions and Performance: Study on Investors of Colombo Stock Exchange, Sri Lanka. Asian Journal of Finance & Accounting, 6(1), 1. https://doi.org/10.5296/ajfa.v6i1.4893
KSEI Indonesia Central Securities Depository. (2024). Statistik Pasar Modal Indonesia. Publikasi PT Kustodian Sentral Efek Indonesia, 1–7. https://www.ksei.co.id/publications/demografi_investor
Kumar, S., & Goyal, N. (2015). Behavioural biases in investment decision making – a systematic literature review. Qualitative Research in Financial Markets, 7(1), 88–108. https://doi.org/10.1108/QRFM-07-2014-0022
Larcker, C. F. and D. F. (2012). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error Author(s): American Marketing Association, 18(Kolisch 1996), 49–56.
Mubaraq, M. R., Anshori, M., & Trihatmoko, H. (2021). the Influence of Financial Knowledge and Risk Tolerance on Investment Decision Making. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 10(2), 140. https://doi.org/10.26418/jebik.v10i2.47089
Mussy, E., Tumbuan, W. J. F. A., & Tielung, M. V. J. (2023). the Influences of Financial Literacy and Financial Technology on Manado Millennial Investment Intention in Capital Market. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 11(1), 1338–1347. https://doi.org/10.35794/emba.v11i1.47482
Nurahmad, K. P., Sitohang, L., & Thirda, Z. (2024). Sukses Tutup Tahun 2024, Pertumbuhan Positif Mendorong Kepercayaan Pasar Modal Indonesia (Vol. 1968). https://idx.co.id/id/berita/siaran-pers/1859
Nuryasman MN, N. S. (2020). Faktor-Faktor Yang Mempengaruhi Pengambilan Keputusan Investasi Saham. Jurnal Ekonomi, 25(2), 251. https://doi.org/10.24912/je.v25i2.669
Picaully, M. R. (2018). Pengaruh Kepercayaan Pelanggan Terhadap Niat Pembelian Gadget Di Shopee Indonesia. Jurnal Manajemen Maranatha, 18(1), 31–40. https://doi.org/10.28932/jmm.v18i1.1094
Pratama, A., Fauzi, A., & Purwohedi, U. (2022). Pengaruh Persepsi Risiko, Ekspektasi Return, Dan Behavioral Motivation Terhadap Keputusan Investasi Mahasiswa Yang Terdaftar Di Galeri Investasi Pada Perguruan Tinggi Negeri Jakarta. Indonesian Journal of Economy, Business, Entrepreneurship, Business and Finance, 2(3), 252–267. https://doi.org/10.53067/ijebef.v2i3
Putu, N., & Dewi, R. (2018). The Effect of Investment Knowledge , Risk Perception , Intensity of Technology Use , and Easy of Use of Technology on Investment Interest in The Capital Market in Bali State Polytechnic Students. 1–8.
Rika, A. R., & Syaiah. (2022). Pengaruh Persepsi Risiko Dan Toleransi Risiko Terhadap Keputusan Invesasi (Studi Kasus Investor Di MNC Trade Syariah Kendari). Jurnal Akuntansi Dan Keuangan, 7(2), 91–107.
Rosyadi, I., Adi Artanto, F. A., & Febrianto, M. Y. (2021). Pengaruh Kepuasan Kerja terhadap Kinerja Karyawan di RTO dengan Structural Equation Modeling (SEM) dan Partial Least Square (PLS). Indonesian Journal of Strategic Management, 4(1). https://doi.org/10.25134/ijsm.v4i1.5287
Salsabila, R. (2024). Factors Affecting Muslims ’ Decision in Tangerang Selatan During Recession to Make Sharia Investment Factors Affecting Muslims ’ Decision in Tangerang Selatan e-ISSN : 2809-8862 during Recession to Make Sharia Investment Rania Salsabila. Jurnal Ekonomi, Koperasi & Kewirausahaan, 15(November).
Saputri, N. D. M., Raneo, A. P., & Muthia, F. (2023). The FoMO Phenomenon: Impact on Investment Intentions in Millennial Generation with Financial Literacy as Moderation. Owner, 7(3), 2590–2597. https://doi.org/10.33395/owner.v7i3.1619
Shah, T. A., Naveed, & Hussain, I. (2024). The Effect of Herding Behavior on Investment Decision : Moderating Effect of Over-Confidence. 5(3), 132–146. https://doi.org/10.55737/qjssh.381051524
Shahrul, S. (2023). Pengaruh Literasi Keuangan Dan Lingkungan Sosial Terhadap Perilaku Keuangan Mahasiswa. Jurnal Audit Dan Perpajakan (JAP), 3(1), 1–8. https://doi.org/10.47709/jap.v3i1.2423
Simon, V. (2024). Detail Siaran Pers (Vol. 1968). https://idx.co.id/id/berita/siaran-pers/1859
Sulistyowati, A., Rianto, M. R., Handayani, M., & Bukhari, E. (2022). Pengaruh Financial Literacy, Return dan Resiko terhadap Keputusan Investasi Generasi Milenial Islam di Kota Bekasi. Jurnal Ilmiah Ekonomi Islam, 8(2), 2253. https://doi.org/10.29040/jiei.v8i2.5956
Suriansyah, N. S., & Harianto, W. (2022). Effect of Financial Literacy, Income and Risk Perception on Investment Decision Making With Financial Behavior as Moderating Variable. Indonesian Journal of Innovation Studies, 20, 1–13. https://doi.org/10.21070/ijins.v20i.715
Tamara, D. (2022). Do Overconfidence and Herding Affect Stock Investment Decision? Indonesian Cases During Pandemic Covid-19. Mix: Jurnal Ilmiah Manajemen, 12(3), 541. https://doi.org/10.22441/jurnal_mix.2022.v12i3.012
Wang, W., Su, C., & Duxbury, D. (2022). The conditional impact of investor sentiment in global stock markets: A two-channel examination. Journal of Banking and Finance, 138, 106458. https://doi.org/10.1016/j.jbankfin.2022.106458
Yamin, S. (2023). SMARTPLS 3 SMARTPLS 4 (A. Rasyid (ed.); III). PT Dewangga Energi Internasional. www.dewanggapublishing.com.
Yovieta, V., Wahyuni, I., & Sari, L. P. (2022). Pengaruh Pengetahuan Investasi Terhadap Keputusan Investasi Dengan Minat Investasi Sebagai Variabel Intervening Pada Mahasiswa Fakultas Ekonomi Dan Bisnis Universitas Abdurachman Saleh Situbondo Angkatan Tahun 2018. Jurnal Prosiding Nasional, 1(1), 271–280.
Yudha, N., Widyari, A., Ayu, P., Widari, D., Ayu, I., Tiara, K., Sari, P., & Denpasar, U. M. (2024). Herding behavior in stock investment decision making. Jurnal Revenue, 4, 906–919.
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2025-06-25
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bastian, A. bas, Aidil Novia, Aidil Novia, & Meirison. (2025). The Effect of Financial Literacy, Perception of Risk and Herding Behavior on Sharia Stock Investing Decisions with Interest as a Mediating Variable and Financial Behavior as a Moderating Variable . LAA MAISYIR : Jurnal Ekonomi Islam, 12(1). Retrieved from http://journal.uin-alauddin.ac.id/index.php/lamaisyir/article/view/55324
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