PENGARUH PEMUNGUTAN PAJAK TRANSAKSI DAN SOCIAL INFLUENCE TERHADAP NIAT BERINVESTASI CRYPTOCURRENCY: LITERASI KEUANGAN SEBAGAI MODERASI

Walter Jesus Dos Santos, Yoosita Aulia

Abstract


Penelitian ini bertujuan untuk menganalisis pengaruh pajak transaksi dan social influence terhadap niat berinvestasi cryptocurrency dengan literasi keuangan sebagai variabel moderasi. Penelitian menggunakan pendekatan kuantitatif dengan metode survei. Sampel penelitian berjumlah 153 responden yang dipilih menggunakan teknik purposive sampling, yaitu individu yang berusia minimal 18 tahun, mengetahui kebijakan pajak atas transaksi cryptocurrency, serta memiliki ketertarikan atau pengalaman berinvestasi cryptocurrency. Data dikumpulkan melalui penyebaran kuesioner secara daring menggunakan skala Likert empat poin dan dianalisis menggunakan Structural Equation Modeling-Partial Least Squares (SEM-PLS) dengan bantuan SmartPLS. Hasil penelitian menunjukkan bahwa pajak transaksi, social influence, dan literasi keuangan berpengaruh positif dan signifikan terhadap niat berinvestasi cryptocurrency. Selain itu, literasi keuangan terbukti memoderasi pengaruh pajak transaksi terhadap niat berinvestasi, yang menunjukkan bahwa individu dengan literasi keuangan yang lebih baik cenderung lebih rasional dalam menyikapi kebijakan perpajakan ketika mengambil keputusan investasi. Namun, literasi keuangan tidak mampu memoderasi pengaruh social influence terhadap niat berinvestasi cryptocurrency. Temuan penelitian ini memberikan implikasi bahwa peningkatan literasi keuangan dan pemahaman mengenai regulasi perpajakan aset kripto penting untuk mendorong keputusan investasi yang lebih rasional. Hasil penelitian ini diharapkan dapat menjadi masukan bagi pemerintah, regulator, pelaku industri aset kripto, serta investor dalam mengembangkan ekosistem investasi cryptocurrency yang lebih sehat dan berkelanjutan.

Keywords


Pajak Transaksi; Social Influence; Literasi Keuangan; Niat Berinvestasi; Cryptocurrency.

Full Text:

PDF

References


Almeida, J., & Gonçalves, T. C. (2022). A Systematic Literature Review of Volatility and Risk

Management on Cryptocurrency Investment: A Methodological Point of View. In Risks (Vol.

, Number 5). https://doi.org/10.3390/risks10050107

Alzyoud, S., Alshurafat, H., & Khatatbeh, I. N. (2025). Understanding cryptocurrency investment

behaviour in Jordan: an examination of motivational drivers through the lens of the UTAUT2

model. Studies in Economics and Finance, 42(1). https://doi.org/10.1108/SEF-02-2024

Cui, J., Gao, L., & Wang, Y. (2024). The Impact of Cryptocurrency Exposure on Corporate Tax

Avoidance Among US Listed Companies. Journal of Risk and Financial Management, 17(11).

https://doi.org/10.3390/jrfm17110488

Danurwenda, R., & Suhartini, D. (2024). Pengambilan Keputusan Investasi Cryptocurrency pada

Generasi Z. Jurnal E-Bis, 8(2). https://doi.org/10.37339/e-bis.v8i2.1792

Hair, J., & Alamer, A. (2022). Partial Least Squares Structural Equation Modeling (PLS-SEM) in

second language and education research: Guidelines using an applied example. Research

Methods in Applied Linguistics, 1(3). https://doi.org/10.1016/j.rmal.2022.100027

Hair, J. F., & Sabol, M. A. (2025). Partial Least Squares Structural Equation Modeling (PLS-SEM):

A Rapidly Emerging SEM Alternative. In International Encyclopedia of Statistical Science.

