An Analysis of Younger Generations’ Attitude to Stock

Investment during the Current COVID Pandemic: A Case Study

of the Indonesian Context

Abstract:

The recent extensive literature on finance and investment has not included research
examining factors influencing an individual's attitude to stock investment during the current
pandemic. This article aims to analyze the perspective factors of younger generations in
Indonesia towards stock investment intention during the pandemic. It utilizes the Theory of
Planned Behavior (TPB) and various demographic characteristics as moderating variables.
This research employed a questionnaire-based online survey to collect samples, 264 of which
were subsequently analyzed using Partial Least Square methodology - Structural Equation
Model and Multi-Group Analysis. The findings indicated that not all TPB perceptive
variables were significant when assessing the stock investment intention of younger
generations in Indonesia with only behavioral attitudes exerting a significant influence. This
research also found that education level moderates the relationship between younger
generations’ perceptive variables and their stock investment intentions. Therefore,
policymakers or other stakeholders can better understand younger generations’ recent
perspective on stock investment. In addition, several possible initiatives have been identified
that could be undertaken in terms of policies, programs, and campaigns to increase investor
numbers in Indonesia, even during the current pandemic.
Keywords:
Stock investment, investment intention, younger generation, Theory of Planned Behavior, Multi-
Group Analysis.

1. INTRODUCTION
It is indisputable that Coronavirus 2019 (COVID-19) has negatively impacted almost all sectors of
society. Most of the research related to Covid-19 focus on how this outbreak has changed people's
lives in a variety of ways: from the devastating loss of a hundred thousand people, where the Covid-
19 pandemic has hampered the economic sector that impacted work termination (Wahyono, et al.,
2021); through microeconomic challenge and challenges in meeting daily requirements; to the
countless adjustments all individuals have to manage from home. (Garnett, 2020). However, to the
best of the authors' knowledge, individuals’ stock investment intention in emerging markets during
the pandemic has yet to be investigated. The previous research conducted has tended to focus on such
intention or on the increase in investor numbers within a developed market in a non-pandemic
context. This research seeks to investigate individuals' stock investment intention during an emerging
market affected by the ongoing pandemic.
Studying individuals' stock investment is beneficial for all stakeholders within this realm by
creating policies or programs which attract potential investors (Lai, 2019; Phan & Zhou, 2014).
Hence, this topic is considered worthy of further investigation as a means of contributing theoretically
and practically to the current body of research during this critical period. Moreover, it would be
regarded as particularly pertinent due to unique factors identifiable in an emerging market, such as the
specific cultural background, demographic characteristics, or geographical conditions. Therefore, all
stakeholders might consider the research findings reported here as particularly relevant to stock
investment, how individuals operating in emerging markets regard stock investment during a
pandemic and how to attract potential individuals to invest effectively in the stock market.
Indonesia has been selected as the subject of a case study within this research due to its status
as an emerging market. Being the fourth most populous country in the world, Indonesia has
considerable potential that should be developed during the current pandemic in order to ensure a more
secure future, particularly with regard to younger generations and their participation in the stock
market. In 2017, the Indonesian National Family Planning and Coordination Agency (BKKBN) stated
that the country could potentially enjoy a demographic dividend whereby individuals still in their
productive years dominate the national population structure. Two years later, such potential was also
acknowledged by the Indonesian Financial Services Authority (OJK) which highlighted younger
generations’ predominance in stock market activity with 40.33% of the total investment accounts
registered. According to KSEI (2020), 1,603,232 active accounts were registered in July 2020,
although this total of active funds remains relatively modest when compared to the national
population which, on April 27, 2020, numbered 273,013,347 (Worldometer, 2020).
To maximize the potential of younger generations in Indonesia, the authors believe that all
stakeholders with a vested interest in the country’s stock investment system should become more
aware of how to effectively encourage this section of society by quantifying its interest in stock
investments as soon as possible. With reference to several previous works, in order to evaluate their
intentions vis-a-vis stock investment during a pandemic, this research will utilize the perceptive
factors forming part of the Theory of Planned Behavior (TPB) first propounded by Azjen (1991). This
research also seeks to assess the applicability of this theory to the circumstances presently prevailing
within Indonesia.
The relevant literature associated with the hypothesis development and proposed model
framework will be discussed in Section 2, while the research methods are outlined in Section 3.
Section 4 contains a discussion of the results. Section 5 concludes with the implications of the
findings and recommendations for future research.

