The Concept of Rwa Bhineda on Investment Interest in Green Sukuk by Considering Environmental Awareness
Abstract
Green sukuk is a sharia-based financial instrument used by the government to finance green projects. The number of green sukuk investors has continuously increased since the beginning of the green sukuk issuance, in 2019. This is inseparable from the attractive profit sharing and very low risk. In the Hindu concept, the term Rwa Bhineda is known, which emphasises the existence of two things that are contradictory but always side by side, as is the case with profit sharing and risk in green sukuk. This research aims to examine the effect of profit sharing and risk partially on investment interest in green sukuk and examine the moderating effect of environmental awareness. The population used is all green sukuk investors with a sample size of 100 green sukuk investors. The data collection method uses a questionnaire. The data analysis technique used is Structural Equation Modeling with Partial Least Squares (SEM PLS). The results showed that profit sharing and environmental awareness has a positive and significant effect on green sukuk investment interest, risk has no effect on investment interest, environmental awareness weakens the effect of profit sharing on investment interest in green sukuk with negative direction but environmental awareness is not able to moderate the effect of risk on investment interest in green sukuk. This research combines the concept of sharia in Islam and the concept of rwa bhineda in Hinduism, making it interesting to do research.
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References
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Peraturan Otoritas Jasa Keuangan Nomor 18 Tahun 2023 tentang Penerbitan dan Persyaratan Efek Bersifat Hutang dan Sukuk Berlandaskan Keberlanjutan menyatakan Sukuk Berwawasan Lingkungan.
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Pirgaip, B. and Arslan-Ayaydin, O. (2024). Exploring the Greenium in The Green Sukuk Universe: Evidence from The Primary Market. International Journal of Islamic and Middle Eastern Finance and Management. 17(3). https://doi.org/10.1108/IMEFM-05-2023-0186
Qosim, N., Ratnasari, R. T., Wardhana, A. K., Fauziana, H., & Barkah, T. T. (2023). Eight Years of Research Related to the Green Sukuk in the Global Stock Exchange Market to Support the Implementation of SDG: A Bibliometric Review. Journal of Islamic Economic and Business Research, 3(2), 161–180. https://doi.org/10.18196/jiebr.v3i2.204
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Sánchez, M. J., & Lafuente, R. (2010). Defining and measuring environmental consciousness. Revista Internacional de Sociologia, 68(3), 731–755. https://doi.org/10.3989/ris.2008.11.03
Simamora, N., Setyawati, I., & Nurwulandari, A. (2024). Sustainability Finance Involves and Green Investment : A Literature Review Based on the Prisma Method. International Journal of Economics and Management Research, 3(2), 366–379.
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Thang, N. D., & Thanh, N. N. (2023). The Factors Influence the Intention to Invest in Green Tourism in Vietnam: Evidence from Business Survey. International Journal of Professional Business Review, 8(5), e02172. https://doi.org/10.26668/businessreview/2023.v8i5.2172
Tran, T. T. T., Do, H. N., Vu, T. H., & Do, N. N. M. (2020). The factors affecting green investment for sustainable development. Decision Science Letters, 9(3), 365–386. https://doi.org/10.5267/j.dsl.2020.4.002
Wahyu, B. F., & Rokhim, R. (2023). Analyzing the Influence of Environmental Awareness and Financial Performance in the Desire for Sustainabilitiny Investing in Indonesian Investors. International Journal of Science and Society, 5(5), 1050–1068. https://doi.org/10.54783/ijsoc.v5i5.971
