Open Access
American Research Journal of Business and Management
ISSN (Online): 2379-1047
DOI: 10.46568/arjbm
Determination of Muslim Investor Behavior in Investing in Indonesian Capital Markets through Investor Intention
Abstract
This study aims to analyze the influence of attitude factor, subjective norm, behavior control,
religiosity, religious events and influence of profit maximization factor to behavior through intention of Muslim
investor to invest sharia product in capital market. The benefits of this research will be a basic model for issuers
in developing syariah financial instruments as well as for regulators as a basis for developing or improving
sharia products in the capital market significantly.
This research includes both explanatory and qualitative. The population in this study is Muslim investors who
invest in sharia products in the stock market in Indonesia Stock Exchange (BEI). The sample in this research
is as many as 253respondents of Muslim investors who invest in sharia products in the capital market. This
research uses data analysis method using SmartPLS software version 2.0.m. PLS (Partial Least Square) is a
variance-based structural equation analysis (SEM) that can simultaneously perform testing of measurement
models as well as testing structural models.
The results of this study indicate that the factors of influence investor behavior are attitudes / morals,
subjective norms / intention, behavior control, religiosity, religious events, and profit maximization. The
result of coefficient of determination (R-Square) shows that the ability of Attitude / Abandonment variable,
Subjective Norm / Intention, Behavioral Control, Religiosity, Religious Event, and profit maximization in
explaining Intention of Investor to invest in syariah capital market is 0.8390 or 83.90%, which means that the
other variable opportunity in explaining variable Intensi investor investing in sharia capital market is 16.10%.
Variable intention in explaining the behavior of investors investing in sharia capital market has a coefficient
of determination of 0.7106 or equal to 71.06%. This means that other variable opportunities in explaining
investor behavior invest in sharia capital market is equal to 28,94%.
The results of this study can be taken into consideration for the parties concerned for the relevant parties such
as the Indonesia Stock Exchange, Bapepam, MUI and other related institutions to further socialize investments
in Islamic capital markets in accordance with Islamic teachings. This socialization can be through lecture
materials of ustadz/ experts conducted in certain communities, such as campus, offices, and recitation.