2. LITERATURE REVIEW
2.1 Impact of COVID-19
The total number of individuals infected with COVID-19 continues to rise globally. On November 18,
2020, it was reported that the disease had infected almost 55.6 million people (WHO, 2020). In
Indonesia, the government's initial attempt to minimize the COVID-19 pandemic's seriousness by
taking early preventative measures has resulted in it forfeiting the opportunity to keep the COVID-19
pandemic under control in the short phase of the outbreak (Perdana, et al., 2020).
According to Dartnell (2020), the effects that sufferers are currently experiencing could, for better or
worse, prove long-term (Ibid). In terms of the financial and investment contexts, according to Nia
(2020), due to the significant downturn in emerging markets with their undervalued shares, the
banking and consumer sectors could offer opportunities for traders. Numerous researchers have
suggested that investors should avoid high fluctuation industries, recommending, instead, several
more secure alternatives during a pandemic such as online education, online entertainment, food
production, and the healthcare industry (Li et al., 2020; Tashanova et al., 2020). Moreover, given its
indispensability, the gold market could offer a secure option at this critical time (Yan et al., 2020;
Zeren & Hizarci, 2020). During the COVID-19 pandemic, pessimism has also increasingly impacted
Asian stock markets whose indices revealed significant reductions in their normal returns compared to
counterparts outside the region (H. Liu et al., 2020). On the other hand, the impact of COVID-19 has
been empirically proven to have adversely affected the performance of indices in Malaysia (Lee et al.,
2020). France, Germany, and Italy (Zeren & Hizarci, 2020).
 In summary, there is a significant gap in the existing literature regarding the impact of
COVID-19, especially in a particular market that has yet to be comprehensively analyzed. The
majority of the available literature investigated only the impact of COVID-19 on investors’
investment choices and the potential sectors for investment in a developed market during the current
pandemic. Further research into this field is worthwhile since it would provide a theoretical
contribution to those countries affected in supporting them to survive the current critical period.
Therefore, this research aims to fill the existing knowledge gap by investigating individuals and their
perspectives on stock investment intention in Indonesia as an emerging market during the ongoing
pandemic.

2.2 Theory of Planned Behavior

The Theory of Planned Behavior (TPB) has been recognized and validated as one of the approaches
that has explained human behavior for almost 30 years since Azjen first propounded it in 1991. TPB
is the result of a previously developed theory, the Theory of Reasoned Action (TRA), which
postulated that a particular intention represents the primary factor motivating an individual's behavior.

Figure 1. Theory of Planned Behavior

Source: (Ajzen, 1991)

TPB has been extensively applied in numerous works drawn from various research fields. It
has been used to predict certain business behaviors (Krueger & Carsrud, 1993) such as unethical
conduct (Chang, 1998), as well as the intention underpinning an individual’s particular behavior, for
example, knowledge sharing (Lin & Lee, 2004; So & Bolloju, 2005). TPB is also employed in the
decision-making process (Carpenter & Reimers, 2005), during internet use (Hsieh et al., 2006), and
even to support the desire to stop smoking (Hu & Lanese, 1998). In the realm of finance and
investment, TPB is also applied to elaborate individual or institutional intentions toward sharia mutual
funds (Octarina et al., 2019), credit card use (Rutherford & Devaney, 2009), internet banking (Chan &
Lu, 2006), tax form e-filling (Fu et al., 2006), online stock trading (Gopi & Ramayah, 2007), and
stock investment (East, 1993; Lai, 2019; Phan & Zhou, 2014). In short, TPB indicates that when
individuals encounter something they believe to be positive for themselves, something that others
think is good for them, or when they feel that they have the ability and opportunity to demonstrate
particular behavior, under such circumstances, individuals are more likely to demonstrate said
behavior.
From the foregoing explanation of TPB and the literature review, the authors believe that TPB
can explain younger generations’ stock investment intention in an emerging market during the
COVID-19 pandemic. They believe that assessing such investment intention in Indonesia provides
insight into all stakeholders involved in attracting more potential young people to invest, while also
producing more comprehensive information regarding the applicability of TPB to capturing behavior
within an emerging market during a pandemic.
Following up on these motivations, the authors constructed a research model based on several
hypotheses relating to young Indonesians’ intentions regarding stock investment during the COVID-
19 pandemic. The majority of the composite elements of the hypothesis were developed from three
main factors within TPB: attitude toward behavior, subjective norms, and perceived behavioral
control. The hypothesis and the development process can be described as follows.
2.2.1 Attitude toward Behavior (ATB)
ATB has been used as an identifier (Phan & Zhou, 2014). From TRA, ATB was initially defined as
the output of an individual's feelings, be they positive or negative, towards a particular behavior
(Fishbein & Ajzen, 1975). In other words, ATB can be utilized to assess the extent to which an
individual favors undertaking a specific activity or demonstrating a particular behavior (Elliott &
Ainsworth, 2012). When favorable indications in terms of attitude toward a particular action exist,
he/she will probably have a stronger intention to demonstrate that behavior (O'Connor & Paunonen,
2007).
The inclination towards a particular decision driven by faith in the required attitude was also
explored by Bobek & Hatfield (2003), Mirawati et al. (2016), Tan & Laswad (2006), Van Hooft et al.
(2004), O'Connor & Paunonen (2007), Ramayah & Suki (2006). With specific regard to stock
investment, ATB is positively correlated (East, 1993; Lai, 2019; Phan & Zhou, 2014). Individuals
who behave willingly and enthusiastically in relation to stock market-related activities would be more
likely to invest in a stock. Such enthusiasm reflects an optimistic mindset which is implicitly stated if
the stock investment is beneficial and emotionally rewarding (Gainau, 2020). Thus, it is reasonable to
assume that if younger generation Indonesians exhibit a more favorable attitude towards stock
investment, they will probably be more willing to follow up on this, even during the ongoing
pandemic. The relationship between ATB and stock investment intention is explained by the
following hypothesis:

H1: ATB is positively correlated with stock investment intention.

