Pengaruh Literasi Investasi, Ekspektasi Return, dan Perilaku Keuangan Syariah terhadap Keputusan Investasi Mahasiswa FEBI UIN Sumatera Utara di Era Digital

M. Ferdiyan; Muhammad Syahbudi; Faisal Umardani Hasibuan

doi:10.29407/jse.v9i2.1585

Authors

M. Ferdiyan Universitas Islam Negeri Sumatera Utara Medan
Muhammad Syahbudi Universitas Islam Negeri Sumatera Utara Medan
Faisal Umardani Hasibuan Universitas Islam Negeri Sumatera Utara Medan

DOI:

https://doi.org/10.29407/jse.v9i2.1585

Keywords:

Investment Literacy, Return Expectations, Islamic Financial Behavior, Investment Decisions, Digital Era.

Abstract

This study focuses on analyzing the impact of investment literacy, return expectations, and Islamic financial behavior on students' investment decisions in the digital era, specifically within the Faculty of Islamic Economics and Business (FEBI) at the State Islamic University of North Sumatra. Methodologically, this study applies a quantitative approach with a causal associative design. From a total population of 4,532 students, the researcher selected 98 respondents as a sample through a purposive sampling technique. Data were collected using an online questionnaire based on a five-point Likert scale, then processed using multiple linear regression using SPSS software. The analysis findings revealed that partially, all three variables had a positive and significant impact. The significance level was recorded at 0.032 for literacy, 0.025 for return expectations, and 0.016 for Islamic financial behavior. When viewed simultaneously, the influence remained significant with an F-value of 5.765 and a significance level of 0.001. The coefficient of determination (R²) of 0.155 indicates that only 15.5% of the variation in investment decisions can be explained by this model. The remainder is influenced by other variables outside the study. Ultimately, this research emphasizes the need to combine investment insight, profit targets, and Sharia principles to make students' investment decisions more rational in digital era.

Downloads

Download data is not yet available.

References

Amanda, M. W., Neldi, M., & Azizi, P. (2024). Pengaruh pengetahuan investasi dan literasi keuangan terhadap minat berinvestasi di pasar modal dengan perkembangan teknologi digital sebagai variabel moderasi. Maeswara: Jurnal Riset Ilmu Manajemen dan Kewirausahaan, 2(2), 176–195. https://doi.org/10.61132/maeswara.v2i2.765

Cahayati, L. E. (2024). Pengaruh persepsi risiko, literasi keuangan dan media sosial terhadap keputusan investasi pada generasi milenial. Jurnal Riset Perbankan, Manajemen, dan Akuntansi, 8(1), 45–56. https://doi.org/10.56174/jrpma.v8i1.173

Dalimunthe, E. S., Kamilah, K., & Syahbudi, M. (2023). Pengaruh Kontribusi Program Magang dan Soft skills Terhadap Kemampuan Bersaing di Dunia Kerja (Studi Kasus Lulusan Ekonomi Islam FEBI UIN Sumatera Utara). MUDABBIR Journal Research and Education Studies, 3(1), 105-120. https://doi.org/10.56832/mudabbir.v3i1.274

Dalimunthe, A. H., & Imsar, I. (2023). Pengaruh Kemiskinan, Pertumbuhan Ekonomi, dan Pengeluaran Pemerintah Terhadap Islamic Human Development Index (I-HdI) di Indonesia. Cakrawala Repositori IMWI, 6(1), 118-132. https://doi.org/10.52851/cakrawala.v6i1.198

Fatin, N. H. N., & Juwita, H. A. (2023). Pengaruh literasi keuangan, toleransi risiko, dan sosialisasi keuangan terhadap keputusan investasi. Jurnal Management Risiko dan Keuangan, 2(3), 186–200. https://doi.org/10.21776/jmrk.2023.02.3.02

Febrian, S., & Syahbudi, M. (2025). From Digital Literacy to Saving Interest: Analysis of the Influence of Brand Image as a Moderating Factor in Account Opening at Bank Sumut Syariah Sibolga. Amkop Management Accounting Review (AMAR), 5(2), 1015-1026. https://doi.org/10.37531/amar.v5i2.3222

Harahap, M. I., Imsar, I., & Dongoran, R. N. (2022). Pengaruh sukuk korporasi dan total aset perbankan syariah terhadap pertumbuhan ekonomi di Indonesia tahun 2016-2020. Jurnal Ilmiah Ekonomi Islam, 8(1), 370-375. https://doi.org/10.29040/jiei.v8i1.3592

