Perilaku Investor Generasi Z pada Saham Syariah di Bursa Efek Indonesia
Main Article Content
Abstract
Perkembangan pasar modal syariah di Indonesia diikuti dengan meningkatnya partisipasi investor muda, khususnya Generasi Z, yang memiliki karakteristik unik dalam pengambilan keputusan investasi. Namun, pemahaman mengenai perilaku Generasi Z terhadap saham syariah masih relatif terbatas. Penelitian ini bertujuan untuk menganalisis faktor-faktor yang memengaruhi perilaku investor Generasi Z dalam berinvestasi pada saham syariah di Bursa Efek Indonesia. Penelitian ini menggunakan pendekatan kuantitatif dengan metode survei terhadap 100 investor Generasi Z yang memiliki pengalaman berinvestasi saham syariah. Data dianalisis menggunakan perangkat lunak SPSS melalui uji validitas, reliabilitas, uji asumsi klasik, serta analisis regresi linier berganda. Hasil penelitian menunjukkan bahwa literasi keuangan syariah, persepsi return, religiusitas, dan pengaruh media digital berpengaruh positif dan signifikan terhadap perilaku investor Generasi Z, sementara persepsi risiko berpengaruh negatif dan signifikan. Temuan ini menegaskan bahwa perilaku investasi Generasi Z tidak hanya dipengaruhi oleh pertimbangan rasional ekonomi, tetapi juga oleh faktor psikologis, sosial, dan nilai-nilai keagamaan. Hasil penelitian ini penting sebagai dasar pengembangan strategi literasi dan edukasi pasar modal syariah yang lebih efektif dan berorientasi pada karakteristik Generasi Z.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
References
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211.
Aloui, Chaker, Shahzad, Syed Jawad Hussain, Hkiri, Besma, Hela, Ben Hamida, & Khan, Muhammad Asif. (2021). On the investors’ sentiments and the Islamic stock-bond interplay across investments’ horizons. Pacific-Basin Finance Journal, 65, 101491. https://doi.org/10.1016/j.pacfin.2020.101491
Bin-Armia, Muhammad Syauqi, Armia, Muhammad Siddiq, & Syarif, Muhammad Fazlurrahman. (2024). Economical rights versus God’s rights: criticising of the implementation Shariah economic in Indonesia. International Journal of Islamic and Middle Eastern Finance and Management, 17(6), 1267–1290. https://doi.org/10.1108/IMEFM-01-2024-0054
Bodie, Z., Kane, A., & Marcus, A. J. (2018). Investments. New York: McGraw-Hill Education.
Daulay, Alfi Rizieq Husaini, Saputra, Muhardi, Nurtrisha, Widyatasya Agustika, & Febriyani, Widia. (2025). Technostress in Fintech Adoption: Understanding Gen Z’s Response to P2P Investment Platforms in Indonesia. 2025 International Conference on Communication, Computing, Networking, and Control in Cyber-Physical Systems (CCNCPS), 43–48. https://doi.org/10.1109/CCNCPS66785.2025.11135543
Devika Rani, N., & Lalesha, M. (2025). Social Media an Influencing Factor on Investment Decisions of Salaried Gen Millennials. https://doi.org/10.1007/978-3-031-96530-2_94
Glock, C. Y., & Stark, R. (1965). Religion and society in tension. Chicago: Rand McNally.
Gokhale, Gautam Milind, & Mittal, Ankur. (2025). Decoding the Behavioral Intentions of Gen Z Investors: Analysing the Impact of Investor Protection in the Digital Era & Predictive Insights from PLSpredict. International Journal of Economics and Financial Issues, 15(2), 375–386. https://doi.org/10.32479/ijefi.18105
Grover, Diya, Sangal, Surabhi, & Shabir, Suheela Shabir. (2025). Leveraging Generative AI to Address Behavioral Biases in the Investment Decisions of Gen Z and Millennials. https://doi.org/10.4018/979-8-3373-1250-7.ch014
Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–291.
Kaplan, A. M., & Haenlein, M. (2010). Users of the world, unite! The challenges and opportunities of social media. Business Horizons, 53(1), 59–68.
Król, Karol, & Zdonek, Dariusz. (2022). Digital Assets in the Eyes of Generation Z: Perceptions, Outlooks, Concerns. Journal of Risk and Financial Management, 16(1), 22. https://doi.org/10.3390/jrfm16010022
Leslie, Braedon, Anderson, Claire, Bickham, Cole, Horman, Julia, Overly, Audrey, Gentry, Claire, Callahan, Clark, & King, Jesse. (2021). Generation Z Perceptions of a Positive Workplace Environment. Employee Responsibilities and Rights Journal, 33(3), 171–187. https://doi.org/10.1007/s10672-021-09366-2
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44.
Metwally, M. M. (1997). Economic consequences of applying Islamic principles in Muslim societies. Jeddah: Islamic Development Bank.
Nofsinger, J. R. (2018). The psychology of investing. New York: Routledge.