2.2.2 Subjective Norms (SN)

Subjective Norms relate to the holistic situation where social pressure plays a significant role in
influencing an individual's attitudes to demonstrating a particular behavior (Fishbein & Ajzen, 1975).
SN incorporates a person's perception and the external judgment of other people, both of which are
essential to him/her. Superficial judgment involves whether or not he/she should demonstrate a
particular behavior (Elliott & Ainsworth, 2012, Bobek and Hatfield, 2003). In other words, SN could
be defined as a pressure experienced by an individual and potentially determining behavior in the
form of intention. SN’s effect on stock investment could be influenced by familiar parties such as
parents, families, close friends, lecturers, and colleagues (Lubis et al., 2013). These parties are
considered general role models in financial terms and particularly with regard to stock investment
(Fizer, 2013).
After understanding the link, it is rational to assume that if younger Indonesians experience
supportive SN to perform stock investment, this could be provided by family, colleagues, public
figures, or significant others. As potential investors in the future, members of these younger
generations might harbor stronger intentions to make stock investments. Consequently, the hypothesis
is constructed as follows:

H2: SN is positively correlated with stock investment intentions.

Regardless of the relationship between ATB to behavioral intention and SN to behavioral intention, in
the previous literature from the various fields, SN were found to have a significant relationship with
ATB (Chang, 1998; Fishbein & Ajzen, 1975; Han et al., 2010; Ryu & Jang, 2016). In Indonesia, stock
investment appears to be one of the sophisticated behaviors demonstrated only by well-educated
individuals as indicated by the level of financial literacy and the growth in investor numbers, which
are relatively modest considering that Indonesia constitutes the fourth most populous country in the
world. Within the context of this research, the authors also decided to consider the probability of
social pressure experienced by younger generations in Indonesia influencing their attitude toward
stock investment. The hypothesis can be described as follows:
H3: SN is positively correlated with ATB of stock investment intentions.

2.2.3 Perceived Behavioral Control (PBC)

PBC represents the final piece of the puzzle complementing TPB within the absence of TRA. PBC
has been described as effectively recognizing all forms of resources available to an individual and
considered sufficient to be a benchmark for him/her to demonstrate a particular behavior (Ajzen,
1991). It measures the degree of ease or challenge inherent in a specific behavior and how adequate
resources such as skills, knowledge, or time are in enabling an individual to demonstrate the behavior
in question (Bobek & Hatfield, 2003). Put another way, the more substantial an individual's PBC
level, the more likely he/she is to demonstrate such conduct. On the other hand, the probability would
be lower when a person deems his/her resources inadequate to support his/her willingness to perform
any given behavior.
Within the context of stock investment, the behavior could be influenced by opportunities,
obstacles, and challenges. Gainau (2020) also states that an individual's educational background, skills
and capabilities in conducting stock investment, confidence in making decisions and engaging with
the stock market will influence investment behavior. The relationship between PBC and investment
intention has been proved to be significant in the previous literature (Gainau, 2020; Lai, 2019;
Mahastanti & Hariady, 2014; Mirawati et al., 2016; Phan & Zhou, 2014). Therefore, within this
current research, it is expected that younger generations in Indonesia with greater PBC would
potentially have greater stock investment intention, even during a pandemic. The hypothesis is
defined as follows:

H4: PBC is positively correlated with stock investment intention.

2.3 Stock Investment Intention (SII)

An individual's intention with regard to stock investment can be measured through the effort he/she
invests and his/her willingness to learn all aspects of stock investment, irrespective of the difficulty
involved, even though it requires considerable resources such as time, energy, and money. A person
with a high stock investment intention will tend to participate in various activities including seminars,
workshops, or classroom-based ones related to investment and, subsequently, start to invest his/her
capital (Situmorang et al., 2015). There are several academic works explaining those determinants
applicable to assessing an individual's intention to engage in stock investment which include
willingness to analyze investment performance and a company's financial performance (Keller &
Siegrist, 2006), an individual’s personality traits assessment (Lai, 2019), and psychological factor
assessment (Phan & Zhou, 2014).

2.4 Younger Generations

Every generation has its own characteristics which contrast with those of its predecessors.
Communication skills, spending habits, and free time activities are also significant in delineating
successive generations (Birchmore & Kestle, 2011) which are assigned to one of several categories
based on whether an individual's birthdate falls within the Depression, World War II, Post-World War
II, the first Baby Boomer period, the second Baby Boomer period, Generation X, Millennials
(Generation Y), or Generation Z (Mannheim, 1928). Within the research field, generations are often
divided into two groups: young and old. No hard and fast rules exist explaining the basis on which an
individual is assigned to one or other of these categories. According to the United Nations (UN), the
‘younger generation’ is defined as being approximately aged between 10 and 24 years old, while
those aged 24 years and above are categorized as ‘old’ (United Nations, 2019). Contrastingly, Law
No.40 of the Republic of Indonesia (2009) relating to youth, classified the ‘younger generation’ as
those individuals aged between approximately 18 and 35 years.
Referring to the definition of the younger generation in terms of stock investment intention, the law of
the Republic of Indonesia focuses on Generation Y (GENY) and Generation Z (GENZ). Members of
Generation Y, also known as millennials, were born between 1980 and 999, while individuals falling
within Generation Z were born after 2000 (Birchmore & Kestle, 2011).

