JOSR: Journal of Social Research
Desember 2022, 2 (1), 32-43
p-ISSN: 2827-9832 e-ISSN: 2828-335x
Available online at http:// https://ijsr.internationaljournallabs.com/index.php/ijsr
http://ijsr.internationaljournallabs.com/index.php/ijsr
THE INFLUENCE OF INVESTMENT KNOWLEDGE, CAPITAL
MARKET TRAINING, MINIMAL CAPITAL, TECHNOLOGICAL
DEVELOPMENTS, AND MOTIVATION ON STUDENTS' INTEREST IN
INVESTING IN THE CAPITAL MARKET
Muhamad Yudi Abni, Rina Trisnawati
Muhammadiyah University of Surakarta
B200180353@student.ums.ac.id,
,
rt116@ums.ac.id
Abstract (Indonesia)
Received:
Revised :
Accepted:
November 26,
2022
November 29,
2022
December 01,
2022
Latar Belakang: Generasi muda memegang peranan
penting dalam dunia perkembangan teknologi, khususnya di
bidang investasi yang juga sedang berkembang. Terbukti
dengan banyaknya aplikasi atau situs jual beli saham yang
terus bermunculan.
Tujuan: Penelitian ini bertujuan untuk mengetahui pengaruh
Pengetahuan Investasi, Pelatihan Pasar Modal, Modal
Minimal, Perkembangan Teknologi, dan Motivasi Minat
Investasi pada mahasiswa Universitas Muhammadiyah
Surakarta. Populasi penelitian ini adalah 3.525 mahasiswa
dan diperoleh sampel 100 mahasiswa dengan Teknik Teknik.
Metode: Metode yang digunakan dalam penelitian ini adalah
kuantitatif. Metode analisis yang digunakan dalam penelitian
ini adalah analisis regresi linier berganda.
Hasil: Hasil penelitian ini membuktikan bahwa variabel
Pengetahuan Investast, Modal Minimal, dan Motivasi
berpengaruh positif dan signifikan terhadap minat investasi.
Variabel Pelatihan Pasar Modal tidak berpengaruh positif
dan variabel Pengembangan Teknologi berpengaruh negatif
dan signifikan terhadap minat investasi.
Kesimpulan: Hasil penelitian ini dapat disimpulkan bahwa
Pengetahuan Investasi, Modal Minimal, Perkembangan
Teknologi, dan Motivasi mempengaruhi Minat Investasi ,
sedangkan Pelatihan Pasar Modal tidak mempengaruhi
Minat Investasi.
Kata Kunci: Pengetahuan Investasi; Pelatihan Pasar Modal;
modal minimal; Perkembangan Teknologi; Motivasi
investasi.
Abstract (English)
Muhamad Yudi Abni, Rina Trisnawati / JOSR: Journal of Social Research, 2 (1), 32-43
The Influence of Investment Knowledge, Capital Market Training, Minimal
Capital, Technological Developments, and Motivation on Students' Interest in
Investing in the Capital Market 33
Background: The younger generation plays an important
role in the world of technological development, especially
in the field of investment, which is also developing. As
evidenced by the number of applications or stock buying
and selling sites that continue to appear.
Objective: This study aims to determine the influence of
Investment Knowledge, Capital Market Training, Minimal
Capital, Technological Development, and Motivation on
Investment Interest in students of the Muhammadiyah
University of Surakarta. The population of this study was
3,525 students and a sample of 100 students with
Engineering was obtained.
Method: The method used in this study is quantitative. The
analysis method used in this study is multiple linear
regression analysis.
Result: The results of this study prove that the variables of
Investast Knowledge, Minimal Capital, and Motivation
have a positive and significant influence on investment
interest. The Capital Market Training variable has no
positive effect and the Technology Development variable
has a negative and significant influence on investment
interest.
Conclusion: The results of this study can be concluded that
Investment Knowledge, Minimal Capital, Technological
Development, and Motivation affect Investment Interest,
while Capital Market Training does not affect Investment
Interest.
Keywords: Investment Knowledge; Capital Market
Training; Minimal Capital; Technological Developments;
Investment motivation.
