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All Journal International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) International Review of Practical Innovation, Technology and Green Energy (IRPITAGE) Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA) Jurnal Mutiara Ilmu Akuntansi Jurnal Sains dan Ilmu Terapan ABDIMU: Jurnal Pengabdian Muhammadiyah
Thasrif Murhadi
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Religion Humanities Computer Science & IT Economics, Econometrics & Finance Education Energy Engineering Languange, Linguistic, Communication & Media Social Sciences Other

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FACTORS INFLUENCING INVESTORS TO ADOPT THE SHARIA ONLINE TRADING SYSTEM : AN EMPIRICAL EVIDENCE IN THE ISLAMIC INDONESIAN STOCK EXCHANGE Thasrif Murhadi; Muhammad Yamin; Amelia Rahmi; Naifa Fajarna
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 5 No. 3 (2025): June
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v5i3.3228

Abstract

The study aims to identify the factors influencing the intention to adopt Sharia Online Trading System (SOTS) by stock investors in Indonesia. It uses structured questionnaires for data collection. Moreover, the data is obtained from the sharia stock investors using SOTS for stock trading. Out of 385 questionnaires completed by the respondents, only 336 were usable. The data was then processed using SEM Amos. The results of the study show that perceived usefulness, social norm and relative advantage have a positive and significant effect on the adoption of SOTS by stock investors. However, perceived ease of use and perceived riskiness do not have a significant effect on the adoption of SOTS by stock investors. For more diverse results, future researchers can expand the scope of respondents. Another factor, i.e., religiosity, can be used as a moderation in future research; it also needs to be explored by adding other variables such as trust, perceived cost, etc. This study provides some information about the factors influencing the intention to adopt SOTS by stock investors. In addition, the results of this study can be a reference for stock brokers in developing SOTS to attract more stock investors to adopt SOTS. Furthermore, for stock market regulators, they can make policies and regulations to encourage the increased use of SOTS. According to the literatures read by the author, there is no previous research discussing the factors that influence the adoption of SOTS in the sharia stock market.
ANALYSIS OF INVESTOR LOYALTY ON STOCK BROKERAGE COMPANIES: EMPIRICAL EVIDENCE IN INDIVIDUAL STOCK INVESTORS IN ACEH PROVINCE Thasrif Murhadi; Desi Purnamasari; Suhad
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 3 No. 1 (2023): February
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v3i1.683

Abstract

This study aims to examine the effect of e-service quality, brand image and trust on investor satisfaction as well as its impact on stock investor loyalty in Aceh Province. A structured questionnaire was used to collect data from investors who have stock accounts in securities companies operating in Aceh. Validity and reliability tests used SPSS. This research model test used SEM Amos. The results of data analysis found that there was a positive and significant effect of service quality, brand image and trust on investor satisfaction. There was a positive and significant effect of investor satisfaction on investor loyalty, and there was a positive and significant effect of e-service quality and brand image on investor loyalty. Trust did not affect positively and significantly to investor loyalty. The trust effect on loyalty, however, was greater through the mediation variable. More variation in results could be obtained through a wider range of respondents. Other factors such as descriptive norms and perceived usefulness should be used to increase the explanatory power of the dependent variable. The comparison of the similar study on explanatory power between other customer behavior-based models could make another valuable contribution. This study would provide information on the factors affecting investor loyalty to stock brokerage companies. Moreover, the results of this study could serve as a guideline for stock brokerage companies in understanding the factors and programs that needed to embed to increase retail stock investor loyalty. Not many studies have examined the behavior of retail investors in Indonesia, particularly in Aceh Province.
EXPLORING OF THE IMPACT OF CAPITAL MARKET LITERACY AS A MODERATOR ON INVESTORS’ REINVESTMENT INTENTION IN THE INDONESIAN STOCK MARKET Thasrif Murhadi; Aida Fitri
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 3 No. 6 (2023): December
Publisher : CV. Radja Publika

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/ijebas.v3i6.1328

Abstract

This research aims to explore the influence of capital market literacy as a moderating variable on the relationship between Expertise, Reputation, and Investor Trust with the investors reinvestment intention in the Indonesian stock market. Data were collected from 454 respondents using a questionnaire distributed to stock investors across Indonesia. The study employed a non-probability sampling approach with the purposive sampling method. Data analysis was conducted using descriptive and verificative analysis techniques, employing the Structural Equation Modelling (SEM) AMOS as the analytical tool. The research results indicate that expertise and reputation have a significant direct impact on Investor Trust. However, expertise and reputation do not have a direct influence on reinvestment intention. Additionally, investor trust has been proven to be a significant mediator in the relationship between expertise and reputation with reinvestment intention. The most intriguing finding is that capital market literacy, as a moderating variable, can moderate the relationship between investor trust and reinvestment intention. This suggests that the level of capital market literacy can strengthen the influence of investor trust on the reinvestment intention. The results of this research provide a deeper understanding of the role of capital market literacy in shaping the reinvestment decisions of investors in the Indonesian stock market, as well as its implications for investment practices and the development of capital market literacy in the future.
Co-Authors Aida Fitri Amelia Rahmi Baehaqi Budi Safatul Anam Chalirafi Desi Purnamasari Eliana Eliana Engkin Muttaqin Fuadi Indra Kesuma Irmawati Irmawati Mimiasri Mimiasri Mohd Heikal Muammar Khaddafi Muhammad Jaka Wiratama Muhammad Yamin Munandar Muttaqien Naifa Fajarna Reza Juanda Rico Nur Ilham Sanur, Dimas Suhad