Implementasi Theory of Planned Behavior dan Risk Tolerance terhadap Intensi Investasi Peer to Peer Lending
DOI:
https://doi.org/10.26740/jim.v8n3.p864-877Keywords:
attitude toward behavior, investment intention, perceived behavioral control, risk tolerance, subjective norm.Abstract
The purpose of this study is to determine the effect of attitude toward behavior, subjective norm, perceived behavioral control, and risk tolerance on investment intention of Surabayanese in peer to peer lending. This study is conclusive causality research with quantitative research data using a purposive sampling method and a random sampling method to get samples. Data in this study obtained by a questionnaire with a Likert scale. The sample used in this study were 200 Surabayas workforce. The analysis method used is multiple linear regression analysis using the SPSS program. The result is based on hypothesis testing that shows that attitude toward behavior and risk tolerance significantly influences investment intention. While the subjective norm and perceived behavioral control do not affect investment intention. It is because of the distribution respondents that dominated by young people that have age between 18-25 years. The respondents have a low belief in their social relations. It was also caused by respondents who have less information about fintech P2P lending which come up in Indonesia in 2016 and classified as a new type of investment.
References
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Baghani, M., & Sedaghat, P. (2014). Effect of Risk Perception and Risk Tolerance on Investors Decision Making in Tehran Stock Exchange. International Academic Journal of Accounting and Financial Management, 1(1), 7987.
Bhattacherjee, A. (2000). Acceptance of e-Commerce Services: The Case of Electronic Brokerages. Systems, Man and Cybernetics, Part A: IEE Transactions On Systems, Man, and Cybernetics, 30(4), 411420. https://doi.org/1083-4427
Budiarto, A., & Susanti. (2017). Pengaruh Financial Literacy, Overconvidence, Regret Aversion Bias, dan Risk Tolerance Terhadap Keputusan Investasi (Studi pada investor PT. Sucorinvest Central Gani Galeri Investasi BEI Universitas Negeri Surabaya). Jurnal Ilmu Manajemen, 05(02), 19.
Dayaratne, D. A. I., & Wijethunga, A. W. G. C. N. (2015). Impact of psychology on behavioral intention in investing in capital markets: A survey of Colombo Stock Exchange. International Journal of Accounting & Business Finance, (2), 3745. Retrieved from http://www.jfn.ac.lk/maco/ijabf/?attachment_id=91
Deviyanti, L. P. A. E., Purnamawati, I. G. A., & Yasa, I. N. P. (2017). Pengaruh Norma Subjektif, Persepsi Return dan Literasi Keuangan terhadap Minat Mahasiswa untuk Berinvestasi Saham di Pasar Modal. E-Journal S1 Ak Universitas Pendidikan Ganesha, 8(2). https://doi.org/10.23887/jimat.v8i2.14298
Dewi, I. G. A. A. P. (2018). Intensi Masyarakat Berinvestasi Pada Peer To Peer Lending: Analisis Theory of Planned Behavior. Jurnal Ilmiah Akuntansi & Bisnis, 3(2), 118132. https://doi.org/doi.org/10.24843/eja.2019.v26.i02.p20
Fahmi, I. (2012). Pengantar Pasar Modal. Bandung: Alfabeta.
