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THE INFLUENCE OF ATTITUDE, SUBJECTIVE NORMS, PERCEIVED

BEHAVIORAL CONTROL, AND FINANCIAL LITERACY ON INVESTMENT

INTENTION

Nurul Yulia Hidayati

Rizka Destiana

Major of Business Management, Batam State Polytechnic, Indonesia

1,2

nurulyulia2[email protected]

, [email protected]

ABSTRACT

This study aims to examine the influence of attitude, subjective norm, perceived behavioral control, and

financial literacy on stock investment intention in Batam State Poyltechnic students. This study refers to

the Theory of Planned Behavior (TPB) to determine the factors that influence investment intentions. The

method used in this study is a quantitative method and sample selection is based on the purposive

sampling. A total of 185 respondents were obtained through a questionnaires which were distributed

online via Google Drive to Batam State Polytechnic students, majoring in Business Management,

Managerial Accounting Study Program class of 2019-2020. Data were analyzed using Structural

Equation Modelling (SEM) which is processed with SPSS 25 and AMOS 21. The result of this study

show that attitude, subjective norms, and perceived behavioral control have a positive and significant

effect on investment intentions. However, financial literacy does not have significant effect on

investment intention.

Keywords: Attitude; Subjective Norms; Perceived Behavioral Control; Financial Literacy; Investment Intentions

INTRODUCTION

Investment is an important factor in driving a country's economic development. Increased investment

will trigger significant economic growth. Investment benefits not only for the country, but also for the

individuals themselves. Investing is the activity of managing finances to earn income and profit (Hasanah,

2022; Saputro & Lestari, 2019). Nowadays, it seems easier for everyone to access the capital market

through the internet and digital platforms (Herawati & Dewi, 2020). Advances in financial technology

make it easier for beginner investors to transact in the capital market. With capital starting from IDR

100,000, beginner investors can start investing in stocks through online trading. This online trading

facility allows investors to transact easily anytime and anywhere with gadgets that can access the internet.

In addition, investors can access financial reports, stock trends, read news, and assess company returns

and valuations using this online trading system. Financial instruments in the capital market can be

selected, such as stocks, bonds, rights, warrants, derivatives, and mutual funds (Hapsari, 2021).

Based on the news by PT Kustodian Sentral Efek Indonesia (KSEI) on July 9, 2022, it was recorded

that the number of stock investors in the Indonesian capital market had exceeded 4 million. Based on

KSEI data at the end of the first semester of 2022, the number of Single Investor Identification (SID) has

reached 4.002.289, with 99.79% being local individual investors as shown in Figure 1 below.

Figure 1 Stock Investor Data

Table 1 below can explain that at the end of the first semester of 2022, stock investors were

dominated by investors under the age of 40, namely Gen Z and millennials by 81.64% with an

asset value of IDR 144.07 trillion. From the age demographic of investors, in June 2022 there

were 59.72% of investors who were under the age of 30.

The Influence of Attitude, Subjective Norms, Perceived Behavioral Control, and Financial Literacy on

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Table 1 Age Demographic of Investors

Age

Assets (June 2022)

<=30

59,72%

Rp 49,94 T

31-40

21,92%

Rp 94,13 T

41-50

10,53%

Rp 157,91 T

51-60

5,08%

Rp 227,50 T

>60

2,75%

Rp 584,07 T

Theory of Planned Behavior (TPB) by (Ajzen, 1991) revealed that intention is a motivational

determinant that influences behavior, which includes efforts to perform a behavior. A person's

intention is interpreted as a desire or plan to carry out the relevant action in the future because

this intention can indicate the possible direction of individual behavior in the future (Samsuri et

al., 2019). Referring to stock investment, the level of a person's intention to invest can be

measured through his persistence in learning all aspects of investment and practicing it even

though he has to sacrifice time and energy. Someone who has a high investment interest will

tend to find out many things related to the investment itself, such as the type of investment,

benefits, and risks that may be obtained (B. A. Nugraha & Rahadi, 2021). Studying individual

intentions to engage in any investment activity is useful to encourage the growth of the number

of investors in a country, especially in emerging market countries such as Indonesia so that it

can improve the national economy (B. A. Nugraha & Rahadi, 2021).

(Herawati & Dewi, 2020) mentioned that individuals who have done investment activities

are those who are financially literate, which means that the individual has done proper financial

planning, predicted future financial insecurity, or the individual is ready to face financial

problems in the future. In order to obtain future income and profits, investors must have

knowledge and qualifications about investment decisions so that they can evaluate potential

investments and the most profitable business based on capital and returns. (Gumbo et al., 2022).

