Women and Investment Decision in Sharia Instruments: Moderating Effect of Financial Spirituality Orientation
Abstract
This research is based on a gap in authority between men and women in making investment decisions where women are considered less financially literate and less struggling. Therefore, this study examines how financial literacy and trust affect women’s investment decisions in Sharia instruments with financial spirituality orientation as a moderating factor. The sample was selected from 256 women on the northeastern coast of Central Java, Indonesia. Structural Equation Modeling with a Partial Least Square method was used to test the data. The findings showed that the higher the financial literacy, trust, and financial spirituality orientation, the better the decision level in the Sharia investment decisions. The financial spirituality orientation strengthens the influence of financial literacy on Sharia investment decisions. However, financial spiritual orientation cannot intervene in trust in financial institutions. This finding suggests that women consider their spiritual beliefs while making financial decisions, but spirituality cannot nullify trust’s ability to affect Sharia investment choices. The implication is that when gender equality is acknowledged, women can get an education, work, income, and be more financially literate. The role of financial spirituality is in its mission of establishing the life-balances.
References
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Duchrow, U. (2014). Spirituality for Democracy and Social Cohesion Versus the Spirituality of Money. Verbum et Ecclesia, 35(3), 1-7. https://doi.org/10.4102/ve.v35i3.1332.
Elahi, M.M.E. (2012). The Objectives and Intents of Islamic Shari’ah as a Paradigm of Development Strategies and Policies. IIUC Studies, 7, 321–336. https://doi.org/10.3329/iiucs.v7i0.12496.
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Fitriyani, S., & Anwar, S. (2022). Pengaruh Herding, Experience Regret dan Religiosity terhadap Keputusan Investasi Saham Syariah pada Investor Muslim Millennial dengan Financial Literacy Sebagai Variabel Moderasi. Jurnal Ekonomi Syariah Teori Dan Terapan, 9(1), 68-77. https://doi.org/10.20473/vol9iss20221pp68-77.
Gill, A., Mand, H.S., Biger, N., & Mathur, N. (2018). Influence of Religious Beliefs and Spirituality on Decision to Insure. International Journal of Emerging Markets, 13(5), 780-800. https://doi.org/10.1108/IJoEM-07-2017-0235.
Hair, J.F. (2007). Research Methods for Business. Education + Training, 49(4), 336–337. https://doi.org/10.1108/et.2007.49.4.336.2.
Hameed, W.U., Sabir, S.A., Razzaq, S., & Humanyon, A.A. (2018). The Influence of Behavioural Biases on Investment Decision Making: A Moderating Role of Religiosity Among Pakistani Investors. International Journal of Management Research and Emerging Sciences, 8(1), 87-98. https://doi.org/10.56536/ijmres.v8i1.39.
Hamid, A., Hisan, K. & Ahmad, K.A. (2023). Shariah Supervisory Board and Islamic Banks’ Financial Performance: An Evidence from Southeast Asia. J-EBIS (Jurnal Ekonomi Dan Bisnis Islam), 8(1), 167-182. https://doi.org/10.32505/j-ebis.v8i1.6930.
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Hendra, G. I. (2021). Determinants of Financial Stability of Islamic Insurance Companies Listed on Indonesia Financial Services Authority. Share: Jurnal Ekonomi Dan Keuangan Islam, 10(2), 249–274. https://doi.org/10.22373/share.v10i2.9098.
Hizgilov, A., & Silber, J. (2020). On Multidimensional Approaches to Financial Literacy Measurement. Social Indicators Research, 148(3), 787-830. https://doi.org/10.1007/s11205-019-02227-4.
Koti, K. (2019). Financial Literacy and its Impact on the Investment Decisions of Working Women. Humanities and Social Sciences Reviews, 7(6), 554-561. https://doi.org/10.18510/hssr.2019.7686
Latan, H., & Ghozali, I. (2012). Partial Least Square: Konsep, Teknik, dan Aplikasi SmartPLS 2.0 M3. Semarang: Badan Penerbit Universitas Diponegoro.
Lusardi, A. (2012). Financial Literacy and Financial Decision-Making in Older Adults. Generations: Journal of the American Society on Aging, 36(2), 25–32. https://www.jstor.org/stable/26555907.
Mahadi, N.A., Mazli, S.A., & Muneeza, A. (2019). Islamic Financial Wealth Management: Empowering Women in Islamic Societies. International Journal of Management and Applied Research, 6(3), 116–129. https://doi.org/10.18646/2056.63.19-008.
Malkan, M., Malarangan, H., & Nurdin, N. (2022). The Effect of Financial Literacy and Knowledge of Capital Market on Intention to Invest on Islamic Stock Exchange. International Journal of Current Research, 5(2), 363-374. https://doi.org/10.47191/ijcsrr/V5-i2-09.
