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All Journal Kompartemen : Jurnal Ilmiah Akuntansi Journal of Islamic Economics and Business
Abdul Rozak
University of Aisyiyah Bandung
Religion Economics, Econometrics & Finance Social Sciences

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Behavioral Finance in Sharia Investment: An Empirical Study on Indonesian Millennials Abdul Rozak; Abdul Rozak; Nugraha; Maya Sari; Imas Purnamasari; Fakhrul Anwar Zainol
Journal of Islamic Economics and Business Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business
Publisher : Fakultas Ekonomi dan Bisnis Islam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/jieb.v4i2.46872

Abstract

The increasing participation of millennials in Indonesia’s Islamic financial markets underscores the importance of understanding the behavioral factors that influence their investment decisions. This study aims to analyze the impact of behavioral biases specifically representativeness, overconfidence, and herding on Sharia-compliant investment behavior among millennial investors. Despite the growing relevance of behavioral finance, empirical research on cognitive biases in Islamic investments remains limited, particularly in emerging economies. This study fills that gap by employing Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine data collected from 300 millennial users of the Bibit Sharia investment platform in West Java. The findings reveal that overconfidence (β = 0.235, p < 0.05) and herding (β = 0.198, p < 0.05) significantly influence investment decisions, whereas representativeness bias has no significant effect (p > 0.05). These results highlight the critical role of self-confidence and social influence in shaping millennial Sharia investment behavior. The study recommends enhancing targeted financial literacy programs that address behavioral biases and promote ethical, independent decision-making among young Muslim investors. Future research is encouraged to include broader regional samples and explore additional behavioral factors within Islamic financial contexts.
Analisis pengaruh nilai ekspor dan investasi bagi pertumbuhan ekonomi Indonesia dalam perspektif syariah Abdul Rozak; Minhajuddin Minhajuddin; Marsya Rhani Revalina
Kompartemen : Jurnal Ilmiah Akuntansi Vol. 22 No. 2 (2024): KOMPARTEMEN, Vol 22 No 2, September 2024
Publisher : Universitas Muhammadiyah Purwokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30595/kompartemen.v22i2.23359

Abstract

This research examines the impact of export value and investment on Indonesia's economic growth from 2013 to 2022 from an Islamic perspective. Using secondary data from the Central Bureau of Statistics and the World Bank, the Error Correction Model method is applied to analyze the long-term and short-term relationships between variables. Stationarity Test, R-Square Test, F Test, and T Test are used to ensure the model's validity. The research results show that export value and investment significantly affect long-term economic growth. In the short term, exports are significant at the 5 percent significance level, and investment is significant at the 10 percent significance level for economic growth. From the Islamic perspective, the economic growth resulting from increased exports and investment positively impacts the economic and social dynamics of society, ensuring a fair distribution of welfare. By applying Sharia principles, the benefits of economic growth can be felt evenly, avoiding unethical practices. Exports and investment are crucial factors in driving Indonesia's economic growth, while Sharia principles provide a strong foundation for economic justice and sustainability.
Co-Authors Abdul Rozak Fakhrul Anwar Zainol Imas Purnamasari Marsya Rhani Revalina Maya Sari Minhajuddin Minhajuddin Nugraha