2.5 Moderating Variables

To comprehensively analyze the differences between GENY and GENZ, this research intends to
utilize several demographic characteristics of these two generations as moderating variables within
the proposed model. Age (AGE), Gender (GDER), Education level (EDU), Income level (INCL),
Investment experience (EXP), and Financial literacy (FLIT) constitute the selected moderating
variables proven by previous research to significantly affect the strength of the relationship between
perceptive variables (TPB factors) and stock investment intention.
In the existing literature, AGE and EXP were found to have moderating roles in the
relationship between PBC to SII (Lai, 2019). GDER was also proven to significantly influence the
relationship between TPB perceptive variables and SII in diversifying respondent responses (Lai,
2019; Phan & Zhou, 2014; Barber & Odean, 2000. In a different context within this research, AGE
and GDER were found to play moderating roles in terms of investor decision-making processes in the
Egyptian Stock Market (Metawa et al., 2019). Moreover, according to Akhtar & Das (2019), EDU
and OCUP provide a more comprehensive insight into respondents' profiles. Within the context of
behavioral intention research, INCL has been proven to play a significant role as a moderating
variable in assessing an individual's willingness to demonstrate a particular behavior (Durham, Manly,
& Ritsema, 2014; Liu et al., 2020). To the best of the authors' knowledge, this research represents the
first to utilize FLIT as a moderating variable in analyzing young generations' stock investment
intention in an emerging market during a pandemic.

2.6 Proposed Research Framework

The proposed research framework based on the literature review process and hypothesis development
is presented in Figure 2.

Figure 2. Proposed Research Framework

3. METHODOLOGY
3.1 Sample and Data Collection
Within the current research, the population targeted consisted of younger generation Indonesians,
whose domicile status and city of origin were considered irrelevant, while the sample was based on a
purposive sampling method incorporating several criteria; (1) Indonesian nationals belonging to
generations Y and Z, (2) compliance with the participatory requirements of the Indonesian Stock
Market, and (3) possession, or otherwise, of prior experience of stock investment. Moreover, the
screening of respondents was based on demographic characteristics, educational background, current
occupation, income source, range of income level, investment experience, and previous degree of
exposure to financial literacy.
An online questionnaire-based survey was adopted in order to overcome several constraints
such as time and location to collect respondents' responses between March and June 2020. According
to Saunders et al. (2009), administering the survey would help the researchers to obtain a more
comprehensive range of samplings (Saunders et al., 2009). The questionnaire was distributed via
social media, messenger apps and email blasts to students, staff members, lecturers, and alumni at the
one of the business schools in Indonesia.
In terms of data collection, the authors decided to follow the guidelines recommended by
Roscoe (1975). If the sample assessment was divided into sections, for instance gender- or
occupation-based, then the minimum sample size was one of 30 for each section (Roscoe, 1975).
Therefore, 264 responses were collected as the primary data with 100% being used for data analysis in
this research.

3.2 Research Instruments

The questionnaire-based online survey incorporated in this research covered administrative details
including; introduction, research purpose, respondent instructions, and commitment to maintaining
confidentiality. Therefore, respondents were requested to answer several specifically designed
questions focusing on demographic characteristics in order to summarize the respondent's profile.
The third section of the questionnaire was designed to be the research instrument and
constructed in accordance with the original TPB concepts proposed by Azjen (1991) and contained in
certain other literature (East, 1993; Elliott & Ainsworth, 2012; Han et al., 2010; Keller & Siegrist,
2006; Lai, 2019; Mahastanti & Hariady, 2014; O'Connor & Paunonen, 2007; Phan & Zhou, 2014;
Ryu & Jang, 2016; Sheeran et al., 2003). Within this current research, twenty-one observational items
adopted from the existing literature were employed in Table 1. Moreover, the rating system applied
the six-point (1-6) Likert scale in which 1 signifies "strongly disagree", and 6 "strongly agree". With
particular reference to SII5, the Likert scale of 1 to 6, in which 1 indicated "no time at all", and 6
"considerable time" was adopted to guide respondents. Hence, respondents were denied the option of
selecting a moderate value representing the middle point of the scale. The six options within the
Likert scale are also deemed appropriate to research incorporating several variables (Chomeya, 2010).

Table 1. Assessment of Measurement Properties

Constructs and Items Options

Attitude toward Behavior (ATB)
I think that investing in the stock market can enhance individuals’ financial
(1) = Strongly
knowledge (ATB1)
disagree to
I think that stock investment is meaningful (ATB2)
(6) = Strongly
I think it is advisable for me to engage in stock investment (ATB3)
agree
I think engaging in stock investment is interesting (ATB4)
I think that stock investment is a good idea (ATB5)
Subjective Norm (SN) (1) = Strongly
I will participate in stock investment if my spouse thinks it is useful (SN1) disagree to
I will participate in stock investment if my family approves (SN2) (6) = Strongly
 I will participate in stock investment if my colleagues do (SN3)
I will participate in stock investment if my friends prove successful (SN4)
agree
I will participate in stock investment if the government promotes it (SN5)
I will participate in stock investment if famous public figures promote it (SN6)
Perceived Behavioral Control (PBC)
I have sufficient money for stock investment (PBC1)
((1) = Strongly
I have sufficient energy for stock investment (PBC2)
disagree to
I have sufficient information for stock investment (PBC3)
(6) = Strongly
I have sufficient time for stock investment (PBC4)
agree
I have sufficient knowledge to overcome obstacles while engaging in stock
investment (PBC5)
Stock Investment Intention (SII)
I intend to engage in stock investment in the near future (SII1) (1(1) = Strongly
I expect that I will engage in stock investment activities in the near future disagree to
(SII2) (6) = Strongly
I can tolerate the inconvenience caused by stock investment (SII3) agree
I will recommend others to invest in the stock market (SII4)
How much time do you need to spend before engaging in stock investment? (1) = No time at
(SII5) all to (6) =
Considerable
time

