Faktor Yang Mempengaruhi Keinginan Investasi Investor Muda di Pasar Modal Indonesia

  • Riyadi Aprayuda Fakultas Ekonomi Universitas Andalas, Indonesia
  • Fauzan Misra Fakultas Ekonomi Universitas Andalas, Indonesia


This study aims to examine the influence of attitudes, the impact of the social environment, and investment knowledge on the desire to invest in the capital market by young investors. Specifically, this study refers to the predictors of Theory of Planned Behavior (Ajzen, 1991) to establish factors that influence investment desires. This study uses primary data from a closed questionnaire, with 166 valid responses through online surveys from investors in several university investment galleries in Indonesia. Data were analyzed using Structural Equation Modeling (SEM). The results showed that the attitude of investors and investment knowledge influence the desire to invest. However, the impact of the social environment did not succeed in triggering the investment desire of young investors. These finding underscores the influence of the social environment only being a support, meanwhile, the internal factors of the individual are the main ones making young investors want to invest. As a practical contribution, these finding suggest a positive attitude and increase investment-related knowledge can be applied as a strategy to attract new investors in the capital market.

Keywords: Investment Intention; Investor's Attitude; Social Environmental Impacts; Investment knowledge; Young Investor.


Download data is not yet available.


Afroze, T., Rahman, S. M. Z., Bristy, J. F., & Parvin, F. (2015). Factors Influencing Investment Decisions in Capital Market : A Study of Individual Investor in Bangladesh. European Journal of Economics, Finance and Administrative Sciences, (71), 80–96.

Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes, 50(1), 179–211.

Ajzen, I., & Fishbein, M. (1980). Understanding Attitudes and Predicting Social Behavior. Englewood Cliffs, N.J. : Prentice-Hall.

Akhter, R., & Ahmed, S. (2013). Behavioral Aspects of Individual Investors for Investment in Bangladesh Stock Market. International Journal of Ethics in Social Sciences, 1(1), 57–70.

Ali, A. (2011). Predicting Individual Investors ’ Intention to Invest : An Experimental Analysis of Attitude as a Mediator. International Scholarly and Scientific Research & Innovation, 5(2), 157–164.

Aren, S., & Aydemir, S. D. (2015). The Factors Influencing Given Investment Choices of Individuals. Procedia-Social and Behavioral Sciences, 210(1), 126–135. https://doi.org/10.1016/j.sbspro.2015.11.351

Azizi, P. N., & Sanaji. (2018). Efektivitas Kampanye Social Marketing Yuk Nabung Saham dan Theory of Reasoned Action untuk Memprediksi Niat Berinvestasi Saham. Jurnal Manajemen Dan Pemasaran Jasa, 11(2), 233–246.

Budiaji, W. (2013). Skala Pengukuran dan Jumlah Respon Skala Likert (The Measurement Scale and The Number of Responses in Likert Scale). Jurnal Ilmu Pertanian Dan Perikanan, 2(2), 127–133.

Christanti, N., & Mahastanti, L. A. (2011). Faktor-faktor yang dipertimbangkan investor dalam melakukan investasi. Jurnal Manajemen Teori Dan Terapan, 4(3), 37–51.

Elliott, W. B., Hodge, F. D., & Sedor, L. M. (2012). Using Online Video to Announce a Restatement: Influences on Investment Decisions and the Mediating Role of Trust. The Accounting Review, 87(2), 513–535. https://doi.org/10.2308/accr-10202

Fahmi, I. (2014). Pengantar Manajemen Keuanga. Bandung: Alfabeta.

Fleiß, E., Hatzl, S., Seebauer, S., & Posch, A. (2016). Money, not morale: The impact of desires and beliefs on private investment in photovoltaic citizen participation initiatives. Journal of Cleaner Production, 141, 920–927. https://doi.org/10.1016/j.jclepro.2016.09.123

Gamel, J., Menrad, K., & Decker, T. (2017). Which factors influence retail investors’ attitudes towards investments in renewable energies? Sustainable Production and Consumption, 12, 90–103.

Godker, K., & Mertins, L. (2018). CSR Disclosure and Investor Behavior: A Proposed Framework and Research Agenda ¨. Behavioral Research In Accounting, 30(2), 37–53. https://doi.org/10.2308/bria-51976

Gusti, A., Isyandi, B., Bahri, S., & Afandi, D. (2015). Hubungan Pengetahuan , Sikap dan Intensi Perilaku Pengelolaan Sampah Berkelanjutan Pada Siswa Sekolah Dasar di Kota Padang. Dinamika Lingkungan Indonesia, 2(2), 100–107.

Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2014). Multivariate Data Analysis (7th ed). Pearson Prentice Hall, NJ.

