The Influence of Internal and External Factors on Investment Decisions with Financial Literature as Moderate Variables
DOI:
https://doi.org/10.23887/ijssb.v6i1.44028Keywords:
internal and external factors, investment decisions, financial literacyAbstract
Investasi merupakan salah satu cara untuk mengembangkan dana yang dimiliki, dan pada waktu tertentu dana yang dihasilkan dapat memberikan manfaat sesuai dengan harapan tujuan investasi. Tujuan investasi adalah untuk memperoleh kompensasi dari sejumlah uang yang diinvestasikan dalam suatu periode tertentu, kecuali karena inflasi, serta karena ketidakpastian pembayaran di masa yang akan datang. Penelitian ini bertujuan untuk menganalisis pengaruh profil risiko, perilaku diversifikasi, kesiapan pensiun terhadap keputusan investasi, faktor eksternal yang terdiri dari regulasi dan teknologi informasi terhadap keputusan investasi serta mengetahui pengaruh profil risiko, perilaku diversifikasi, kesiapan pensiun, regulasi, dan teknologi. Penelitian ini menggunakan pendekatan kuantitatif; populasi penelitian ini adalah nasabah Dana Pihak Ketiga (DPK) Bank Mandiri Provinsi Bali dengan sampel sebanyak 100 nasabah dengan menggunakan teknik simple random sampling. Pengumpulan data dilakukan dengan menggunakan kuesioner yang disebarkan melalui google form. Teknik analisis data menggunakan Analisis Regresi Berganda dengan program SPSS for Windows versi 2.1. Hasil penelitian menunjukkan bahwa faktor internal yang terdiri dari profil risiko berpengaruh negatif dan tidak signifikan. Perilaku Diversifikasi dan Kesiapsiagaan Pensiun berpengaruh positif dan tidak signifikan terhadap keputusan investasi; faktor eksternal yang terdiri dari regulasi dan teknologi informasi berpengaruh positif dan signifikan terhadap keputusan investasi. Dan literasi keuangan tidak dapat memoderasi profil risiko dan perilaku diversifikasi terhadap keputusan investasi. Sebaliknya, literasi keuangan dapat memediasi kesiapan pensiun, regulasi, dan teknologi informasi pada keputusan investasi.
References
Abdillah, W., Permatasari, R., & Hendrawaty, E. (2019). Understanding determinants of individual intention to invest in digital risky investment. JDM (Jurnal Dinamika Manajemen), 10(1), 124–137. http://repository.lppm.unila.ac.id/16962/. DOI: https://doi.org/10.15294/jdm.v10i1.18243
Ahyar, M. K. (2021). Efek Diversifikasi Pembiayaan Sektor Ekonomi Terhadap Profitabilitas Dan Risiko Bank Syariah Di Indonesia. JPS (Jurnal Perbankan Syariah), 2(2), 197–211. https://doi.org/10.46367/jps.v2i2.388. DOI: https://doi.org/10.46367/jps.v2i2.388
Ajzen, I. (1985). From intentions to actions: A theory of planned behavior. In Action control (pp. 11–39). Springer.
Ajzen, I. (2005). Attitudes, Personality and Behavior (Second Edition). In Open University Press.
Angrisani, M., & Casanova, M. (2021). What you think you know can hurt you: under/over confidence in financial knowledge and preparedness for retirement. Journal of Pension Economics and Finance, 20(4), 516–531. https://doi.org/10.1017/S1474747219000131. DOI: https://doi.org/10.1017/S1474747219000131
Aren, S., & Aydemir, S. D. (2015). The factors influencing given investment choices of individuals. Procedia-Social and Behavioral Sciences, 210.
Aren, Selim, & Aydemir, S. D. S. D. (2015). The factors influencing given investment choices of individuals. Procedia-Social and Behavioral Sciences, 210, 126–135. https://doi.org/10.1016/j.sbspro.2015.11.351. DOI: https://doi.org/10.1016/j.sbspro.2015.11.351
Arianti, B. F. (2018). The Influence of Financial Literacy, Financial Behavior and Income On Investment Decision. Economics and Accounting Journal, 1(1), 1–10. https://doi.org/10.32493/eaj.v1i1.y2018.p1-10. DOI: https://doi.org/10.33122/ijase.v1i6.107
Asfira, N., Rokhmawati, A., & Fathoni, A. F. (2019). Pengaruh Financial Literacy dan Investment Experience terhadap Risk Tolerance dan Investment Decision. Jurnal Ekonomi, 27(4), 340–352. https://doi.org/10.31258/je.27.4.p.340-352.
