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Risk perception as a mediator of gold investment decisions among Muslim investors Fachrozi, Fachrozi; Slamet, Slamet; Yuliana, Indah
Jurnal Ekonomi & Keuangan Islam Volume 12 No. 2, July 2026
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol12.iss2.art5

Abstract

Purpose – This study examines the effects of institutional trust, price spread, and religiosity on gold investment decisions among Muslim investors and investigates the mediating role of risk perception in explaining these relationships.Methodology – A quantitative, cross-sectional research design was employed using survey data collected from 314 Muslim investors in Lombok, Indonesia. Respondents were selected through purposive sampling, and the proposed research model was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4.Findings – The results reveal that institutional trust, price spread, and risk perception have significant positive effects on gold investment decisions, with risk perception emerging as the strongest predictor of investment behavior. Institutional trust, price spread, and religiosity also significantly influence investors’ risk perceptions. Furthermore, risk perception significantly mediates the relationships between institutional trust, price spread, religiosity, and gold investment decisions, indicating that institutional, market-related, and religious factors primarily affect investment behavior through investors’ subjective evaluation of uncertainty.Implications – The findings suggest that Islamic financial institutions and gold investment providers should strengthen institutional credibility, improve pricing transparency, and reinforce Sharia-compliant practices to reduce perceived investment risk and encourage greater participation in gold investment among Muslim investors.Originality – This study extends the behavioral finance literature by integrating institutional, market-related, psychological, and religious factors into a single framework. Unlike previous studies that have examined these determinants separately or primarily in conventional financial settings, this research demonstrates that risk perception serves as the key psychological mechanism linking these factors to gold investment decisions among Muslim investors in an emerging Islamic financial market.
Co-Authors A'la, Ahmad Zidni Nuuron Abadi, Ahyar abdillah, luthfi Achmad Sani Supriyanto Aerosta, Danny Kusuma Agus Indiyanto Agus Sucipto Aguscik, Aguscik Ahjah, Nur Fadhilah Ahmaria, Siska Ainiyah, Faidatul Al-basyar, Mutawalli Mursyid Anggraini, Juli Anissa Rahmawaty Anita Rahmiwati Arif Fatoni, Hamdan Assyifa, Najwa Fulki AUNUR ROFIQ Aurik Gustomo Ayub Wijayati Sapta Pradana Ayun, Ayatussholikhah Qurrota Chikmah, Ayu Lailatul Da'i, Lilik Wahyudin 'Amil Desri Maulina Sari DEWI RAHMAWATI Dewi, Annisa Sinta Dian Safriantini, Dian Dwi Inda Sari, Dwi Inda Eko Sudarmanto Eko Suprayitno El, Iqbal Maulana FACHROZI. F Fahmi, Much. Maftuhul Fajar Ningsih, Windi Indah Fakhril Ma’ruf, Muhammad Farah Salsabila Firda, Hayyu Faruq, Muhammad Al Fatmalina Febry Fatria Harwanto Febri, Fatmalina Feranita Utama Feri Dwi Riyanto Fikriyah, Nabillah Fauziatul Fitriah, Aida Fitriani Fitriyah, Alfiyatul Flora, Rostika Guntur Kusuma Wardana Herpandi . Ilfi Nur Diana Imtihan, Imtihan Indah Purnama Sari Indahsari, Siti Rachmi Indri Kartika, Indri Intan Dewi Ira Dewi Ramadhani Irawan, Purna Karuniati, Annisa Fadhila Kasih, Riski Sintia Kholilah khusnul khotimah Kurniati, Heni Kustiningsih, Nanik Larasati, Elta Lestari, Ocik Lifia Linando, Jaya Addin M, Abd Jalil Mahara, Tasni Maretha Ika Prajawati Masyani, Masyani Masyhuri Masyhuri Maulana, Fawzi Achmad Maya Indriastuti Meylinda, Jovita Octa Miko, Helmi Tuah Miranda, Aldi Muhammad Yusuf Muhammad Yusuf, Fathullah Munadi, Abu Qasim, Muhammad Yusuf, Nabilah, Defa Nuzul Najib Putri, Rosidatul Halim Najihah, Naila Najmah, Najmah Nanik Wahyuni ‎ Nauli, Marliana Theresa Ningsih, Windi Indah Fajar Nirwana, Siti Niswa, Harisatun Nur Alam Fajar Nur Asnawi Nurlaili Nurlaili Nurul Ifadhoh, Nurul Pradanimas, Aqilla Prajawati, Maretha Prautami, Erike Septa Purwansyah, Fetiah Dwi Ramadhan, Masri Ramdika, Sari Bema Razak, Rahmatiilah Rini Safitri Rino Sardanto Risnawati Tanjung Rochimah, Ainun Rohmah, Rodyah Awallul Rostika Flora Sabri Sabri Saci, Muhammad Amin Arigo Saddiah, Khalimatu Safitri, Melania Galih Salinawati, Salinawati Salsabila, Salsabila Saputri, Eka Ariani Saris, Relani Simahbengi Saroyah, Savinatus Siti Masriyah Slamet . Sri Martini Sri Mulyani Sri Rahayu, Yayuk Suhendra, Ahmad Adi Syabaniah, Rani Syahidin Syahidin, Syahidin Ubaidillah, M. Alfan Ummah, Dewi Roichatul Vivin Maharani Ekowati Wakit, Saipul Wandi, Fitra Wibowo, Muchammad Arie Wijayanti, Erin Yayuk Sri Rahayu Yeubun, Shimah Fauziah Yuliarti Yuniara, Ridha Yuniarti Hidayah Suyoso Putra Yustyarani, Windie Yusuf, Mirna Yusuf, Sitti Rabiah Zahrani, Sashi Kirana Zulkarnain Zulkarnain Zulkarnain, Mohammad