Fishbein, M., & Ajzen, I. (1976). Misconceptions about the Fishbein model: Reflections on a study by Songer-Nocks. Journal of Experimental Social Psychology, 12(6), 579584. https://doi.org/10.1016/0022-1031(76)90036-6
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Jayani, D. H. (2019). Fintech P2P Lending dan Pembayaran Tumbuh Paling Pesat. Retrieved October 15, 2019, from https://databoks.katadata.co.id/
Kahneman, D., & Tversky, A. (1992). Kumulative Prospect Theory. Journal of Risk and Uncertainty, 35(6), 331334. https://doi.org/10.15358/0340-1650-2006-6-331
Kominfo. (2019). UMKM Go Online, Upaya Wujudkan Visi œDigital Energy of Asia. Retrieved from https://www.kominfo.go.id/content/detail/
Luky, M. R. (2016). Minat Berinvestasi Di Pasar Modal: Aplikasi Theory Planned Behaviour Serta Persepsi Berinvestasi Di Kalangan Mahasiswa. Jurnal Ilmiah Mahasiswa FEB, 4(2), 5362. https://doi.org/10.1007/s00132-012-1917-8
Mahastanti, L. A., & Hariady, E. (2014). Determining the factors which affect the stock investment decisions of potential female investors in Indonesia. International Journal of Process Management and Benchmarking, 4(2), 186197. https://doi.org/10.1504/IJPMB.2014.060407
Mahyarni. (2013). Theory of Reasoned Action dan Theory of Planned Behavior (Sebuah Kajian Historis tentang Perilaku). Jurnal El-Riyasah, 4(1), 1323. https://doi.org/10.24014/jel.v4i1.17
OJK. (2019). Direktori Fintech per Juni 2019. Retrieved from https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/direktori/fintech/Pages/Direktori-Fintech-(Peer-To-Peer-Lending)-per-Juni-2018.aspx
Paramita, R. S., Isbanah, Y., Kusumaningrum, T. M., Musdholifah, M., & Hartono, U. (2018). Young investor behavior: implementation theory of planned behavior. International Journal of Civil Engineering and Technology, 9(7), 733746.
Phan, C. K., & Zhou, J. (2014). Factors Influencing Individual Investors Behavior: An Empirical Study of the Vietnamese Stock Market. American Journal of Business and Management, 3(2), 7794. https://doi.org/10.11634/216796061403527
Pradikasari, E., & Isbanah, Y. (2018). Pengaruh financial literacy, illusion of control, overconfidence, risk tolerance, dan risk perception terhadap keputusan investasi pada mahasiswa di kota surabaya. Jurnal Ilmu Manajemen, 6, 424434.
Putra, I. P. S., Ananingtiyas, H., Sari, D. R., Dewi, A. S., & Silvy, M. (2016). experienced regret , dan risk tolerance pada pemilihan jenis investasi. Journal of Business and Banking, 5, 271282. https://doi.org/10.14414/jbb.v5i2.548
Putri, F. K., Hakim, M. S., & Bramanti, G. W. (2017). Pengaruh Faktor Kepribadian Terhadap Toleransi Risiko Keputusan Investasi Saham. Jurnal Seni Dan Sains ITS, 06. https://doi.org/10.12962/j23373520.v6i1.21318
Rahmawati, N., & Maslichah. (2018). Minat Berinvestasi Di Pasar Modal: Aplikasi Theory Planned Behaviour Serta Persepsi Berinvestasi Di Kalangan Mahasiswa. Jurnal Ilmiah Riset Akuntansi, 07, 4154.
Raut, R. K., Das, N., & Kumar, R. (2018). Extending the theory of planned behaviour: Impact of past behavioural biases on the investment decision of Indian investors. Asian Journal of Business and Accounting, 11(1), 265292. https://doi.org/10.22452/ajba.vol11no1.9
Seni, N. N. A., & Ratnadi, N. M. D. (2017). Theory of Planned Behavior Untuk Memprediksi Niat Berinvestasi. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 12, 4043. https://doi.org/10.24843/eeb.2017.v06.i12.p01
Sondari, C. M., & Sudarsono, R. (2015). Using Theory of Planned Behavior in Predicting Intention to Invest¯: Case of Indonesia. International Academic Research Journal of Business and Technology, 137141. https://doi.org/10.2991/gcbme-16.2016.118
Syarizka, D. (2019). Kontribusi UMKM terhadap PDB 2019 Doproyeksi Tumbuh 5%. Retrieved September 20, 2011, from https://ekonomi.bisnis.com/
Tandelilin, E. (2001). Portofolio dan Investasi: Teori dan Aplikasi. Retrieved from https://books.google.co.id/books?id=YLORI8ul44kC&pg=PT539&dq=tandelilin+2001&hl=id&sa=X&ved=0ahUKEwiPqren9NHlAhUW6XMBHbkwDDwQ6AEIKTAA#v=onepage&q=tandelilin 2001&f=false
Tandio, T., & Widanaputra, A. (2016). Pengaruh Pelatihan Pasar Modal, Return, Persepsi Risiko, Gender, Dan Kemajuan Teknologi Pada Minat Investasi Mahasiswa. E-Jurnal Akuntansi, 16(3), 23162341.
