Stock Investment Decisions: the Role of Attitudes, Social Pressure, Financial Control Beliefs, and Investment Intentions

Jati Handarukmi; Kesi Widjajanti; Dian Indudewi

doi:10.30640/jmcbus.v4i4.7531

Authors

Jati Handarukmi Universitas Semarang
Kesi Widjajanti Universitas Semarang
Dian Indudewi Universitas Semarang

DOI:

https://doi.org/10.30640/jmcbus.v4i4.7531

Keywords:

Financial Self-Efficacy, Investment Intention, Social Pressure, Stock Investment Decision, Theory of Planned Behavior

Abstract

This study aims to analyze the influence of attitudes, social pressure, and financial self-efficacy on stock investment decisions, with investment intention serving as a mediating variable. The study employs a quantitative approach using a survey method targeting individual stock investors in Semarang. The sampling technique used was purposive sampling, with a total of 150 investors as respondents. Data were collected via a questionnaire and analyzed using Structural Equation Modeling (SEM) with IBM SPSS AMOS. The results show that social pressure and financial control beliefs have a positive and significant effect on investment intention, while attitude does not have a significant effect on investment intention. Furthermore, investment intention was found to have a positive and significant effect on stock investment decisions. Meanwhile, attitudes, social pressure, and beliefs about financial control do not have a direct effect on stock investment decisions. The results of the mediation test show that investment intention mediates the effects of social pressure and beliefs about financial control on stock investment decisions, but does not mediate the effect of attitudes on stock investment decisions. The findings of this study provide partial support for the Theory of Planned Behavior (TPB), which suggests that stock investment decisions are more influenced by social factors and self-efficacy beliefs that shape investment intention than by individual attitudes toward stock investment. This study has implications for securities firms, capital market regulators, and the investor community to improve investment education and financial management skills in order to encourage public participation in the capital market.

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