*Correspondent Author: Muhamad Yudi Abni
Email: B200180353@student.ums.ac.id
INTRODUCTION
The increasing development of information technology has brought economic
development in Indonesia to continue to grow. In its development, Generation Z is a
generation that plays an important role in the world of technological development so that
economic development does not escape their eyes. The economic development of the
business world, especially in the capital market sector, is also growing. This is evidenced
by the number of stock buying and selling applications or sites that continue to appear, such
as two of them Ajaib and Seeds. This development means that many companies are now
eyeing Generation Z as investors.
Muhamad Yudi Abni, Rina Trisnawati / JOSR: Journal of Social Research, 2 (1), 32-43
The Influence of Investment Knowledge, Capital Market Training, Minimal
Capital, Technological Developments, and Motivation on Students' Interest in
Investing in the Capital Market 34
The Indonesia Stock Exchange is a forum for investors who want to invest in the
capital market or secondary market. The Indonesia Stock Exchange has various public
companies that sell shares to increase the company's working capital (Burhanudin et al.,
2021). The presence of the capital market plays an important role for investors, both
individual and corporate investors. This is because investors who have excess funds can
direct their funds to be invested in entrepreneurs so that entrepreneurs can get additional
funds to expand their business networks through capital market investors (Listyani et al.,
2019).
Investment knowledge is the understanding that a person should have of various
aspects of investing, starting with basic information about the assessment of investments,
the level of risk, and the return on invested capital. because the more knowledge about
investment a person gets from the capital market, both through learning and socialization,
the greater one's desire to invest in the capital market (Burhanudin et al., 2021).
In a press release in 2021, OJK stated that the performance of the Indonesian capital
market during 2021 showed a stable and improving performance, as reflected in market
stability, trading activities, the number of funfundraisersnd the number of retail investors
which reached a record high. Until the end of 2021, stock trading activities continued to
grow positively, as reflected by the performance of the JCI which continued to move stably
and tended to increase compared to the third quarter. As an illustration, as of December 29,
2021, the JCI was at the level of 6,600.68, or an increase of 10.40 percent year to date
(Ytd). Even in the fourth quarter, to be precise on November 22, 2021, JCI had broken a
new record at the level of 6,723.39, even surpassing the JCI before the pandemic.
Meanwhile, the stock market capitalization as of December 29, 2021, reached IDR 8,275
trillion or an increase of 18.72 percent ytd.
Previous studies have provided empirical evidence that factors of investment
knowledge, capital market training, minimal capital, technological developments, and
motivation have a significant effect on investment interest. However, some studies prove
that these factors do not have a significant effect on investment interest. Investment
knowledge is information or insights related to the investment itself and the advantages and
disadvantages of the investment or the advantages and disadvantages of receiving future
profits (Amrul and Wardah, 2020). Capital Market Training (PPM) is one of the capital
market training programs organized by the Indonesia Stock Exchange in collaboration with
PT. Pusat Sekuritas Indonesia (KSEI), PT. Indonesian Securities Guarantee Clearing
(KPEI) and securities companies. In the field of capital market education (PPM), the
Indonesia Stock Exchange has also established an Investment Gallery as a form of
cooperation with educational institutions (Listyani et al., 2019). The minimum investment
capital is something that is considered when investing. The smaller the initial capital issued,
the more attractive potential investors, especially beginners (Inawati et al., 2021).
According to the research (Negara, 2020), technology can be interpreted as a
scientific method to achieve practical goals or as an applied science. In this case, the
development of information technology becomes the most influential factor. The Internet,
computers, and mobile phones have become an almost indispensable part of life and also
become intermediaries in the delivery of information. Motivation is defined as the process
by which people recognize their needs and take action to meet those needs. Motivation is
essentially a process, and this process can explain the difference in the intensity of
consumer (investor) behavior. Another content of the definition is that motivation is
motivation, that is, the motivation of the person to perform certain actions to satisfy his
needs (Burhanudin et al., 2021).
Research conducted by (Sriasih & Wahyuni, 2020) states that investment
knowledge, minimal investment capital, and technological advances have a positive effect
on the interest in investing in the capital market. The results of research conducted by
(Burhanudin et al., 2021) found that investment knowledge, investment motivation, and
minimal investment capital are positive but do not have a significant effect, other variables
Muhamad Yudi Abni, Rina Trisnawati / JOSR: Journal of Social Research, 2 (1), 32-43
The Influence of Investment Knowledge, Capital Market Training, Minimal
Capital, Technological Developments, and Motivation on Students' Interest in
Investing in the Capital Market 35
such as investment benefits and investment returns have a positive and significant
influence.