Wijaya, U. S. H. (2022). Pengaruh Green Finance, Volatility, Risk dan Regulation terhadap Investment decisions Pasca Covid-19 di Indonesia. Jurnal Ecoment Global, 7(2), 127–139. https://doi.org/10.35908/jeg.v7i2.2170
Zhang, W., Ke, J., Ding, Y., & Chen, S. (2024). Greening through finance: Green finance policies and firms’ green investment. Energy Economics, 131, 107401. https://doi.org/10.1016/J.ENECO.2024.107401
Zhang, X., Song, Y., & Zhang, M. (2023). Exploring the relationship of green investment and green innovation: Evidence from Chinese corporate performance. Journal of Cleaner Production, 412, 137444. https://doi.org/10.1016/J.JCLEPRO.2023.137444
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
Araminta, D. V., Qudziyah, Q., & Timur, Y. P. (2022). the Role of Green Sukuk in Realizing the Sustainable Development Goals 2030 Agenda. Jurnal Ekonomi Dan Bisnis Islam (Journal of Islamic Economics and Business), 8(2), 251–266. https://doi.org/10.20473/jebis.v8i2.37531
Arda, M., & Andriany, D. (2019). Analisis Faktor Stimuli Pemasaran dalam Keputusan Pembelian Online Produk Fashion Pada Generasi Z. Prosiding FRIMA (Festival Riset Ilmiah Manajemen Dan Akuntansi), 2010(2), 434–440. https://doi.org/10.55916/frima.v0i2.66
Ari Dewanti, P. P. W., & Kameswari, I. G. A. A. W. (2019). Konsep Rwa Bhineda Pada Kain Poleng Busana Pemangku Pengluransaat Upacara Pengerebongan Di Pura Agung Petilan, Kesiman. Jurnal Da Moda, 1(1), 16–20. https://doi.org/10.35886/damoda.v1i1.52
Darman, D. S., & Julia, J. (2021). Impact Of Returns, Risk On Interest In Investing During The Covid-19 Pandemic. International Journal of Educational Research & Social Sciences, 2(5), 1038–1046. https://doi.org/10.51601/ijersc.v2i5.170
Efendi, R., & Trisnawati, R. (2023). Analysis of Factors Affecting Public Interest in Investing in the Capital Market. Islamic Accounting Journal, 1(1), 19–25. https://doi.org/10.20885/InCAF.vol1.art3
Esparcia, C., Diaz, A., & Alonso, D. (2023). How important is green awareness in energy investment decisions? An environmentally-based rebalancing portfolio study. Energy Economics, 128, 107174. https://doi.org/10.1016/J.ENECO.2023.107174
Ghozali, I. (2013). Aplikasi Analisis Multivariate dengan Program SPSS. Semarang: Bagian Penerbit Universitas Diponogoro
Hidayat, T., Oktaviano, B., & Baharuddin, R. (2023). Keputusan investasi berdasarkan literasi keuangan, pengetahuan investasi dan persepsi risiko. 4307(June), 441–452.
Ladamay, A. Z. F., Supriyanto, T., & Nugraheni, S. (2021). Pengaruh Media Sosial, Literasi Keuangan, Risiko, Imbal Hasil, dan Religiusitas Terhadap Minat Berinvestasi Sukuk Generasi Z di Jakarta. Islamic Economics Journal, 7(2), 161. https://doi.org/10.21111/iej.v7i2.6552
Lathief, J. T. A., Kumaravel, S. C., Velnadar, R., Vijayan, R. V., & Parayitam, S. (2024). Quantifying Risk in Investment Decision-Making. Journal of Risk and Financial Management, 17(2). https://doi.org/10.3390/jrfm17020082
Mo, Y., Ullah, S., & Ozturk, I. (2023). Green investment and its influence on green growth in high polluted Asian economies: Do financial markets and institutions matter? Economic Research-Ekonomska Istrazivanja , 36(2). https://doi.org/10.1080/1331677X.2022.2140302
Murwaniputri, H., & Bleskadit, N. H. (2023). The Impact of Investment Knowledge, Investment Returns, and Investment Risk on Investors’ Investment Interests. Riwayat: Educational Journal of History and Humanities, 6(4), 2276–2280. http://jurnal.usk.ac.id/riwayat/
Ngo, T. Q., Doan, P. N., Vo, L. T., Tran, H. T. T., & Nguyen, D. N. (2021). The influence of green finance on economic growth: A COVID-19 pandemic effects on Vietnam Economy. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2021.2003008
Peraturan Otoritas Jasa Keuangan Nomor 18 Tahun 2023 tentang Penerbitan dan Persyaratan Efek Bersifat Hutang dan Sukuk Berlandaskan Keberlanjutan menyatakan Sukuk Berwawasan Lingkungan.
