Islamiconomic: Jurnal Ekonomi Islam

Volume 12 No. 2 July - December 2021

P-ISSN: 2085-3696; E-ISSN: 2541-4127
Page:
Ilham109 - 136 M et al.: Analysis of Factors…
Bahrully.

ISLAMICONOMIC: Jurnal Ekonomi Islam

Department of Islamic Economics
Faculty of Islamic Economics and Business
Universitas Islam Negeri Sultan Maulana Hasanuddin Banten
Jalan Jenderal Sudirman No. 30 Serang 42118
BANTEN - INDONESIA
Phone: +62254 200323 || Fax: +62254 200022 || Website: www. journal.islamiconomic.or.id

ANALYSIS OF FACTORS AFFECTING INVESTOR BEHAVIOR IN INVESTING IN

SHARIA STOCK IN JAKARTA

Ilham Bahrully Makruf,1* Trisiladi Supriyanto,2 Prima Dwi Priyatno3

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Universitas Pembangunan Nasional Veteran, Jakarta, Indonesia

*
Corresponding author: ilham.bahrully@upnvj.ac.id

Information Abstract:

Article History: The purpose of this study is to explain what factors can influence
investor behavior in investing in Islamic stocks in Jakarta. The method
used in this research is quantitative with a sample of 120 respondents.
Received : 06.08.2021 The subjects studied are investors who invest in Islamic stocks in
Revised : 28.08.2021 Jakarta. The object of research used is Islamic stock. Data collection in
Accepted : 07.09.2021 this study was by using a questionnaire via a google form. Data analysis
used multiple linear regression using SPSS 23 software. The results of
this study indicate that the psychological readiness variable and the
religiosity variable have a partial effect and show a positive and
significant effect, while the investment knowledge variable has no
Keywords: Investment significant effect on investor behavior. Simultaneously, the variables of
Knowledge, Investor investment knowledge, psychological readiness, and religiosity have a
Behavior, Psychological simultaneous effect on investor behavior. The R2 test yielded a value of
Readiness, and Religiosity 21.9%, meaning that the independent variable studied in this study was
able to explain the dependent variable by 21.9%.

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Vol.12 No.2 July – December 2021

A. INTRODUCTION
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malesuada ullamcorper. Ut dui eros, elementum eu hendrerit eu, lacinia nec velit.
Nunc felis nisl, aliquam a vehicula ac, mollis in sapien. Etiam sed orci cursus, dapibus
orci vel, tincidunt ipsum. Pellentesque placerat lectus non sapien convallis eleifend.
Fusce sit amet sodales dui. Nulla posuere, ligula eget laoreet tempor, leo nunc blandit
libero, sed lobortis sapien justo pharetra libero. Donec maximus venenatis metus id
tincidunt. In convallis libero a porta placerat. Morbi cursus vulputate nisi, a semper
ipsum maximus malesuada. Donec eleifend elementum massa non eleifend. Donec
quam erat, sodales in cursus nec, dapibus at arcu. Class aptent taciti sociosqu ad litora
torquent per conubia nostra, per inceptos himenaeos. Aliquam posuere arcu risus,
quis lacinia magna rhoncus vel. Etiam et velit id orci scelerisque elementum sit amet
non erat. Vestibulum sit amet ligula vulputate, mattis massa a, lacinia felis. (OJK,
2020).

Picture 1: Growth of Syariah Stocks

Source: (OJK, 2020)

As an investor who invests in sharia shares, of course, it cannot be separated from the
provisions that have been set by Allah SWT in Surah Al-Baqarah: 275:
‫ِم ِّۗس ِل ِب‬ ‫ِذ‬ ‫ِا‬ ‫ِذ‬
‫َاَّل ْيَن َيْأُك ُلْو َن الِّر ٰب وا اَل َيُقْو ُم ْو َن اَّل َك َم ا َيُق ْو ُم اَّل ْي َيَتَخ َّبُطُه الَّش ْيٰطُن َن اْلَم ٰذ َك َاَّنُه ْم‬
ٗ‫َقاُلْٓو ا ِاَمَّنا اْلَبْيُع ِم ْثُل الِّر ٰبوۘا َو َاَح َّل الّٰل ُه اْلَبْي َع َو َح َّر َم الِّر ٰب وۗا َفَمْن َج ۤاَءهٗ َمْو ِعَظٌة ِّم ْن َّرِّبهٖ َفاْنَتٰه ى َفَل ه‬

٢٧٥ ‫َم ا َس َلَۗف َو َاْم ُر هٗٓ ِاىَل الّٰلِهۗ َو َمْن َعاَد َفُاوٰۤلِٕى َك َاْص ٰح ُب الَّناِر ۚ ُه ْم ِفْيَه ا ٰخ ِلُد ْو َن‬

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Ilham Bahrully. M et al.: Analysis of Factors…
“People who eat (transact with) usury cannot stand up, except like a person who
staggers because of the devil's trance. This happens because they say that buying
and selling is the same as usury. In fact, Allah has permitted buying and selling
and forbids usury. Whoever has come to him a warning from his Lord (regarding
usury), then he stops so that what he has obtained before becomes his and his
affairs (up to) to Allah. Whoever repeats (usury transactions), they are the
inhabitants of hell. They stay in it. (Surah al-Baqarah: 275).”