(Listyani et al., 2019) who examined the influence of investment knowledge,
capital market training, minimal investment capital and risk perception on students'
investment interests in the capital market (study at PT Phintraco Sekuritas Branch Office
Semarang) found that investment knowledge and risk perception do not affect student
investment interests. Capital market training and minimal investment capital affect student
investment interests. Further research conducted (Wibowo, 2019) found that investment
knowledge, minimum investment capital policy, and capital market training affect
investment interest. This is to the Theory of Planned Behavior where a person who has an
interest in investing will tend to carry out actions so that the wishes of the person can be
achieved. (Amrul & Wardah, 2020) who examined the influence of minimal capital,
investment knowledge, and motivation on investment interests of AMM Mataram College
of Economics students stated that minimal capital and investment knowledge do not affect
investment interest. On the contrary, motivation affects investment interest.
In previous studies showing inconsistencies in the results provided, researchers
were motivated to conduct research again by adding independent variables in the research
of (Burhanudin et al., 2021) on the Influence of Investment Knowledge, Investment
Benefits, Investment Motivation, Minimal Capital and Investment Return on Investment
Interest in the Capital Market. The update in this study is to change the previous two
variables, namely the Investment Benefit Variable and the Investment Return Variable to
the Capital Market Training Variable and the Technology Development Variable. The
reason for changing the Investment Benefit Variable to the Capital Market Training
Variable is that direct training can make it easier to understand important things in the
aspect of investing in the capital market. Meanwhile, the change in Variable Return to
Variable Development of Technology, because technological developments continue to
increase and the emergence of applications or sites for buying and selling stocks is felt to
have a considerable influence. Based on the description above, the purpose of this study is
to find out whether there is an influence of investment knowledge, capital market training,
minimum capital, technological developments, and motivation for the interest of students
of the Faculty of Economics and Business, University of Muhammadiyah Surakarta to
invest in the capital market.
Based on the objectives of the research and literature review carried out, the
hypothesis can be formulated as follows:
H1: Investment knowledge affects investment interest
H2: Capital market training affects investment interest.
H3: Minimal capital affects investment interest.
H4: Technological developments affect investment interests.
H5: Motivation affects investment interest.
RESEARCH METHODS
This research uses quantitative methods. The population in this study is S1 students
of the Faculty of Economics and Business, University of Muhammadiyah Surakarta class
of 2019-2020. Based on https://star-akreditasi.ums.ac.id the number of FEB UMS
students in 2019-2020 was 3,525 students. The research sample was taken using the Solvin
formula and e sample criteria were S1 FEB UMS Students Class of 2019-2020 who had
ken / were running investment courses, namely Portfolio Theory & Investment Analysis
(TPAI) or Investment Theory & Capital Market (TIPM) and S1 FEB UMS Students who
were Class of 2019-2020 who had securities accounts so that a sample of 100 respondents
was obtained. Data collection techniques through questionnaires given to respondents. The
Muhamad Yudi Abni, Rina Trisnawati / JOSR: Journal of Social Research, 2 (1), 32-43
The Influence of Investment Knowledge, Capital Market Training, Minimal
Capital, Technological Developments, and Motivation on Students' Interest in
Investing in the Capital Market 36
model is in the form of a closed questionnaire with a Likert scale and 5 alternative answers
from strongly agreeing to strongly disagree.
