KECENDERUNGAN PENGAMBILAN RISIKO FINANSIAL SPEKULATIF PADA INVESTOR SAHAM SYARIAH DI MAKASSAR, INDONESIA: ASOSIASI DENGAN LITERASI KEUANGAN ISLAM, OVERCONFIDENCE, DAN HERDING BEHAVIOR
Keywords
Literasi keuangan Islam, Overconfidence, Herding behavior, Pengambilan risiko finansial, Risiko spekulatif, Saham syariah, IndonesiaAbstract
Tujuan – Penelitian ini bertujuan menguji hubungan literasi keuangan Islam, overconfidence, dan herding behavior dengan kecenderungan pengambilan risiko finansial spekulatif pada investor saham syariah. Penelitian ini juga membandingkan kekuatan relatif hubungan ketiga faktor tersebut.
Desain/metodologi/pendekatan – Data primer dikumpulkan melalui kuesioner daring dari 220 investor saham syariah di Makassar, Indonesia, yang dipilih secara purposif. Data dianalisis menggunakan Partial Least Squares Structural Equation Modeling (PLS-SEM).
Temuan – Tiga hipotesis diajukan dan seluruhnya didukung. Literasi keuangan Islam berhubungan negatif dengan kecenderungan pengambilan risiko finansial spekulatif, sedangkan overconfidence dan herding behavior berhubungan positif. Overconfidence menunjukkan hubungan paling kuat di antara ketiga faktor, dan model secara keseluruhan menjelaskan 16% variasi kecenderungan pengambilan risiko finansial spekulatif.
Implikasi praktis – Edukasi investor saham syariah dapat dirancang tidak hanya untuk menjelaskan status syariah suatu instrumen, tetapi juga untuk melatih kemampuan menilai risiko, merefleksikan keyakinan diri, dan menyaring informasi dari investor lain.
Orisinalitas/nilai – Kajian perilaku investor saham syariah selama ini lebih banyak berfokus pada keputusan investasi. Penelitian ini menguji secara bersamaan tiga faktor perilaku terhadap dimensi spekulatif dari pengambilan risiko finansial, sehingga memberikan pemahaman yang lebih spesifik tentang orientasi risiko investor saham syariah.
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