Factors that Affecting Stocks Ownership on Islamic Household in Indonesia - Sal Shabia Azura Trisysty; Atina Shofawati (Universitas Airlangga, 2022)
ABSTRAK Lingkungan rumah tangga keluarga merupakan tempat pertama kali kita menghadapi persoalan ekonomi. Ketidakpastian ekonomi di satu sisi meningkatkan permintaan akan perencanaan keuangan. Penelitian ini akan berfokus pada mencari tahu faktor-faktor mikro keluarga muslim di Indonesia yang dapat mempengaruhi keputusan investasi khususnya saham. Penelitian ini menerapkan metode kuantitatif dengan instrumen data sekunder Indonesia Family Life Survey (IFLS) gelombang 5. Teknik analisis data yang digunakan adalah analisis regresi probit, teknik analisis yang dilakukan dalam regresi probit meliputi; uji kelayakan model, analisis koefisien determinasi (R2), dan uji hipotesis. Berdasarkan hasil penelitian ditemukan bahwa variabel variabel jumlah keluarga, pinjaman, usia, dan status pernikahan tidak berpengaruh secara signifikan terhadap probabilitas kepemilikan saham. Adapun variabel pendapatan, tingkat pendidikan, jenis kelamin dan financial worship memiliki hubungan positif dan signifikan terhadap probabilitas kepemilikan saham pada keluarga muslim di Indonesia. Diharapkan penelitian ini dapat bermanfaat bagi Otoritas Jasa Keuangan dan Bursa Efek Indonesia sebagai informasi tambahan dan bahan pertimbangan dalam pembenahan kebijakan mengenai peningkatan literasi manajemen keuangan keluarga dan kesejahteraan masyarakat di Indonesia. Kata Kunci: Kepemilikan Saham, Pendapatan, Tingkat Pendidikan, Jumlah Tanggungan Keluarga, Pinjaman, Usia, Jenis Kelamin, Status Pernikahan, Financial Worship. ABSTRACT The family home environment is the first place we face economic problems. Economic uncertainty on the one hand increases the demand for financial planning. This study will focus on finding out the micro factors of Muslim families in Indonesia that can influence investment decisions, especially stocks. This study applies quantitative methods with secondary data instruments Indonesia Family Life Survey (IFLS) wave 5 The data analysis technique used is probit regression analysis, the analysis techniques carried out in probit regression include; model feasibility test, analysis of the coefficient of determination (R2), and hypothesis testing. Based on the results of the study, it was found that the variables of family size, loan, age, and marital status did not significantly influence the probability of stock ownership. The variables of income, education level, gender and financial worship have a positive and significant relationship to the probability of stock ownership in Muslim families in Indonesia. It is hoped that this research can be useful for the Otoritas Jasa Keuangan and the Bursa Efek Indonesia as additional information and consideration in reforming policies regarding increasing literacy in family financial management and community welfare in Indonesia. Keywords: Stock Ownership, Income, Education Level, Number of Dependents in the Family, Loans, Age, Gender, Marital Status, Financial Worship. DAFTAR PUSTAKA Ahmed, H. (2016). Inclusive Islamic financial planning: A conceptual framework. International Journal of Islamic and Middle Eastern Finance and Management, 9(2), 170–180. https://doi.org/10.1108/mf.2008.00934jaa.001 Anshori, M., & Iswati, S. (2009). Metode penelitian kuantitatif, edisi 1. Surabaya: Airlangga University Press. Badan Pengembangan dan Pembinaan Bahasa Kemendikbud RI. (2016). Kamus Besar Bahasa Indonesia. Jakarta: Kemendikbud RI. Badan Pusat Statistik. (n.d.). Jumlah anggota rumah tangga. Retrieved from https://sirusa.bps.go.id/sirusa/index.php/variabel/8096 ______. (2010). Penduduk menurut wilayah dan agama yang dianut Indonesia. Retrieved from https://sp2010.bps.go.id/index.php/site/tabel?tid=321 Bogan, V. L. (2008). Stock market paticipation and the internet. Journal of Financial and Quantitative Analysis, 1(43), 191–221. ______. (2015). Household asset allocation, offspring education, and the sandwich generation. American Economic Review, 105(5), 611–615. https://doi.org/10.1257/aer.p20151115 Brounen, D., Koedijk, K. G., & Pownall, R. A. J. (2016). Household financial planning and savings behavior. Journal of International Money and Finance, 69, 95–107. https://doi.org/10.1016/j.jimonfin.2016.06.011 Brown, S., Ghosh, P., & Taylor, K. (2016). Household finances and social interaction: Bayesian analysis of household panel data. Review of Income and Wealth, 62(3), 467–488. https://doi.org/10.1111/roiw.12174 Bursa Efek Indonesia. (2020). Saham. Retrieved from https://www.idx.co.id/produk/saham/ Cardak, B. A., & Wilkins, R. (2009). The determinants of household risky asset holdings: Australian evidence on background risk and other factors. Journal of Banking and Finance, 33(5), 850–860. https://doi.org/10.1016/j.jbankfin.2008.09.021 Chang, C.