Research variables include dependent variables, namely investment interest with
eight indicators used, namely investment information, investment benefits, investment
attractiveness, investment motivation, technological developments, ease of investing,
investment training, and affordable investment. Independent variables include five
variables, namely investment knowledge with five indicators, namely the importance of
basic investment knowledge, a basic understanding of investment, the importance of stock
investment analysis, and understanding of company ownership and profit sharing. Capital
market training with three indicators, namely investment training or seminars, related
courses, and training through video tutorials on the internet. Minimum capital with three
indicators, namely investment capital of Rp. 100,000, affordable investment and free to add
and reduce shares. Technological developments with three indicators, namely the ease of
finding information, the ease of investing, and the ease of using online trading system
facilities. Motivation with five indicators, namely attractive profits, factors of closest
people or famous figures, company ownership, helping the company develop and future
profits (Burhanudin et al., 2021)
Data analysis methods include instrument testing, classical assumption testing, and
hypothesis testing. Instrument testing includes validity and reliability tests. This classical
assumption test is used as a condition for regression tests which include normality,
multicollinearity, heteroskedasticity, and autocorrelation tests. Hypothesis testing includes
multiple linear regression analysis, simultaneous significance test (statistical test F),
individual parameter specification test (t-test), and determination coefficient tests (R2 test).
RESULTS AND DISCUSSION
1. Characteristics of Respondents.
The population used is FEB students of the Muhammadiyah University of Surakarta in
the class of 2019-2020. The respondent is a FEB student at the University of
Muhammadiyah Surakarta in the class of 2019-2020 who graduated or is taking investment
courses and has a securities account.
Table 1
Population and Sample
Population
FEB Students Class of 2019 - 2020
3525
Use of the Slovin formula

󰇛󰇛󰇜󰇛󰇜
󰇜
So n = 97.24
Number of Populations used after rounding
100
Sample
FEB students who do not take investment courses
(0)
Students who are studying/passing investment
courses.
100
Students do not have a securities account.
(0)
Students have a securities account.
100
Source: 2022 Data Analysis Results.
1. Test Validity and Reliability.
Muhamad Yudi Abni, Rina Trisnawati / JOSR: Journal of Social Research, 2 (1), 32-43
The Influence of Investment Knowledge, Capital Market Training, Minimal
Capital, Technological Developments, and Motivation on Students' Interest in
Investing in the Capital Market 37
a. Validity Test.
A summary of the validity test results is presented in table 2 as follows:
Table 2
Validity Test Results
Statement
count
table
Information
PI.1
PI.2
PI.3
PI.4
PI.5
PI.6
0,596
0,698
0,653
0,564
0,742
0,693
0,195
0,195
0,195
0,195
0,195
0,195
Valid
Valid
Valid
Valid
Valid
Valid
PP.1
PP.2
PP.3
PP.4
0,777
0,840
0,767
0,825
0,195
0,195
0,195
0,195
Valid
Valid
Valid
Valid
MM.1
MM.2
MM.3
MM.4
MM.5
0,846
0,750
0,801
0,797
0,799
0,195
0,195
0,195
0,195
0,195
Valid
Valid
Valid
Valid
Valid
PT.1
PT.2
PT.3
PT.4
PT.5
PT.6
0,860
0,834
0,895
0,839
0,739
0,844
0,195
0,195
0,195
0,195
0,195
0,195
Valid
Valid
Valid
Valid
Valid
Valid
MO.1
MO.2
MO.3
MO.4
MO.5
MO.6
0,792
0,543
0,786
0,748
0,709
0,715
0,195
0,195
0,195
0,195
0,195
0,195
Valid
Valid
Valid
Valid
Valid
Valid
MI.1
MI.2
MI.3
MI.4
MI.5
MI.6
MI.7
MI.8
MI.9
MI.10
MI.11
MI.12
MI.13
MI.14
MI.15
MI.16
MI.17
MI.18
MI.19
0.618
0.595
0.653
0.673
0.547
0.614
0.602
0.542
0.618
0.624
0.697
0.596
0.644
0.573
0.575
0.724
0.678
0.645
0.588
0,195
0,195
0,195
0,195
0,195
0,195
0,195
0,195
0,195
0,195
0,195
0,195
0,195
0,195
0,195
0,195
0,195
0,195
0,195
Valid
Valid
Valid
Valid
Valid
Valid
Valid
Valid
Valid
Valid
Valid
Valid
Valid
Valid
Valid
Valid
Valid
Valid
Valid
Source: 2022 Data Analysis Results.