https://doi.org/10.1007/978-3-662-69359-9_466

Handoko, B. L., Warganegara, D. L., Sundjaja, A. M., & Hendriana, E. (2026). Psychological Traits,

Social Influence, and Behavioural Bias in Cryptocurrency Investment Decisions: An SOR

Based Mediation Model. Journal of Risk and Financial Management, 19(5), 343.

https://doi.org/10.3390/jrfm19050343

Harahap, S., Thoyib, A., Sumiati, S., & Djazuli, A. (2022). The Impact of Financial Literacy on

Retirement Planning with Serial Mediation of Financial Risk Tolerance and Saving Behavior:

Evidence of Medium Entrepreneurs in Indonesia. International Journal of Financial Studies,

(3). https://doi.org/10.3390/ijfs10030066

Hartono, S., & Budiarsih, R. (2022). Potensi Kesuksesan Penerapan Pajak Penghasilan Terhadap

Transaksi Aset Kripto Di Indonesia. Jurnal Pajak Dan Keuangan Negara (PKN), 4(1).

https://doi.org/10.31092/jpkn.v4i1.1740

Hassan, N. C., Rahman, A. A., Amin, S. I. M., & Hamid, S. N. A. (2023). Investment Intention and

Decision Making : A Systematic Literature Review and Future Research Agenda. Sustainability

(Switzerland), 15.

Hemsworth, D., Muterera, J., Khorakian, A., & Garcia-Rivera, B. R. (2026). Exploring the Theory of

Employee Planned Behavior: Job Satisfaction as a Key to Organizational Performance.

Psychological Reports, 129(2). https://doi.org/10.1177/00332941241252784

Hoque, M. E., Soo-Wah, L., & Haque, M. M. (2026). The moderating role of financial literacy on the

nexus of financial information sources and risky investment behavior: is it contingent on

financial interest and risk tolerance level? Financial Innovation, 12(1), 50.

https://doi.org/10.1186/s40854-025-00839-z

Junaidi, M. I. S., & Adawiyah, R. (2026). Patterns of Digital Interaction Through TikTok Reposting

and Its Relationship with the Emotional State of Generation Z. Synergy: Journal of

Communication and Media, 2(1), 20–32.

Katnic, I., Katnic, M., Orlandic, M., Radunovic, M., & Mugosa, I. (2024). Understanding the Role of

Financial Literacy in Enhancing Economic Stability and Resilience in Montenegro: A Data

Driven

Approach.

Sustainability

https://doi.org/10.3390/su162411065

(Switzerland),

(24).

Lone, U. M., & Bhat, S. A. (2024). Impact of financial literacy on financial well-being: a mediational

role of financial self-efficacy. Journal of Financial Services Marketing, 29(1).

https://doi.org/10.1057/s41264-022-00183-8

Menyeh, B. O., & Acheampong, T. (2024). Crowdfunding renewable energy investments: Investor

perceptions and decision-making factors in an emerging market. Energy Research and Social

Science, 114. https://doi.org/10.1016/j.erss.2024.103602

Merter, A. K., & Balcıoğlu, Y. S. (2025). Financial literacy and decision-making: The impact of

knowledge

gaps

on

financial

outcomes.

https://doi.org/10.1016/j.bir.2025.07.010

Borsa

Istanbul

Review,

Muharni, D., & Rahayu, R. (2023). Faktor – Faktor yang Mempengaruhi Niat Investasi

Cryptocurrency dengan Literasi Keuangan dan Literasi Keuangan Digital sebagai Variabel

Moderasi. Syntax Literate ; Jurnal Ilmiah Indonesia, 8(6). https://doi.org/10.36418/syntax

literate.v8i6.12704

Ong, A. K. S., Mendoza, M. C. O., Ponce, J. R. R., Bernardo, K. T. A., Tolentino, S. A. M., Diaz, J.