3.3 Data Analysis

The Partial Least Square Structural Equation Model (PLS-SEM) is utilized for data analysis and
implemented through Smart PLS 3 software. SEM is itself defined as an upgraded higher level of the
multiple equation model based on econometric and regulatory principles of psychological and
sociological variables (Hair, 2011). SEM-PLS represents a non-parametric approach that maximizes
the variance of latent structures that are unseen anomalies (Avkiran & Ringle, 2018) and is robust in
terms of the banking and finance research fields (Avkiran & Christian, 2018). Compared with the
covariance-based SEM (COV–SEM), PLS-SEM imposes fewer residual distribution requirements,
measuring scales and sample sizes (Monecke & Leisch, 2012). In summary, PLS-SEM is considered
appropriate for analyzing the comprehensive research framework model proposed that captures causal
association among constructs.
The entire data analysis process is covered in two stages. In the first stage, the research
construct utilizes confirmatory factor analysis (CFA) in a measurement model incorporating item
reliability analysis which includes checking the internal consistency and evaluating discriminant
validities for each research instrument. In the second stage, the authors evaluated the model and
conducted hypothesis testing through structural model analysis. In addition, they also utilized PLS-
MGA to assess each moderating variable within the relationship of perceiving variables from TPB
toward stock investment intention. Sarstedt et al. (2011) and Henseler et al. (2012) provided support
for the decision to utilize PLS-MGA in order to assess the sample groups' difference with a non-
parametric significance test employing a bootstrapping method.

4. RESULTS AND DISCUSSION

4.1 Sample Characteristic Description
Demographic characteristics comprised respondents' profiles within this current research, with each
response being summarized as follows; of the 264 respondents, 48 were recorded as belonging to the
15-20 year age group, while the 20-25 year age group dominated the responses with 99 respondents,
equivalent to 37.5% of the total. 85 respondents were identified as 25-35 year-olds, while only 32 of
all respondents belonged to the 35-40 year age group. Gender-wise, respondents were pre-dominantly
female, up to 54.2% of the total. Among the respondents, only three had discontinued their education
on completing Junior High School. 56 had graduated from Senior High School. 7.6% had obtained a
diploma, while 43.9% held a Bachelor's degree and approximately 26.1% possessed a Master's-level
qualification. The majority of respondents (51.9%) had gained investment experience, a result in line
with the fact that 133 stated that they had previously undertaken some form of finance-related studies.
The gap identified between those respondents with investment experience and others who declared
themselves lacking in financial literacy will be assumed due to a low level of intention. The authors
assumed that COVID-19 also plays a significant role in suspending respondents’ willingness to invest
because of future uncertainty. Detailed information regarding the sample characteristics description is
analyzed in Table 2.

Table 2. Respondents’ Demographic Profile

Characteristics Items Frequency Percentage
15 – 20 years old 48 18.2%
20 – 25 years old 99 37.5%
Age
25 – 35 years old 85 32.2%
35 – 40 years old 32 12.1%
Male 121 45.8%
Gender
Female 143 54.2%
Junior High School graduates 3 1.2%
Senior High School graduates 56 21.2%
Diploma 20 7.6%
Educational Level
Bachelor’s degree 116 43.9%
Master’s degree 69 26.1%
Doctor’s degree 0 0.0%
Student 103 39.0%
Employee 112 42.4%
Entrepreneur 12 4.6%
Occupation
Professional 9 3.4%
Civil servant 11 4.2%
Other occupation 17 6.4%
Monthly salary 147 55.7%
Business profit 46 17.4%
Project payment 32 12.1%
Income Source
Investment 44 16.7%
Parents 95 35.9%
Other sources 16 6.06%
< IDR 3 million 113 42.8%
IDR 3 million – IDR 6 million 71 26.9%
Income Level
IDR 6 million – IDR 10 million 34 12.9%
> IDR 10 million 46 17.4%
Yes 137 51.9%
Investment Experience
No 127 48.1%
Yes 133 50.3%
Financial Literacy
No 131 49.7%
4.2 Measurement Model
Item reliability, internal consistency, and the discriminant validity of each construct and item were
examined as part of the measurement model to evaluate the proposed model. Within the context of
item reliability, the loading value of all assessed items determined the correlation between the
manifest variables of one construct with another within one model (Ghozali & Latan, 2014). If the
loading factor value was found to be more than 0.6, then it was indicated as reliable (Ağan et al.,
2016; Lai, 2019). On the other hand, the threshold for loading factor values was 0.5. Hence, the items
with a loading value below 0.5 should be dropped and could be deemed adequate (Hair et al., 2010).
Therefore, based on item reliability analysis, the authors excluded one item with a loading factor
value below the recommended value or threshold (SII5). Therefore, 20 construct items were screened
and considered adequate in terms of their loading factor value. The items in question are summarized
in Table 3.
Table 3. Summary of Measurement Model Analysis
Cronbach’s
Constructs / Items Loadings CR AVE
Alpha
Attitude toward Behavior (ATB) 0.906 0.931 0.730
ATB1 0.730
ATB2 0.869
ATB3 0.874
ATB4 0.886
ATB5 0.910
Subjective Norm (SN) 0.876 0.904 0.614
SN1 0.713
SN2 0.633
SN3 0.850
SN4 0.825
SN5 0.772
SN6 0.882
Perceived Behavioral Control
0.877 0.909 0.667
(PBC)
PBC1 0.797
PBC2 0.860
PBC3 0.851
PBC4 0.779
PBC5 0.794
Stock Investment Intention (SII) 0.879 0.917 0.734
SII1 0.904
SII2 0.869
SII3 0.843
SII4 0.808
Note: Loadings > 0.5, CA > 0.7, CR > 0.7, and AVE > 0.5.

