This research aims to examine the factors that influence intentions to invest. Determining investor intentions uses the Theory of Planned Behavior (TPB). Behavioural theory is one of the factors that influence intentions to invest. Previous studies have shown different results about intentions to invest. Therefore, this study reveals more closely related factors affecting investors' intention to invest based on attitude, financial literacy, and perceptual antecedents. The respondents of this study were Surabaya stock investors, with 100 respondents. The sampling technique uses snowball sampling—data analysis techniques using Partial Least Square. The results showed that financial literacy did not affect attitude towards the brand, perceived risk had no effect on attitude towards the brand, perceived risk had a negative effect on perceived return, the perceived Trust had no effect on attitude toward the brand, perceived Trust did not affect perceived risk, the perceived Trust did not affect effect on perceived return, the perceived return has a positive impact on attitude towards the brand, brand familiarity has a positive impact on attitude towards the brand, brand familiarity does not affect perceived risk, brand familiarity has a positive effect on perceived Trust. Attitude towards the brand positively impacts the intention to invest in stock investors in Surabaya.
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211.
Al-Tamimi, H., & Kalli, H. (2009). Financial literacy and investment decisions of UAE investors. Journal of Risk Finance, 10(5), 500–516. https://doi.org/10.1108/15265940911001402
Alba, J. W., & Hutchinson, J. W. (1987). Dimensions of Consumer Expertise. The Journal OfConsumer Research, 13(4), 411–454.
Ali, A. (2011). Predicting Individual Investors ’ Intention to Invest?: An Experimental Analysis of Attitude as a Mediator. World Academy of Science, Engineering and Technology, 6(1), 876–883.
Angelle, P. S. (2006). Instructional Leadership and Monitoring: Increasing Teacher Intent to Stay Through Socialization. NASSP Bulletin, 90(4), 318–334.
https://doi.org/10.1177/0192636506294843
Araújo, L. R. de, Andreolo, J., & Silva, M. S. (2002). Utilizaçäo de suplemento alimentar e anabolizante por praticantes de musculaçäo nas academias de Goiânia-GO. Rev. Bras. Ciênc. Mov, 13–18.
Ariani, S. (2015). Pengaruh literasi keuangan, locus of control, dan etnis terhadap pengambilan keputusan investasi. STIE Perbanas.
Berry, L. L. (2000). Cultivating Service Brand Equity. 28(1), 128–137.
De Chernatony, L., & Dall’Olmo Riley, F. (1998). Defining a" brand": Beyond the literature with experts’ interpretations. Journal of Marketing Management, 14(5), 417–443.
Dwyer, C., Hiltz, S., & Passerini, K. (2007). Trust and privacy concern within social networking sites: A comparison of Facebook and MySpace. AMCIS 2007 Proceedings, 339.
Fitriarianti, B. (2018). Pengaruh Literasi Keuanfan, perilaku Keuangan. Seminar Nasional 1 Universitas Pamulang, 1(1).
Gefen, D., Karahanna, E., & Straub, D. W. (2003). Trust and TAM in online shopping: An integrated model. MIS Quarterly, 51–90.
Grandison, T., & Sloman, M. (2003). Specifying and analysing trust for internet applications. In Towards the Knowledge Society (pp. 145–157). Springer.
Granovetter, M. (1985). Economic Action and Social Structure?: The Problem of Embeddedness Author ( s ): Mark Granovetter Published by?: The University of Chicago Press Stable URL?: https://www.jstor.org/stable/2780199 Economic Action and Social Structure?: The Problem of Embeddedness ’. 91(3), 481–510.
Gurviez, P., & Korchia, M. (2003). Test of a Consumer-Brand Relationship Model Including Trust and Three Consequences Test of a Consumer-Brand Relationship Model Including Trust and Three Consequences. 30th International Research Seminar in Marketing, August, 1–20.
Hess, J., & Story, J. (2005). Trust?based commitment: multidimensional consumer?brand relationships. Journal of Consumer Marketing, 22(6), 313–322.
