How to Improve Investment Decisions in the Indonesian Sharia Capital Market? The Role of Financial Literacy, Brand Familiarity, and Long-Term Orientation

Arum Teguh Fitriyani; Edi Cahyono

doi:10.63922/ijebir.v4i02.1683

Arum Teguh Fitriyani Pascasarjana UIN Salatiga
Edi Cahyono Pascasarjana UIN Salatiga https://orcid.org/0000-0003-3954-3101

DOI: https://doi.org/10.63922/ijebir.v4i02.1683

Keywords: Sharia Financial Literacy, Brand Familiarity, Investment Decision, Long-Term Orientation, Sharia Capital Market

Abstract

Literasi keuangan Islam dan keakraban merek berperan penting dalam mendorong keputusan investasi di pasar modal Islam. Namun, hubungan antara keduanya belum sepenuhnya dipahami, terutama dalam konteks budaya investasi jangka panjang. Penelitian ini bertujuan untuk menganalisis pengaruh literasi keuangan Islam dan keakraban merek terhadap keputusan investasi dan menguji peran orientasi jangka panjang sebagai variabel moderator dalam hubungan tersebut.

Penelitian ini melibatkan 291 orang berusia 17-60 tahun yang berminat untuk berinvestasi di pasar modal syariah Indonesia, yang dipilih secara purposive sampling. Pengumpulan data dilakukan melalui kuesioner yang disebarkan secara online melalui Google Forms. Metode analisis regresi linier berganda digunakan untuk menguji pengaruh variabel independen terhadap variabel dependen, sedangkan Moderated Regression Analysis (MRA) digunakan untuk menguji pengaruh moderasi dengan menggunakan perangkat lunak SPSS versi 26.

Hasil penelitian menunjukkan bahwa literasi keuangan Islam memiliki pengaruh positif terhadap keputusan investasi. Keakraban merek terbukti memiliki pengaruh positif terhadap keputusan investasi. Orientasi jangka panjang terbukti memiliki pengaruh positif terhadap keputusan investasi. Selain itu, orientasi jangka panjang tidak terbukti berperan sebagai variabel moderasi yang memperkuat hubungan antara literasi keuangan Islam dengan keputusan investasi, serta antara keakraban merek dengan keputusan investasi.

Temuan ini menyoroti pentingnya meningkatkan literasi keuangan Islam dan memperkuat keakraban merek untuk meningkatkan keputusan investasi di pasar modal Islam. Selain itu, organisasi disarankan untuk menanamkan budaya orientasi jangka panjang untuk mendukung perilaku investasi yang lebih berkelanjutan.

References

Ahmad, N. W., Mawar, M. Y., & Ripain, N. (2016). Financial Literacy Of Youths: A Case Study Of Islamic Banking And Finance Students In Kolej Universiti Islam Antarabangsa Selangor. Journal of Management & Muamalah, 6(2), 2180–1681. http://jmm.kuis.edu.my/index.php/jurnal/article/view/81
Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Aksa, B. (2022). Pengaruh Bias Heuristik terhadap Keputusan Investasi dengan Long Term Orientation sebagai Variabel Moderasi pada Investor Bursa Efek Indonesia. [UIN Sunan Kalijaga Yogyakarta]. https://digilib.uin-suka.ac.id/id/eprint/50785/.
Alaaraj, H., & Bakri, A. (2020). The Effect of Financial Literacy on Investment Decision Making in Southern Lebanon. International Business and Accounting Research Journal, 4(1), 37. https://doi.org/10.15294/ibarj.v4i1.118
Alba, J. W., Hutchinson, & Wesley., J. (1987). Dimensions of consumer expertise. Journal of Consumer Research, 13(4), 411–454.
Alfita, M., Sulistiyowati, L. N., & Setyahety, R. A. (2023). Pengaruh Literasi Keuangan, Pendapatan dan Financial Technology terhadap Keputusan Investasi Pasar Modal Pada Generasi Milenial Di Kota Madiun. SIMBA: Seminar Inovasi Manajemen Bisnis Dan Akuntansi, 5.