4.3 Structural Model

A structural model analysis was conducted to obtain robust evidence as to whether the model would
fit the proposed research theoretical framework model (Phan & Zhou, 2014). According to this
research, not all structural regression coefficients were statistically significant within the model
proposed. Two out of the four hypotheses assessed were largely supported by the current data
collected. The bootstrapping analysis result based on 500 resamples elaborated the significance level
of constructs within the model.
As shown in Table 5, the results indicated that of all the hypotheses explaining the
relationship between perceived variables of TPB and stock investment intention (H1, H2, and H3),
only ATB had a positive relationship (γ = 0.761, t-Value = 18.094, p-Value < 0.01), while SN to SII
was negatively insignificant (γ = -0.090, t-Value = 1.581, p-Value >0.05) and PBC to SII was
positively insignificant (γ = 0.006, t-Value = 0.092, p-Value >0.05). Interestingly, these results are
contrary to the findings contained in a significant previous body of literature, the majority of which
found that all perceived variables were positively significant with regard to an individual's behavioral
intention (Ajzen, 1991; Ajzen & Fishbein, 2000; East, 1993; Gopi & Ramayah, 2007; Lai, 2019;
Octarina et al., 2019; Phan & Zhou, 2014; Rutherford & Devaney, 2009).

Table 4. Results of Discriminant Validity

Construct ATB SN PBC SII
ATB 0.854
SN 0.400 0.784
PBC 0.539 0.423 0.817
SII 0.706 0.208 0.366 0.857

The results obtained from the structural model analysis within this current research indicated
a positive relationship between SN and ATB. This result proves that H4 is supported (γ = 0.400, t-
Value = 7.063, p-Value < 0.01) and is similar to results cited in previous research (Ajzen & Fishbein,
2000; Lai, 2019; Phan & Zhou, 2014). It explains that the application of TPB by Ajzen (1991) is
arguably not completely appropriate to empirically investigating the stock investment intention among
younger generations in Indonesia as an emerging market. The structural model analysis results are
summarized in Table 5, while the bootstrapping result is presented in Figure 3.

Table 5. Results of the Structural Model Analysis

Hypothesis Path Coefficient t-Value p-Value Conclusion

H1 ATB -> SII 0.739 18.094*** 0.000 Supported
H2 SN -> SII -0.090 1.581 0.115 Not Supported
H3 PBC -> SII 0.006 0.092 0.092 Not Supported
H4 SN -> ATB 0.400 7.063*** 0.000 Supported
Note: *** p < 0.001; ** p < 0.01; * p < 0.05
 Figure 3. Path Diagram of Bootstrapping Validity

With reference to the data analysis method selected for this research, in order to evaluate the model
fit, the authors decided to utilize the GoF value between the levels of 0 and 1 (Wetzels et al., 2009).
The GoF value is obtained by calculating the square root of the AVE average multiplied by the
average value of the R square of the model (Tenenhaus et al., 2005). If the GoF value is close to 1, the
value means that the model proposed could be categorized as sufficiently well-performing to
invalidate the PLS path model. The range value is specifically determined as follow; GoF small = 0.1,
GoF medium = 0.25, and GoF Large = 0.36 (Wetzels et al., 2009). Given the relatively small amount
of data analyzed during this research, the GoF value obtained amounted to only 0.47. The result
exceeded the cut-off value of large GoF in which 0.36 represented a substantial model.
4.4 Group Comparison
To complement the analysis and focus on the implications, the authors decided to conduct a group
comparison analysis during which six categories of respondent demographic profile were investigated
as moderating variables in the proposed research model. Those selected moderating variables would
then be analyzed by means of Partial Least Squares – Multi-Group Analysis (PLS-MGA). Several of
these moderating variables have been evaluated in the previous literature and variations found
between the groups. Hence, all data sets were grouped based on the categories then divided into side
A and side B for each category. Moores and Chang (2006) argued that the researcher should pay
attention to the group's interpretable purpose and the unequal responses obtained (Moores & Chang,
2006). The authors determined two groups for each selected moderating variable.
For AGE, the authors grouped the respondents into GENZ and GENY. Respondents under the
age of 20 were assigned to GENZ, while those above 20 years old were categorized as GENY. The
AGE-based grouping technique was based on the year of birth as suggested by Birchmore and Kestle
(2011). In terms of GDER, the respondents were divided into male and female. The grouping of
gender was assumed to play a moderating role in the model, as suggested in the previous literature
(Lai, 2019; Phan & Zhou, 2014). On the EDU side, the authors compared the responses based on
Non-Uni for those respondents who were still engaged in or had passed through the pre-university
level of education and Uni for those who were already enrolled on a degree course. The grouping for
EDU could also indicate the basic financial literacy level of those respondents. The higher the
educational achievement of individuals, the higher their level of basic financial literacy (Van Rooij et
al., 2011). For INCL, the author set the two groups at below and above IDR 6 million for the purposes
of examining the responses.
For the final two moderating variables, EXP and FLIT, the respondents were grouped on the
basis of their responses, ‘Yes’ or ‘No’. Moreover, with regard to EXP, Lai (2019) stated that
investment experience has been proven to play a moderating role in the relationship between
investors' attitude and stock investment intention. Table 6 below summarizes all the results and group
information.