Muhamad Yudi Abni, Rina Trisnawati / JOSR: Journal of Social Research, 2 (1), 32-43
The Influence of Investment Knowledge, Capital Market Training, Minimal
Capital, Technological Developments, and Motivation on Students' Interest in
Investing in the Capital Market 38
Based on the results of the validity test in table 2 above, it is known that research variables
including investment knowledge, capital market training, minimum capital, technological
developments, motivation, and investment interest are declared valid. It is based on
Pearson's correlation value in the form of a rating value greater than the label (0.195) and
a significance level greater than α (0.05).
b. Reliabilityity Test.
A summary of the reliability test results is presented in table 3 as follows:
Table 3
Reliability Test Results
Variable
Cronbach's Alpha
Standard
Information
Investment Knowledge
0,737
0,6
Reliable
Capital Market Training
0,814
0,6
Reliable
Minimal Capital
0,858
0,6
Reliebel
Technology Developments
0,909
0,6
Reliable
Motivation
0,789
0,6
Reliebel
Investment Interest
0,910
0,6
Reliebel
Source: Data analysis 2022
Based on the reliability test results in table 3 above, shows that research instruments,
namely investment knowledge, capital market training, minimum capital, technological
developments, motivation, and investment interest are declared reliable. It is based on
Cronbach's Alpha values each greater than 0.6.
2. Test the Hypothesis.
Table 4
Results of multiple linear regression analysis and t-test
Variable
B
Std. Error
t
Sig
Information
Investment Knowledge
1,167
0.270
4,316
0,000
H
1
Accepted
Capital Market
Training
0,365
0,363
1,005
0,318
H
2
Declined
Minimal Capital
0,850
0,339
2,507
0,014
H
3
Accepted
Technology
Developments
-0,550
0,246
-2,237
0,028
H
4
Accepted
Motivation
0,973
0,246
3,963
0,000
H
5
Accepted
R Square
0,681
Adjusted R Square
0,664
Statistics F
40,117
Sig. Statistics F
0,000
Source: 2022 Data Analysis Results.
Based on table 4 above, a regression equation can be created that will complement the
results found in the study:
MI = 13,025 + 1,167PI + 0.365PP + 0.850MM -0.550PT + 0.973MO + e
Based on the results of the t-test, it can be explained that:
1) Investment Knowledge affects the Investment Interest with a significance value of
0.000 < 0.05, then the hypothesis (H
1
) is accepted.
2) Capital Market Training has no effect on Investment Interest with a significance
value of 0.318 > 0.05, so the hypothesis (H
2
) is rejected.
3) Minimum Capital affects Investment Interest with a significance value of 0.014 <
0.05, then the hypothesis (H
3
) is accepted.
4) The development of technology affects the interest in investing with a significance
value of 0.028 < 0.05, then the hypothesis (H
4
) is accepted.
Muhamad Yudi Abni, Rina Trisnawati / JOSR: Journal of Social Research, 2 (1), 32-43
The Influence of Investment Knowledge, Capital Market Training, Minimal
Capital, Technological Developments, and Motivation on Students' Interest in
Investing in the Capital Market 39
5) Motivation affects Investing Interest with a significance value of 0.00 0 < 0.05, then
the hypothesis (H
5
) is accepted.
Discussion
1. Investment knowledge affects the interest in investing in the capital market.
The results of this study provide empirical evidence that investment knowledge
affects the interest in investing in the capital market. Investment knowledge can be used
as an important basic science before investing. Basic investment science is used to find
information related to the company, investment benefits, returns, and others. Investment
information can be obtained through investment training, education, and through the
internet. For students, investment knowledge is obtained through investment courses
that have been used by the campus as compulsory courses. Basic information about
investments on the internet can be obtained through various media such as social media,
online articles and magazines, websites, and well-known news platforms. Investment
knowledge also teaches students related to investment objectives. In addition to making
a profit, investment is also used to help the company to continue to grow.
The results of statistical analysis for the investment knowledge variable are known
that the regression coefficient of investment knowledge is worth 1.167. The statistical
results of the t-test for the investment knowledge variable were obtained with a
significant value of 0.000 so that it was smaller than the fault tolerance value of 0.05. It
can be concluded that investment knowledge affects the investment interests of students
of the Faculty of Economics and Business, Muhammadiyah University of Surakarta.
The results of this study prove that investment knowledge has a positive and significant
influence on the investment interest of students of the Faculty of Economics and
Business, University of Muhammadiyah Surakarta.