Taufiqoh, E., Diana, N., & Junaidi. (2019). Pengaruh Norma Subjektif, Motivasi Investasi, Pengetahuan Investasi, Persepsi Return dan Literasi Keuangan Terhadap Minat Mahasiswa Berinvestasi Saham di Pasar Modal. Jurnal Ilmiah Riset Akuntansi, 08(01), 113.
Trenggana, A. F. M., & Kuswardhana, R. (2017). Pengaruh Informasi Produk, Risiko Investasi, Kepuasaan Investor dan Minat Mahasiswa Berinvestasi. Jurnal Sekretaris & Administrasi Bisnis, I(1), 817. https://doi.org/10.31104/jsab.v1i1.3
Walfajri, M. (2019). OJK Mensyaratkan Porsi Pinjaman ke UMKM 20% untuk Memperoleh Izin Usaha P2P Lending. Retrieved September 20, 2011, from https://amp-kontan-co-id.cdn.ampproject.org/
Ajzen, I. (2002). Perceived behavioral control, self-efficacy, locus of control, and the theory of planned behavior. Journal of Applied Social Psychology, 32(4), 665683. https://doi.org/10.1111/j.1559-1816.2002.tb00236.x
Ajzen, I. (2005). Attitudes, Personality, and Behavior (2nd Editio). Retrieved from https://books.google.co.id/books?hl=id&lr=&id=dmJ9EGEy0ZYC&oi=fnd&pg=PP1&dq=ajzen+2005&ots=ECQOLiE05z&sig=p34i4_fWFASk5gW7lGdEUlxraZ4&redir_esc=y#v=onepage&q=ajzen 2005&f=false
Alleyne, P., & Broome, T. (2011). Using the Theory of Planned Behaviour and Risk Propensity to Measure Investment Intentions Among Future Investors. Journal of Eastern Caribbean Studies, 36(1), 120.
Annur, C. M. (2019). Berhenti Konsumtif, Milenial Didorong untuk Mulai Investasi. Retrieved November 1, 2019, from https://katadata-co-id.sdn.ampproject.org/
Aristanti, N. Des. (2019). Pengaruh Investasi Terhadap Pertumbuhan dan Pembangunan Ekonomi Indonesia. Retrieved September 20, 2011, from https://koinworks.com/
Arrow, K. J. (1992). Insurance, Risk and Resource Allocation. Huebner International Series on Risk, Insurance and Economic Security, 14. https://doi.org/10.1007/978-94-015-7957-5_11
Baghani, M., & Sedaghat, P. (2014). Effect of Risk Perception and Risk Tolerance on Investors Decision Making in Tehran Stock Exchange. International Academic Journal of Accounting and Financial Management, 1(1), 7987.
Bhattacherjee, A. (2000). Acceptance of e-Commerce Services: The Case of Electronic Brokerages. Systems, Man and Cybernetics, Part A: IEE Transactions On Systems, Man, and Cybernetics, 30(4), 411420. https://doi.org/1083-4427
Budiarto, A., & Susanti. (2017). Pengaruh Financial Literacy, Overconvidence, Regret Aversion Bias, dan Risk Tolerance Terhadap Keputusan Investasi (Studi pada investor PT. Sucorinvest Central Gani Galeri Investasi BEI Universitas Negeri Surabaya). Jurnal Ilmu Manajemen, 05(02), 19.
Dayaratne, D. A. I., & Wijethunga, A. W. G. C. N. (2015). Impact of psychology on behavioral intention in investing in capital markets: A survey of Colombo Stock Exchange. International Journal of Accounting & Business Finance, (2), 3745. Retrieved from http://www.jfn.ac.lk/maco/ijabf/?attachment_id=91
Deviyanti, L. P. A. E., Purnamawati, I. G. A., & Yasa, I. N. P. (2017). Pengaruh Norma Subjektif, Persepsi Return dan Literasi Keuangan terhadap Minat Mahasiswa untuk Berinvestasi Saham di Pasar Modal. E-Journal S1 Ak Universitas Pendidikan Ganesha, 8(2). https://doi.org/10.23887/jimat.v8i2.14298
Dewi, I. G. A. A. P. (2018). Intensi Masyarakat Berinvestasi Pada Peer To Peer Lending: Analisis Theory of Planned Behavior. Jurnal Ilmiah Akuntansi & Bisnis, 3(2), 118132. https://doi.org/doi.org/10.24843/eja.2019.v26.i02.p20
Fahmi, I. (2012). Pengantar Pasar Modal. Bandung: Alfabeta.