Harding, A. D. (2011). Multigenerational Workforce: Are We Using the Literature Effectively? Journal of Emergency Nursing, 37(1), 75–76.

He, L. Y. (Colly), Wright, S., & Evans, E. (2018). Is fair value information relevant to investment decision-making: Evidence from the Australian agricultural sector? Australian Journal of Managemen, 1–20. https://doi.org/10.1177/0312896218765236

Hedström, P. (2005). Dissecting the Social: On the Principles of Analytic Sociology. https://doi.org/https://doi.org/10.1017/CBO9780511488801

Huang, C., Chou, C., & Lin, P. (2010). Involvement theory in constructing bloggers ’ intention to purchase travel products. Tourism Management, 31(4), 513–526. https://doi.org/10.1016/j.tourman.2009.06.003

Huda, N., & Gofur, A. (2012). Analisis Intensi Muzakki dalam Membayar Zakat Profesi. Al-Istishad, 4(2), 217–240.

Hulland, J. (1999). Use of partial least squares (PLS) in strategic management research: A review of four recent studies. Strategic Management Journal, 20(2), 195–204.

Islamoğlu, M., Apan, M., & Ayvali, A. (2015). Determination of Factors Affecting Individual Investor Behaviours : A Study on Bankers. International Journal of Economics and Financial Issues, 5(2), 531–543.

Jagongo, A., & Mutswenje, V. S. (2014). A Survey of the Factors Influencing Investment Decisions: The Case of Individual Investors at the NSE. International Journal of Humanities and Social Science, 4(4), 92–102.

Kline, R. . (2011). Principles and Practice of Structural Equation Modelling (3rd ed). New York: Guilford.

Koesrindartoto, D. P., Aaron, A., Yusgiantoro, I., & Dharma, W. A. (2020). Research in International Business and Finance Who moves the stock market in an emerging country – Institutional or retail investors ? Research in International Business and Finance, 51(1), 1-28. https://doi.org/10.1016/j.ribaf.2019.101061

Lee, M. (2009). Predicting and explaining the adoption of online trading : An empirical study in Taiwan. Decision Support Systems, 47(2), 133–142. https://doi.org/10.1016/j.dss.2009.02.003

Lillemo, S. C., Alfnes, F., Halvorsen, B., & wik, matte. (2013). Households ’ heating investments : The effect of motives and attitudes on choice of equipment. Biomass and Bioenergy, 57(1), 4–12. https://doi.org/10.1016/j.biombioe.2013.01.027

Mohamad, A., Tahir, N. S., & Ahmad, Y. (2019). The Influential Factors of Investment Decision Making in Malaysian Publicly Listed Companies. International Journal of Innovation, Creativity and Change, 7(4), 212–229.

Mulyana, M., Hidayat, L., & Puspitasari, R. (2019). Mengukur Pengetahuan Investasi Para Mahasiswa Untuk Pengembangan Galeri Investasi Perguruan Tinggi. Jurnal Analisis Sistem Pendidikan Tinggi Indonesia, 3(1), 31–52.

Muryanto, E. (2019). Peran Galeri Investasi Bursa Efek Indonesia Dalam Meningkatkan Jumlah Investor Dan Transaksi Efek Di Jawa Timur. Jurnal Nusamba, 4(1), 17–27.

Nursito, S., & Nugroho, A. . (2013). Pengaruh Interaksi Pengetahuan Kewirausahaan dan Efikasi diri Terhadap Intensi Kewirausahaan. Kiat Bisnis, 5(3), 201–211.

Obaidat, A. N. (2016). Accounting Information : Which Information Attracts Investors Attention First ? Accounting and Finance Research, 5(3), 107–117. https://doi.org/10.5430/afr.v5n3p107

Pallant, J. (2010). SPSS Survival Manual: A Step by Step Guide to Data Analysis Using SPSS (3rd ed). Berkshire: Open University Press.

Pascual-Ezama, D., Scandroglio, B., & Liaño, B. G.-G. de. (2014). Can we predict individual investors ’ behavior in stock markets ? A psychological approach. International Academic Research Journal, 13(1), 25–35. https://doi.org/10.11144/Javeriana.UPSY13-1.cwpi

Peter, J. ., & Olson, C. . (2014). Perilaku Konsumen dan Strategi Pemasaran (9th ed). Jakarta: Salemba Empat.