Hilgert, M. a., Hogarth, J. M., & Beverly, S. G. (2003). Household Financial Management: The Connection between Knowledge and Behavior. Federal Reserve Bulletin, 106(November 1991), 309–322. https://doi.org/10.1093/rfs/hhv072
Hogarth, J. M., & Hilgert, M. A. (2002). Financial Knowledge, Experience, and Learning Preferences: Preliminary Results from a New Survey on Financial Literacy. Proceedings of the American Council on Consumer Interests 2002 Annual Conference, 48, 1–7. http://www.consumerinterests.org/public/articles/%5Cpublic%5Carticles%5CFinancialLiteracy-02.pdf
Jarvenpaa, S. L., Tractinsky, N., & Vitale, M. (2000). Consumer trust in an Internet store. Information Technology and Management, 1(1), 45–71.
Johnson, T. J., & Kaye, B. K. (2009). In blog we trust? Deciphering credibility of components of the internet among politically interested internet users. Computers in Human Behavior, 25(1), 175–182.
Mayer, R. C., Davis, J. H., Schoorman, F. D., Mayer, R. C., & Davis, J. H. (1995). An Integrative Model of Organizational Trust. The Academy of Management Review, 20(3), 709–734.
Mcknight, D. H., & Chervany, N. L. (2002). What Trust Means in E-Commerce Customer Relationships?: An Interdisciplinary Conceptual Typology. International Journal of Electronic Commerce, 6(2), 35–59.
Nofsinger, J. R. (2005). Social Mood and Financial Economics. Journal of Behavioral Finance, 6(3), 144–160. https://doi.org/10.1207/s15427579jpfm0603_4
Olsen, R. A. (2008). Trust as risk and the foundation of investment value. The Journal of Socio-Economics, 37(6), 2189–2200.
Pradhana, R. W. (2018). Pengaruh financial literacy, cognitive bias, dan emotional bias terhadap keputusan investasi (Studi pada investor Galeri Investasi Universitas Negeri Surabaya). Jurnal Ilmu Manajemen (JIM), 6(3), 108–117.
Putri, R. N. M. D., & Rahyuda, H. (2017). Pengaruh Tingkat Financial Literacy Dan Faktor Sosiodemografi Terhadap Perilaku Keputusan Investasi Individu. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 9, 3407. https://doi.org/10.24843/eeb.2017.v06.i09.p09
Remund, D. L. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. Journal of Consumer Affairs, 44(2), 276–295. https://doi.org/10.1111/j.1745-6606.2010.01169.x
Ricciardi, V. (2004). A risk perception primer: A narrative research review of the risk perception literature in behavioral accounting and behavioral finance. Available at SSRN 566802.
Ricciardi, V. (2007). A Literature Review of Risk Perception Studies in Behavioral Finance?: The Emerging Issues Agenda?: The Main Points. Presented at the 25th Annual Meeting of the Society for the Advancement of Behavioral Economics (SABE) Conference, New York University.
Shamim, A., & Butt, M. M. (2013). A critical model of brand experience consequences. Asia Pacific Journal of Marketing and Logistics.
Siegrist, M., & Cvetkovich, G. (2000). Perception of hazards: The role of social trust and knowledge. Risk Analysis, 20(5), 713–720.
Trusov, M., Bucklin, R. E., & Pauwels, K. (2009). Effects of word-of-mouth versus traditional marketing: findings from an internet social networking site. Journal of Marketing, 73(5), 90–102.
Wanda, D. Y. C. (2018). The Influence of Perceived Risk Toward Trust and Its Impact on Purchase Intention (Case Study on GO-RIDE Customer in Malang City).Disertation. Universitas Brawijaya.
In-Text Citation: (Isbanah et al., 2022)
To Cite this Article: Isbanah, Y., Kusumaningrum, T. M., & Paramita, R. A. S. (2022). Intention to Invest Based on Investors Financial Literacy and Perceptual Antecedent: Evidence in Indonesia. International Journal of Academic Research in Accounting Finance and Management Sciences. 12(2), 356 – 369.
Copyright: © 2022 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode
