The influence of Financial Literacy, Regulation, Risk, and Rate of Return on Investor income growth through investment decisions : A case study of PT. Mirae Asset Sekuritas Indonesia

Asih, Vemy Suci (2025) The influence of Financial Literacy, Regulation, Risk, and Rate of Return on Investor income growth through investment decisions : A case study of PT. Mirae Asset Sekuritas Indonesia. Doktoral thesis, UIN Sunan Gunung Djati Bandung.

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Abstract

The expansion of Indonesia’s Sharia capital market is evidenced by the increasing number of Sharia-compliant stocks listed on the Indonesia Stock Exchange (IDX) and the growing investor base in this sector. Investment decision-making is contingent upon multiple factors that investors must meticulously evaluate before selecting a financial instrument. A well-informed investment choice can enhance an investor’s income level, whereas hasty and uninformed decisions may lead to financial losses, as reflected in cases of illegal investment schemes. This study aims to examine the impact of financial literacy, regulation, risk, and rate of return on investment decisions. Furthermore, it investigates the influence of investment decisions on investor income growth and explores whether investment decisions mediate the relationship between financial literacy, regulation, risk, and rate of return with investor income. This research is underpinned by two theoretical frameworks: Standard/ Traditional Finance Theory, which posits that investors act rationally and predictably within established financial norms, and Behavioral Finance Theory, which acknowledges the role of psychological factors in shaping individual and market-wide financial decisions. The integration of these theories facilitates a comprehensive analysis of the determinants influencing investment decision-making. A quantitative descriptive research design was employed, with a sample of 348 Sharia stock investors from PT. Mirae Asset Sekuritas Indonesia. The analysis involved data validity and reliability testing, discriminant validity assessment, structural equation modeling (SEM), determination coefficient analysis (R² test), hypothesis testing, and result interpretation. The findings reveal that financial literacy, risk, and rate of return significantly and positively influence investment decisions, while regulation does not exhibit a significant effect. Investment decisions positively contribute to investor income growth. Additionally, financial literacy, risk, and rate of return indirectly enhance investor income through investment decisions as a mediating variable, whereas regulation does not exert a mediating effect.

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