F. T., & Young, M. N. (2024). Analysis of investment behavior among Filipinos: Integration

of Social exchange theory (SET) and the Theory of planned behavior (TPB). Physica A:

Statistical

Mechanics

and

https://doi.org/10.1016/j.physa.2024.130162

Its

Applications,

Saputra, N. W., & Sari, R. P. (2026). Pengaruh Pajak Cryptocurrency Terhadap Keputusan Investasi

dengan Moderasi Literasi Keuangan. Owner : Riset Dan Jurnal Akuntansi, 10(3), 2409–2422.

https://doi.org/https://doi.org/10.33395/owner.v10i3.3539

Shah, S. S., & Asghar, Z. (2023). Dynamics of social influence on consumption choices: A social

network representation. Heliyon, 9(6). https://doi.org/10.1016/j.heliyon.2023.e17146

Singh, A., Mukherjee, A., Kumar, S., & Goel, U. (2026). Financial literacy as a driver of investment

intentions: a study using the theory of planned behaviour. Property Management, 1–20.

https://doi.org/10.1108/PM-11-2025-0163

Sjahruddin, H., Nugroho, A. P., Litamahuputty, J. V., & Agustina, W. (2023). Theory Of Planed

Behavior Terhadap Niat Investasi Dengan Literasi Keuangan Sebagai Moderasi. Jurnal Ilmiah

Edunomika, 07(2).

Sobaih, A. E. E., & Elshaer, I. A. (2023). Risk-Taking, Financial Knowledge, and Risky Investment

Intention: Expanding Theory of Planned Behavior Using a Moderating-Mediating Model.

Mathematics, 11(2). https://doi.org/10.3390/math11020453

Song, C. L., Pan, D., Ayub, A., & Cai, B. (2023). The Interplay Between Financial Literacy, Financial

Risk Tolerance, and Financial Behaviour: The Moderator Effect of Emotional Intelligence.

Psychology

Research

and

https://doi.org/10.2147/PRBM.S398450

Behavior

Management,

Suryanti, M. N., & Prasetyo, T. U. (2026). Peran Literasi Keuangan Digital, Persepsi Kemudahan,

dan Promosi Cashback dalam Penggunaan Gopay. Cakrawangsa Bisnis: Jurnal Ilmiah

Mahasiswa, 7(1), 1–10. https://doi.org/https://doi.org/10.35917/cb.v7i1.676

Taufiqullah, T., Ahmad, N., & Sholihin, Q. (2026). Kepastian Hukum Dan Kepatuhan Wajib Pajak

Dalam Penerapan Pajak Atas Transaksi Aset Kripto Di Indonesia Pasca PMK NOMOR

/PMK.03/2022.

YUSTISI,

(1),

https://doi.org/https://doi.org/10.32832/yustisi.v13i1.22874

–140.

Tobing, C. C., & Marlina, M. A. E. (2026). Social Media and Digital Literacy on Cryptocurrency Trust:

The Moderating Role of Financial Literacy. E-Jurnal Akuntansi, 36(1), 239–252.

https://doi.org/10.24843/EJA.2026.v36.i01.p18

Wardani, D. K., & Pesirahu, E. V. (2023). Pengaruh Pemungutan Pajak atas Transaksi

Cryptocurrency dan Literasi Keuangan terhadap Niat Berinvestasi pada Cryptocurrency.

Jurnal Informatika Ekonomi Bisnis. https://doi.org/10.37034/infeb.v5i1.243

Yanti, M. A., Sah, I. N., Afiyah, J., Ramadhana, M. Y., & Violita, C. E. (2026). The Impact of Chatbot

Features in E-Commerce on User Experience: A Case Study of Shopee Users. Synergy:

Journal of Business, Finance and Management, 2(1), 1–9.

Yulandreano, E., & Rita, M. R. (2023). Investment Decisions on the Crowdfunding Platform Based

on the Theory of Planned Behavior. Jurnal Manajemen Bisnis, 14(1).

https://doi.org/10.18196/mb.v14i1.16494




DOI: https://doi.org/10.37479/jimb.v9i2.41330

Refbacks

  • There are currently no refbacks.


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

Alamat Redaksi:

Fakultas Ekonomi Universitas Negeri Gorontalo

Jalan Jenderal Sudirman No. 6 Kota Gorontalo