-C., DeVaney, S. A., & Chiremba, C. (1999). Determinants of subjective and objective risk tolerance. Journal of Personal Finance, 3(3), 53–67. Chariri, A., & Ghozali, I. (2005). Teori akuntansi. Semarang: Universitas Diponegoro. CNN Indonesia. (2021). 180 juta umat muslim, baru 30 juta jadi nasabah bank syariah. Retrieved from https://www.cnnindonesia.com/ekonomi/20210210164446-78-604821/180-juta-umat-muslim-baru-30-juta-jadi-nasabah-bank-syariah Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic Literature, 47(2), 448–474. DOI: 10.1257/jel.47.2.448 Eagly, A. H., Beall, A. E., & Sternberg, R. J. (2013). The psychology gender. USA: Washington State University. Feng, X., Lu, B., Song, X., & Ma, S. (2019). Financial literacy and household finances: A bayesian two-part latent variable modeling approach. Journal of Empirical Finance, 51, 119–137. https://doi.org/10.1016/j.jempfin.2019.02.002 Gao, M., & Fok, R. C. W. (2015). Demographics, family/social interaction, and household finance. Economics Letters, 136, 194–196. https://doi.org/10.1016/j.econlet.2015.09.027 Ghozie, P. (2013). Make it happen!. Jakarta: PT Gramedia Pustaka Utama. Gutter, M. S., & Fontes, A. (2006). Racial differences in risky asset ownership: A two-stage model of the investment decision-making process. Journal of Financial Counseling and Planning, 17(2), 64–78. Gutter, M. S., Fox, J. J., & Montalto, C. P. (1999). Racial differences in investor decision making. Financial Services Review, 8(3), 149–162. https://doi.org/10.1016/s1057-0810(99)00040-2 Halko, M., Kaustia, M., & Alanko, E. (2012). The gender effect in risky asset holdings. Journal of Economic Behavior and Organization, 83(1), 66–81. https://doi.org/10.1016/j.jebo.2011.06.011 Hilman, L. (2013). Agama dan pelayanan sosial: Interpretasi dan aksi filantropi dalam tradisi muslim dan kristen di Indonesia, 9(2), 174–189. Huda, N., Rini, N., Mardoni, Y., & Putra, P. (2012). The analysis of attitudes, subjective norms, and behavioral control on muzakki’s intention to pay zakah. International Journal of Business and Social Science, 3(22), 271–279. Ikatan Akuntansi Indonesia. (2010). Pernyataan standar akuntansi keuangan 23. Jakarta: IAI. ______. (2013). PSAK No. 1 penyajian laporan keuangan. Jakarta: IAI. Kementerian Agama RI. (2002). Al-Qur’an dan terjemahannya. Jakarta: Kemenag RI. Kieso, D. E., Weygandt, J. J., Warfield, T. D. (2012). Intermediate accounting, 14th edition. USA: Wiley. Mahkamah Konstitusi Republik Indonesia. (1974). Undang-Undang Republik Indonesia Nomor 1 Tahun 1974 tentang Perkawinan (Issue 2). Jakarta: MK RI. Mittra, S., Sahu, A. P., & Fischer, B. (2005). Practicing financial planning for professionals. USA: SAGE Publishing. Nadeau, R., Foucault, M., & Lewis-Beck, M. S. (2011). Assets and risk: A neglected dimension of economic voting. French Politics, 9(2), 97–119. https://doi.org/10.1057/fp.2011.5 Noerhidajati, S., Purwoko, A. B., Werdaningtyas, H., Kamil, A. I., & Dartanto, T. (2020). Household financial vulnerability in Indonesia: Measurement and determinants. Economic Modelling, 96(March), 433-444. https://doi.org/10.1016/j.econmod.2020.03.028 Otoritas Jasa Keuangan. (2019). Survei 2019 OJK: Indeks literasi dan inklusi keuangan meningkat. 1–6. Retrieved from https://www.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Siaran-Pers-Survei-OJK-2019-Indeks-Literasi-Dan-Inklusi-Keuangan-Meningkat.aspx ______. (2021). Market update pasar modal syariah Indonesia. Retrieved from https://doi.org/10.1002/9781119196709.app1 Papalia, R. D. E., Olds, S. W., & Feldman, R. D. (2009). Human Development. New York: McGraw-Hill. Rashid, N. K. A., Nasir, A., Anang, Z., & Alipiah, R. M. (2018). Determinants of muslim household basic needs consumption expenditures. Jurnal Ekonomi Malaysia, 52(1), 309–323. https://doi.org/10.17576/jem-2018-5201-23 Suwardi, A. (2011). Modul stata: LPM, logit, dan probit model. Depok: Lab Komputasi Departemen Ilmu Ekonomi FEUI. Syahrial, M. (2011). Anakku maukah kau jadi pengusaha? Jakarta: Lentera Ilmu Cendekia. Wu, S., & Shen, W. (2017). The relationship between credit constraints and household risky assets. 1–23. Retrieved from http://www.diva-portal.org/smash/get/diva2:1127991/FULLTEXT01.pdf Yao, R., & Hanna, S. D. (2005). The effect of gender and marital status on financial risk tolerance. Journal of Personal Finance, 4(1), 66–85.