Analysis Determinants of Investment Interest in Sharia Securities Crowdfunding Platforms

Authors

  • Amal Fathullah Nugroho Faculty of Sharia Economics, Ibnu Khaldun University, Indonesia
  • Trisiladi Supriyanto Faculty of Sharia Economics, Ibnu Khaldun University, Indonesia
  • Hendri Tanjung Faculty of Sharia Economics, Ibnu Khaldun University, Indonesia

Keywords:

Securities Crowdfunding, TAM, TPB, Sharia Compliance

Abstract

Specific research regarding sharia Securities Crowdfunding (SCF) platforms, because researchers have only found studies that discuss sharia fintech and sharia crowdfunding. SCF is not yet known in the community because it is still relatively new. This research aims to analyze the determinants of investment interest among the public in investing in sharia securities crowdfunding (SCF) platforms using analysis through the TPB and TAM models. This research uses a quantitative descriptive research approach with a survey method to obtain data directly from the field. The analysis method used is SEM-PLS which aims to test the relationships between model variables and between indicators and their constructs, as well as the relationships between constructs. The result is that the TPB and TAM models do not have a significant positive effect on investment interest in the sharia SCF platform. The Use of Technology model has a significant positive effect, only the SI indicator does not have a significant positive effect on investment interest in the sharia SCF platform. Sharia Compliance with knowledge indicators does not have a significant positive effect. conversely, the confidence indicator has a significant positive effect on investment interest in the sharia SCF platform. The fact is that Sharia SCF is a relatively new investment alternative, so there needs to be more outreach from all policy stakeholders, both the government, sharia SCF companies, and the public who want to invest in sharia SCF. The recommendation is to more intensively socialize SCF sharia so that it is known to the public from various aspects.

Downloads

Download data is not yet available.

References

Biancone, P. Pietro, & Secinaro, S. (2016). The equity crowdfunding italy: a sharia compliant model. The Equity Crowdfunding Italy: A Sharia Compliant Model, 5, 1–10. https://doi.org/10.13135/2421-2172/1797

Darmansyah, Fianto, BA, Hendratmi, A., & Aziz, PF (2020). Factors determining behavioral intentions to use Islamic financial technology: Three competing models. Journal of Islamic Marketing, 12 (4), 794–812. https://doi.org/10.1108/JIMA-12-2019-0252

Freedman, D.M., & Nutting, M.R. (2015). Equity Crowdfunding for Investors A Guide to Risks, Returns, Regulations, Funding Portals, Due Diligence, and Deal Terms. Wiley.

Hair, J.F., Hult, G.T., Ringle, C., & Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) - Joseph F. Hair, Jr., G. Tomas M. Hult, Christian Ringle, Marko Sarstedt. In Sage.

Hartono, U., Sista Paramita, RA, Isbanah, Y., & Kusumaningrum, M. (2018). Young Investor Behavior: Implementation Theory of Planned Behavior. International Journal of Civil Engineering and Technology, 9 (7), 733–746. http://www.iaeme.com/IJCIET/index.asp733http://www.iaeme.com/ijciet/issues.asp?JType=IJCIET&VType=9&IType=7http://www.iaeme.com/IJCIET/issues. asp?JType=IJCIET&VType=9&IType=7

Mohd Thas Thaker, M.A., Mohd Thas Thaker, H., & Allah Pitchay, A. (2018). Modeling crowdfunders' behavioral intention to adopt the crowdfunding-waqf model (CWM) in Malaysia: The theory of the technology acceptance model. International Journal of Islamic and Middle Eastern Finance and Management , 11 (2), 231–249. https://doi.org/10.1108/IMEFM-06-2017-0157

Mustafida, R., Fauziah, NN, & Kurnia, ZN (2021). The Development of Islamic Crowdfunding in Indonesia and Its Impact towards SMEs. Hasanuddin Economics and Business Review, 4 (3), 20. https://doi.org/10.26487/hebr.v4i3.2547

Nik Azman, NH, & Md Zabri, MZ (2022). SHARĪʿAH-COMPLIANT FINTECH USAGE AMONG MICROENTREPRENEURS IN MALAYSIA: AN EXTENSION OF THE UTAUT MODEL. Journal of Islamic Monetary Economics and Finance, 8 (2), 305–324. https://doi.org/10.21098/jimf.v8i2.1417

Rasyid, MA-Z., Setyowati, R., & Islamiyati. (2017). Sharia Crowdfunding for Sharia Banking Product Development from a Sharia Compliance Perspective. Diponegoro Law Journal , 6 (4), 1–16.

Rusydiana, A., & Sanrego, Y.D. (2018). Measuring the Performance of Islamic Banking in Indonesia: an Application of Maslahah-Efficiency Quadrant (Meq). Journal of Islamic Monetary Economics and Finance , 3 , 79–98. https://doi.org/10.21098/jimf.v3i0.909

Sari, NR, Bulutoding, L., Aditiya, R., & Jannah, R. (2020). Equity Crowdfunding for SMEs : Sharia Compliance Challenge amid the Covid-19 Pandemic. Iqtisaduna , 6 (2), 198–213.

Sarwono, J., & Narimawati, U. (2015). Making theses, theses and dissertations using Partial Least Square SEM (PLS-SEM) (Ratih, Ed.). ANDI.

Setiawan, D., Yusuf, E., & Gunanto, A. (2021). Determinants of Behavioral Intentions to Use Sharia Financial Technology. Significant: Journal of Economic Sciences , 10 (2), 325–342.

Yahya, M., Nadzar, F., & Rahman, BA (2012). Examining user Acceptance of E-Syariah Portal Among Syariah users in Malaysia. Procedia - Social and Behavioral Sciences , 67 (November 2011), 349–359. https://doi.org/10.1016/j.sbspro.2012.11.338

Downloads

Published

2024-01-09

How to Cite

Nugroho, A. F., Supriyanto, T., & Tanjung, H. (2024). Analysis Determinants of Investment Interest in Sharia Securities Crowdfunding Platforms. Jurnal Ekonomi, 13(01), 140–150. Retrieved from https://ejournal.seaninstitute.or.id/index.php/Ekonomi/article/view/3707