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Behavioral Finance in Sharia Investment: An Empirical Study on Indonesian Millennials

Journal of Islamic Economics and Business · Vol. 4 No. 2 (2025) · hlm. 294–314

DOI
10.15575/jieb.v4i2.46872
ISSN
2798-4834, 2798-8562
Terbit
2025-06-24
Penerbit
Fakultas Ekonomi dan Bisnis Islam
Bahasa
eng
Lisensi
creativecommons.org/licenses/by-sa/4.0

Abstrak

The increasing participation of millennials in Indonesia’s Islamic financial markets underscores the importance of understanding the behavioral factors that influence their investment decisions. This study aims to analyze the impact of behavioral biases specifically representativeness, overconfidence, and herding on Sharia-compliant investment behavior among millennial investors. Despite the growing relevance of behavioral finance, empirical research on cognitive biases in Islamic investments remains limited, particularly in emerging economies. This study fills that gap by employing Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine data collected from 300 millennial users of the Bibit Sharia investment platform in West Java. The findings reveal that overconfidence (β = 0.235, p 0.05). These results highlight the critical role of self-confidence and social influence in shaping millennial Sharia investment behavior. The study recommends enhancing targeted financial literacy programs that address behavioral biases and promote ethical, independent decision-making among young Muslim investors. Future research is encouraged to include broader regional samples and explore additional behavioral factors within Islamic financial contexts.

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25 penulis · 59 tautan kepenulisan bersama · 10 lintas organisasi

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  • Indonesia University of Education
  • Sultan Zainal Abidin University
  • Universitas 'Aisyiyah Bandung
  • Sunan Gunung Djati State Islamic University Bandung
  • Universitas Jambi
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Rekan penulisOrganisasiArtikel bersama
Elsa YulandriIndonesia University of Education2
Toni HeryanaIndonesia University of Education2
Wahyudayanto UtamaIndonesia University of Education2
Ikaputera WaspadaIndonesia University of Education2
NugrahaAfiliasi tidak diketahui1
DismanAfiliasi tidak diketahui1
Elva HerliantiIndonesia University of Education1
Yayat SupriyatnaIndonesia University of Education1
Rita SatriaIndonesia University of Education1
Disman DismanIndonesia University of Education1
Nugraha NugrahaIndonesia University of Education1
Budi PurnomoUniversitas Jambi1
Adi SopianSunan Gunung Djati State Islamic University Bandung1
Abdul RozakUniversitas 'Aisyiyah Bandung1
Minhajuddin MinhajuddinUniversitas 'Aisyiyah Bandung1
Dhenahi Jerfiani WendiyanaUniversitas 'Aisyiyah Bandung1
Wan Norhayate Wan DaudSultan Zainal Abidin University1
Syamsul Azri Abdul RahmanSultan Zainal Abidin University1
Safrul Izani Mohd. SallehSultan Zainal Abidin University1
Balogun Daud IsholaSultan Zainal Abidin University1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.uinsgd.ac.id/index.php/jieb/oai, pertama di-harvest 7 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en-US">Behavioral Finance in Sharia Investment:  An Empirical Study on Indonesian Millennials</dc:title>
	<dc:creator>Rozak, Abdul</dc:creator>
	<dc:creator>Rozak, Abdul</dc:creator>
	<dc:creator>Nugraha</dc:creator>
	<dc:creator>Sari, Maya</dc:creator>
	<dc:creator>Purnamasari, Imas</dc:creator>
	<dc:creator> Zainol, Fakhrul Anwar</dc:creator>
	<dc:subject xml:lang="en-US">Representativeness</dc:subject>
	<dc:subject xml:lang="en-US">Overconfidence</dc:subject>
	<dc:subject xml:lang="en-US">Herding</dc:subject>
	<dc:subject xml:lang="en-US">Investment Decisions</dc:subject>
	<dc:description xml:lang="en-US">The increasing participation of millennials in Indonesia’s Islamic financial markets underscores the importance of understanding the behavioral factors that influence their investment decisions. This study aims to analyze the impact of behavioral biases specifically representativeness, overconfidence, and herding on Sharia-compliant investment behavior among millennial investors. Despite the growing relevance of behavioral finance, empirical research on cognitive biases in Islamic investments remains limited, particularly in emerging economies. This study fills that gap by employing Structural Equation Modeling–Partial Least Squares (SEM-PLS) to examine data collected from 300 millennial users of the Bibit Sharia investment platform in West Java. The findings reveal that overconfidence (β = 0.235, p &amp;lt; 0.05) and herding (β = 0.198, p &amp;lt; 0.05) significantly influence investment decisions, whereas representativeness bias has no significant effect (p &amp;gt; 0.05). These results highlight the critical role of self-confidence and social influence in shaping millennial Sharia investment behavior. The study recommends enhancing targeted financial literacy programs that address behavioral biases and promote ethical, independent decision-making among young Muslim investors. Future research is encouraged to include broader regional samples and explore additional behavioral factors within Islamic financial contexts.</dc:description>
	<dc:publisher xml:lang="en-US">Fakultas Ekonomi dan Bisnis Islam</dc:publisher>
	<dc:date>2025-06-24</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uinsgd.ac.id/index.php/jieb/article/view/46872</dc:identifier>
	<dc:identifier>10.15575/jieb.v4i2.46872</dc:identifier>
	<dc:source xml:lang="en-US">Journal of Islamic Economics and Business; Vol. 4 No. 2 (2024): Journal of Islamic Economics and Business; 294-314</dc:source>
	<dc:source>2798-4834</dc:source>
	<dc:source>2798-8562</dc:source>
	<dc:source>10.15575/jieb.v4i2</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinsgd.ac.id/index.php/jieb/article/view/46872/14525</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2025 Abdul Rozak, Abdul Rozak, Nugraha, Maya Sari, Imas Purnamasari, Fakhrul Anwar  Zainol (Author)</dc:rights>
	<dc:rights xml:lang="en-US">https://creativecommons.org/licenses/by-sa/4.0</dc:rights>
</oai_dc:dc>