Amanda, S. Y., Surus, M., & Alimbel, F. (2024). Strategi Digital Marketing Terhadap Minat Investasi Generasi Z Pada Investasi Emas Digital Bank Syariah Indonesia Dengan Brand Image Sebagai Mediasi. Jurnal Tabarru’ : Islamic Banking and Finance Volume, 7(2), 643–655.
Andreansyah, R., & Meirisa, F. (2022). Analisis Literasi Keuangan, Pendapatan, Dan Perilaku Keuangan, Terhadap Keputusan Investasi. Publikasi Riset Mahasiswa Manajemen, 4(1), 17–22. https://doi.org/10.35957/prmm.v4i1.3302
Anggraini, N. S., & Cahyono, E. (2025). Pengaruh Sharia Financial Literacy Dan Investment Risk Terhadap Keputusan Investasi Emas Di Pegadaian Syariah Dengan Pendapatan Sebagai Variabel Moderating. Jurnal Maneksi, 14(01), 112–122.
Aristiwati, I. N., & Hidayatullah, S. K. (2021). Pengaruh Herding Dan Overconfidence Terhadap keputusan Investasi. Jurnal Among Makarti, 14(1), 15–30.
Ariwangsa, I. O., P, K. W. S. P., & P, K. W. L. (2024). The Impact of Financial Literacy on Investment Decisions: The Moderating Role of Financial Technology. UPI YPTK Journal of Business and Economics (JBE), 9(3), 16–22.
Ashraf, M. A., Adnan, H., & Johari, R. J. (2016). Understanding the Impact of Financial Literacy on Investment Decisions with a Moderating Role of Risk Tolerance. Research in International Business and Finance.
Asisi, I., & Purwantoro. (2020). Pengaruh Literasi Keuangan, Gaya Hidup Dan Pengendalian Diri Terhadap Perilaku Konsumtif Mahasiswa Prodi Manajemen Fakultas Ekonomi Universitas Pasir Pengaraian. Jurnal Ilmiah Manajemen Dan Bisnis, 2(1), 107–118.
Az’zahra, M. H., Wahyuningsih, T. L., Atriani, D., Savitri, P. A., & Stefano, J. L. (2024). Analisis Hukum Terhadap Kurangnya Transparansi Serta Akuntabilitas Pelaporan Keuangan Dalam Suatu Perusahaan. Media Hukum Indonesia (MHI) Published by Yayasan Daarul Huda Krueng Mane, 2(3), 88–94.
Aziz, S., Samsudin, N. A., Alias, Z., Khan, N. U., & Bazkiaei, H. A. (2021). Do Brand Familiarity, Perceived Trust and Attitude Predict Stock Investment Decision Behavior. Academy of Strategic Management Journal, 20(6), 1–12.
Besri, A. A. O., Husni, T., & Rahim, R. (2023). Pengaruh Financial Literacy, Religiusitas, Investment Knowledge terhadap Pengambilan Keputusan Investasi melalui Investment Intention sebagai Variabel Intervening. Jurnal Informatika Ekonomi Bisnis, 5(4), 1350–1354. https://doi.org/10.37034/infeb.v5i4.690
Bodie, Z., Kane, A., & Marcus, A. J. (2018). Investments (11th ed.). McGraw-Hill Education.
BPS. (2024). Agama di Indonesia. Badan Pusat Statistik Kota Samarinda.
Cahyono, E., & Widarjo, W. ahy. (2023). Entrepreneurial Intention & Theory Of Planned Behavior. CV. Mitra Cendekia Media.
Chapra, M. U. (2008). The Islamic Vision of Development in the Light of Maqasid al-Shariah. Islamic Research and Training Institute.
Chotimah, C., Afifudin, & Nandiroh, U. (2024). Pengaruh Literasi Keuangan, Perilaku Keuangan dan Financial Technology pada Keputusan. E_Jurnal Ilmiah Riset AkuntansI, 13(02), 206–215.
Delgado‐Ballester, E., Navarro, A., & Sicilia, M. (2012). Revitalising brands through communication messages: The role of brand familiarity. European Journal of Marketing, 46(1/2), 31–51.
Doong, H. S., Wang, H. C., & Foxall, G. R. (2011). An Investigation Of Consumers Webstore Shopping: A View of Clik-and-Mortar Company. International Journal of Information Management, 31(3), 210–216.