This research is in line with research conducted by (Sriasih & Wahyuni, 2020)
which states that investment knowledge has a positive effect on investment interest in
the capital market. However, this research is not in line with the research of (Burhanudin
et al., 2021) which states that investment knowledge has a positive but not significant
influence on investment interest.
2. Capital market training does not affect investment interest.
The results of this study provide empirical evidence that capital market training
does not affect the interest in investing in the capital market. Capital market training
such as seminars and workshops can certainly help students more easily understand the
world of investment. However, some seminars and workshops tend to have expensive
registration fees so some students cannot afford to participate in the event. Some
students tend to watch videos on the internet or ask friends who already understand the
world of investment to learn. But students will still be able to understand and make
investments even without attending capital market training such as seminars and
workshops. This is because some securities provide short tutorials on how to start
investing from account creation to transactions.
The results of the statistical analysis for the capital market training variable are
known that the capital market training regression coefficient is worth 0.365. The
statistical results of the t-test for the investment knowledge variable were obtained with
a significant value of 0.318 so that which was greater than the fault tolerance value of
0.05. It can be concluded that capital market training does not affect the investment
interest of students of the Faculty of Economics and Business, Muhammadiyah
University of Surakarta. The results of this study prove that capital market training has
a positive but not significant influence on the investment interest of students of the
Faculty of Economics and Business, Muhammadiyah University of Surakarta.
Muhamad Yudi Abni, Rina Trisnawati / JOSR: Journal of Social Research, 2 (1), 32-43
The Influence of Investment Knowledge, Capital Market Training, Minimal
Capital, Technological Developments, and Motivation on Students' Interest in
Investing in the Capital Market 40
This research is not in line with the research of (Listyani et al., 2019) and (Wibowo,
2019) which stated that capital market training affects students' investment interest in
the capital market.
3. Minimal capital affects the investment of interest.
The results of this study provide empirical evidence that minimum capital affects
an interest in investing in the capital market. The presence of a small stock exchange is
very supportive for students to start investing. The share price of Rp. 100,000/lot is a
fairly cheap price for student pockets. In addition, students as investors are given the
freedom to increase or decrease the number of shares they buy. So that students can
adjust the purchased shares according to the available capital. Moreover, most students
are still not working and are still financed by their parents so this also helps students in
managing finances. This is also able to change the view of students that becoming an
investor does not require large capital and anyone can become an investor with only
small capital.
The results of statistical analysis for the minimum capital variable are known that
the minimum capital regression coefficient is worth 0.850. The statistical results of the
t-test for the investment knowledge variable were obtained with a significant value of
0.014 so it was smaller than the fault tolerance value of 0.05. It can be concluded that
minimal capital has a positive effect on the investment interests of students of the
Faculty of Economics and Business, University of Muhammadiyah Surakarta. The
results of this study prove that minimal capital has a positive and significant influence
on the investment interest of students of the Faculty of Economics and Business,
University of Muhammadiyah Surakarta.
This research is in line with the research of (Listyani et al., 2019) stated that
minimal investment capital has a positive effect on interest in investing in the capital
market. The reduction of minimal investment capital is a supporting factor for potential
investors who want to invest but have small capital.
4. The development of technology affects investment interest.
The results of this study provide empirical evidence that technological
developments affect the interest in investing in the capital market. Technology makes it
easier for students to find information related to companies, stock prices, and the ups
and downs of stocks (trading). In addition, technological developments also make it
easier for students to find securities that suit their wishes in the form of websites or
applications, such as Ajaib, Bibit, BCA Sekuritas, and other securities. Students can
access information easily in any situation and wherever they are. Students are also
facilitated in making investment transactions without having to meet directly with the
company.
The results of statistical analysis for technological development variables are
known that the regression coefficient of technological development is worth -0.550. The
statistical results of the t-test for the investment knowledge variable were obtained with
a significant value of 0.028 so it was smaller than the fault tolerance value of 0.05. It
can be concluded that technological developments negatively affect the investment
interest of students of the Faculty of Economics and Business, Muhammadiyah
University of Surakarta. The results of this study prove that technological developments
have a negative and significant influence on the investment interest of students of the
Faculty of Economics and Business, Muhammadiyah University of Surakarta.