Fishbein, M., & Ajzen, I. (1976). Misconceptions about the Fishbein model: Reflections on a study by Songer-Nocks. Journal of Experimental Social Psychology, 12(6), 579584. https://doi.org/10.1016/0022-1031(76)90036-6
Ghozali, I. (2016). Aplikasi Analisis Multivariate dengan Program IBM SPSS 21. Semarang: Badan Penerbit Universitas Diponegoro.
Halim, A. (2005). Analisis Investasi (Kedua). Jakarta: Salemba Empat.
Hikmah, Siagian, M., & Siregar, P. (2020). Analisis Tingkat Literasi Keuangan, Experienced Regret, dan Risk Tolerance pada Keputusan Investasi di Batam. Jesya (Jurnal Ekonomi & Ekonomi Syariah), 3(1), 138146. https://doi.org/10.36778/jesya.v3i1.142
Hilaliyah, N., Susyanti, J., & Wahono, B. (2019). Risk tolerance. Journal of Chemical Health and Safety, Vol. 23, p. 1. https://doi.org/10.1016/j.jchas.2016.09.002
Jajeli, R. (2018). Resmikan Pahlawan Ekonomi, Risma Ajak Warga Surabaya Jadi Pebisnis. Retrieved from htttps://m.detik.com/news/berita-jawa-timur/
JatimNewsroom. (2018). Sektor Koperasi dan UMKM di Jatim Terbukti Mampu Dorong Perekonomian. Retrieved November 2, 2019, from https://jatimprov.go.id/
Jayani, D. H. (2019). Fintech P2P Lending dan Pembayaran Tumbuh Paling Pesat. Retrieved October 15, 2019, from https://databoks.katadata.co.id/
Kahneman, D., & Tversky, A. (1992). Kumulative Prospect Theory. Journal of Risk and Uncertainty, 35(6), 331334. https://doi.org/10.15358/0340-1650-2006-6-331
Kominfo. (2019). UMKM Go Online, Upaya Wujudkan Visi œDigital Energy of Asia. Retrieved from https://www.kominfo.go.id/content/detail/
Luky, M. R. (2016). Minat Berinvestasi Di Pasar Modal: Aplikasi Theory Planned Behaviour Serta Persepsi Berinvestasi Di Kalangan Mahasiswa. Jurnal Ilmiah Mahasiswa FEB, 4(2), 5362. https://doi.org/10.1007/s00132-012-1917-8
Mahastanti, L. A., & Hariady, E. (2014). Determining the factors which affect the stock investment decisions of potential female investors in Indonesia. International Journal of Process Management and Benchmarking, 4(2), 186197. https://doi.org/10.1504/IJPMB.2014.060407
Mahyarni. (2013). Theory of Reasoned Action dan Theory of Planned Behavior (Sebuah Kajian Historis tentang Perilaku). Jurnal El-Riyasah, 4(1), 1323. https://doi.org/10.24014/jel.v4i1.17
OJK. (2019). Direktori Fintech per Juni 2019. Retrieved from https://www.ojk.go.id/id/kanal/iknb/data-dan-statistik/direktori/fintech/Pages/Direktori-Fintech-(Peer-To-Peer-Lending)-per-Juni-2018.aspx
Paramita, R. S., Isbanah, Y., Kusumaningrum, T. M., Musdholifah, M., & Hartono, U. (2018). Young investor behavior: implementation theory of planned behavior. International Journal of Civil Engineering and Technology, 9(7), 733746.
