JOURNAL OF BUSINESS AND ECONOMICS RESEARCH (JBE)
Vol 7 No 1 (2026): February 2026

Investment Intention Among Students: A Modified TPB with Financial Literacy and Social Media

Ratna Sari, Luh Gede Anggi (Unknown)
Pradnya Dewi, I Gusti Ayu Agung (Unknown)
Mimaki, Caren Angellina (Unknown)



Article Info

Publish Date
01 Feb 2026

Abstract

This study aims to analyze the factors influencing the investment intentions of university students in Bali by modifying the Theory of Planned Behavior (TPB). The research integrates financial literacy and social media influence as additional exogenous variables alongside the core constructs of attitude and subjective norms. An explanatory quantitative approach was employed, with data collected from 100 students across Bali using purposive sampling. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3. The results of the hypothesis testing indicate that financial literacy and subjective norms have a significant positive effect on attitude towards investment, while social media influence does not. Furthermore, financial literacy, subjective norms, social media influence, and attitude all directly and positively affect investment intention. Attitude also acts as a significant partial mediator in the relationship between financial literacy and subjective norms on investment intention, but not for social media influence. The model demonstrates good predictive power, with an R-square of 0.586 for attitude and 0.660 for investment intention. The findings imply that fostering investment interest among the younger generation requires a dual approach: strengthening foundational knowledge and positive social reinforcement to cultivate supportive attitudes, while strategically leveraging social media as a direct channel for outreach and engagement. These findings provide practical implications for educational institutions and financial authorities in designing effective financial literacy programs and investment communication strategies for the younger generation.

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Journal Info

Abbrev

jbe

Publisher

Subject

Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Description

1. Human Resource Management, 2. Financial Management, 3. Marketing Management, 4. Strategic Management, 5. Organizational Behavior, 6. Operations Management, 7. Change Management, 8. Management of Sharia, 9. Knowledge Management 10.Entrepreneurship, 11.E-Business, 12.Business Management, 13.Capital ...