Fadila, N., Goso, Hamid, R. S., & Ukkas, I. (2022). Pengaruh Literasi Keuangan, Financial Technology, Persepsi Risiko, dan Locus of Control Terhadap Keputusan Investasi Pengusaha Muda. Owner: Riset Dan Jurnal Akuntansi, 6(2), 1633–1643. https://doi.org/10.33395/owner.v6i2.789
Farooq, M., & Sajid, M. (2015). Application of theory of planned behavior to predict the intention and behavior of consumers in online buying in Pakistan. International Journal of Economics and Management Sciences, 4(3), 1–6.
Finandari, D., & Wijayanto, T. (2016). Analisis Pengaruh Dimensi Budaya Terhadap Niat Melakukan Whistleblowing : Perbandingan Antara Mahasiswa Dan Engineer. Jurnal Teknosains, 6(1), 1–58. https://doi.org/10.22146/teknosains.27104
Firdaus, D. R. S., P.Lubis, D., Susanto, D., & Soetarto, E. (2018). Portrait of The Minangkabau Culture According to Hofstede’s Six Cultural Dimensions. Sodality: Jurnal Sosiologi Pedesaan, 6(2), 121–130. https://doi.org/10.22500/sodality.v6i2.23229
Geriadi, M. A. D. (2023a). Analisis Keputusan Investasi Mahasiswa yang Menjadi Investor Saham pada Galeri Investasi Universitas Ngurah Rai. Jurnal Syntax Admiration, 4(7), 1089–1095. https://doi.org/10.46799/jsa.v4i7.918
Geriadi, M. A. D. (2023b). Peran Financial Technology dalam Memediasi Pengaruh Literasi Keuangan Terhadap Keputusan Investasi. Jurnal Minfo Polgan, 12(1), 337–345. https://doi.org/https://doi.org/10.33395/jmp.v12i1.12410
Ha, H. Y., & Perks, H. (2005). Effects of consumer perceptions of brand experience on the web: brand familiarity, satisfaction and brand trust. Journal of Consumer Behaviour, 4(6), 438–452.
Haga, J., Huhtamäki, F., & Sundvik, D. (2019). Long-term orientation and earnings management strategies. Journal of International Accounting Research, 18(3), 97–119. https://doi.org/10.2308/jiar-52501
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate Data Analysis (7th ed.). Prentice Hall.
Hambali, D. (2024). The Impact of Financial Technology, Financial Literacy, and Financial Performance on Investment Decisions. Indonesian Business Review, 7(2), 115–124. https://doi.org/10.21632/ibr.7.2.115-124
Han, H., & Kim, Y. (2010). An investigation of green hotel customers’ decision formation: Developing an extended model of the theory of planned behavior. Int. J. Hosp. Manag, 29(4), 659–668.
Handida, R. D., & Sholeh, M. (2018). Pengaruh Tingkat Pengetahuan, Kualitas Layanan, Literasi terhadap Pengambilan Keputusan Menggunakan Produk. Jurnal Economia, 14(10), 84–90.
Hanifah, Hidayah, N., & Utami, P. S. (2022). Pengaruh Faktor Demografi, Familiary Effect dan Risk Perception Terhadap Keputusan Investasi. Borobudur Management Review, 2(2), 143–168. https://doi.org/10.31603/bmar.v2i2.7531
Hariyani, D. S., Ayuningdiah, M. R., & Saputra, A. (2023). The Influence of Financial Technology, Financial Literacy and Financial Efficacy on Student’s Interest in Investing. Business Management Analysis Journal (BMAJ), 6(1), 22–37. https://doi.org/10.24176/bmaj.v6i1.8572
Hariyanto, B., & Graciafernandy, M. A. (2024). Pengaruh Literasi Keuangan, Herding Behaviour, dan Financial Technology Terhadap Keputusan Investasi. Jurnal Ilmiah Aset, 26(1), 1–6. https://doi.org/10.37470/1.26.1.231
Hasanah, U., & Nurhadi, M. (2020). Persepsi Investor terhadap Investasi Jangka Panjang di Pasar Modal Syariah. Jurnal Ekonomi Islam, 12(3), 89–102.
