Fundamental and Applied Management Journal
Vol. 4 No. 3 (2026): September

The Effect of Financial Literacy and Risk Perception on Investment Intention in the Islamic Capital Market: Evidence from Islamic Economics Student

Nurul Hasanah Syah (Institut Syekh Abdul Halim Hasan Binjai, Indonesia)
Rizky Fatmawati (Institut Syekh Abdul Halim Hasan Binjai, Indonesia)
Yudistira Abdi (Institut Syekh Abdul Halim Hasan Binjai, Indonesia)
Emilia Embun Sari (Institut Syekh Abdul Halim Hasan Binjai, Indonesia)
Zunaida Riska (Institut Syekh Abdul Halim Hasan Binjai, Indonesia)



Article Info

Publish Date
30 Aug 2026

Abstract

This study aims to analyze the influence of financial literacy and risk perception on students' intention in investing in the Islamic capital market. This research uses a quantitative approach with primary data obtained through the distribution of online questionnaires using a Likert scale. The sampling technique used is non-probability sampling with a purposive sampling method. Data analysis is performed using classical assumption tests, multiple linear regression, and hypothesis testing using SPSS version 25. The results show that financial literacy has a significant partial effect on students' investment intention in the Islamic capital market. On the other hand, risk perception does not have a significant effect on investment intention. However, simultaneously, financial literacy and risk perception have an effect on investment intention. The results of the multiple linear regression analysis indicate that financial literacy and risk perception simultaneously have a statistically significant effect on students' intention in investing in the Islamic capital market. The simultaneous significance (F) test produced a calculated F-value of 113.910, which is substantially higher than the critical F-value of 3.17, with a significance value of 0.000 (p < 0.05). These findings demonstrate that financial literacy and risk perception jointly influence students' investment intention. Furthermore, the coefficient of determination (R²) is 0.808, indicating that 80.8% of the variation in students' investment intention is explained by financial literacy and risk perception, while the remaining 19.2% is attributable to other variables not included in this study.

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Journal Info

Abbrev

FAMJ

Publisher

Subject

Economics, Econometrics & Finance Social Sciences

Description

Strategic and Operations Management, addressing strategic decision-making, operational excellence, supply chain, process improvement, and performance management. Business and International Management, covering global strategy, cross-border operations, internationalization, and comparative management ...