PENGARUH PERSEPSI LITERASI KEUANGAN SYARIAH, RELIGIUSITAS, DAN PERSEPSI RISIKO TERHADAP MINAT INVESTASI SCF SYARIAH DI JAKARTA

Abstract

Rendahnya partisipasi investor pada securities crowdfunding syariah dibandingkan SCF konvensional menjadi permasalahan utama penelitian ini. Penelitian bertujuan menganalisis pengaruh religiusitas, persepsi literasi keuangan syariah, dan persepsi risiko terhadap minat investasi SCF Syariah di Jakarta melalui attitude, subjective norm, dan perceived behavioural control dalam kerangka theory of planned behavior. Metode SEM-PLS diterapkan pada 205 responden muslim di Jakarta melalui purposive sampling. Dari sebelas hipotesis yang diuji, sepuluh hipotesis diterima dan satu ditolak. Persepsi literasi keuangan syariah menjadi variabel eksogen paling dominan, berpengaruh positif signifikan terhadap ketiga variabel mediasi. Religiusitas berpengaruh signifikan terhadap attitude dan perceived behavioural control, namun pengaruhnya terhadap subjective norm tidak signifikan. Persepsi risiko berpengaruh positif terhadap attitude maupun perceived behavioural control, sejalan dengan prinsip al-ghunmu bil ghurmi. Ketiga variabel mediasi berpengaruh signifikan terhadap minat investasi, dengan perceived behavioural control sebagai penentu terkuat.

Low investor participation in Sharia Securities Crowdfunding (SCF) compared to conventional SCF is the main problem of this study, which analyzes the influence of religiosity, perceived sharia financial literacy, and perceived risk on investment intention in Sharia SCF in Jakarta through attitude, subjective norm, and perceived behavioural control within the theory of planned behavior. SEM-PLS was applied to 205 Muslim respondents in Jakarta via purposive sampling. Of eleven hypotheses tested, ten were accepted and one rejected. Perceived sharia financial literacy was the most dominant variable, significantly influencing all three mediators. Religiosity significantly influenced attitude and perceived behavioural control, but not subjective norm. Perceived risk positively influenced both attitude and perceived behavioural control, consistent with the principle of al-ghunmu bil ghurmi. All three mediators significantly influenced investment intention, with perceived behavioural control as the strongest determinant.