Peran Motivasi Investasi sebagai Mediator dalam Hubungan Literasi Keuangan, Persepsi Risiko, dan Minat Investasi Saham
DOI:
https://doi.org/10.47065/arbitrase.v7i1.3474Keywords:
Financial Literacy; Risk Perception; Investment Motivation; Stock Investment InterestAbstract
This study aims to analyze the influence of financial literacy and risk perception on stock investment interest, with investment motivation serving as a mediating variable among Management Study Program students. The study is motivated by the relatively low level of students' interest in investing in the capital market despite the increasing availability of investment information and financial education. This research employed a quantitative approach using a survey method. Primary data were collected through questionnaires distributed to 200 Management Study Program students selected using a purposive sampling technique. Data were analyzed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method with the assistance of SmartPLS software. The findings indicate that financial literacy has a positive and significant effect on investment motivation (t-statistic = 7.215 > 1.96) and stock investment interest (t-statistic = 4.892 > 1.96). Risk perception has a negative and significant effect on investment motivation (t-statistic = 3.564 > 1.96) as well as stock investment interest (t-statistic = 2.981 > 1.96). Furthermore, investment motivation has a positive and significant effect on stock investment interest (t-statistic = 6.104 > 1.96). The mediation analysis reveals that investment motivation significantly mediates the relationship between financial literacy and stock investment interest (t-statistic = 4.115 > 1.96), as well as the relationship between risk perception and stock investment interest (t-statistic = 2.754 > 1.96). This study contributes theoretically by strengthening the Theory of Planned Behavior and Behavioral Finance Theory through empirical evidence of the mediating role of investment motivation. Practically, the findings are expected to provide valuable insights for higher education institutions, the Financial Services Authority (OJK), the Indonesia Stock Exchange (IDX), and securities companies in designing more effective financial literacy and investment education programs to enhance young people's participation in the capital market.
Downloads
References
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/https://doi.org/10.1016/0749-5978(91)90020-T
Anggraini, D. P., Suginam, Afriany, J., & Sianturi, M. (2023). Pengaruh Literasi Keuangan Terhadap Minat Berinvestasi Saham Pada Mahasiswa. Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 4(4), 1220–1226. https://doi.org/10.47065/ekuitas.v4i4.3311
Arif, Z., & Yudiaatmaja, F. (2024). Pengaruh Literasi Keuangan dan Kemajuan Teknologi terhadap Minat Investasi di Pasar Modal. Prospek: Jurnal Manajemen Dan Bisnis, 6(3), 335–342. https://doi.org/10.23887/pjmb.v6i3.76962
Awais, M., Laber, M. F., Rasheed, N., & Khursheed, A. (2016). Impact of Financial Literacy and Investment Experience on Risk Tolerance and Investment Decisions: Empirical Evidence from Pakistan. International Journal of Economics and Financial Issues, 6(1), 73–79.
Billingsley, R. S., Gitman, L. J., & Joehnk, M. D. (2021). Personal Financial Planning. Cengage learning.
Febrina, S., & Friyatmi. (2023). Pengaruh Literasi Keuangan Dan Motivasi Investasi Terhadap Minat Berinvestasi Mahasiswa Fakultas Ekonomi Universitas Negeri Padang. Jurnal Bina Manajemen, 11(2), 249–263.
Garingging, R. A., & Rahmayati. (2024). Pengaruh Motivasi Investasi Dan Literasi Keuangan Terhadap Minat Investasi Saham Syariah Pada Mahasiswa Fakultas Agama Islam UMSU. COSTING: Journal of Economic, Business and Accounting, 7(4). https://doi.org/10.31539/costing.v7i4.10913
Hair, J. F., Hult, G. T., Ringle, C., & Sarstedt, M. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). In Sage (2nd ed.). Sage Publication.
