Pengaruh Norma Subjektif, Kemajuan Teknologi, Literasi Keuangan, dan Motivasi Investasi terhadap Minat Investasi Mahasiswa Akuntansi di Pasar Modal

Authors

  • Denis Adriansyah Universitas Tanjungpura
  • Vitriyan Espa Universitas Tanjungpura
  • Ayu Umyana Universitas Tanjungpura

DOI:

https://doi.org/10.35870/emt.v9i4.4853

Keywords:

Investment Interest, Subjective Norms, Technological Progress, Financial Literacy, Investment Motivation, Theory of Planned Behavior

Abstract

Investment interest is an important factor in shaping the financial behavior of the younger generation, especially accounting students who are expected to have good financial literacy. This study analyzes the influence of subjective norms, technological progress, financial literacy, and investment motivation on accounting students' investment interest in the capital market. This study uses a causal associative quantitative approach with primary data from 90 undergraduate accounting students at Tanjungpura University selected through purposive sampling. The analysis was conducted using multiple linear regression. The results showed that all four variables simultaneously had a significant effect on investment interest Fcount = 23.037 p < 0.001, R² = 0.52. However, partially, only financial literacy and investment motivation had a significant effect, while subjective norms and technological progress did not. These findings enrich the development of the Theory of Planned Behavior in the context of student investment decision-making. The practical implications of this study demonstrate the importance of strengthening financial literacy and investment motivation to increase student participation in the capital market.

Downloads

Download data is not yet available.

Author Biographies

  • Denis Adriansyah, Universitas Tanjungpura

    Universitas Tanjungpura, Kota Pontianak, Provinsi Kalimantan Barat, Indonesia.

  • Vitriyan Espa, Universitas Tanjungpura

    Universitas Tanjungpura, Kota Pontianak, Provinsi Kalimantan Barat, Indonesia.

  • Ayu Umyana, Universitas Tanjungpura

    Universitas Tanjungpura, Kota Pontianak, Provinsi Kalimantan Barat, Indonesia.

References

Achmat, Z. (2010). Theory of planned behavior, masihkah relevan. Jurnal Universitas Sumatera Utara, 23(2), 1-20.

Anwar, R. M., Wijaya, H., Tampubolon, L. D., Amelinda, R., & Oktavini, E. (2023). Pengaruh Sikap terhadap Perilaku, Norma Subjektif, dan Literasi Keuangan terhadap Keinginan Berinvestasi pada Generasi Milenial. Primanomics: Jurnal Ekonomi & Bisnis, 21(2), 11-25. https://doi.org/10.31253/pe.v21i2.1818.

Auwidad, R., & Sujatmika, S. (2025). Pengaruh Literasi Keuangan, Pengetahuan Investasi, dan Kemajuan Teknologi Terhadap Minat Investasi Mahasiswa pada Pasar Modal. Innovative: Journal Of Social Science Research, 5(1), 1308-1322. https://doi.org/10.31004/innovative.v5i1.17284.

Bagozzi, R. P. (1981). Attitudes, intentions, and behavior: A test of some key hypotheses. Journal of personality and social psychology, 41(4), 607. https://psycnet.apa.org/doi/10.1037/0022-3514.41.4.607.

Bangun, V. L. (2020). Pengaruh Literasi Keuangan, Persepsi Risiko dan Overconfidence terhadap Keputusan Investasi (Studi Kasus pada Generasi Milenial di Yogyakarta).

Biri, M. M. B., & Hidayati, A. N. (2023). Implementasi theory planned behaviour dalam mengukur minat investasi di pasar modal syariah. Finansha: Journal of Sharia Financial Management, 4(1), 65–79. https://doi.org/10.15575/fjsfm.v4i1.26396.

Darmawan, A., Kurnia, K., & Rejeki, S. (2019). Pengetahuan investasi, motivasi investasi, literasi keuangan, dan lingkungan keluarga pengaruhnya terhadap minat investasi di pasar modal. Jurnal Ilmiah Akuntansi Dan Keuangan, 1–13.

Dewi, L. P. S., & Gayatri. (2021). Determinan yang berpengaruh pada minat investasi di pasar modal. E-Jurnal Akuntansi, 31(5), 1082. https://doi.org/10.24843/eja.2021.v31.i05.p02.

Farros Dhana Rahardian, F. D. R., Ngurah Pandji Mertha Agung Durya, & Purwantoro. (2024). Pengaruh kemajuan teknologi informasi dan pengetahuan investasi terhadap minat investasi generasi milenial di pasar modal (studi mahasiswa Fakultas Ekonomi Bisnis Universitas Dian Nuswantoro Semarang). JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 10(6), 3372–3383. https://doi.org/10.35870/jemsi.v10i6.3395.

Firdaus, R. A., & Ifrochah, N. (2022). Pengaruh pengetahuan investasi dan motivasi investasi terhadap minat investasi mahasiswa Politeknik Keuangan Negara Stan di pasar modal. 2, 1–13.