In today's millennial era, financial literacy is very important considering that many new

investment products have been emerging, so investors must understand the risks and benefits of

each. Investors who are experts in financial literacy will be able to invest safely, properly and

correctly. So that financial literacy contributes to increasing investor interest in investing (Fitria

et al., 2019).

Based on data from Financial Services Authority (Otoritas Jasa Keuangan), the financial

literacy index of the Indonesian people was at the level of 38.03% in 2019. Although it has

improved compared to previous years, the level of financial literacy is still relatively low. The

financial literacy index of 38.03% shows that out of every 100 people there are only around 38

people who have a good understanding of financial institutions and financial service products.

Thus, there are 62 other people who do not have (Kusnandar, 2022). In the period from 2018 to

2022, the Anti Investment Scam Task Force (Satgas Waspada Investasi) recorded losses suffered

by the public due to illegal investments reaching IDR 123.5 trillion, where lack of financial

literacy and investment was said to be the main cause (Ariesta, 2022).

Before starting an investment, it is necessary to determine what the purpose of the

investment is for. When making a decision to start investing, investors consider different

resources and information, but forget to check their own knowledge regarding how to invest and

where to do it. (Popat & Pandya, 2018). According to (Gainau, 2020) an increase in the number

of domestic investors needs to be supported by capital market education so as not to fall into

illegal investment. Students get a lot of encouragement that makes them have the intention to

invest. Knowledge of the capital market and stock market obtained during lectures is a basic

preparation to increase the intention to invest. Thus, students who have an economic education

background that understand financial knowledge are expected to be part of potential investors

who are active in driving and growing the level of investment in Indonesia.

The Influence of Attitude, Subjective Norms, Perceived Behavioral Control, and Financial Literacy on 
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This study is a replication of a research by (Raut et al., 2020) with the differences in the 
theory  used,  sampling techniques,  and  research objects  and locations.  This research aims  to 
examine  the effect  of  attitude,  subjective  norms,  perceived  behavioral  control,  and financial 
literacy on investment intentions in Batam State Polytechnic students, Managerial Accounting 
Study Program. 
Theory of Planned Behavior (TPB) 
TPB is an extension of Theory of Reasoned Action (TRA) (Ajzen & Fishbein, 1980). TRA 
has  developed in  explaining new  phenomena  that  are  developing.  The  development process 
resulted in a new theory that explains the relationship between intentions and behavior in more 
depth, which is called TPB (Ajzen, 1991). 
 
Figure 2 Theory of Planned Behavior  
Source: (Ajzen, 1991) 
TPB explains that behavior is influenced by intention, which is determined by three factors, 
namely attitude, subjective norms, and perceived behavioral control. The first factor is attitude, 
which refers to how a person evaluates whether the behavior will be beneficial or not (Ajzen, 
1991). A person who is encouraged to invest is strengthened by his belief that it will have a 
positive impact both in the long and short term (Gainau, 2020). Individual intention to invest is 
influenced by attitude (Raut et al., 2020)(Akhtar & Das, 2019)(Gainau, 2020) (B. A. Nugraha & Rahadi, 
2021) (Lai, 2019). This discussion leads to the development of the first hypothesis (H
1
) as follows. 
H
1
: Attitude has a significant and positive effect on investment intention 
The second factor is social factors, namely subjective norms, referring to social pressure 
that is felt to do or not to do a  behavior (Ajzen, 1991). Individual intention to invest is also 
influenced  by  subjective  norms  (Lai,  2019)(Akhtar  &  Das,  2019)(Raut  et  al.,  2020).  Social 
environments such as family and friends are influential in shaping a person's behavior (Hapsari, 
2021). The more popular a financial investment products are in a group, the higher the probability 
of someone buying or investing in  financial products. This discussion leads to the development 
of the second hypothesis (H
2
) as follows. 
H
2
: Subjective norms has a significant and positive effect on investment intention 
The third factor is perceived behavioral control, refers to the perceived ease or difficulty 
in performing the behavior and is assumed to reflect past experiences as well as the obstacles and 
barries  experienced  (Ajzen,  1991).  Referring  to  investment  intentions,  perceived  behavioral 
control is a perspective or assessment of investment obtained from the results of learning and 
individual experience so as to provide motivation to carry out investment activities. Numerous 
studies have found that investment intentions are influenced by perceived behavioral control 
(Gainau, 2020)(Lai, 2019)(B. A. Nugraha & Rahadi, 2021). This discussions leads to the development 
of the third hypothesis (H
3
) as follows. 
H
3
:  Perceived  behavioral  control  has  a  significant  and  positive  effect  on  investment 
intentionFinancial literacy 

