Pengaruh Modal Investasi Minimal, Pengetahuan Investasi, Dan Motivasi Terhadap Keputusan Berinvestasi Saham Mahasiswa Di Kota Medan

Nur Habibah Angkat; Muhammad Yafiz; Aqwa Naser Daulay

doi:10.37479/jeej.v8i4.40578

Pengaruh Modal Investasi Minimal, Pengetahuan Investasi, Dan Motivasi Terhadap Keputusan Berinvestasi Saham Mahasiswa Di Kota Medan

Nur Habibah Angkat, Muhammad Yafiz, Aqwa Naser Daulay

Abstract

This study aims to analyze the influence of minimum investment capital, investment knowledge, and motivation on stock investment decisions among college students in Medan. The study employed a quantitative approach with an explanatory research design and a cross-sectional study design. Primary data were collected via a five-point Likert scale questionnaire from 100 active college students at various universities in Medan using purposive sampling, and then analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results indicate that the minimum investment capital does not have a significant effect on investment decisions (t = 0.248; p = 0.804). Conversely, investment knowledge has a positive and significant effect and is the most dominant variable (β = 0.590; t = 5.474; p < 0.001), while motivation has a positive and significant effect (β = 0.241; t = 2.070; p = 0.039). Collectively, these three variables account for 62.9% of the variation in students’ investment decisions (R² = 0.629). These findings indicate that cognitive and psychological factors play a greater role in students’ stock investment decisions than the amount of initial capital. The novelty of this study lies in the testing of these three factors against students’ actual investment decisions in Medan and the finding that investment knowledge is the dominant factor, while minimal investment capital was not found to be significant. These results underscore the importance of strengthening practical investment knowledge and investment motivation in driving students’ investment decisions.

Keywords

Minimum Investment Capital, Investment Knowledge; Investment Motivation; ; Investment Decision; PLS-SEM.

Full Text:

PDF

References

Adiningtyas, S., & Hakim, L. (2022). Pengaruh Pengetahuan Investasi, Motivasi, Dan Uang Saku Terhadap Minat Mahasiswa Berinvestasi Di Pasar Modal Syariah Dengan Risiko Investasi Sebagai Variabel Intervening. Jurnal Ilmiah Ekonomi Islam, 8(01), 474–482.

Ajzen, I. (1991). The Theory Of Planned Behavior. Organizational Behavior And Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T

Amrul, R., & Wardah, S. (2020). Pengaruh Modal Minimal , Pengetahuan Investasi , Dan Motivasi Terhadap Minat Berinvestasi Mahasiswa Di Pasar Modal. Jurnal Bisnis, Manajemen, Dan Akuntansi, 7(1), 55–68.

Becker, G. S. (1964). Human Capital: A Theoretical And Empirical Analysis, With Special Reference To Education. University Of Chicago Press.

Burhanudin, H., Putra, S. B. M., & Hidayati, S. A. (2021). Pengaruh Pengetahuan Investasi, Manfaat Investasi, Motivasi Investasi, Modal Minimal Investasi Dan Return Investasi Terhadap Minat Investasi Di Pasar Modal (Studi Pada Mahasiswa Fakultas Ekonomi Dan Bisnis Universitas Mataram). Distribusi: Journal Of Management And Business, 9(1), 15–28. https://doi.org/10.29303/distribusi.v9i1.137

Fitriasuri, F., & Simanjuntak, R. M. A. (2022). Pengaruh Pengetahuan Investasi, Manfaat Motivasi, Dan Modal Minimal Investasi Terhadap Keputusan Investasi Di Pasar Modal. Owner: Riset Dan Jurnal Akuntansi, 6(4), 3333–3343.

Ghozali, I. (2013). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 21 Update PLS Regresi. Badan Penerbit Universitas Diponegoro.

Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When To Use And How To Report The Results Of PLS-SEM. European Business Review, 31(1), 2–24.

Herzberg, F., Mausner, B., & Snyderman, B. (1959). The Motivation To Work (J. W. & Sons (Ed.); 2nd Ed.).