This research is in line with the research of (Piraga et al., 2021) which states that
there is a partially significant influence between the variables of information technology
development and the interest of millennials in investing in the capital market. However,
this research is not in line with the research of (Sriasih & Wahyuni, 2020) which states
Muhamad Yudi Abni, Rina Trisnawati / JOSR: Journal of Social Research, 2 (1), 32-43
The Influence of Investment Knowledge, Capital Market Training, Minimal
Capital, Technological Developments, and Motivation on Students' Interest in
Investing in the Capital Market 41
that technological developments have a positive effect on interest in investing in the
capital market.
5. Motivation affects investment interest.
The results of this study provide empirical evidence that motivation influences
interest in investing in the capital market. The influence of closest friends tends to
influence students' interest in investing. Moreover, students can discuss investments
with their friends. Parents who have made investments for many years also teach their
children to be able to manage finances and are taught to invest to be productive children
in the future. Sometimes students are also interested in investing because of the presence
of big figures who are successful in investing. So they have the intention to be successful
like the character.
The results of the statistical analysis for the motivation variable are known that the
motivation regression coefficient is worth 0.973. The statistical results of the t-test for
the investment knowledge variable were obtained with a significant value of 0.000 so
that it was smaller than the fault tolerance value of 0.05. It can be concluded that
motivation has a positive effect on the investment interest of students of the Faculty of
Economics and Business, University of Muhammadiyah Surakarta. The results of this
study prove that motivation has a positive and significant influence on the investment
interest of students of the Faculty of Economics and Business, Muhammadiyah
University of Surakarta.
This research is in line with the research of (Amrul & Wardah, 2020) which states
that motivation affects investment interest. In general, a person can be said to be
interested or interested in something if they have external or internal motivations that
drive it. However, this research is not in line with the research of (Burhanudin et al.,
2021) stating that investment motivation has a positive but not significant effect on
investment interest.
CONCLUSION
Based on the results of testing and discussion in the previous chapter that has been
presented, the following conclusions are hereby obtained:
1. Investment knowledge.
Investment knowledge has a significant influence on the interest in investing in the
capital market. The more you understand investment knowledge, the higher your interest
in investing in the capital market.
2. Capital market training.
Capital market training does not have a significant influence on the interest in
investing in the capital market. This can be interpreted to mean that students who have been
in the investment world for a long time are not necessarily interested in starting an
investment.
3. Minimal capital.
Minimal capital has a significant influence on the interest in investing in the capital
market. The more affordable the investment capital offered, the higher the interest in
investing in the capital market.
4. The development of technology.
The development of technology has a significant influence on the interest in
investing in the capital market. The more advanced a technology is, the higher the interest
in investing in the capital market.
Muhamad Yudi Abni, Rina Trisnawati / JOSR: Journal of Social Research, 2 (1), 32-43
The Influence of Investment Knowledge, Capital Market Training, Minimal
Capital, Technological Developments, and Motivation on Students' Interest in
Investing in the Capital Market 42
5. Motivation.
Motivation has a significant influence on the interest in investing in the capital
market. The greater the support and desire to achieve success, the higher the interest in
investing in the capital market.
Suggestion
Based on the limitations and weaknesses in this study, several suggestions can be
put forward that can be considered for further research, namely:
1. Furthermore, researchers are expected to be able to expand the object of research
not only for students of the Muhammadiyah University of Surakarta in the class of 2019 -
2020 but can use different time vulnerabilities and can add other research objects, such as
students from different study programs or dri students of other universities.
2. Furthermore, researchers are advised to add other methods beyond the
questionnaire, such as interviews that are expected to address some deficiencies in the
questionnaire data.
3. Subsequent researchers are expected to use other test methods in the testing
process, such as using the lesser test.
4. Researchers are then expected to be able to add or modify independent variables
such as investment returns, investment risks, investment benefits, and so on that influence
the interest in investing in the l mode market.
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The Influence of Investment Knowledge, Capital Market Training, Minimal
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© 2021 by the authors. Submitted for possible open-access publication under the
terms and conditions of the Creative Commons Attribution (CC BY SA)
license (https://creativecommons.org/licenses/by-sa/4.0/).