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The concept of financial literacy was first explained by (Noctor et al., 1992) by defining

financial literacy as "financial knowledge that leads to informed decision making". This

definition is a two-dimensional definition, the first is financial knowledge which is a consequence

of educational programs, and the second is the ability to utilize the knowledge gained in making

healthy financial decisions. (Nyakurukwa & Seetharam, 2022). The results of research by (Aisa,

2021); (Mishra, 2018)(Nyakurukwa & Seetharam, 2022) show that financial literacy has an influence

on investment intention. In line with research by (Mouna & Anis, 2017) which concluded that

individuals with low levels of financial literacy tend not to invest in the stock market. Someone

who has good financial literacy will be able to do better financial planning. He/she will

understand the risks and returns associated with financial products and can use financial products

effectively by choosing the most suitable products for them (Hapsari, 2021). Therefore, before

starting to invest, good financial literacy knowledge and skills are needed to be able to decide

whether the investment made can be profitable or not. Based on the things that have been

described, the fourth hypothesis (H

) can be formulated as follows.

: Financial literacy has a significant effect on investment intention.

Invetsment Intention

According to TPB, people act in accordance with their intentions, while intentions in turn

are influenced by attitude towards behavior, subjective norms and perceived behavioral control

(Ajzen, 1991). If all the constructs of intention, namely attitude, subjective norms, and perceived

behavioral control provide good results, then the individual has a greater chance of performing

the behavior (Akhtar & Das, 2019). In other words, individual’s future behavior can be predicted

through intention, because intention is the first step that shapes further behavior patterns.

Intentions indicate the extent to which a person is willing to try and the amount of effort they

plan to put into a particular behavior (Ajzen, 1991).

The four hypotheses previously described can be seen through framework figure as below.

Figure 1 Research Model Framework

Source: Processed data, 2023

RESEARCH METHOD

This research method is a quantitative research because it wants to test whether there is an

influence of the independent variable on the dependent variable. The source of data used in this

study was primary data obtained from questionnaire answers. Variables are measured using a

Likert scale which is included in ordinal data. The questionnaire was adapted from research (Raut,

2020). The scaling method for the questionnaire uses a Likert scale of 1-5 points. Respondents

were asked to choose one of five answers, (1) strongly disagree, (2) disagree, (3) neutral, (4)

Attitude (H

)

Subjective

Norms (H

Financial

Literacy (H

)

Perception of

Behavioral

Control (H

)

Investment

Intention

The Influence of Attitude, Subjective Norms, Perceived Behavioral Control, and Financial Literacy on

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722 Return: Study of Economic And Business Management, Vol 2 (7), July 2023

agree, (5) strongly agree. The questionnaire was distributed online via the Google Form link.

The population of this study were Batam State Polytechnic Students majoring in Business

Management, D4 Managerial Accounting Study Program, class of 2019-2020. The existence of

the Financial Management course requires students to invest in stocks and then analyze the results

of the investments made. Furthermore, current students belong to Gen Z who were born in 1997-

2012 where the estimated age of Gen Z is now 11-26 years old. Based on the data that has been

described, investors are currently dominated by Gen Z. This is the reason for conducting research

whether students of the Business Management Department of D4 Managerial Accounting Study

Program class of 2019-2020 at Batam State Polytechnic who belong to Gen Z have the intention

to invest.

The number of samples in this study were 185 respondents who were calculated using the

Slovin formula. The sampling technique in this study used the nonprobability sampling method,

namely the purposive sampling method. Data analysis in this study used a Structural Equation

Model (SEM) which was processed using SPSS 25 and AMOS 21 software. The data analysis

process was carried out in two stages: (1) Researcher evaluated the measurement model by testing

the validity and reliability with SPSS 25. (2) Researcher analyzed the structural model to check

the fit model and test the hypothesis with AMOS 21.

RESULT AND DISCUSSION

This study assesses the measurement model through reliability and construct validity

testing. Construct reliability is acceptable if the Cronbach's Alpha value is > 0,60 (Sugiyono,

2018). In table 2 it can be seen that all variables have a Cronbach's Alpha value > 0,60 so that

the construct is declared reliable.

Table 2 Reliability Test Results

Variable

N of items

Cronbach's Alpha

Result

Attitude

0.884

Reliable

Subjective norms

0.837

Reliable

Perceived behavioral

control

0,770

Reliable

Financial literacy

0,681

Reliable

Investment intention

0,858

Reliable

Source: Processed data, 2023

In this study, discriminant validity was conducted with Pearson’s correlation with a

significance value of < 0,05 to be declared valid (Ghozali, 2011). Table 3 shows the results that

all indicators have a significance value of < 0,05 so they are considered significant and have

strong validity.

