The Effect Of Self-Efficacy, Investment Risk, And Corporate Reputation On Sharia Stock Investment Decisions With Financial Literacy As A Moderating Variable
DOI:
https://doi.org/10.37676/jmea.v5i4.1837Keywords:
Financial Literacy, Self-Efficacy, Sharia Stock Investment DecisionsAbstract
The rapid growth of young investors in the Islamic capital market has not been fully accompanied by adequate risk understanding and financial literacy, allowing investment decisions to remain influenced by psychological factors and perceptions of issuers. This study examines the effects of self-efficacy, investment risk, and corporate reputation on Sharia stock investment decisions and tests financial literacy as a moderating variable among the Zillennial generation in South Sulawesi Province. A causal quantitative approach was applied to a population of 5,525 investors, with 100 respondents selected using purposive sampling. Primary data were collected through a Likert-scale questionnaire and analyzed using multiple linear regression and Moderated Regression Analysis with IBM SPSS Statistics 21. The findings show that self-efficacy (t=3.737; p<0.001), investment risk (t=2.025; p=0.046), and corporate reputation (t=5.812; p<0.001) have positive and significant effects on investment decisions. However, the interaction terms between financial literacy and the three predictors are not significant. Financial literacy therefore did not strengthen or weaken these relationships in the study sample.
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Copyright (c) 2026 Ayu Aya Sofya, Asyraf Mustamin, Kamaruddin Kamaruddin, Samsul Samsul, St. Hafsah Umar
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