International Journal of Engineering Business

and Social Science

Vol. 1 No. 05, June 2023, pages: 427-438

e-ISSN: 2980-4108, p-ISSN: 2980-4272

https://ijebss.ph/index.php/ijebss

427

Analysis of Factors Influencing Investment Interest in the Capital

Market for Millennials

Rayman Daniel Harefa

, Pretty Yusta Turnip

, Natasya Gozali Puteri

Tetty Tiurma Uli

Sipahutar

, Surtikanti

1,2,3,4

Universitas Prima Indonesia,

Universitas Komputer Indonesia

Email: rayman[email protected]

, [email protected] , gozalinatash[email protected],

ratuhapis.tetty@gmail.com, surtikan[email protected].ac.id

Keywords

Abstract

Investment Knowledge,

Investment Motivation,

Minimum Capital, Risk

Reference, Investment

Interest

Investing in the capital market is starting to be in demand by many generations in

Indonesia, especially the millennial generation. The purpose of investing in the capital

market is to maintain profits in the future. The purpose of this study is to show variables

that influence the interest of the millennial generation to invest in the capital market.

This study used quantitative methods with a population of 200 with the criteria of the

millennial generation with vulnerable ages 15-34 years. Sampling technique with

purposive sampling. Data collected through an online questionnaire distributed to 133

millennial generation respondents. Respondent data was analyzed using multiple linear

regression through SPSS software. The results showed that the factors of investment

knowledge and investment motivation and minimal capital affect investment interest for

millennials, while risk preferences have no effect on investment interest in the capital

market for millennials. Therefore, millennials must be interested in investing their capital

in the capital market to provide long-term readiness or opportunities in the future. The

implications of this research can contribute to the wider community, especially the

millennial generation, to better understand and be interested in investing in the capital

market.

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/).

1. Introduction

Currently, the financial industry is undergoing considerable transformation, including one part of the capital

market. The capital market is where all investment activities are carried out. Basically, the capital market serves as an

intermediary between people who need funds and people who have funds. All business activities are influenced by the

investment interest of the millennial generation. The investment interest of the millennial generation is influenced by

many things. The advancement of technology, such as the development of financial technology, can affect online

investment (Tumewu, 2019).

One factor that causes low investment rates is the younger generation's low knowledge of investments. The

millennial generation must have knowledge, because they must learn and know the basis of investment before investing

(Tandio & Widanaputra, 2016). Good motivation can make millennials more interested in investing. Few of them are

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not interested in investing because there are some of them who consider investing a difficult thing and require large

capital to do. However, along with the development of investment in the capital market and its role in the economy in

the future is quite large, this is a motivation for the millennial generation to invest. Some people don't understand

investing because they don't have clear, measurable financial goals to invest in. As a result, things like it is difficult to

know the success of investment and there is no desire to invest (Mastura et al., 2020).

To invest, of course, initial capital is needed. The minimum capital in investing is relatively cheap and

affordable, so the millennial generation can invest in the capital market. Investors assume that minimal capital is not

something to consider when investing (Wibowo and Purwohandoko, 2019).

Many millennials are not interested in investing in the capital market because they are afraid to take the risks

associated with investing. There are two ways investors deal with risk: averse risk (fear of taking risks) and taker risk

(daring to take risks). Investors who are sufficiently educated and knowledgeable can reduce risk.

Investors can reduce risk by becoming educated and knowledgeable. The number of investors registered with

the financial services authority (OJK) of Medan City increased by 81.7% at the end of December 2021, which was

dominated by the millennial generation. This shows that the millennial generation in Medan City is starting to be

interested in investing in the capital market. However, this number is still less than the increase in investors in Surabaya

City from August 2021 by 85%. This is due to the fact that millennials do not have enough knowledge and knowledge

about capital market investments.