Table 3 Validity Test Results

Variable

Question

Item

Pearson

Correlation

Sig.

Result

Attitude

SK1

0,900**

0,000

Valid

SK2

0,928**

0,000

Valid

SK3

0,879**

0,000

Valid

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Variable

Question

Item

Pearson

Correlation

Sig.

Result

Subjective

norms

NS1

0,845**

0,000

Valid

NS2

0,891**

0,000

Valid

NS3

0,868**

0,000

Valid

Perceived

behavioral

control

PKP1

0,719**

0,000

Valid

PKP2

0,894**

0,000

Valid

PKP3

0,864**

0,000

Valid

Financial

literacy

LK1

0,796**

0,000

Valid

LK2

0,778**

0,000

Valid

LK3

0,834**

0,000

Valid

LK4

0,529**

0,000

Valid

Investment

intention

NI1

0,892**

0,000

Valid

NI2

0,884**

0,000

Valid

NI3

0,874**

0,000

Valid

Sumber: Processed data, 2023

Then, to measure the validity of the data and test whether there is a variable dimension, it

is conducted through exploratory factor analysis. Based on the results of the component matrix,

it is known that the variable only has one component, which means that the variable has no

dimensions. Items with a loading value < 0,50 are recommended to be out of scale (Putri, 2021).

From table 4 it is known that the LK4 item has a loading factor value below 0,50 so that the

item is not used for further testing.

Table 4 Component Matrix

Variabel

Component Matrix

Attitude

SK1

0,909

Component 1

SK2

0,924

SK3

0,874

Subjective Norms

NS1

0,850

Component 1

NS2

0,888

NS3

0,867

Perceived behavioral

control

PKP1

0,683

Component 1

PKP2

0,905

PKP3

0,884

Financial literacy

LK1

0,860

Component 1

LK2

0,878

LK3

0,890

LK4

Investment Intention

NI1

0,889

Component 1

NI2

0,890

NI3

0,871

Source: Processed data, 2023

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After fulfilling the reliability and validity requirements, the next step is to ensure that the

structural model is fit. For this reason, the value of goodness of fit (GoF) must meet several criteria,

namely Chi-Square, Probability ≥ 0,05, CMIN/DF ≤ 2,00, RMSEA ≤ 0,08, GFI ≥ 0,90, AGFI ≥ 0,90, TLI

≥ 0,95, CFI ≥ 0,95, NFI ≥ 0,90 (Waluyo, 2016). The initial results showed the value of the model that did

not fit (Chi-Square = 172,74, Probability = 0,000, CMIN/DF = 2,159, RMSEA = 0,079, GFI = 0,896,

AGFI = 0,844, TLI = 0,929, CFI = 0,946, NFI = 0,905). Then, covariance testing is performed by reducing

the indicators that cause the model to become unfit (Anderson & Gerbing, 1988). According to the

modification indices, covariance SK1, NS3, and PKP1 were withdrawn from the model to improve model

fit.

Table 5 Structural Model: Goodness of Fit

Index

Cut off Value

Result

Model

Evaluation

Chi –Square

60,48

52,959

Fit

Probability

≥ 0,05

0,167

Fit

CMIN/DF

≤ 2,00

1,204

Fit

RMSEA

≤ 0,08

0,033

Fit

GFI

≥ 0,90

0,955

Fit

AGFI

≥ 0,90

0,920

Fit

TLI

≥ 0,95

0,989

Fit

CFI

≥ 0,95

0,993

Fit

NFI

≥ 0,90

0,961

Fit

Source: Processed data, 2023

Table 5 shows the results that all indices have fulfilled their GoF value. Therefore, the

structural model shown in Figure 4 below indicates that this model is suitable for structural

analysis.

Figure 3 Figure 2 Structural Model

Source: Processed data, 2023

The results of hypothesis testing can be seen in table 6 below where the structural model

shows a positive path coefficient to investment intention and obtained a significance value of p-

value < 0,05.

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Table 6 Hypothesis Test Results

Hypothesis

Estimate

S.E.

C.R.

Result

0,595

0,140

4,247

***

Accepted

0,269

0,106

2,532

0,011

Accepted

0,106

4,843

***

Accepted

-0,277

0,15

-1,851

0,064

Rejected

Source: Processed data, 2023

Based on the results of hypothesis testing it can be concluded as follows:

1. Attitude has a significant and positive effect on investment intention

Table 6 shows the significance p-value < 0,05 and the path coefficient leading from attitude

to investment intention has a positive value (β = 0,595). Thus, it can be concluded that H

accepted. The result of this study are also supported by research (Raut et al., 2020)(B. A.

