Article Sidebar

Download
Download Article

Main Article Content

Abstract

Investment interest among Indonesian university students remains low, particularly in stocks and cryptocurrency. Data shows that most capital market investors in Indonesia have only completed high school, while undergraduate students have lower investment participation. Understanding the factors influencing students' investment interest is crucial to fostering financial literacy and economic growth. This study examines the factors affecting students' interest in investing in stocks and cryptocurrency using the Theory of Planned Behavior (TPB). A quantitative approach was employed, with data collected from 200 university students in Indonesia who have previously invested in stocks (n=100) or cryptocurrency (n=100). The study utilized Partial Least Squares Structural Equation Modeling (PLS-SEM) for data analysis. Findings reveal that Perceived Behavioral Control (PBC) plays a significant mediating role in the relationship between Attitude Towards Behavior (ATB) and Intention to Invest (ITI) in the stock market. Meanwhile, Subjective Norms (SN) exert a more substantial influence on cryptocurrency investment, directly and indirectly. This indicates that financial literacy and confidence in decision-making are key drivers for stock investments, whereas social influence plays a dominant role in cryptocurrency investments. The results highlight the need for educational institutions to integrate financial literacy programs and provide simulated investment experiences to enhance students' investment confidence and motivation.

Keywords

Stock Forex Crypto Generation Z Theory of Planned Behavior

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

How to Cite
Callista, V., & Handoko , L. (2025). Analysis of Factors Influencing Students’ Interest in Stock and Cryptocurrency Investments: A Study on Indonesian University Students’ Behavioral Intentions Using the Theory of Planned Behavior . Golden Ratio of Finance Management, 5(2), 386–409. https://doi.org/10.52970/grfm.v5i2.1207
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Ahdiat, A. (2023, December 14). PDB per kapita Indonesia peringkat ke-5 di ASEAN pada 2023. Databoks, Katadata Media Network. https://databoks.katadata.co.id/datapublish/2023/12/14/pdb-per-kapita-indonesia-peringkat-ke-5-di-asean-pada-2023
  2. Ainiyah, Faidatul & Yuliana, Indah & Prajawati, Maretha & Supriyanto, Achmad. (2023). Analyzing the Behavioral Control Perception and Financial Inclusion on Investment Interest with Financial Literacy as Moderating Variables. https://doi.org/10.2991/978-2-38476-102-9_18.
  3. Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
  4. Ajzen, I., & Fishbein, M. (1980). Understanding attitudes and predicting social behavior. Englewood Cliffs, NJ: Prentice-Hall.
  5. Alamsyah, A., Nursini, Sabir, & Suhab, S. (2023). The importance of investment in developing regional competitiveness and its contribution to sustainable development. In Proceedings of IROFONIC 2023: Global Initiatives for Sustainable Development Goals. https://www.researchgate.net/publication/377848984
  6. Draper, P., Singh, M., & Zhou, X. (2023, March 8). Strong foundations: Asian infrastructure is open for business. White & Case LLP. https://www.whitecase.com/insight-our-thinking/strong-foundations-asian-infrastructure-open-business
  7. Garson, G. D. (2016). Partial least squares: Regression & structural equation models. New York, NY: Statistical Publishing Associates.
  8. Gunawan, T. I. (2024). Understanding investment decision-making: A qualitative inquiry into high-frequency trading, investment strategies, and portfolio performance in the financial market. Golden Ratio of Finance Management, 4(2), 131–141. https://doi.org/10.52970/grfm.v4i2.431
  9. Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2022). Partial least squares structural equation modeling (PLS-SEM) using R. Springer International Publishing. https://doi.org/10.1007/978-3-030-80519-7
  10. Handayani, T. W., & Sriyanto, S. (2025). A qualitative study explores the impact of fintech innovation on financial stability and regulation. Golden Ratio of Finance Management, 5(1), 21–33. https://doi.org/10.52970/grfm.v5i1.423