Isticharoh, I., & Kardoyo, K. (2020). Minat Investasi Diprediksi Dari Motivasi Diri, Pengetahuan Investasi, Dan Teknologi Media Sosial. Economic Education Analysis Journal, 9(3), 892–906. https://doi.org/10.15294/eeaj.v9i3.42414

Kartika, D., Fitriyaningsih, F., Lolla, R. A., Sari, A. N., & Pujia, D. P. (2024). Pengaruh Pengetahuan Investasi Terhadap Minat Berinvestasi Mahasiswa. Jurnal Pendidikan Tambusai, 8(1), 1452–1460.

Kurniawan, A. (2024). The Role Of Financial Knowledge In Shaping Individual Investment Decisions. Journal Of Economic Development, 12(1), 45–56.

Kustodian Sentral Efek Indonesia (KSEI). (2025). Statistik Pasar Modal Indonesia. https://www.ksei.co.id

Larasati, R. K., & Yudiantoro, D. (2022). Pengaruh Literasi Keuangan, Kemajuan Teknologi Informasi, Dan Modal Minimal Terhadap Minat Investasi Pasar Modal (Studi Pada Mahasiswa Manajemen Keuangan Syariah UIN Sayyid Ali Rahmatullah Tulungagung). Jurnal Investasi, 8(2), 55–65.

Lubis, A. S., Prayoga, F. A., & Nurbaiti, N. (2025). Analisis Data Pengeluaran Mahasiswa Di Uinsu Untuk Meningkatkan Perencanaan Keuangan. Maeswara: Jurnal Riset Ilmu Manajemen Dan Kewirausahaan, 3(3), 211–222.

Lupita, R., & Zoraya, I. (2023). Pengaruh Pengetahuan, Modal Berinvestasi Awal Dan Persepsi Risiko Terhadap Keputusan Investasi Generasi Milenial Kota Bengkulu Di Pasar Modal (Studi Kasus Pada Mahasiswa Universitas Bengkulu. Jurnal Manajemen Terapan Dan Keuangan (Mankeu), 12(4), 983–995.

Masrifah, M., Fujilestari, E., & Widyani, P. (2022). Pengaruh Modal Minimal Dan Motivasi Investasi Terhadap Minat Berinvestasi Mahasiswa Di Pasar Modal: Studi Kasus Mahasiswa Universitas Buana Perjuangan Karawang. Jurnal Mirai Management, 7(3), 461–470.

Mastura, A., Nuringwahyu, S., & Zunaida, D. (2020). Pengaruh Motivasi Investasi, Pengetahuan Investasi Dan Teknologi Informasi Terhadap Minat Berinvestasi Di Pasar Modal (Studi Pada Mahasiswa FIA Dan FEB Unisma). JIAGABI (Jurnal Ilmu Administrasi Niaga/Bisnis), 9(1), 64–75.

Nurfadilah, N., Wahyuni, I., & Subaida, I. (2022). Pengaruh Pengetahuan Investasi Dan Kemajuan Teknologi Terhadap Keputusan Investasi Dengan Minat Investasi Sebagai Variabel Intervening. Jurnal Mahasiswa Entrepreneur (JME), 1(8), 1630–1644.

Nurhaliza, N., Fadhil, M. I., Kurniawan, D., & Nurbaiti. (2024). Analisis Persepsi Mahasiswa FEBI UINSU Mengenai Mobile Banking Bank Syariah Di Indonesia. OPTIMAL: Jurnal Ekonomi Dan Manajemen, 4(1), 22–35.

Nurfitasari, N., & Hudaya, R. (2025). Pengaruh pengetahuan investasi, resiko dan return terhadap keputusan investasi pada investor pasar modal di Nusa Tenggara Barat. Jurnal Riset Mahasiswa Akuntansi, 4(2). https://doi.org/10.29303/risma.v4i2.1974

Pratama, R. A., Putra, D. S., & Hidayat, T. (2022). Determinants Of Investment Decisions Among University Students In Indonesia. Journal Of Business And Finance Research, 10(1), 40–52.

Putry, N. A. C., & Elik, M. G. (2025). Financial literacy and investment motivation: The role of investment interest in investment decisions. Equity: Jurnal Ekonomi, 13(1). https://doi.org/10.33019/equity.v13i1.440

Rahman, R. E. S. A., & Subroto, W. T. (2022). Pengaruh Motivasi Dan Pengetahuan Terhadap Minat Investasi Di Pasar Modal Pada Mahasiswa. JPEKA: Jurnal Pendidikan Ekonomi, Manajemen Dan Keuangan, 6(1), 41–54.