Mastura, Yuni Safitri, & Amiruddin Yahya. (2023). The Influence of Financial Literacy, Religiosity and Social Media On Online Shopping Consumptive Behavior. IHTIYATH : Jurnal Manajemen Keuangan Syariah, 7(1), 66–82. https://doi.org/10.32505/ihtiyath.v7i1.6079.
Maziriri, E.T., Mapuranga, M., & Madinga, N.W. (2018). Self-Service Banking and Financial Literacy as Prognosticators of Business Performance among Rural Small and Medium-Sized Enterprises in Zimbabwe. The Southern African Journal of Entrepreneurship and Small Business Management, 10(1), 1-10. https://doi.org/10.4102/sajesbm.v10i1.180.
McCuddy, M.K., & Pirie, W.L. (2007). Spirituality, Stewardship, and Financial Decision-Making: Toward a Theory of Intertemporal Stewardship. Managerial Finance, 33(12), 957-969. https://doi.org/10.1108/03074350710831738.
Md Husin, M., Aziz, S., & Choon Hee, O. (2021). Stock Investment Decision: The Impacts of Investor’s Perceived Trust, Religiosity and Attitude. International Journal of Academic Research in Business and Social Sciences, 11(1), 400-418. https://doi.org/10.6007/ijarbss/v11-i1/7777.
Muhammad, N.M.N., & Akbarzadeh, S. (2012). Prophetic Leadership and Financial Decision Making Quality: Partial Least Square (PLS) Path Modeling Analysis. International Conference for Academic Disciplines, 2(1), 195-213.
Muksal, M., Nevi Hasnita, & Putri Nazirah. (2023). Tingkat Literasi dan Inklusi Keuangan Syariah pada Masyarakat Kota Banda Aceh. IHTIYATH : Jurnal Manajemen Keuangan Syariah, 7(1), 18–34. https://doi.org/10.32505/ihtiyath.v7i1.5765.
Muliani, D. A., Suriani, S., & Seftarita, C. (2022). Determinants of Islamic Banks’ Net Income in Middle Eastern Countries. Share: Jurnal Ekonomi Dan Keuangan Islam, 11(2), 408–429. https://doi.org/10.22373/share.v11i2.15054.
Özen, E., & Ersoy, G. (2019). The Impact of Financial Literacy on Cognitive Biases of Individual Investors. In Contemporary Studies in Economic and Financial Analysis, 101, 77-95. Emerald Publishing Limited. https://doi.org/10.1108/S1569-375920190000101007.
Paul, C.J., Weinthal, E.S., Bellemare, M.F., & Jeuland, M.A. (2016). Social Capital, Trust, and Adaptation to Climate Change: Evidence from Rural Ethiopia. Global Environmental Change, 36, 124–138. https://doi.org/10.1016/j.gloenvcha.2015.12.003.
Prasad, S., Kiran, R., & Sharma, R. K. (2021). Behavioural, Socio-economic Factors, Financial Literacy and Investment Decisions: Are Men More Rational and Women More Emotional? The Indian Economic Journal, 69(1), 66-87. https://doi.org/10.1177/0019466220987023.
Qoyum, A. (2018). Maqasid Ash-Shariʻah Framework and the Development of Islamic Finance Products: The Case of Indonesia. Tazkia Islamic Finance and Business Review, 12(2), 169-188. https://doi.org/10.30993/tifbr.v12i2.150.
Raut, R.K. (2020). Past Behaviour, Financial Literacy and Investment Decision-Making Process of Individual Investors. International Journal of Emerging Markets, 15(6), 1243–1263. https://doi.org/10.1108/IJOEM-07-2018-0379.
Rink, U., Walle, Y.M., & Klasen, S. (2021). The Financial Literacy Gender gap and the Role of Culture. Quarterly Review of Economics and Finance, 80, 117-134. https://doi.org/10.1016/j.qref.2021.02.006.
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Published
2024-05-30
How to Cite
AMAROH, Siti; PRASETYONINGRUM, Ari Kristin; HUSAIN, Husna.
Women and Investment Decision in Sharia Instruments: Moderating Effect of Financial Spirituality Orientation.
Jurnal Ilmiah Peuradeun, [S.l.], v. 12, n. 2, p. 877-898, may 2024.
ISSN 2443-2067.
Available at: <https://journal.scadindependent.org/index.php/jipeuradeun/article/view/1332>. Date accessed: 15 mar. 2025.
doi: https://doi.org/10.26811/peuradeun.v12i2.1332.
Section
Articles
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