  11. Hasmidyani, D., Mardetini, E., & Amrina, D. E. (2022). Generasi Z dan kewirausahaan: Mengukur intensi berwirausaha berbasis Theory of Planned Behavior. Jurnal Ekonomi Pendidikan dan Kewirausahaan, 10(1), 19–30.
  12. Hidayati, N. Y., & Destiana, R. (2023). The influence of attitude, subjective norms, perceived behavioral control, and financial literacy on investment intention. Return: Study of Economic and Business Management, 2(7), 719- 729. https://return.publikasikupublisher.com/index.php/return
  13. Kementerian Perdagangan RI. (2024). Transaksi kripto Indonesia sentuh Rp 211 triliun hingga April 2024. Retrieved November 10, 2024, from https://www.kemendag.go.id/berita/pojok-media/transaksi-kripto-indonesia-sentuh-rp-211-triliun-hingga-april-2024
  14. Kumari, J. S., Senani, K. G. P., & Ajward, R. (2022). Predicting investors' intention to invest in the stock market during COVID-19: Can we use an extended theory of planned behavior? Journal of Asia Business Studies, 16(5), 732–759. https://doi.org/10.1108/JABS-12-2021-0517
  15. Kusnandar, V. B. (2023, July 5). Piramida penduduk Indonesia 2022, usia produktif mendominasi. Databoks, Katadata Media Network. https://databoks.katadata.co.id/datapublish/2023/07/05/piramida-penduduk-indonesia-2022-usia-produktif-mendominasi
  16. PT Kustodian Sentral Efek Indonesia. (2024). Statistik pasar modal Indonesia: Desember 2024. Retrieved from https://www.ksei.co.id
  17. Lokuge, L. W. Y. P., & Kumari, J. S. (2023). Investor's intention to invest in the stock market amidst the economic crisis in Sri Lanka: Using an extended theory of planned behavior. International Journal of Accounting and Business Finance, 9(2), 153–169. https://doi.org/10.4038/ijabf.v9i2.146
  18. Muttaqin, Z. (2021). Trading forex ramai peminat di Asia tapi sepi di RI, kenapa? Retrieved December 10, 2024, from https://iarfcindonesia.com/news/trading-forex-ramai-peminat-di-asia-tapi-sepi-di-ri-kenapa-
  19. Nugraha, V. A., & Prasetyaningtyas, S. W. (2023). Analysis of factors influencing investment intention in cryptocurrency: A Theory of Planned Behavior (TPB) approach. Jurnal Ekonomi, 12(2), 541–551. http://ejournal.seaninstitute.or.id/index.php/Ekonomi
  20. Nurhayani, U., Sitompul, H. P., Herliani, R., & Sagala, G. H. (2022). The intention to invest among economics and business students is based on the theory of planned behavior framework. Advances in Economics, Business and Management Research, 204, 159–165. https://doi.org/10.2991/aebmr.k.220208.023
  21. Pandurugan, V., & Al Shammakhi, B. N. S. (2024). Modelling the theory of planned behaviour to evaluate the investment intention of Generation Z in the speculative market: Stocks, forex, and cryptocurrencies. Arab Gulf Journal of Scientific Research, 42(4), 1900–1916. https://doi.org/10.1108/AGJSR-07-2023-0319
  22. Paramita, R. A. S., Isbanah, Y., Kusumaningrum, T. M., Musdholifah, & Hartono, U. (2018). Young investor behavior: Implementation theory of planned behavior. International Journal of Civil Engineering and Technology, 9(7), 733–746. https://www.researchgate.net/publication/327335452
  23. PT Bursa Efek Indonesia. (2024). Siaran pers: 2166. Retrieved November 10, 2024, from https://www.idx.co.id/id/berita/siaran-pers/2166
  24. Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill-building approach (7th ed.). Wiley.
  25. Sekaran, U., & Bougie, R. (2020). Research methods for business: A skill-building approach (8th ed.). Wiley.
  26. Sugiyono. (2019). Metode penelitian kuantitatif, kualitatif, dan R&D. CV Alfabeta.
  27. Sulastri, T. (2023). Intention to invest in the Sharia capital market using the theory of planned behavior (TPB). I-ECONOMICS: A Research Journal on Islamic Economics, 9(1), 16–31. https://doi.org/10.19109/ieconomics.v9i1.19417
  28. Suriyanti, S., & Mandung, F. (2024). Exploring Financial Behavior: A Qualitative Investigation into Psychological Factors Influencing Risk Preferences and Investment Decisions. Golden Ratio of Finance Management, 4(2), 100–112. https://doi.org/10.52970/grfm.v4i2.430
  29. Suryadi, N., & Anggraeni, R. (2023). Can entrepreneurship education and personality encourage students to become entrepreneurs? Journal of Community Development in Asia, 6(2), 35–54. https://doi.org/10.32535/jcda.v6i2.2276