Hati, S. R. H., Putri, N. I. S., Daryanti, S., Wibowo, S. S., Safira, A., & Setyowardhani, H. (2022). Brand familiarity vs profit-sharing rate: which has a stronger impact on Muslim customers’ intention to invest in an Islamic bank? Journal of Islamic Marketing, 13(8), 1703–1727. https://doi.org/10.1108/JIMA-08-2020-0247
Hidayah, Z. Z., Latif, A., & Meirani, N. (2024). Investment Decision: The Role of Financial Literacy and Financial Technology (Fintech). Economic Education Analysis Journal, 12(3), 245–252. https://doi.org/10.15294/eeaj.v13i3.13413
Hidayat, T., & Firmansyah, A. (2022). Keuangan Islam dan Digitalisasi: Tantangan serta Peluang. Pustaka Salemba.
Hofstede, G. (1980). Culture’s Consequences: International Differences in Work Related Values. Beverly Hills/London: Sage, 4(4), 1–474. https://doi.org/10.1177/017084068300400409
Hurlock, E. B. (1978). Developmental psychology: A life-span approach (5th ed.). McGraw-Hill.
IDX. (2024). Pasar Modal Syariah, Investasi Berbasis ‘Fikih Muamalah.’ IDX.
Isbanah, Y., Kusumaningrum, T. M., & Paramita, R. A. S. (2022). Intention to Invest Based on Investors Financial Literacy and Perceptual Antecedent: Evidence in Indonesia. International Journal of Academic Research in Accounting Finance and Management Sciences, 12(2), 356–369. https://doi.org/10.6007/IJARAFMS
Jovianto, Liong, S., Kelvin, Jacelyin, & Lina. (2023). Pengkajian Perilaku Bias Pada Investor Terhadap Keputusan Investasi. Jurnal Economina, 2(1), 197–205. https://doi.org/10.55681/economina.v2i1.275
Juliana, J., & Johan, J. (2020). Pengaruh brand image dan brand trust sebagai variabel intervening dalam memilih universitas. Journal of Business and Banking, 9(2), 229. https://doi.org/10.14414/jbb.v9i2.1978
Kasoga, P. S. (2021). Heuristic biases and investment decisions: multiple mediation mechanisms of risk tolerance and financial literacy—a survey at the Tanzania stock market. Journal of Money and Business, 1(2), 102–116. https://doi.org/10.1108/jmb-10-2021-0037
Khan, M. H. (2014). An Empirical Investigation on Behavioral Determinants of Perceived Investment Performance; Evidence from Karachi Stock Exchange. Research Journal of Finance and Accounting, 5(21), 129–138.
Khoiroh, L. M., Indriasari, I., & Nastiti, P. R. (2024). Pengaruh Pengetahuan Investasi, Faktor Demografi, Financial Technology, dan Locus of Control terhadap Keputusan Investasi Mahasiswa di Kota Semarang. Innovative: Journal Of Social Science Research, 4(3), 10910–10923. https://doi.org/10.31004/innovative.v4i3.11804
Kim, K. T., & Sherraden, M. (2014). Long-Term Orientation in Saving Behavior. Journal of Economic Psychology, 43, 134–147.
KSEI. (2024). Statistik Pasar Modal Indonesia. Indonesia Central Securitas Depository. https://www.ksei.co.id/files/Statistik_Publik_Januari_2024_v3.pdf
Kueh, K., & Voon, B. (2007). Culture and Service Quality Expectations: Evidence from Generation Y Consumers in Malaysia. International Journal of Service Quality, 17(6), 656–680.