Husna, A., Rahmani, N. A. B., & Syahbudi, M. (2022). Faktor-faktor yang mempengaruhi keputusan pembelian produk impor dengan religiusitas sebagai variabel moderating (Studi kasus mahasiswa Program Studi Ekonomi Islam UIN Sumatera Utara). Ekonomi Bisnis Manajemen dan Akuntansi (EBMA), 3(2), 186–197. https://doi.org/10.36987/ebma.v3i2.3660

Ichsan, R. N., Syahbudi, M., & Nst, V. F. H. (2023). Development of Islamic Human Resource Management in The Digital Era For MSMEs and Cooperatives in Indonesia. Journal Page is available to, 12(2). https://doi.org/10.54471/iqtishoduna.v12i2.2336

Imsar, I., Nurhayati, N., & Harahap, I. (2023). Analysis Of Digital Economic Interactions, Economic Openness, Islamic Human Development Index (I-HDI) And Investment On Indonesia's GDP Growth. Edukasi Islami: Jurnal Pendidikan Islam, 12(01). https://doi.org/10.30868/ei.v12i01.4265

Mahendra, P. T., Novaliana, I., & Suwandi. (2024). Pengaruh literasi investasi dan teknologi terhadap keputusan investasi. Jurnal Ekuivalensi, 10(2), 1322. https://doi.org/10.51158/h9hbfp93

Muhammad Syahbudi, S. E. I., Barus, E. E., & Barus, D. S. (2023). Buku Ajar:: Metodologi Penelitian Ekonomi Islam. Merdeka Kreasi Group.

Murnila Saputri, N. D., Santati, P., & Putri, M. A. (2024). Era digitalisasi ekonomi: influencer, literasi keuangan, self-control dan pengaruhnya terhadap keputusan investasi. Reviu Akuntansi dan Bisnis Indonesia, 8(3), 22415. https://doi.org/10.18196/rabin.v8i3.22415

Rakhmad, F., & Puspita, L. M. N. (2024). Pengaruh literasi keuangan dan modal minimum investasi terhadap minat investasi Cash Waqf Linked Sukuk pada Generasi Z. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(7), 5893–5905. https://doi.org/10.47467/alkharaj.v6i7.3969

Resyita, C. P., & Khoiriyah, R. (2023). Pengaruh digitalisasi, literasi keuangan, dan persepsi risiko terhadap keputusan investasi. Journal of Economics and Business Research (JUEBIR), 2(2), 204–213. https://doi.org/10.22515/juebir.v2i2.8152

Rifani, D., Soemitra, A., & Nurlaila, N. (2025). Pengaruh literasi keuangan, edukasi sekolah pasar modal, dan gaya hidup generasi Z terhadap minat berinvestasi saham syariah. Jurnal Akuntansi dan Keuangan Islam, 13(1). https://doi.org/10.61111/jakis.v13i1.877

Sepdiana, N. (2025). Peran literasi keuangan syari’ah dalam membentuk keputusan investasi syari’ah pekerja generasi milenial dan Gen Z. Balance: Jurnal Akuntansi dan Manajemen, 4(1), 246–253. https://doi.org/10.59086/jam.v4i1.685

Setyawan, M. H., & Hasanah, N. (2023). Pengaruh literasi keuangan, efikasi keuangan dan influencer terhadap keputusan berinvestasi generasi Z di DKI Jakarta. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(2), 1823–1842. https://doi.org/10.31004/riggs.v4i2.1823

Sulistyowati, A., Rianto, M. R., Handayani, M., & Bukhari, E. (2022). Pengaruh financial literacy, return, dan risiko terhadap keputusan investasi generasi milenial Islam di Kota Bekasi. Jurnal Ilmiah Ekonomi Islam, 8(2), 2253–2260. https://doi.org/10.29040/jiei.v8i2.5956

Suri, D. M., Atika, A., & Aisyah, S. (2024). The Influence of Consumer Product Knowledge, Trust, and Risk Perception on Purchase Intention Among Shopee Consumers: The Role of Reviews as a Moderating Variable. JMKSP (Jurnal Manajemen, Kepemimpinan, dan Supervisi Pendidikan), 9(2), 1396-1411. https://doi.org/10.31851/jmksp.v9i2.16734

Utari, R., Harahap, I., & Syahbudi, M. (2022). Penerapan SAK EMKM Pada Usaha Mikro, Kecil, dan Menengah: Studi Kasus UMKM Di Kota Tanjungbalai. Jurnal Ilmiah Akuntansi Kesatuan, 10(3), 491–498. https://doi.org/10.37641/jiakes.v10i3.1449.