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