Faktor-Faktor yang Memengaruhi Niat Berinvestasi Menggunakan Sistem Online Trading Syariah (SOTS)

Abstract

Pasar modal syariah merupakan bagian integral dari pasar modal Indonesia yang berkontribusi signifikan terhadap pertumbuhan ekonomi. Selain sebagai sumber pembiayaan jangka panjang bagi pemerintah dan sektor usaha, pasar modal syariah juga memberikan pendapatan sekunder bagi masyarakat. Namun, terdapat kesenjangan besar antara kapasitas pembiayaan syariah dan kebutuhan pembiayaan syariah sektor riil. Selain itu, jumlah investor di pasar modal syariah juga masih sangat rendah jika dibandingkan populasi Muslim berusia produktif. Oleh karena itu, perlu upaya meningkatkan partisipasi masyarakat, salah satunya dengan memahami sikap calon investor terhadap niat berinvestasi di pasar modal syariah melalui sistem online trading syariah (SOTS). Penelitian ini bertujuan untuk menganalisis niat masyarakat berinvestasi menggunakan SOTS, faktor-faktor yang memengaruhi niat tersebut, dan merumuskan implikasi manajerial untuk meningkatkannya. Data penelitian dikumpulkan melalui online survey dengan kuesioner Google form, menggunakan voluntary sampling untuk responden dengan kriteria warga negara Indonesia berusia 18–49 tahun yang belum pernah berinvestasi menggunakan SOTS. Data dianalisis menggunakan statistika deskriptif dan structural equation model (SEM) LISREL. Penelitian ini menggunakan empat variabel eksogen yang meliputi literasi pasar modal syariah, pengetahuan tentang SOTS, religiusitas, dan interaksi sosial dan empat variabel endogen yang meliputi persepsi kepatuhan syariah, kepercayaan, persepsi risiko, dan niat berinvestasi. Hasil survei menunjukkan bahwa 72 persen dari 300 responden berniat berinvestasi di pasar modal syariah, dengan 31 persen di antaranya berencana memulai investasi dalam waktu 3–6 bulan ke depan. Sebanyak 63 persen berniat menggunakan SOTS sebagai platform investasi. Analisis crosstabulation menunjukkan status pernikahan, tingkat pendapatan, tingkat pendidikan, dan profil risiko memiliki hubungan signifikan dengan niat berinvestasi. Analisis SEM LISREL menunjukkan religiusitas, interaksi sosial, persepsi kepatuhan syariah, dan kepercayaan berpengaruh positif terhadap niat berinvestasi, sedangkan persepsi risiko memiliki berpengaruh negatif. Persepsi kepatuhan syariah, kepercayaan, dan persepsi risiko secara simultan memediasi pengaruh literasi pasar modal syariah dan pengetahuan tentang SOTS terhadap niat berinvestasi. Hasil analisis merekomendasikan para pemangku kepentingan, terutama perusahaan anggota bursa SOTS untuk menerapkan strategi STP dalam menyusun strategi dan kebijakan. Segmentasi dilakukan berdasarkan status pernikahan, tingkat pendapatan dan pendidikan, religiusitas, profil risiko, pengalaman investasi, dan ketertarikan pada SOTS, dengan target utama calon investor dengan profil risiko moderat, telah menikah, berpendidikan dan berpenghasilan tinggi. Positioning difokuskan pada kepatuhan syariah di pasar modal syariah dan SOTS.

The Islamic capital market plays a crucial role in the Indonesian capital market, contributing significantly to economic growth. It provides long-term financing for the government and business sectors and offers additional income for the community. However, there is a notable gap between the Sharia financing capacity and the financing needs of the real sector. Additionally, the number of investors in the Islamic capital market is disproportionately low compared to the Muslim population of productive age. It is essential to make collaborative efforts to increase public participation, including understanding the attitudes of potential investors towards investing in the Islamic capital market through the Sharia Online Trading System (SOTS). This study investigates the public's intention to invest using SOTS, identifies the factors influencing it, and recommends management strategies to increase it. The research data were collected through an online survey using a Google Form questionnaire, with voluntary participation from Indonesian citizens aged 18-49 who have not previously invested using SOTS. The data were analyzed using descriptive statistics and structural equation modeling (SEM) with LISREL. The study examines four exogenous variables: Islamic capital market literacy, knowledge of SOTS, religiosity, and social interaction, as well as four endogenous variables: perceived Sharia compliance, trust, perceived risk, and investment intention. The survey results show that out of the 300 respondents, 72 percent intend to invest in the Islamic capital market. Among them, 31 percent plan to do so within 3-6 months. Additionally, 63 percent of the respondents intend to use SOTS as their investment platform. The data analysis shows a strong relationship between investment intention and marital status, income, education, and risk tolerance. Moreover, the SEM LISREL analysis shows that religiosity, social interaction, perceived Sharia compliance, and trust positively influence investment intentions, while perceived risk has a negative impact. It is also found that perceived Sharia compliance, trust, and perceived risk act as collaborative mediators for the effects of Islamic capital market literacy and knowledge of SOTS on investment intentions. The findings suggest stakeholders, especially companies that provide SOTS, should adopt a segmentation, targeting, and positioning (STP) strategy when formulating their strategic plans and policies. Segmentation should consider factors such as marital status, income, education levels, religiosity, risk profile, investment experience, and interest in SOTS. The primary target should be prospective investors with a moderate risk profile, prospective investors who are married, and possess high levels of education and income. In terms of positioning, the focus should be on adhering to Sharia principles in the Islamic capital market and SOTS.