Golden Ratio of Finance Management
Vol. 7 No. 1 (2027): October - March

Financial Literacy, Self-Efficacy, and Investment Intentions of Islamic Stocks: An Expanded Model of Planned Behavior

Musfira Ulandari (Universitas Muhammadiyah Kendari)
La Ode Alimusa (Universitas Muhammadiyah Kendari)
Al Asy Ari Adnan Hakim (Universitas Muhammadiyah Kendari)



Article Info

Publish Date
04 Nov 2026

Abstract

This study examines the determinants of Islamic stock investment intention by positioning self-efficacy as a mediating mechanism within an extended theory of planned behavior framework. An explanatory quantitative design was employed, and primary data were obtained through an online questionnaire administered to 155 active undergraduate students selected by purposive sampling. The constructs of attitude, subjective norm, financial literacy, religiosity, self-efficacy, and investment intention were measured on a five-point Likert scale and analyzed using partial least squares structural equation modeling with SmartPLS 4 and a 5,000-subsample bootstrap. The results show that attitude, subjective norm, religiosity, and self-efficacy exert positive and significant effects on investment intention, whereas financial literacy does not. Attitude, financial literacy, and religiosity significantly shape self-efficacy, while subjective norm does not. Mediation testing indicates that self-efficacy fully mediates only the financial literacy pathway. The model explains 53.0 percent of the variance in investment intention (moderate) and 39.3 percent of the variance in self-efficacy (weak). These findings imply that financial education for prospective Islamic investors must be coupled with confidence-building practice, because knowledge alone does not translate into intention.

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Journal Info

Abbrev

grfm

Publisher

Subject

Economics, Econometrics & Finance

Description

Golden Ratio of Finance Management (GRFM) encourages courageous and bold new ideas, focusing on contribution, theoretical, managerial, and social life implications. Golden Ratio of Finance Management (GRFM) welcomes papers that are based on human resources management for example: Accounting and ...