Kulintang, A., & Putri, E. (2024). Peran Literasi Keuangan, Risk Tolerance, Overconfidence Serta Financial Technology dalam Mendorong Keputusan Investasi. Jurnal Riset Akuntansi & Perpajakan (JRAP), 11(1), 39–55. https://doi.org/10.35838/jrap.2024.011.01.04
Kumari, D. A. . (2020). The Impact of Financial Literacy on Investment Decisions: With Special Reference to Undergraduates in Western Province, Sri Lanka. Asian Journal of Contemporary Education, 4(2), 110–126. https://doi.org/10.18488/journal.137.2020.42.110.126
Kusumahadi, T. A., & Utami, N. (2022). Teknologi Finansial, Literasi Keuangan, dan Keputusan Investasi Produk Reksa Dana di Indonesia. Jurnal Manajemen Maranatha, 21(2), 177–186. https://doi.org/10.28932/jmm.v21i2.4631
Kusumasondjaja, S. (2014). Efektivitas Social Media Advertising: Peran Brand Familiarity Dan Kongruensi Endorser. Jurnal Manajemen Dan Kewirausahaan, 16(1). https://doi.org/https://doi.org/10.9744/jmk.16.1.83-92
Kwok, C. C., & Tadesse, S. (2006). National culture and financial systems. Journal of International Business Studies, 37(2), 227–247.
Laroche, M., Habibi, M. R., & Richard, M.-O. (2013). To be or not to be in social media: How brand familiarity and social media marketing influence brand trust and purchase intentions. Journal of Consumer Psychology, 22(3), 283–295.
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
Mahardhika, M. D., & Asandimitra, N. (2023). Pengaruh overconfidence, risk tolerance, return, financial literacy, financial technology terhadap keputusan investasi. Jurnal Ilmu Manajemen, 11(3), 602–613.
Maurya, U. K., & Mishra, P. (2012). What is a brand?: A perspective on brand meaning. European Journal of Business and Management, 4(3), 122–133.
Md Husin, M., Aziz, S., & Bhatti, T. (2023). The impact of brand familiarity, perceived trust and attitude on investors’ decision-making in Islamic stock market. Journal of Islamic Marketing, 14(8), 2009–2026. https://doi.org/10.1108/JIMA-04-2020-0093
Minkov, M., & Hofstede, G. (2012). Hofstede’s fifth dimension: New evidence from the World Values Survey. Journal of Cross-Cultural Psychology, 43(1), 3–14.
Mursyidan, F. F., & Syaipudin, U. (2023). Pengaruh Literasi Keuangan, Usia, Return, Serta Pendapatan Terhadap Keputusan Investasi (Indonesian Version). Jurnal Riset Ilmu Akuntansi, 2(3), 245–267. https://doi.org/10.55606/akuntansi.v2i3.341
Musran, M., & Ismail, J. (2020). Edukasi Dan Motivasi Menjadi Investor di Pasar Modal Syariah (Studi Kasus Galeri Investasi Syariah IAIN Sultan Amai. BALANCA : Jurnal Ekonomi Dan Bisnis Islam, 2(2), 27–34. https://doi.org/10.35905/balanca.v2i02.1495
Mussy, E. M., Tumbuan, willem J. F. ., & Tielung, M. V. J. (2023). The Influences of Financial Literacy and Financial Technology on Manado Millennial Investment Intention in Capital Market. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 11(1), 1338–1347. https://doi.org/10.35794/emba.v11i1.47482
Nanda, T. S. F., Ayumiati, & Wahyu, R. (2019). Tingkat Literasi Keuangan Syariah : Studi Pada. JIHBIZ. Global Journal of Islamic Banking and Finance, 1(2), 141–152.
Naveed, F., & Taib, H. M. (2021). Overconfidence Bias, Self-attribution Bias and Investor Decisions: Moderating Role of Information Acquisition. Pakistan Journal of Commerce and Social Sciences, 15(2), 354–377.
Novitasari, D., & Sulistyowati, A. (2023). Influence Of Financial Literacy and Financial Technology To Investment Decision Student at University Of Bhayangkara Jakarta Raya. Indonesian Journal of Economics and Strategic Management (IJESM), 1(1), 23–35.
Nurdin, D. N., Hartana, G., & Mangundjaya, W. (2021). Hubungan antara Dimensi Nilai Budaya Uncertainty Avoidance dengan Intensi Berwirausaha pada Mahasiswa Suku Minangkabau. Journal Psikogenesis, 9(1), 1–12. https://doi.org/10.24854/jps.v9i1.1240
Nurisnayanti, N., & Sevriana, L. (2024). Pengaruh Literasi Keuangan Syariah dan Minat Investasi Mahasiswa terhadap Keputusan Investasi di Pasar Modal Syariah. Universitas Al-Azhar Indonesia, 48–58.