Phan, K. C., & Zhou, J. (2014). Factors Influencing Individual Investor Behavior : An Empirical Study of the Vietnamese Stock Market. American Journal of Business and Management, 3(2), 77–94. https://doi.org/10.11634/216796061403527

Putra, I. P. S., Ananingtiyas, H., Sari, D. R., Dewi, A. S., & Silvy, M. (2016). Pengaruh tingkat literasi keuangan, experienced regret, dan risk tolerance pada pemilihan jenis investasi. Journal of Business and Banking, 5(2), 271–282. https://doi.org/10.14414/jbb.v5i2.548

Ramayah, T., Rouibah, K., Gopi, M., & John, G. (2009). Computers in Human Behavior A decomposed theory of reasoned action to explain intention to use Internet stock trading among Malaysian investors. Computers in Human Behavior, 25(6), 1222–1230. https://doi.org/10.1016/j.chb.2009.06.007

Salem, R. (2019). Examining the investment behavior ofArab women in the stock market. Journal of Behavioral and Experimental Finance, 22, 151–160. https://doi.org/10.1016/j.jbef.2019.03.001

Sari, I. N. (2018). Didukung teknologi, investor muda mendominasi pasar modal. Kontan Investasi / Bincang Bursa. Diakses pada 3 Januari 2020 https://investasi.kontan.co.id/news/didukung-teknologi-investor-muda-mendominasi-pasar-modal

Sakar, A. K., & Sahu, T. N.(2017). An Enquiry into the Behavior of Individual Investor in Stock Market. International Journal of Research in Finance and Marketing, 7(2), 28-44.

Sarkar, A. K., & Sahu, T. N. (2018). Analysis of Investment Behaviour of Individual Investors of Stock Market : A Study in Selected Districts of West Bengal. Pacific Business Review International, 10(7), 7–17.

Shanmugham, R., & Ramya, K. (2012). Impact of Social Factors on Individual Investors’ Trading Behaviour. Procedia Economics and Finance. 2nd Annual International Conference on Accounting and Finance, 2, 237–246. https://doi.org/10.1016/S2212-5671(12)00084-6

Solihat, A. N., & Arnasik, S. (2018). Pengaruh Literasi Ekonomi Terhadap Perilaku Konsumtif Mahasiswa Jurusan Pendidikan Ekonomi Universitas Siliwangi. Jurnal Kajian Pendidikan Ekonomi Dan Ilmu Ekonom, 2(1), 1–13.

Sondari, M. C., & Sudarsono, R. (2015). Using Theory of Planned Behavior in Predicting Intention to Invest : Case of Indonesia. International Academic Research Journal of Business and Technology, 1(2), 137–141.

Sulastyawati, D., Noprizal, N., & Kurniawan, O. (2017). Analisis Strategi Sosialisasi Pasar Modal dan Pengaruhnyaterhadap Keputusan Masyarakat Berinvestasi di Pasar Modal. Economics, Social, and Development Studies, 4(2).

T, D. R., Budiartha, I. K., & Suardikha, I. M. S. (2014). Pengaruh Modal Investasi Minimal di BNI Sekuritas return dan Persepsi terhadap risiko pada minat investasi mahasiswa, dengan penghasilan sebagai variabel moderasi. E-Jurnal Ekonomi Dan Bisnis Udayana, 3(1), 377–390.

Tabachnick, B. (2007). Using Multivariate Statistics (5th ed). Pearson Education, Boston.

Xu, W., Zuo, Y., Gao, X., & Yao, M. (2019). The influencing factors of satisfaction and lending intention in online lending investment: an empirical study based on the Chinese market. Accounting & Finance, 59(52), 2045–2071. https://doi.org/10.1111/acfi.12551

Yogatama, L. A. M. (2013). Analisis Pengaruh Attitude, Subjective Norm, dan Perceived Behavior Control Terhadap Intensi Penggunaan Helm Saat Mengendarai Motor pada Remaja dan Dewasa Muda di Jakarta Selatan. Proceeding PESAT (Psikologi, Ekonomi, Sastra, Arsitektur & Teknik Sipil), 5, 8–9.

Yusgiantoro, I. (2018). Investors Behavior and Trading Strategies: Evidence from Indonesia Stock Exchange. Otoritas Jasa Keuangan, WP/18/04(December).

Zaidi, A., & Tahir, N. (2019). Factors That Influence Investment Decision Making Among Potential Individual Investors in Malaysia.

Zainudin, A. (2012). A Handbook of SEM: Structural Equation Modelling Using Amos Graphics (4th ed). Kelantan: University Technology MARA Press.
How to Cite
APRAYUDA, Riyadi; MISRA, Fauzan. Faktor Yang Mempengaruhi Keinginan Investasi Investor Muda di Pasar Modal Indonesia. E-Jurnal Akuntansi, [S.l.], v. 30, n. 5, p. 1084 - 1098, may 2020. ISSN 2302-8556. Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/58683>. Date accessed: 10 dec. 2023. doi: https://doi.org/10.24843/EJA.2020.v30.i05.p02.