Nugraha & Rahadi, 2021)(Akhtar & Das, 2019); (Gainau, 2020) which states that attitude

influences a person’s intention to invest. This result also support TPB by (Ajzen, 1991) which

implies that the higher the attitude, the stronger the individual’s intention to perform the

behavior. Students consider investment as a positive thing and can provide benefits for them.

This creates a positive attitude for students so that the intention to invest arises.

2. Subjective norms has a significant and positive effect on investment intention

Table 6 shows a significance p-value of 0,011 and the path coefficient leading from

subjective norms to investment intention has a positive value (β = 0,269). Thus, it can be

concluded that H

is accepted. This result support TPB by (Ajzen, 1991) that the influence of

the social environment can increase individual intention to invest. This result is in line with

research (Raut et al., 2020)(B. A. Nugraha & Rahadi, 2021)(Akhtar & Das, 2019); (Raut, 2020)(Lai,

2019) which found investment intention influenced by subjective norms. The intention of

students to invest arise due to the influence of the surrounding environment. Individuals tend

to perform a behavior if the surrounding people or environment encourage them to perform

the behavior. In this case, Batam State Polytechnic students majoring in Business

Management D4 Managerial Accounting Study Program class of 2019-2020 made an

investment because of the encouragement from the Financial Management lecturer to invest

as a lesson.

3. Perceived behavioral control has a significant and positive effect on investment intention

Table 6 shows the significance value of the p-value < 0,05 along with the path coefficient

showing a positive value (β = 0,106). Thus, it can be concluded that H

is accepted. This

result is in accordance with TPB by (Ajzen, 1991) that the greater the perceived behavioral

control, the stronger the individual’s intention to perform the behavior being considered.

This result is in line with the findings of (B. A. Nugraha & Rahadi, 2021)(Gainau, 2020).

Researcher argue that an understanding of the capital market gained by students during

lectures can provide students with knowledge about investment so it can affects their

investment intentions. Students who feel they are capable and competent to invest are more

likely to increase their intention to invest in stocks.

4. Financial literacy has a significant effect on investment intention

The structural model where the path coefficient leads from financial literacy to investment

intention shows a negative value LK (β = -1,851) and a p-value > 0,05. Thus it can be

concluded that H

is rejected. This result is not in line with research (Aisa, 2021)(Mishra, 2018)

which found that investment intention can be influenced by financial literacy. However, the

results of this study are in line with the findings of (Abdillah et al., 2019)(Junianto &

Kohardinata, 2021)(Claudia & MN, 2019)(R. K. Nugraha et al., 2022)(Hapsari, 2021) which found

that financial literacy has no influence on individual intention to invest. A person’s level of

literacy only affects how individuals manage their finances to meet their daily needs

(Muhammad & Andika, 2022). Students are also beginner investors so that many of them have

The Influence of Attitude, Subjective Norms, Perceived Behavioral Control, and Financial Literacy on

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726 Return: Study of Economic And Business Management, Vol 2 (7), July 2023

a very low tolerance for investment risk (Lestiana, 2023). The level of financial literacy does

not affect the amount of student intention to invest. This is because a person’s level of

literacy only affects how they manage their finances to meet daily needs. Respondents in

this study are students who generally do not have a stable income, enough investment

experience, and their investment risk tolerance is also low so that investment cannot be made

a top priority to do in an effort to manage finances. Thus, financial literacy has no effect on

the willingness of students to invest

CONCLUSION

This study aims to examine the influence of attitude, subjective norms, perceived

behavioral control, and financial literacy on the intention of students to invest. Based on the

structural equation model that has been done, it can be concluded that attitude, subjective norms,

and perceived behavioral control have a significant and positive effect on student intention to

invest. However, financial literacy was found to have no effect on investment intention.

Based on the results of the research that has been done, the theoretical and practical

suggestions that can be given are this research can be used as a research update to measure student

investment intentions in other universities. Future research is also expected to add other variables

that not examined in this study which may affect the dependent variable, such as investment

capital, risk tolerance and returns, and others. Furthermore, through this research it is expected it

can provide a reference for the Indonesian Stock Exchange and also universities to be able to

organize socialization as well as financial and investment training programs that can be packaged

creatively so that students are more interested. In this way, hopefully students will have high

financial literacy so that they have the courage to make decisions to be able to manage their

finances by starting investments.

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