Bansal, E., Singh, H. P., & Datta, S. (2021). A Study Of Awareness And Influence Of Demographic Factors On Risk Tolerance Of Law Professionals. International Journal of Management (IJM), 12(2), 762–772. https://www.academia.edu/download/66297189/IJM_12_02_074.pdf.
Bawono, A. (2006). Multivariate Analysis SPSS. STAIN Salatiga Press.
Bindal, M., Gupta, B., & Dubey, S. (2019). A Study on Investors Perception towards Mutual Fund Investments (With Special Reference to Alwar City). International Journal of Engineering and Management Research (IJEMR), 9(1), 204–209. https://www.indianjournals.com/ijor.aspx?target=ijor:ijemr&volume=9&issue=1&article=025.
Chong, S. C., Heng, H. K., Lim, S. J., Navaratnam, V., & Neoh, A. Z. K. (2021). Financial Risk Tolerance: The Case of Older Chinese in Klang Valley, Malaysia 2020. International Journal of Financial Research, 12(2), 1–9. https://ideas.repec.org/a/jfr/ijfr11/v12y2021i2p1-9.html. DOI: https://doi.org/10.5430/ijfr.v12n2p1
Claudia, C., & Nuryasman, M. N. (2019). Emotional Intelligence, Risk Aversion, External Locus of Control, Financial Literacy Serta Demografi Sebagai Prediktor Risky Investment Intention. Jurnal Manajerial Dan Kewirausahaan, 1(2), 153–163. https://doi.org/10.24912/jmk.v1i2.5074. DOI: https://doi.org/10.24912/jmk.v1i2.5074
Damayanti, S. M., & Wicaksana, P. (2021). Financial Literacy and Risk Profile: an Extensive Observation on Bank Employees. Jurnal Aplikasi Manajemen, 19(1), 175–186. https://doi.org/10.21776/ub.jam.2021.019.01.16. DOI: https://doi.org/10.21776/ub.jam.2021.019.01.16
Darmawi, H. (2022). Manajemen Risiko (Ketiga). Bumi Aksara.
Davis, F. D. (1989). Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MIS Quarterly, 13(3), 319–339. https://doi.org/10.2307/249008. DOI: https://doi.org/10.2307/249008
Deviyanti, L. P. A. E., Purnamawati, I. G. A., & Yasa, I. N. P. (2018). Pengaruh norma subjektif, persepsi return, dan literasi keuangan terhadap minat mahasiswa untuk berinvestasi saham di pasar modal (Studi pada mahasiswa Jurusan Akuntansi Program S1 Universitas Pendidikan Ganesha). JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha, 8(2). https://doi.org/10.23887/jimat.v8i2.14298.
Dewi, N. P. P. K., & Krisnawati, A. (2020). Pengaruh financial literacy, risk tolerance dan overconfidence terhadap pengambilan keputusan investasi pada usia produktif di kota bandung. Jurnal Mitra Manajemen, 4(2), 236–250. https://doi.org/10.52160/ejmm.v4i2.344. DOI: https://doi.org/10.52160/ejmm.v4i2.344
Faidah, F. (2019). Pengaruh literasi keuangan dan faktor demografi terhadap minat investasi mahasiswa. Journal of Applied Business and Economic, 5(3), 251–263. https://doi.org/10.30998/jabe.v5i3.3484. DOI: https://doi.org/10.30998/jabe.v5i3.3484
Febriyanto, F. (2018). Keputusan Diversifikasi Portofolio Investasi Diera Mea. Fidusia: Jurnal Keuangan Dan Perbankan, 1(2). http://fe.ummetro.ac.id/ejournal/index.php/JPK/article/view/306. DOI: https://doi.org/10.24127/jf.v1i2.306
Fishbein, M., & Ajzen, I. (1975). Belief, Attitude, Intention and Behavior: An Introduction to Theory and Research (Addison-Wesley (Ed.)). Psychology Press. https://doi.org/10.1007/978-3-642-69746-3_2. DOI: https://doi.org/10.1007/978-3-642-69746-3_2
Fitria, A., & Munawar, A. (2021). Pengaruh Penggunaan Internet Banking, Mobile Banking Dan SMS Banking Terhadap Kepuasan Nasabah Bank BNI. Jurnal Informatika Kesatuan, 1(1), 43–52. https://lib.stiekesatuan.ac.id/index.php/jikes/article/view/406. DOI: https://doi.org/10.37641/jikes.v1i1.406
Ghozali, I. (2014). Ekonometrika: Teori, Konsep dan Aplikasi dengan IBM SPSS 22. Badan Penerbit Undip.
