Pengaruh Financial Literacy dan Multidimensional Risk terhadap Keputusan Investasi Investor Muslim di Pasar Modal

Abstract

Perkembangan pasar modal syariah di Indonesia menunjukkan potensi yang sangat besar, namun tingkat partisipasi investor masih rendah. Penelitian ini dilakukan untuk menganalisis pengaruh literasi keuangan serta risiko multidimensi terhadap keputusan investasi para investor syariah di pasar modal. Risiko multidimensi yang dianalisis meliputi risk propensity, risk attitude, risk capacity, dan risk knowledge. Penelitian ini dilaksanakan di Galeri Investasi Syariah Ulive Education Center, yang aktif dalam memberikan edukasi investasi berbasis syariah. Dengan menggunakan metode kuantitatif dan pendekatan PLS-SEM, data diperoleh dengan 140 responden yang telah melakukan investasi minimal satu kali. Hasilnya mengindikasikan bahwa financial literacy, risk attitude, risk capacity, dan risk knowledge memiliki pengaruh positif dan signifikan terhadap keputusan investasi, sementara risk propensity hanya menunjukkan pengaruh positif yang tidak signifikan. Temuan ini membuktikan urgensi peningkatan literasi keuangan dan pemahaman risiko sebagai dasar untuk mendukung pengambilan keputusan investasi yang lebih cerdas di pasar modal.

The development of the Islamic capital market in Indonesia shows great potential; however, the level of investor participation remains low. This study was conducted to analyze the influence of financial literacy and multidimensional risk on the investment decisions of Islamic investors in the capital market. The multidimensional risks analyzed include risk propensity, risk attitude, risk capacity, and risk knowledge. This research was carried out at the Ulive Education Center’s Islamic Investment Gallery, which actively provides education on Sharia-based investments. Using a quantitative method and the PLS-SEM approach, data were collected from 140 respondents who have invested at least once. The results indicate that financial literacy, risk attitude, risk capacity, and risk knowledge have a positive and significant effect on investment decisions, while risk propensity only shows a positive but insignificant influence. These findings demonstrate the urgency of improving financial literacy and risk understanding as a foundation to support smarter investment decision-making in the capital market.