Changes in Sharia Stock Investment Behavior by the Millennial Generation in the 5.0 Era: Analysis Using SmartPLS

Abstract

The increase in the number of sharia stock investors is not in line with the increase in sharia financial literacy. The main objective of this research is to contribute to the literature by focusing on the relationship between Islamic financial literacy and investment behavior while identifying the mediating effect of Islamic financial management behavior among the millennial generation. This type of research is quantitative research. This research data was obtained through distributing and filling out questionnaires by the millennial generation in South Sulawesi. Distribution of the questionnaire was carried out within a period of 3 months (September-November 2023). The population in this study consisted of the millennial generation in South Sulawesi, and the sampling technique used was purposive sampling. The data analysis tool used is SmartPLS version 4. The research results show that sharia financial literacy has no effect on investment behavior with a T-Statistic value of 1.625 < 1.96 and P-Values ​​> 0.05, sharia financial literacy has a positive and significant effect towards Islamic financial management behavior with a T-Statistic value of 4.896 > 1.96 and P-Values ​​< 0.05, Islamic financial management behavior has a positive and significant effect on investment behavior with a T-Statistic value of 68.998 > 1.96 and P- Values ​​< 0.05, and sharia financial management behavior can positively and significantly moderate the relationship between sharia financial literacy and investment behavior with a T-Statistic value of 4.876 > 1.96 and P-Values ​​< 0.05