OJK. (2021). Strategi Nasional Literasi Keuangan Indonesia (SNLKI) 2021-2025. OJK. https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Strategi-Nasional-Literasi-Keuangan-Indonesia-2021-2025/STRATEGI NASIONAL LITERASI KEUANGAN INDONESIA %28SNLKI%29 2021 - 2025.pdf?utm_source=chatgpt.com
OJK. (2024a). Pasar Modal Syariah. Otoritas Jasa Keuangan. https://ojk.go.id/id/kanal/pasar-modal/pages/syariah.aspx
OJK. (2024b). Siaran Pers Bersama: OJK dan BPS Umumkan Hasil Survei Nasional Literasi dan Inklusi Keuangan Tahun 2024. Otoritas Jasa Keuangan.
OJK. (2024c). Statistik Saham Syariah - Oktober 2024. Otoritas Jasa Keuangan.
Okeja, O. D., & Louw, L. (2019). The Effect of Brand Knowlede on the Investment Decision of Individual Investor as Mediated by Avalability Bias. CONFERENCE PROCEEDINGS - SAIMS - 9 October 2019, 9, 817–833.
Oktavia, S. A., Mu’ayanah, R., & Hana, K. F. (2020). Pengaruh Edukasi, Manfaat, Rekomendasi Pasar Modal Syariah Terhadap Minat Berinvestasi Mahasiswa Febi Iain Kudus. BanKu: Jurnal Perbankan Dan Keuangan, 1(2), 75–84. https://doi.org/10.37058/banku.v1i2.2062
Palesta, P. K., & Paramita, V. S. (2024). The Influence Of Financial Technology, Financial Literacy, and Risk Perception on Mutual Fund Investment Decisions in Generation Z In Jawa Barat. International Journal of Science, Technology & Management, 5(1), 135–145. https://doi.org/10.46729/ijstm.v5i1.1038
Pandji, V. cattravelly, Suhartono, E., Tristiarini, N., & Oktafiyani, M. (2024). Pengaruh, Mental Accounting, Familiarity Bias, Self Atribution Bias Terhadap Pengambilan Keputusan Investasi (Studi Kasus, Mahasiswa Feb Udinus Semarang). JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 10(1), 688–703. https://doi.org/10.35870/jemsi.v10i1.2071
Park, C. S., & Lessig, V. P. (1981). Familiarity and its impact on consumer decision biases and heuristics. Journal of Consumer Research, 8(2), 223–230.
Pratama, A. A. N., & Cahyono, E. (2021). Metodologi Penelitian Bisnis dengan Pendekatan Kuantitatif (W. Widarjo (ed.); Pertama). LaksBang PRESSindo.
Putri, R. A., & Ishanah, Y. (2020). Faktor-Faktor yang Memengaruhi Keputusan Investasi Pada Investor Saham Di Surabaya. Jurnal Ilmu Manajemen, 8(1), 197–209.
Putri, R. A., & Yuyun, I. (2020). Faktor-Faktor Yang Mempengarui Keputusan Investasi Pada Investor Saham Di Surabaya. Jurnal Ilmu Manajemen, 8(1), 197–209.
Putrie, S. G. S., & Usman, B. (2022). Pengaruh Literasi Keuangan & Penghindaran Risiko Terhadap Keputusan Investasi dengan Locus of Control Sebagai Variabel Moderasi di DKI Jakarta. Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas SAM Ratulangi (JMBI Unsrat), 9(2), 703–722.
Raheja, S., & Dhiman, B. (2020). How do emotional intelligence and behavioral biases of investors determine their investment decisions? Rajagiri Management Journal, 14(1), 35–47. https://doi.org/10.1108/ramj-12-2019-0027
Rahim, S. H. A., Rashid, R. A., & Hamed, A. B. (2016). Islamic financial literacy and its determinants among university students: An exploratory factor analysis. International Journal of Economics and Financial Issues, 6(7 (Special Issue)), 32–35.
