PERAN SHARIA FINANCIAL LITERACY DALAM MEMODERASI HUBUNGAN ANTARA PERILAKU HERDING BEHAVIOR DAN RISK TOLERANCE TERHADAP KEPUTUSAN INVESTASI SAHAM SYARIAH PADA INVESTOR MUSLIM GEN Z DALAM PERSPEKTIF EKONOMI ISLAM (Studi Kasus Gen Z Kota Bandar Lampung)

ALVINDA, SUGIARTO (2026) PERAN SHARIA FINANCIAL LITERACY DALAM MEMODERASI HUBUNGAN ANTARA PERILAKU HERDING BEHAVIOR DAN RISK TOLERANCE TERHADAP KEPUTUSAN INVESTASI SAHAM SYARIAH PADA INVESTOR MUSLIM GEN Z DALAM PERSPEKTIF EKONOMI ISLAM (Studi Kasus Gen Z Kota Bandar Lampung). Diploma thesis, UIN RADEN INTAN LAMPUNG.

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Abstract

ABSTRAK Fenomena meningkatnya minat investasi di kalangan generasi Z mendorong perlunya pemahaman mendalam terhadap faktor-faktor yang mempengaruhi keputusan investasi, khususnya dalam konteks ekonomi Islam. Penelitian ini bertujuan untuk menganalisis pengaruh herding behavior dan risk tolerance terhadap keputusan investasi saham syariah di kalangan investor Muslim generasi Z di Kota Bandar Lampung, serta menguji peran sharia financial literacy sebagai variabel moderasi. Metode penelitian ini menggunakan pendekatan kuantitatif dengan teknik analisis data Structural Equation Modeling (SEM) berbasis Partial Least Square (PLS), dengan jumlah sampel sebanyak 100 responden. Hasil penelitian menunjukkan bahwa herding behavior berpengaruh positif dan signifikan terhadap keputusan investasi, yang mencerminkan kecenderungan generasi Z untuk mengikuti keputusan kelompok dalam situasi ketidakpastian. Selain itu, risk tolerance juga terbukti berpengaruh positif dan signifikan terhadap keputusan investasi, di mana semakin tinggi toleransi risiko, semakin besar kecenderungan untuk mengambil keputusan investasi. Namun, sharia financial literacy tidak mampu memoderasi pengaruh herding behavior terhadap keputusan investasi. Sebaliknya, sharia financial literacy terbukti memperkuat pengaruh risk tolerance terhadap keputusan investasi, menegaskan perannya dalam membentuk keputusan yang lebih rasional dan sesuai dengan prinsip-prinsip syariah. Penelitian ini memberikan kontribusi dalam pengembangan literasi keuangan syariah dan pengambilan keputusan investasi yang lebih bijak pada generasi muda Muslim. Temuan ini juga memberikan dasar penting bagi pengambil kebijakan dan pelaku industri keuangan syariah dalam merancang edukasi dan strategi pemasaran yang lebih tepat sasaran. Kata Kunci: Herding behavior, risk tolerance, sharia financial literacy, keputusan investasi, generasi Z, investasi syariah. ABSTRACT The phenomenon of increasing investment interest among Generation Z encourages the need for a deep understanding of the factors that influence investment decisions, especially in the context of Islamic economics. This study aims to analyze the influence of herding behavior and risk tolerance on sharia stock investment decisions among Generation Z Muslim investors in Bandar Lampung City, as well as to examine the role of sharia financial literacy as a moderating variable. The research method used a quantitative approach with Structural Equation Modeling (SEM) data analysis techniques based on Partial Least Square (PLS), with a sample size of 100 respondents. The results of the study indicate that herding behavior has a positive and significant influence on investment decisions, reflecting the tendency of Generation Z to follow group decisions in uncertain situations. Additionally, risk tolerance was also found to have a positive and significant influence on investment decisions, where higher risk tolerance leads to a greater tendency to make investment decisions. However, sharia financial literacy was unable to moderate the influence of herding behavior on investment decisions. Conversely, sharia financial literacy was found to strengthen the influence of risk tolerance on investment decisions, affirming its role in shaping more rational decisions aligned with sharia principles. This study contributes to the development of sharia financial literacy and wiser investment decision-making among young Muslims. These findings also provide an important foundation for policymakers and sharia financial industry players in designing more targeted education and marketing strategies. Keywords: Herding behavior, risk tolerance, sharia financial literacy, investment decisions, Generation Z, sharia investment.

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