Jaeger, M., Krügel, S., Marinelli, D., Papenbrock, J., & Schwendner, P. (2021). Interpretable machine learning for diversified portfolio construction. The Journal of Financial Data Science, 3(3), 31–51. https://jfds.pm-research.com/content/3/3/31.abstract. DOI: https://doi.org/10.3905/jfds.2021.1.066
Jayeola, D., Ismail, Z., & Sufahani, S. F. (2017). Effects of diversification of assets in optimizing risk of the portfolio. Malaysian Journal of Fundamental and Applied Science, 13(4), 584–587. https://pdfs.semanticscholar.org/3713/ba99421fe590f8b93a36d66aee71f52a33a8.pdf. DOI: https://doi.org/10.11113/mjfas.v0n0.567
Jureviciene, D., & Jermakova, K. (2012). The impact of individuals’ financial behaviour on investment decisions. Electronic International Interdisciplinary Conference, 9, 242–250.
Krijnen, J., Zeelenberg, M., Breugelmans, S. M., & Van Der Schors, A. (2021). Intention and action in retirement preparation. Behavioural Public Policy, 6(2), 191–212. https://doi.org/10.1017/bpp.2018.39. DOI: https://doi.org/10.1017/bpp.2018.39
Krisnawati, A. (2019). Analisis Pengaruh Literasi Keuangan Terhadap Keputusan Investasi pada Masyarakat Kota Bandung. Almana: Jurnal Manajemen Dan Bisnis, 3(2), 301–312. https://doi.org/10.36555/almana.v3i2.362.
Malhotra, N.K & Peterson, M. (2009). Basic Marketing Research : A Decision - MAking Approach. Prentice Hall.
Manurung, A. H. (2012). Teori Perilaku Keuangan ( Behaviour Finance ). Economis Of Management, 41(4), 1–13. http://finansialbisnis.com/Data2/Riset/Teori Perilaku Keuangan.pdf.
Mastura, A., Nuringwahyu, S., & Zunaida, D. (2020). Pengaruh Motivasi Investasi, Pengetahuan Investasi Dan Teknologi Informasi Terhadap Minat Berinvestasi di Pasar Modal. Jiagabi, 9(1), 64–75. http://www.riset.unisma.ac.id/index.php/jiagabi/article/view/6125.