Rahmawati, L. (2023). Investment Behavior Among Students In The Digital Era. Journal Of Economics Research, 11(1), 60–72.

Rahmawati, Y., & Ahmad, R. S. (2025). Bridging financial knowledge and investment decisions: Evidence from students of the Faculty of Islamic Economics and Business, IAIN Ponorogo. Etihad: Journal of Islamic Banking and Finance, 5(1). https://doi.org/10.21154/etihad.v5i1.10532

Rezeki, Y., Nurhayati, N., Saputra, M. A., & Hazizah, J. (2025). Pengaruh Persepsi Risiko, Motivasi, Pengetahuan Investasi Dan Modal Minimum Terhadap Keputusan Investasi (Studi Pada Mahasiswa Universitas Sari Mulia). Balance: Jurnal Akuntansi Dan Manajemen, 4(2), 1347–1359. https://doi.org/10.59086/jam.v4i2.1047

Sabrina, Z., Marliyah, & Harahap, M. I. (2024). Pengaruh Financial Literacy Dan Risk Perception Terhadap Keputusan Investasi Saham Syariah Pada Mahasiswa FEBI UINSU. Jurnal Ilmiah Ekonomi Islam, 10(3), 2819–2827. https://doi.org/10.29040/jiei.v10i3.15376

Schultz, T. W. (1961). Investment In Human Capital. The American Economic Review, 51(1), 1–17.

Sitinjak, J. L., Afrizawati, & Zainal Ridho, S. L. (2021). Pengaruh pengetahuan investasi dan literasi keuangan terhadap keputusan berinvestasi mahasiswa Politeknik Negeri Sriwijaya di pasar modal. Jurnal Terapan Ilmu Ekonomi, Manajemen dan Bisnis, 1(3). https://doi.org/10.5281/jtiemb.v1i3.2420

Sugiyono. (2020). Metode Penelitian Kuantitatif, Kualitatif Dan R&D (Cetakan Ke). Alfabeta.

Sun, S., & Lestari, E. (2022). Analisis Pengaruh Literasi Keuangan, Pengetahuan Investasi, Motivasi Investasi Dan Pendapatan Terhadap Keputusan Investasi Pada Masyarakat Di Batam. Jurnal Akuntansi AKUNESA, 10(3), 101–114.

Sunatar, B., Hendra, M., & Suharmoko, S. (2023). Pengaruh Pengetahuan Investasi Dan Motivasi Investasi Terhadap Minat Berinvestasi Di Pasar Modal Syariah Pada Mahasiswa IAIN Sorong. POINT: Jurnal Ekonomi Dan Manajemen, 5(1), 1–45.

Triana, O. F., & Yudiantoro, D. (2022). Pengaruh Literasi Keuangan, Pengetahuan Investasi, Dan Motivasi Terhadap Keputusan Berinvestasi Mahasiswa Di Pasar Modal Syariah. SERAMBI: Jurnal Ekonomi Manajemen Dan Bisnis Islam, 4(1), 21–32. https://doi.org/10.36407/serambi.v4i1.517

Widari, H., Daulay, A. N., & Rahmani, N. A. B. (2025). The Influence Of Student Interest In Stock Investment In The Banking Sector: A Case Study At KSPMS Golden UIN Sumatera Utara. Amkop Management Accounting Review (AMAR), 5(1), 558–574. https://doi.org/10.37531/amar.v5i1.2645

Wulandari, P., Machmuddah, Z., & Utomo, S. D. (2023). Pengaruh Pengetahuan Investasi, Manfaat Investasi, Motivasi Investasi, Modal Minimal Investasi, Dan Return Investasi Terhadap Minat Investasi Di Pasar Modal. JAKA (Jurnal Akuntansi, Keuangan, Dan Auditing), 4(2), 395–412. https://doi.org/10.56696/jaka.v4i2.9596

DOI: https://doi.org/10.37479/jeej.v8i4.40578