Table 6. Results of the Multi-Group Analysis

GENY GENZ
AGE t-Value Conclusion
Path1 SE1 Path2 SE2
ATB -> SII 0.695 0.053 0.763 0.067 0.80831 Not moderate
SN -> SII -0.131 0.084 -0.062 0.095 0.54578 Not moderate
PBC -> SII 0.052 0.089 -0.022 0.070 -0.6616 Not moderate
SN -> ATB 0.352 0.083 0.474 0.080 1.06343 Not moderate
GDER Male Female t-Value Conclusion
 Path1 SE1 Path2 SE2
ATB -> SII 0.766 0.048 0.707 0.066 0.71868 Not moderate
SN -> SII -0.140 0.089 -0.045 0.071 -0.837 Not moderate
PBC -> SII -0.003 0.077 0.037 0.080 -0.3636 Not moderate
SN -> ATB 0.392 0.077 0.423 0.073 -0.2917 Not moderate
< Bachelor >= Bachelor
EDU t-Value Conclusion
Path1 SE1 Path2 SE2
ATB -> SII 1.020 0.065 0.636 0.053 4.584* Moderate
SN -> SII -0.263 0.086 -0.060 0.076 -1.764 Not moderate
PBC -> SII -0.085 0.082 0.045 0.076 -1.159 Not moderate
SN -> ATB 0.567 0.070 0.361 0.072 2.061* Moderate
< 6 Million > 6 Million
INCL t-Value Conclusion
Path1 SE1 Path2 SE2
ATB -> SII 0.759 0.047 0.626 0.095 1.247 Not moderate
SN -> SII -0.012 0.079 -0.162 0.111 1.101 Not moderate
PBC -> SII -0.040 0.056 0.101 0.138 -0.951 Not moderate
SN -> ATB 0.416 0.072 0.443 0.106 -0.208 Not moderate
EXP_Yes EXP_No
EXP t-Value Conclusion
Path1 SE1 Path2 SE2
ATB -> SII 0.755 0.066 0.580 0.076 1.74871 Not moderate
SN -> SII -0.079 0.077 0.147 0.104 -1.7485 Not moderate
PBC -> SII -0.023 0.068 0.002 0.088 -0.2223 Not moderate
SN -> ATB 0,412 0,063 0,568 0,074 -1.6076 Not moderate
FLIT_Yes FLIT_No
FLIT t-Value Conclusion
Path1 SE1 Path2 SE2
ATB -> SII 0.795 0.065 0.655 0.071 1.453 Not moderate
SN -> SII -0.038 0.076 -0.009 0.211 -0.128 Not moderate
PBC -> SII -0.081 0.079 0.075 0.081 -1.373 Not moderate
SN -> ATB 0.525 0.060 0.282 0.206 1.133 Not moderate
Note: * indicate significance at t-value > 1.96

5. Conclusions
There are several theoretical contributions resulting from this research. According to the existing
literature on the finance research field and COVID-19, a comprehensive investigation of younger
generations’ stock investment intention in emerging markets during the pandemic has not yet been
conducted. Consequently, the research reported here is the first to evaluate the applicability of
planned behavior theory in assessing an individual's perceptive factors in specific behavioral intention
within stock investment in an emerging market during the pandemic. The result demonstrates that
applying the theory of planned behavior as suggested by Ajzen (1991) is arguably not entirely
appropriate when investigating the stock investment intention among younger generations in
Indonesia as an emerging market. The findings reveal that the theory of planned behavior factors does
not completely influence an individual's stock investment intention in Indonesia. Only attitude toward
behavior was positively significant to stock investment intention. Thus, this current research further
develops the findings of other countries or a variety of markets (Elliott & Ainsworth, 2012; Lai, 2019;
Phan & Zhou, 2014). Among the six demographic characteristics performing as moderating variables,
only educational level is shown to significantly moderate the relationship between investment attitude
to stock investment intention and subjective norms to stock investment intention attitude. Therefore,
this article contributes to the body of research into demographic characteristics that play moderating
roles in the relationship between perceptive behavior among the younger generations in Indonesia and
stock investment intention.

5.1 Implications
It has been established that the younger generations in Indonesia b elieves that engaging in stock
investment could strengthen their financial knowledge even during the pandemic. To be more
specific, all members of the younger generations show relatively high intention by agreeing that
investing in the stock market could represent something meaningful, a wise choice, an interesting
option, and a positive idea. In other words, the attitudes of the younger generations in Indonesia drives
their intention regarding stock investment during the current pandemic. The more positive their
attitudes, the more likely they would engage in stock investment as a specific behavior.
During the pandemic, younger generation Indonesians also demonstrated that they were not
easily swayed to participate in the stock market by any form of social pressure from those closest to
them or significant others. The encouragements discussed are not considered to have had a direct
effect on intensifying their stock investment intention. However, encouragement content could be the
determining factor. Social pressure or other people's opinions seem ineffective in influencing younger
generations’ stock investment intention. Nevertheless, during the ongoing pandemic, seeking to
improve these younger generation holistic attitudes to stock investment is assumed to be achievable
by all stakeholders involved. Significantly, the influence discussed does not encourage GENY and
GENZ in a straightforward manner to register themselves as investors and act in this capacity as soon
as possible in the stock market. Publicizing the importance and benefits of stock investment, a
fundamental understanding of risk management or other basic financial knowledge such as time value
of money and inflation are believed to be more influential in enhancing younger generations’
favorable attitudes toward stock investment.
With regard to those controls and resources, the younger generations have been seen as
capable of adequately managing those factors. However, they persist in regarding engagement in the
stock market as both complex and complicated, particularly during the pandemic. The resource
controls discussed are not regarded as the most effective constraints on improving their intention to
invest. The younger generations are more likely to need convincing as to the importance of stock
investment, including all the advantages and disadvantages. Logically, once the attitudinal factors
regarding stock investment of the younger generations have been improved, the issues of available
resources and constraints control can be addressed. Therefore, the authors assume that this condition
should not represent the primary stakeholder consideration in improving younger generations' stock
investment intention during the pandemic.