B. LITERATUR REVIEW
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vulputate luctus. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices
posuere cubilia curae; Aenean elementum finibus libero. Vestibulum et euismod nibh,
posuere semper ex. Nam ornare ornare facilisis. Phasellus feugiat, enim ac
condimentum porttitor, est nibh pharetra ex, et tempor dolor libero vel neque. Duis
faucibus mauris ut felis posuere mattis sit amet quis nisl. Ut congue ipsum in sem
pellentesque, ut vestibulum eros ullamcorper. Etiam at auctor odio. Sed arcu risus,
tincidunt vitae aliquet in, vulputate id ante. Ut ac mauris venenatis, accumsan turpis
et, convallis turpis. (Abdalloh, 2018).

C. METHODOLOGY
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eleifend nunc est eu sem. Morbi in molestie purus. Duis scelerisque tortor erat, sed
lobortis turpis tincidunt mollis. Nullam tincidunt sapien efficitur justo interdum
tincidunt. Duis auctor et odio vel commodo. Nullam vulputate nisi quis orci dapibus
hendrerit. Integer tincidunt, erat sed sollicitudin efficitur, enim purus dignissim
mauris, non pellentesque tellus nulla gravida lacus. Donec sodales eu ligula at
tincidunt. Fusce cursus enim in magna sollicitudin, id tristique lacus iaculis. Nunc
aliquet vel nisi eu pellentesque. Proin risus massa, vestibulum a risus at, finibus
lacinia nisl. Suspendisse in elementum augue. Aliquam porttitor ligula risus, a sagittis
elit tempus a. The measurements or indicators used in this study are:

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Vol.12 No.2 July – December 2021

Table 1. Variable Indicator

Variable Element Indicator

Investment Knowledge(X1)
Psychological Readiness (X2)
Religiousity (X3)
Investor Behavior (Y)
Source: (OJK, 2020)
1. Basic knowledge of investment appraisal
2. The level of risk in investing
3. Rate of return in investing
1. Overestimate
2. Overconfidence
3. Underestimate
1. Dimensions of belief
2. Dimensions of vitality
3. Experience dimension
4. Dimensions of religious knowledge
5. Dimensions of religious practice
1. Earning income
2. Financial planning
3. Belief in taking risks
4. Rational behavior
5. Irrational behavior

D. RESULT AND ANALYSIS

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interdum vitae congue id, ultricies a sem. Maecenas sodales varius lectus. Sed cursus
luctus ipsum a malesuada. Vestibulum leo ligula, tincidunt vitae sapien a, fermentum
venenatis lacus. Vivamus eget tincidunt tellus. Sed porta commodo eros, nec posuere
sapien hendrerit ut. Pellentesque habitant morbi tristique senectus et netus et
malesuada fames ac turpis egestas. Maecenas in purus semper, hendrerit neque sed,
pellentesque nulla. Fusce tincidunt nisl vel mi hendrerit elementum. Fusce nec
hendrerit lorem. Nulla ut ligula suscipit, consectetur dolor vitae, bibendum odio.
Suspendisse vestibulum est eu purus congue sollicitudin.

E. CONCLUSION
Based on the results of the t-test in this study, the Investment Knowledge
variable (X1) has a negative significance on Investor Behavior in investing in Islamic
stocks in Jakarta. This is evidenced by the discrepancy between the results of the

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Ilham Bahrully. M et al.: Analysis of Factors…
descriptive statistical analysis classified as very high with a negative regression
coefficient, meaning that investors who have invested in Islamic stocks no longer
need basic knowledge such as investment products, acceptable risks, and acceptable
returns. The results of research on the Psychological Readiness variable (X2) have an
influence on investor behavior in investing in Islamic stocks in Jakarta. The results of
research on the Religiosity variable (X3) found a positive and significant influence on
investor behavior in investing in Islamic stocks in Jakarta

F. REFERENCES
Abdalloh, I. (2018). Pasar Modal Syariah (A. Mamoedi (ed.); 1st ed.).
Agustin, P., & Mawardi, I. (2014). Perilaku Investor Muslim Dalam Bertransaksi
Saham di Pasar Modal. JESTT, 1(12), 874–892.

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