Ratnawati, Sudarmiatin, Soetjipto, B. E., & Restuningdiah, N. (2022). The Role of Financial Behavior As a Mediator of the Influence of Financial Literacy and Financial Attitudes on MSMEs Investment Decisions in Indonesia. Journal of Social Economics Research, 9(4), 193–203. https://doi.org/10.18488/35.v9i4.3231
Reginaldo, R. (2017). Pengaruh Pengetahuan Merek, Hubungan Merek, Familiaritas Merek, Kepercayaan Merek dan Fit Merek terhadp Minat Beli Air Mineral Aqua. Jurnal Manajemen Bisnis Dan Kewirausahaan, 1(2), 147–164.
Rijanto, B. P., & Utami, N. (2024). Financial Technology, Social Media Influencers, and Experience of Cryptocurrency Investment Decisions: Financial Literacy’s Role. Jurnal Manajemen Maranatha, 23(2), 201–216. https://doi.org/10.28932/jmm.v23i2.8717
Santosa, R. E. W. A., Khatik, N., & Muthaher, O. (2023). the Effect of Financial Literacy, Financial Technology, and Socio Demographic of Age on Entrepreneur Investment Decision Making. Fokus Ekonomi : Jurnal Ilmiah Ekonomi, 18(2), 138–150. https://doi.org/10.34152/fe.18.2.138-150
Santoso, I., & Liu, H. (2023). Pengaruh Perilaku Herding, Risk Aversion terhadap Keputusan Investasi dengan Financial Attitude Sebagai Variabel Moderating. Jurnal Ilmiah Universitas Batanghari Jambi, 23(1), 137–144. https://doi.org/10.33087/jiubj.v23i1.3025
Sari, D. R., & Dirgahayu, T. (2018). Pengaruh Dimensi Budaya Terhadap Penggunaan E-Commerce Di Kalimantan Timur. Prosiding Seminar Ilmu Komputer Dan Teknologi Informasi, 3(1), 139–144.
Seraj, A. H. A., Alzain, E., & Alshebami, A. S. (2022). The roles of financial literacy and overconfidence in investment decisions in Saudi Arabia. Frontiers in Psychology, 13(September), 1–12. https://doi.org/10.3389/fpsyg.2022.1005075
Setyaningrum, D., & Hidayah, N. (2024). Pengaruh Financial Behavior , Financial Technology , dan Financial Experience terhadap Keputusan Investasi di Pasar Modal pada Investor Muda di Kota Magelang. Isoquant: Jurnal Ekonomi, Manajemen Dan Akuntansi, 8(2), 250–260.
Shunmugasundaram, V., & Sinha, A. (2024). The impact of behavioral biases on investment decisions: a serial mediation analysis. Journal of Economics, Finance and Administrative Science. https://doi.org/10.1108/JEFAS-08-2023-0243
Simatupang, O., Lubis, L. A., & Wijaya, H. (2015). Gaya Berkomunikasi Dan Adaptasi Budaya Mahasiswa Batak di Yogyakarta. Jurnal ASPIKOM, 2(5), 314–329. https://doi.org/10.24329/aspikom.v2i5.84
Soim, F. M., Suharyono, & Abdillah, Y. (2016). Pengaruh Brand Image terhadap Keputusan Pembelian (Studi pada Pembeli Kartu Perdana simPATI di Booth Telkomsel Matos). Jurnal Administrasi Bisnis, 35(1), 146–153.
Sriwindono, H. (2022). Eksplorasi Efek Moderasi Dimensi Budaya Terhadap Penerimaan Teknologi Internet Masyarakat Yogyakarta. SIBATIK JOURNAL: Jurnal Ilmiah Bidang Sosial, Ekonomi, Budaya, Teknologi, Dan Pendidikan, 1(9), 1909–1916. https://doi.org/10.54443/sibatik.v1i9.269
Sudarsono, H. (2019). Pasar Modal Syariah dan Dinamika Investasi Islami. UIN Malang Press.