Hasanah, F., Wahyuningtyas, E. T., & Susesti, D. A. (2022). Dampak motivasi investasi, persepsi risiko, literasi dan efikasi keuangan terhadap minat mahasiswa berinvestasi di pasar modal. Jurnal Akuntansi AKUNESA, 10(2), 57–66.

Hasibuan, C. R. B., Sipahutar, T. T. U., Simbolon, E. C., & Manurung, R. (2023). Pengaruh pengetahuan pasar modal, motivasi, return investasi dan resiko terhadap minat investasi di pasar modal. Owner, 7(4), 3601–3609. https://doi.org/10.33395/owner.v7i4.1671.

Indrayani. (2023). Pengaruh pengetahuan investasi dan motivasi investasi terhadap minat investasi di pasar modal. Journal of Trends Economics and Accounting Research, 3(3), 328–333. https://doi.org/10.47065/jtear.v3i3.577.

Patel, P., & Nayak, K. (2023). A study of financial behavior based on theory planned behavior. ShodhKosh: Journal of Visual and Performing Arts, 4(2). https://doi.org/10.29121/shodhkosh.v4.i2.2023.2924.

Salisa, N. R. (2020). Faktor yang mempengaruhi minat investasi di pasar modal: pendekatan theory of planned behaviour (TPB). Jurnal Akuntansi Indonesia, 9(2), 182–194.

Santoso, V. D., & Sasongko, N. (2024). Pengaruh motivasi investasi, pengetahuan investasi, dan media sosial terhadap minat investasi pasar modal pada mahasiswa. Jurnal EMT KITA, 8(3), 1182–1192. https://doi.org/10.35870/emt.v8i3.2913.

Sita Dewi, L. P., & Gayatri, G. (2021). Determinan yang berpengaruh pada minat investasi di pasar modal. E-Jurnal Akuntansi, 31(5), 1082. https://doi.org/10.24843/eja.2021.v31.i05.p02.

Susanto, I., & Djajanti, A. (2022). Pengaruh norma subjektif, pengetahuan laporan keuangan, dan literasi finansial terhadap minat investasi pada mahasiswa. Jurnal Riset Perbankan, Manajemen Dan Akuntansi, 5(2), 123–132.

Tandio, T., & Widanaputra, A. A. G. P. (2016). Pengaruh pelatihan pasar modal, return, persepsi risiko, gender, dan kemajuan teknologi pada minat investasi mahasiswa. E-Jurnal Akuntansi Universitas Udayana, 1–26.

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 (studi empiris pada mahasiswa Akuntansi FEB UNISMA dan UNIBRAW di Malang). E-Jurnal Ilmiah Riset Akuntansi, 1–11.

Ulfa, S. M., & Suarmanayasa, I. N. (2023). Pengaruh norma subjektif, return, risiko, dan pengetahuan investasi terhadap minat investasi di pasar modal pada mahasiswa Fakultas Ekonomi Undiksha. Jurnal Manajemen Dan Bisnis, 5(1), 1–9.

Wati, Y. A., & Effendy, L. (2023). Determinan minat investasi saham mahasiswa Akuntansi selama pandemi covid-19. Jurnal Akuntansi Dan Keuangan Kontemporer (JAKK), 6(2), 1–15.

Yuliani, W., Usman, S., & Sudarwadi, D. (2020). Analisa Minat Investasi Pasar Modal Pada Mahasiswa Feb Di Universitas Papua. Nominal: Barometer Riset Akuntansi Dan Manajemen, 9(2), 150-167.

Downloads

Published

2025-10-01

Issue

Vol. 9 No. 4 (2025): OCTOBER 2025

Section

Articles

License

Copyright (c) 2025 Denis Adriansyah, Vitriyan Espa, Ayu Umyana

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Authors who publish with this journal agree to the following terms:

1. Copyright Retention and Open Access License

Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).

This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

2. Rights Granted Under CC BY 4.0

Under this license, readers are free to:

  • Share — copy and redistribute the material in any medium or format
  • Adapt — remix, transform, and build upon the material for any purpose, including commercial use
  • No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed

3. Attribution Requirements

All uses must include:

  • Proper citation of the original work
  • Link to the Creative Commons license
  • Indication if changes were made to the original work
  • No suggestion that the licensor endorses the user or their use

4. Additional Distribution Rights

Authors may:

  • Deposit the published version in institutional repositories
  • Share through academic social networks
  • Include in books, monographs, or other publications
  • Post on personal or institutional websites

Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.

5. Self-Archiving and Pre-Print Sharing

Authors are encouraged to:

  • Share pre-prints and post-prints online
  • Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
  • Engage in scholarly communication throughout the publication process

6. Open Access Commitment

This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.

How to Cite

Adriansyah, D., Espa, V., & Umyana, A. (2025). Pengaruh Norma Subjektif, Kemajuan Teknologi, Literasi Keuangan, dan Motivasi Investasi terhadap Minat Investasi Mahasiswa Akuntansi di Pasar Modal. Jurnal EMT KITA, 9(4), 1738-1749. https://doi.org/10.35870/emt.v9i4.4853