Hasanah, F., Wahyuningtyas, E. T., & Susesti, D. A. (2022). Dampak Motivasi Investasi, Persepsi Resiko, Literasi Dan Efikasi Keuangan Terhadap Minat Mahasiswa Berinvestasi Di Pasar Modal. AKUNESA: Jurnal Akuntansi Unesa, 10(02), 1–10. https://doi.org/10.26740/akunesa.v10n2.p57-66
Hidayat, M. H., & Selviyanti, N. H. (2023). The Effect of Financial Literacy on Investment Decision with Motivation as an Intervening Variable. Jurnal Ekonomi Dan Perbankan Syariah, 8(4), 1–9. https://doi.org/10.30651/jms.v8i4.21002
Johnson Kennedy, P. S., & Helena, H. (2024). Hubungan Persepsi Risiko dan Ekspektasi Return terhadap Minat Berinvestasi Mahasiswa di Pasar Modal. Ikraith-Ekonomika, 7(2), 295–307. https://doi.org/10.37817/ikraith-ekonomika.v7i2.3360
Kelly, & Pamungkas, A. S. (2022). Pengaruh Literasi Keuangan, Persepsi Risiko Dan Efikasi Keuangan Terhadap Minat Investasi Saham. Jurnal Manajerial Dan Kewirausahaan, 04(03), 556–563. https://doi.org/10.24912/jmk.v4i3.19668
KSEI. (2024). Jumlah Investor Pasar Modal Meningkat Jadi 13,45 Juta Sampai 9 Agustus 2024. Jakarta: PT Kustodian Sentral Efek Indonesia (KSEI).
Lestari, S., & Dewi, G. A. K. R. S. (2025). Pengaruh Literasi Keuangan, Persepsi Return, dan Persepsi Risiko terhadap Minat Berinvestasi Mahasiswa pada Obligasi Pemerintah (Studi pada Mahasiswa Akuntansi di Universitas Pendidikan Ganesha). Ilmiah Akuntansi Dan Humanika, 15(3), 506–513. https://doi.org/10.23887/jiah.v15i3.100528
Lubis, S., & Susesti, D. A. (2023). Dampak Literasi Dan Efikasi Keuangan, Persepsi Risiko, Dan Pendapatan Terhadap Minat Investasi Mahasiswa Di Pasar Modal (Studi Kasus Pada Mahasiswa FEBTD UNUSA). E-Jurnal Kewirausahaan, 6(1), 17–28.
Madura, J. (2020). Personal Finance. Pearson Education, Inc.
Mulatsih, L. S., Tawil, M. R., Lianti, Wendy, & Ristati. (2023). Pengaruh Investmen Knowledge, Self Efficacy Dan Perceived Risk Terhadap Minat Mahasiswa Investasi Saham. Edunomika, 8(1), 1–10. https://doi.org/10.29040/jie.v8i1.11625
Nuralfiah, C., Fitriana, & Kadarisman, S. (2025). Analisis Pengaruh Motivasi dan Literasi Keuangan terhadap Minat Investasi Serta Implikasinya pada Pengambilan Keputusan Investasi Generasi Milenial dan Generasi Z di Kota Bandung. Jurnal Manajemen Dan Organisasi, 16(3), 292–305. https://doi.org/10.29244/jmo.v16i3.66069
OECD. (2024). OECD International Network on Financial Education What is financial literacy?? Why join the INFE?? OECD Publishing. https://www.oecd.org/content/dam/oecd/en/topics/policy-sub-issues/financial-education/INFE brochure 2025 (1).pdf
OECD. (2025). OECD/INFE Toolkit For Well-Being 2026 Literacy, Inclusion And Measuring Financial. In OECD publishing (Issue May). https://www.oecd.org/content/dam/oecd/en/publications/reports/2026/01/oecd-infe-toolkit-for-measuring-financial-literacy-inclusion-and-well-being-2026_6e8d9566/92f2d439-en.pdf
Otoritas Jasa Keuangan. (2025). OJK Dorong Generasi Muda Jadi Motor Pertumbuhan Investor Pasar Modal. Otoritas Jasa Keuangan (OJK).
Pangestika, T., & Rusliati, E. (2019). Literasi Dan Efikasi Keuangan Terhadap Minat Mahasiswa Berinvestasi Di Pasar Modal. Riset Bisnis Dan Manajemen, 12(1), 37–42.
Pramana, M. S., Putra, I. P. I. P., & Idawati, I. A. A. (2026). Peran Pengetahuan Investasi, Literasi Keuangan Dan Motivasi Investasi Terhadap Minat Mahasiswa Dalam Berinvestasi Di Pasar Modal. Warmadewa Management and Business Journal (WMBJ), 8(1), 115–123. https://doi.org/10.22225/wmbj.8.1.2026.115-123
Pramnesti, S. D., & Mariana., M. (2025). Pengaruh Financial Literacy dan Social Media Influencer Terhadap Minat Berinvestasi di Pasar Modal Indonesia. Jurnal Ekonomi Bisnis Dan Akuntansi, 5(1), 334–344. https://doi.org/10.55606/jebaku.v5i1.5191
Putra, P. N., Rosalina, E., & Handayani, D. (2026). Pengaruh Literasi Keuangan, Digitalisasi Pasar Modal, Dan Persepsi Risiko Terhadap Minat Mahasiswa Kota Padang Berinvestasi Di Pasar Modal. Accounting Student Research Journal, 5(1), 45–63.