Pandurugan, Vaidehi, & Al Shammakhi, Badriya Nasser Said. (2024). Modelling the theory of planned behaviour to evaluate the investment intention of generation Z in the speculative market: stocks, Forex and cryptocurrencies. Arab Gulf Journal of Scientific Research, 42(4), 1900–1916. https://doi.org/10.1108/AGJSR-07-2023-0319
Pašiušienė, Inga, Podviezko, Askoldas, Malakaitė, Daiva, Žarskienė, Laura, Liučvaitienė, Aušra, & Martišienė, Rita. (2023). Exploring Generation Z’s Investment Patterns and Attitudes towards Greenness. Sustainability, 16(1), 352. https://doi.org/10.3390/su16010352
Pei, Wen, Pan, Wen An, & Huang, Jui Chan. (2024). Enhanced Financial Performance Classification Using an Improved ID3 Algorithm with Decision Coherence. Informatica, 48(21). https://doi.org/10.31449/inf.v48i21.6235
Pham Thi, Huyen, Hoang, Yen Phuong, Cao, Tien Phuc, Le, Quynh Anh, Nguyen, Minh Hoa, Nguyen, Cong Duy Khanh, & Nguyen Dang, Linh Nga. (2025). Which factors drive socially responsible investment (SRI) intentions among Generation Z in emerging markets? The evidence from Vietnam. International Journal of Ethics and Systems. https://doi.org/10.1108/IJOES-01-2025-0017
Prasarry, Yudhita Valen, Sayoga, Reagen Yohanes, Marsintauli, Frihardina, Handayani, Desi, Ikhsan, Ridho Bramulya, & Prabowo, Hartiwi. (2023). Digital Investment Behavior: Insights from Gen-Y and Gen-Z. 2023 8th International Conference on Business and Industrial Research (ICBIR), 836–841. https://doi.org/10.1109/ICBIR57571.2023.10147609
Prensky, M. (2001). Digital natives, digital immigrants. On the Horizon, 9(5), 1–6.
Putri Susanto, Kiandra, Candra Mandagie, Wenny, Endri, Endri, & Wiwaha, Arjuna. (2024). Financial literacy, technological progress, financial attitudes and investment decisions of Gen Z Indonesian investors. Investment Management and Financial Innovations, 22(1), 25–34. https://doi.org/10.21511/imfi.22(1).2025.03
Qoyum, Abdul, Al Hashfi, Rizqi Umar, Zusryn, Alyta Shabrina, Kusuma, Hadri, & Qizam, Ibnu. (2021). Does an Islamic-SRI portfolio really matter? Empirical application of valuation models in Indonesia. Borsa Istanbul Review, 21(2), 105–124. https://doi.org/10.1016/j.bir.2020.08.002
Rahayu, Nurul Widyawati Islami, Hepni, Fauzan, Poernomo, Djoko, Dafik, Mursyidah, Indah Lutfiyatul, & Jannah, Excelsa Suli Wildhatul. (2024). An Islamic point of view of cryptocurrency investment: Generations z fear of missing out (FOMO) and their personal traits as traders. Edelweiss Applied Science and Technology, 8(5), 1880–1905. https://doi.org/10.55214/25768484.v8i5.1920
Roška, Vlasta, Soldo, Sara, & Anić, Nika. (2025). Shifting Investment Portfolio to a New Approach of the Passive Investors. WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS, 22, 584–597. https://doi.org/10.37394/23207.2025.22.52
Savithri, M., & Rajakumari, D. (2024). Analysis of Investment Factors and Decisions among Generation Z and Generation X in Indian Capital Market. International Journal of Economics and Financial Issues, 15(1), 337–344. https://doi.org/10.32479/ijefi.17526
Shefrin, H. (2007). Behavioral corporate finance: Decisions that create value. New York: McGraw-Hill/Irwin.
Syukur, Abdul, Amron, Amron, Riyanto, Fery, Putra, Febrianur Ibnu Fitroh Sukono, & Pangemanan, Rifal Richard. (2025). Generational Insights into Herding Behavior: The Moderating Role of Investment Experience in Shaping Decisions Among Generations X, Y, and Z. International Journal of Financial Studies, 13(3), 176. https://doi.org/10.3390/ijfs13030176
Tumangkeng, Martha Wulan, Kawilarang, Pricillia, & Lusianah. (2024). The Effect of Investment Perception, Self-efficacy, Initial Capital, and Investment Understanding on Cryptocurrency Investment Interest in Indonesian Z Generation. https://doi.org/10.1007/978-3-031-50939-1_33
Verma, Rajit, Khurana, Sunayna, Singh, Ram, Kaur, Mandeep, Arora, Ravish, & Pattanaik, Biswajit. (2024). Use of OLS Regression Model as Predictor to Compute Excessive Returns in ESM. 2024 11th International Conference on Reliability, Infocom Technologies and Optimization (Trends and Future Directions) (ICRITO), 1–6. https://doi.org/10.1109/ICRITO61523.2024.10522253
Vincent Paul, S., James, Roshni, Devika Rani, N., & Pallavi, Immaculate Joyce. (2025). Generation Z to Millennials: A Study on Behaviour of Investors of Bengaluru City. https://doi.org/10.1007/978-3-031-96530-2_75