5.2 Recommendations
Policymakers and regulators could collaborate to develop policies, campaigns or programs focusing
on promoting younger generations’ preference for stock investment and its environment such as a
campaign for state retail bond series, Surat Berharga Negara Ritel (SBN Ritel) ORI017 in Indonesian.
ORI017, which forms part of the campaign theme "Menjaga Negeri Lewat Investasi [Safeguarding the
County through Investment] was launched to finance the 2020 National Budget, including the
prevention and recovery programs relating to COVID-19. According to the Directorate General of
Financing and Risk Management - Ministry of Finance of the Republic of Indonesia (in Indonesian,
Direktorat Jenderal Pengelolaan Pembiayaan dan Risiko – Kementerian Keuangan Republik
Indonesia) in an official press statement of July 20, 2020, ORI017 broke the all-time sales record of
state retail bonds with revenue earned in excess of IDR18.336 billion and reflected the younger
generations’ (GENY and GENZ) dominant investor role at 44% (DJPPR KemenKeu, 2020). In other
words, a well-designed and appropriate campaign has proved effective in promoting the younger
generations’ favorable attitude towards investment. Hence, the authors assumed that a similar strategy
is worth implementing in terms of improving their stock investment intention in emerging markets
during the pandemic.
Securities companies could also develop more sophisticated stock investment mobile
applications to attract younger generations. As mentioned earlier, most young Indonesians thought
that stock investment could enhance their financial knowledge. Therefore, securities companies could
design their applications to have features intended to improve investors' knowledge of stock
investment such as online investor forums, online consultations for investment advice, and online-
based investment and trading workshops. Such initiatives are considered useful in improving younger
generations’ stock investment intention even during the pandemic.
According to the facts, subjective norms and perceived behavioral control significantly
influence younger generations in Indonesia within an emerging market capable of exploiting stock
investment intention. Henceforth, all relevant stakeholders could re-design their strategies to
encourage younger generations to become involved in stock investment. The empirical results indicate
that this section of the population in Indonesia is less likely to be inclined to engage in stock investing
due to social pressure during the ongoing pandemic. Consequently, the role of social media, key
opinion leaders (KOLs), or influencers is less likely to be effective in encouraging them to become
involved. Moreover, other strategies to address potential investors' constraints, for instance, reducing
the time required and simplifying the process of opening a stock investment account, reducing the
minimum initial stock investment account deposit, or improving fair-trading mechanisms are also
believed to be more effective if undertaken during the pandemic to increase stock investment
intention among younger generations.

5.3 Limitations and Future Research

Although the research reported here presents various interesting facts and an analysis of factors
affecting younger generations’ intention to invest in stocks and the applicability of the theory of
planned behavioral to the Indonesian context, it has certain limitations. First, the sample from this
recent research is restricted to younger Indonesians, including generations Y and Z. Students, recent
graduates, first-time job holders, and the majority still depend on parents for their monthly income.
Thus, the relevance of the results could be limited in Indonesia as an emerging market case.
This research focused exclusively on the fundamental implementation of TPB. Hence, the
individual behavioral intention analysis is limited to perceptive variables such as attitude toward
behavior, subjective norms, perceived behavioral control. The decomposing of attitudinal belief
structures, for example, overconfidence, excessive optimism, or risk psychology is not covered. In
this research, an online survey incorporating a questionnaire was employed to collect the data. Hence,
the findings are limited to respondents' answers regarding the issue and how they completed the
survey. Numerous responses could have been affected by disinterest and may be the result of the
subject merely guessing.
Despite their limitations, the findings from this current research could serve as the basis for
future investigation to identify a more effective solution to improving younger generations’ stock
investment intention in an emerging market. First, future research could utilize an initial in-depth
interview before conducting a survey to ensure the appropriateness and relevance of the proposed
model and its design. The in-depth interview could complement the literature review relating to
specifically addressed phenomena. Conventional questionnaire distribution remains feasible for future
researchers. Appropriate location and time available must be considered. Within this context, the
capital city of a country might produce a wider variety of responses and respondent types due to its
role as a melting-pot for individuals from different backgrounds and with varying personalities.
Secondly, future researchers could broaden the analysis by including additional constructs such as
personality traits and psychological factors, or involving several marketing approaches to assess
younger generations’ intention with regard to stock investing. Third, another analysis of investment
instruments is also recommended. Even a comparison of stocks and other instruments would represent
an exciting focus of enquiry. Last but not least, future research comparing younger generations’ stock
investment intention in both the pre-and the post-pandemic situations could produce interesting
insights and make a valuable theoretical contribution to the existing body of knowledge on this
particular topic.

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