Sun, S., & Lestari, E. (2022). Analisis Pengaruh Literasi Keuangan, Pengetahuan Investasi, Motivasi Investasi Dan Pendapatan Terhadap Keputusan Investasi Pada Masyarakat Di Batam. Jurnal Akuntansi AKUNESA, 10(3), 101–114. https://doi.org/10.26740/akunesa.v10n3.p101-114
Suresh G. (2021). Impact of Financial Literacy and Behavioural Biases on Investment Decision-making. FIIB Business Review, 13(1), 1–15. https://doi.org/10.1177/23197145211035481
Utami, N., & Sitanggang, M. L. (2021). The Analysis of Financial Literacy and Its Impact on Investment Decisions: A Study on Generation Z In Jakarta. Inovbiz: Jurnal Inovasi Bisnis, 9(1), 33–40. https://doi.org/10.35314/inovbiz.v9i1.1840
Uttari, L. P. J. A., & Yudantara, I. G. A. P. (2023). Pengaruh Literasi Keuangan, Pendapatan, dan Perilaku Keuangan terhadap Keputusan Investasi Generasi Milenial Melalui Aplikasi BIBIT. Vokasi : Jurnal Riset Akuntansi, 12(01), 1–10. https://doi.org/10.23887/vjra.v12i01.58169
Widhagdha, M. F., Muktiyo, W., Kartono, D. T., & Padmaningrum, D. (2023). Pengaruh Nilai Budaya Dalam Proses Pengambilan Keputusan Komunikasi CSR Di Indonesia. Jurnal Analisa Sosiologi, 12(1), 156–173. https://doi.org/10.20961/jas.v12i1.65738
Widyatamaka, S., & Anwar, M. (2023). The Influence of Financial Experience and Financial Behavior on Investment Decisions of Workers In Surabaya. Management Studies and Entrepreneurship Journal, 4(3). http://journal.yrpipku.com/index.php/msej
Yani, R., & Cerya, E. (2024). Pengaruh Literasi Keuangan dan Pengetahuan Investasi terhadap Keputusan Investasi Mahasiswa Fakultas Ekonomi dan Bisnis Universitas Negeri Padang melalui Minat Investasi sebagai Variabel Intervening Akan tetapi meskipun Galeri Investasi sudah ada di masin. Jurnal Ilmu Manajemen, Ekonomi Dan Kewirausahan, 2(1), 201–216.
Yulianis, N., & Sulistyowati, E. (2021). The Effect Of Financial Literacy, Overconfidence, And Risk Tolerance On Investment Decision. Journal of Economics, Business, and Government Challenges, 4(01), 61–71. https://doi.org/10.33005/ebgc.v4i1.172
Zulfiana, V. N., & Hakim, L. (2020). Peran Gender Sebagai Variabel Moderating Pembelajaran Perbankan Syariah, Literasi Keuangan Syariah Dan Risk Tolerance Terhadap Perilaku Berinvestasi Di Bank Syariah. IQTISHADIA Jurnal Ekonomi & Perbankan Syariah, 7(1), 97–110. https://doi.org/10.19105/iqtishadia.v7i1.3369
Nurisnayanti, A., & Sevriana, R. (2024). Pengaruh Literasi Keuangan Syariah terhadap Keputusan Investasi di Kalangan Mahasiswa. Jurnal Ekonomi Islam, 12(1), 45-60.
Zulfiana, N., & Hakim, L. (2020). Literasi Keuangan Syariah dan Dampaknya terhadap Keputusan Investasi. Jurnal Keuangan Islam, 8(2), 112-128.
Aaker, D. A. (1991). Managing Brand Equity: Capitalizing on the Value of a Brand Name. The Free Press.
Hirshleifer, D. (2001). Investor Psychology and Asset Pricing. The Journal of Finance, 56(4), 1533-1597.
Keller, K. L. (1993). Conceptualizing, Measuring, and Managing Customer-Based Brand Equity. Journal of Marketing, 57(1), 1-22.
Hofstede, G. (2001). Culture’s Consequences: Comparing Values, Behaviors, Institutions, and Organizations Across Nations. SAGE Publications.
Lumpkin, G. T., & Brigham, K. H. (2011). Long‐Term Orientation and Intertemporal Choice in Family Firms. Entrepreneurship Theory and Practice, 35(6), 1149-1169.
Zimbardo, P. G., & Boyd, J. N. (1999). Putting Time in Perspective: A Valid, Reliable Individual-Differences Metric. Journal of Personality and Social Psychology, 77(6), 1271-1288.