Permatasari, L. P. (2016). Pengaruh Sikap, Norma Subjektif, dan Kontrol Perilaku terhadap Intensi Berhenti Merokok Sebagai Dampak Peraturan Gambar Peringatan. Jurnal Ilmiah Mahasiswa FEB, 1689–1699.
Pirgaip, B. and Arslan-Ayaydin, O. (2024). Exploring the Greenium in The Green Sukuk Universe: Evidence from The Primary Market. International Journal of Islamic and Middle Eastern Finance and Management. 17(3). https://doi.org/10.1108/IMEFM-05-2023-0186
Qosim, N., Ratnasari, R. T., Wardhana, A. K., Fauziana, H., & Barkah, T. T. (2023). Eight Years of Research Related to the Green Sukuk in the Global Stock Exchange Market to Support the Implementation of SDG: A Bibliometric Review. Journal of Islamic Economic and Business Research, 3(2), 161–180. https://doi.org/10.18196/jiebr.v3i2.204
Rozman, A. T., & Azmi, N. A. (2022). Green Sukuk, Environmental Issues and Strategy. IOP Conference Series: Earth and Environmental Science, 1067(1). https://doi.org/10.1088/1755-1315/1067/1/012085
Sánchez, M. J., & Lafuente, R. (2010). Defining and measuring environmental consciousness. Revista Internacional de Sociologia, 68(3), 731–755. https://doi.org/10.3989/ris.2008.11.03
Simamora, N., Setyawati, I., & Nurwulandari, A. (2024). Sustainability Finance Involves and Green Investment : A Literature Review Based on the Prisma Method. International Journal of Economics and Management Research, 3(2), 366–379.
Sugiyono. (2013). Metodologi Penelitian Bisnis (Pendekatan Kuantitatif, Kualitatif dan R&D). Bandung: Alfabeta
Sun, Y., Bao, Q., & Taghizadeh-Hesary, F. (2023). Green finance, renewable energy development, and climate change: evidence from regions of China. Humanities and Social Sciences Communications, 10(1), 1–8. https://doi.org/10.1057/s41599-023-01595-0
Thang, N. D., & Thanh, N. N. (2023). The Factors Influence the Intention to Invest in Green Tourism in Vietnam: Evidence from Business Survey. International Journal of Professional Business Review, 8(5), e02172. https://doi.org/10.26668/businessreview/2023.v8i5.2172
Tran, T. T. T., Do, H. N., Vu, T. H., & Do, N. N. M. (2020). The factors affecting green investment for sustainable development. Decision Science Letters, 9(3), 365–386. https://doi.org/10.5267/j.dsl.2020.4.002
Wahyu, B. F., & Rokhim, R. (2023). Analyzing the Influence of Environmental Awareness and Financial Performance in the Desire for Sustainabilitiny Investing in Indonesian Investors. International Journal of Science and Society, 5(5), 1050–1068. https://doi.org/10.54783/ijsoc.v5i5.971
Wijaya, U. S. H. (2022). Pengaruh Green Finance, Volatility, Risk dan Regulation terhadap Investment decisions Pasca Covid-19 di Indonesia. Jurnal Ecoment Global, 7(2), 127–139. https://doi.org/10.35908/jeg.v7i2.2170
Zhang, W., Ke, J., Ding, Y., & Chen, S. (2024). Greening through finance: Green finance policies and firms’ green investment. Energy Economics, 131, 107401. https://doi.org/10.1016/J.ENECO.2024.107401
Zhang, X., Song, Y., & Zhang, M. (2023). Exploring the relationship of green investment and green innovation: Evidence from Chinese corporate performance. Journal of Cleaner Production, 412, 137444. https://doi.org/10.1016/J.JCLEPRO.2023.137444
Published
2024-11-04
How to Cite
DEWI, Ni Nyoman Sri Rahayu Trisna; PRIHANTARI, Gusti Ayu Putu Eka Dewi.
The Concept of Rwa Bhineda on Investment Interest in Green Sukuk by Considering Environmental Awareness.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 11, nov. 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/118880>. Date accessed: 09 jan. 2025.
doi: https://doi.org/10.24843/EJA.2024.v34.i11.p01.
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