<![CDATA[IntroductionSharia stock selection involves financial considerations alongside behavioral and Islamic ethical considerations. Although risk perception and investor behavior have received substantial attention, their relationships with Sharia stock selection remain insufficiently understood when Maqaṣid al-Sharia is incorporated as a conditional ethical framework. This issue is particularly relevant because Muslim investors may interpret financial uncertainty through both conventional risk considerations and Islamic objectives concerning ethical compliance and wealth preservation.ObjectivesThis study examines the relationships of risk perception, hybrid investor behavior, and Maqaṣid al-Sharia with Sharia stock selection. It further investigates whether Maqaṣid al-Sharia moderates the relationships between risk perception and Sharia stock selection and between hybrid investor behavior and Sharia stock selection.MethodThe study employed an explanatory quantitative research design involving 130 active investors in Solo Raya, Indonesia, who had investment experience and held Sharia stock portfolios. Data were collected through a questionnaire and analyzed using structural equation modeling to evaluate the measurement and structural relationships among the investigated constructs.ResultsRisk perception showed a negative but statistically nonsignificant direct relationship with Sharia stock selection. Hybrid investor behavior and Maqaṣid al-Sharia also had statistically nonsignificant direct relationships with Sharia stock selection. However, the interaction between risk perception and Maqaṣid al-Sharia was positive and statistically significant, indicating that Maqaṣid al-Sharia changes how perceived financial risk relates to Sharia stock selection. In contrast, Maqaṣid al-Sharia did not significantly moderate the relationship between hybrid investor behavior and Sharia stock selection.ImplicationsThe findings indicate that Islamic ethical orientation should not be treated merely as a direct determinant of stock choice. Maqaṣid al-Sharia may instead function as a boundary condition that reframes how investors interpret financial risk. Investor education and Sharia capital-market policies should therefore integrate risk management, behavioral awareness, and Islamic ethical objectives.Originality/NoveltyThis study contributes to Islamic behavioral finance by distinguishing the direct and moderating roles of Maqaṣid al-Sharia and demonstrating its selective moderating role in the relationship between risk perception and Sharia stock selection.]]>
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