Putry, N. A. C., & Grasia Elik, M. (2025). Financial Literacy and Investment Motivation: The Role of Investment Interest in Investment Decisions (Case Study of Students from the Faculty of Economics, Yogyakarta). Equity: Jurnal Ekonomi, 13(1), 46–58. https://doi.org/10.33019/equity.v13i1.440
Rahayu, N., Milawati, N. F., Pradnyani, I. G. A. A., & Nugroho, S. (2026). Pengaruh Pengetahuan Investasi dan Persepsi Risiko terhadap Minat Mahasiswa dalam Investasi Saham: Peran Mediasi Ekspektasi Return. Jurnal Dinamika Ekonomi & Bisnis, 23(1), 64–77. https://doi.org/10.34001/jdeb.v23i1.9523
Rezeki, Y., Nurhayati, Saputra, M. A., & Hazizah, J. (2025). Pengaruh Persepsi Risiko, Motivasi, Pengetahuan Investasi dan Modal Minimum terhadap Keputusan Investasi (Studi Pada Mahasiswa Universitas Sari Mulia). Balance: Jurnal Akuntansi Dan Manajemen, 4(2), 53–60. https://doi.org/10.59086/jam.v4i2.1047
Robbins, S. P., & Judge, T. A. (2019). Organizational Behavior (18th ed.). Pearson.
Rochman, N. H., & Sukartha, P. D. Y. (2023). Hubungan Motivasi, Modal Minimal, Literasi Keuangan, dan Minat Investasi Saham Taat Syariah. E-Jurnal Akuntansi, 33(8), 2046–2060. https://doi.org/10.24843/eja.2023.v33.i08.p06
Sekaran, U., & Bougie, R. (2016). Research Methods for Business: A Skill-Building Approach. United Kingdom: John Wiley & Sons.
Sugiyono. (2018). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung?: Alfabeta.
Syaputra, S. H., Armiani, A., Wardah, S., & Pirdaus, I. (2024). Pengaruh Motivasi, Modal Minimal, Pengetahuan Investasi, dan Teknologi Informasi terhadap Minat Berinvestasi Mahasiswa di Pasar Modal. Kompeten: Jurnal Ilmiah Ekonomi Dan Bisnis, 2(4), 762–774. https://doi.org/10.57141/kompeten.v2i4.93
Weber, E. U., Blais, A.-Reneeb., & Betz, N. E. (2002). A Domain-specific Risk-attitude Scale: Measuring Risk Perceptions and Risk Behaviors. Journal of Behavioral Decision Making, 290(August), 263–290. https://doi.org/10.1002/bdm.414
Wibawa, I. G. A. H., Kurniawan, P. S., & Martadinata, I. P. H. (2025). Analisis Hubungan Pengetahuan Investasi, Motivasi Investasi, dan Persepsi Risiko Investasi dengan Minat Investasi di Pasar Modal (Studi pada Mahasiswa Fakultas Ekonomi, Universitas Pendidikan Ganesha). Jurnal Ilmiah Akuntansi Dan Humanika, 15(2), 165–175. https://doi.org/10.23887/jiah.v15i2.101152
Widiarti, A., Wulandari, R., Risal, & Adetia, N. (2024). Pengaruh Literasi Keuangan, Pengetahuan Dan Motivasi Investasi Terhadap Minat Mahasiswa Berinvestasi Dengan Perkembangan Teknologi Sebagai Variabel Moderasi. Jurnal Akuntansi, Auditing Dan Investasi (JAADI), 4(2), 65–73. https://doi.org/10.54035/jaadi.v4i2.493
Widoatmodjo, S. (2015). Pengetahuan Pasar Modal Untuk Konteks Indonesia. Jakarta: PT Elex Media Komputindo.
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Peran Motivasi Investasi sebagai Mediator dalam Hubungan Literasi Keuangan, Persepsi Risiko, dan Minat Investasi Saham
ARTICLE HISTORY
How to Cite
Issue
Section
Copyright (c) 2026 Ibnu Cahyo Ramadhan, Muhammad Edy Supriyadi
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