Phan, C. K., & Zhou, J. (2014). Factors Influencing Individual Investors Behavior: An Empirical Study of the Vietnamese Stock Market. American Journal of Business and Management, 3(2), 7794. https://doi.org/10.11634/216796061403527
Pradikasari, E., & Isbanah, Y. (2018). Pengaruh financial literacy, illusion of control, overconfidence, risk tolerance, dan risk perception terhadap keputusan investasi pada mahasiswa di kota surabaya. Jurnal Ilmu Manajemen, 6, 424434.
Putra, I. P. S., Ananingtiyas, H., Sari, D. R., Dewi, A. S., & Silvy, M. (2016). experienced regret , dan risk tolerance pada pemilihan jenis investasi. Journal of Business and Banking, 5, 271282. https://doi.org/10.14414/jbb.v5i2.548
Putri, F. K., Hakim, M. S., & Bramanti, G. W. (2017). Pengaruh Faktor Kepribadian Terhadap Toleransi Risiko Keputusan Investasi Saham. Jurnal Seni Dan Sains ITS, 06. https://doi.org/10.12962/j23373520.v6i1.21318
Rahmawati, N., & Maslichah. (2018). Minat Berinvestasi Di Pasar Modal: Aplikasi Theory Planned Behaviour Serta Persepsi Berinvestasi Di Kalangan Mahasiswa. Jurnal Ilmiah Riset Akuntansi, 07, 4154.
Raut, R. K., Das, N., & Kumar, R. (2018). Extending the theory of planned behaviour: Impact of past behavioural biases on the investment decision of Indian investors. Asian Journal of Business and Accounting, 11(1), 265292. https://doi.org/10.22452/ajba.vol11no1.9
Seni, N. N. A., & Ratnadi, N. M. D. (2017). Theory of Planned Behavior Untuk Memprediksi Niat Berinvestasi. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 12, 4043. https://doi.org/10.24843/eeb.2017.v06.i12.p01
Sondari, C. M., & Sudarsono, R. (2015). Using Theory of Planned Behavior in Predicting Intention to Invest¯: Case of Indonesia. International Academic Research Journal of Business and Technology, 137141. https://doi.org/10.2991/gcbme-16.2016.118
Syarizka, D. (2019). Kontribusi UMKM terhadap PDB 2019 Doproyeksi Tumbuh 5%. Retrieved September 20, 2011, from https://ekonomi.bisnis.com/
Tandelilin, E. (2001). Portofolio dan Investasi: Teori dan Aplikasi. Retrieved from https://books.google.co.id/books?id=YLORI8ul44kC&pg=PT539&dq=tandelilin+2001&hl=id&sa=X&ved=0ahUKEwiPqren9NHlAhUW6XMBHbkwDDwQ6AEIKTAA#v=onepage&q=tandelilin 2001&f=false
Tandio, T., & Widanaputra, A. (2016). Pengaruh Pelatihan Pasar Modal, Return, Persepsi Risiko, Gender, Dan Kemajuan Teknologi Pada Minat Investasi Mahasiswa. E-Jurnal Akuntansi, 16(3), 23162341.
Taufiqoh, E., Diana, N., & Junaidi. (2019). Pengaruh Norma Subjektif, Motivasi Investasi, Pengetahuan Investasi, Persepsi Return dan Literasi Keuangan Terhadap Minat Mahasiswa Berinvestasi Saham di Pasar Modal. Jurnal Ilmiah Riset Akuntansi, 08(01), 113.
Trenggana, A. F. M., & Kuswardhana, R. (2017). Pengaruh Informasi Produk, Risiko Investasi, Kepuasaan Investor dan Minat Mahasiswa Berinvestasi. Jurnal Sekretaris & Administrasi Bisnis, I(1), 817. https://doi.org/10.31104/jsab.v1i1.3
Walfajri, M. (2019). OJK Mensyaratkan Porsi Pinjaman ke UMKM 20% untuk Memperoleh Izin Usaha P2P Lending. Retrieved September 20, 2011, from https://amp-kontan-co-id.cdn.ampproject.org/
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2020-07-02
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Syarfi, S. M., & Asandimitra, N. (2020). Implementasi Theory of Planned Behavior dan Risk Tolerance terhadap Intensi Investasi Peer to Peer Lending. Jurnal Ilmu Manajemen, 8(3), 864–877. https://doi.org/10.26740/jim.v8n3.p864-877
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