Negara, A. K., & Febrianto, H. G. (2020). Pengaruh Kemajuan Teknologi Informasi dan Pengetahuan Investasi Terhadap Minat Investasi Generasi Milenial di Pasar Modal. Business Management Journal, 16(2), 81–95. https://doi.org/10.30813/bmj.v16i2.2360. DOI: https://doi.org/10.30813/bmj.v16i2.2360
Nurdany, A., & Kresnowati, A. M. (2019). Digital-related economy sectors and regional economy disruption. Jurnal Ekonomi Dan Bisnis, 22(1), 147–162. https://doi.org/10.24914/jeb.v22i1.2187. DOI: https://doi.org/10.24914/jeb.v22i1.2187
Özyüksel, S., & Günay, U. (2019). Retirement preparedness in turkey and the need for personal financial planning. Eurasian Journal of Economics and Finance, 7(1), 15–35. https://eurasianpublications.com/wp-content/uploads/2021/02/EJEF-7.1.2.pdf. DOI: https://doi.org/10.15604/ejef.2019.07.01.002
Purnamawati, I. G. A. (2020). Extrinsic Financial Dimensions: Young Female Investor and Behavior Theories. Proceedings of the 5th Asian Education Symposium, 37–44. https://www.atlantis-press.com/article/125958681.pdf. DOI: https://doi.org/10.2991/assehr.k.210715.008
Purnamawati, I. G. A., & Yuniarta, G. A. (2016). Pengaruh Psychological Empowerment, Empowering Leadership, Sistem Pengukuran Kinerja Terhadap Motivasi Intrinsik First-Line Employees Perbankan. Jurnal Keuangan Dan Perbankan, 20(3), 507–517. https://doi.org/10.26905/jkdp.v20i3.259. DOI: https://doi.org/10.26905/jkdp.v20i3.259
Rameli, R. S., & Marimuthu, M. (2018). A Conceptual Review on the Effect of Attitudes towards Retirement on Saving Intentions and Retirement Planning Behavior. SHS Web of Conferences, 56, 2005. https://www.shs-conferences.org/articles/shsconf/abs/2018/17/shsconf_iclm2018_02005/shsconf_iclm2018_02005.html. DOI: https://doi.org/10.1051/shsconf/20185602005
Reilly, F. K., & Brown, K. C. (2011). Investment Analysis and Portfolio Management (Text Only). Cengage Learning.
Ristianawati, Y., & Hartono, S. B. (2022). Determinasi Tantangan FI, Manfaat FI, dan Realisasi FI Pada Strategi Agility Diversifikasi Investasi. Jurnal Ilmiah Ekonomi Islam, 8(1), 699–706. https://doi.org/10.29040/jiei.v8i1.4676. DOI: https://doi.org/10.29040/jiei.v8i1.4676
Sadiq, M. N., & Khan, R. A. A. (2019). Impact of Personality Traits on Investment Intention: The Mediating Role of Risk Behaviour and the Moderating Role of Financial Literacy. Journal of Finance and Economics Research, 4(1), 1–18. https://geistscience.com/JFER/Issue1-19/Article4/JFER1904101.pdf. DOI: https://doi.org/10.20547/jfer1904101
Servon, L. J., & Kaestner, R. (2008). Consumer financial literacy and the impact of online banking on the financial behavior of lower‐income bank customers. Journal of Consumer Affairs, 42(2), 271–305. https://doi.org/10.1111/j.1745-6606.2008.00108.x. DOI: https://doi.org/10.1111/j.1745-6606.2008.00108.x
Shleifer, A. (2005). Understanding regulation. European Financial Management, 11(4), 439–451. https://www.regulation.org.uk/library/2005-Shleifer-Understanding_Regulation.pdf. DOI: https://doi.org/10.1111/j.1354-7798.2005.00291.x
Sugiyono. (2012). Metode Penelitian Bisnis. Alfabeta.
Sukirno, S. (2011). Ekonomi Makro teori pengantar, edisi ketiga. Jakarta: PT Raja Grafindo Persada.
Supardi. (2005). Metodologi Penelitian Ekonomi Bisnis. PT Raja Grafindo Persada.
Waheed, H., Ahmed, Z., Saleem, Q., Din, S. M. U., & Ahmed, B. (2020). The Mediating Role of Risk Perception in the Relationship between Financial Literacy and Investment Decision. International Journal of Innovation, Creativity and Change, 14(4), 112–131. https://www.ijicc.net/images/Vol_14/Iss_4/14408_Saleem_2020_E_R1.pdf.
Wulandari, D. A., & Iramani, R. (2018). Studi Experienced Regret, Risk Tolerance, Overconfidance Dan Risk Perception Pada Pengambilan Keputusan Investasi. Journal of Business and Banking, 4(1), 55–66. https://doi.org/10.14414/jbb.v4i1.293. DOI: https://doi.org/10.14414/jbb.v4i1.293
Yuniarta, G. A., & Purnamawati, I. G. A. (2020). Psychological Dimensions and Practical Strategies: MSME and Mobile Payment Adoption. Management Science Letters, 11(2), 577–586. https://doi.org/10.5267/j.msl.2020.9.009. DOI: https://doi.org/10.5267/j.msl.2020.9.009
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 International Journal of Social Science and Business

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.