Oktary et al., (2021) research entitled "Factors that influence students' interest in investing in capital targets

through investment galleries in Pekanbaru" focuses more on students who are active in the economy and have customer

fund accounts. While this study focused more on millennials, the variables used were knowledge, motivation, minimal

capital, and risk preference.

Our research entitled "Analysis of Factors Influencing Interest in Investing in Capital Markets for

Millennials" is based on the phenomena mentioned above.

Theoretical Review

The Effect of Investment Knowledge on Investment Interest

Syahyun ( 2015: 1) Explained investment is a commitment to a number of funds or other resources carried

out now, with the aim of obtaining profits in the future.

Extensive knowledge and insight are certainly very necessary for potential investors before starting to invest.

Because when a potential investor is equipped with sufficient knowledge and insight, investors will be more confident

to invest. According to (Mastura et al., 2020) sufficient knowledge can reduce the risks faced when investing in the

capital market, especially when investing in stocks. sInvesting knowledge is also useful for prospective investors in

order to choose the right strategy in investing so that later they do not experience large losses.

In addition, the more information an investor can obtain, the greater their confidence will be in achieving

financial success. An understanding of investing can be gained by attending some seminars, workshops, or classes

related to investing in the stock market or by studying books on investment literacy.

The Effect of Investment Motivation on Investment Interest

Motivation can be defined as the process by which a person discusses their needs and engages in actions to

meet those needs. (Malik, 2017). Motivation as a procedure that explains the importance of strength, direction, and the

need for each person to have a purpose in life (Urfillah & Muflikhati, 2017). The best theory of motivation, as it is

widely known, is Maslow's hierarchy of needs theory. Maslow posited that every human being has a hierarchy of five

needs: (1) physiological, (2) security, (3) social, (4) reward, (5) self-actualization. According to ongoing research,

motivation to invest can be inferred as the likelihood that a person will have difficulty motivating themselves to perform

certain investment-related tasks (Yunia et al., 2020).

Minimal Capital Effect on Investment Interest

Minimum capital serves as the default setting for opening a checking account when making a capital

investment for the first time (Anwar Wibowo and Purwohandoko, 2018).

Nisa, (2017) found that students are more likely to invest if the minimum investment capital is smaller. The

minimum capital to invest cannot affect students' desire to invest because their knowledge of investing in the capital

market is not enough to encourage them to invest (Hermanto, 2017).

The Effect of Risk Preference on Investment Interest

An individual's choice to take risks is known as risk preference. Millennials always want to profit from

investing in something (Gesta et al., 2019). In investing, investors must understand that there are risks that may occur

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and always follow investment profits because investment risks are directly proportional to the profits obtained. Risk is

the difference that may occur between the actual return received and the expected return by (Tandelilin, 2017).

Research Framework

Hypothesis

The hypothesis of this study is as follows based on the initial problem formulation and conceptual framework

that has been outlined:

H1: The investment interest of the Millennial Generation is influenced in part by Investment Knowledge.

H2: The investment interest of the Millennial Generation is influenced in part by Investment Motivation.

H3: The investment interest of the Millennial Generation is partially affected by the Minimum Capital.

H4: Millennials' investment interest is influenced in part by Risk Preference.

H5: Millennial Generation's investment interest is influenced by investment knowledge, investment

motivation, minimum capital, and risk preferences.

2. Materials and Methods

This study used survey research method, which collects data and information from respondents through

questionnaires or questionnaires. Purposive sampling techniques are used to collect data and samples. Primary data,

collected and processed by researchers themselves through questionnaires or surveys, are what is required for this

study (Perdana, 2016).

Researchers establish population as a generational region consisting of objects or subjects with certain

qualities and characteristics to study and then make conclusions (D. Sugiyono, 2013). This study involved 200

individuals from the community or millennial generation aged between 15 and 34 years who have studied capital

market investment or who have not. Both the population number and its characteristics consist of samples (Sugiyono

2018: 81). Purposive sampling is a sampling method that uses special considerations for data sources (D. Sugiyono,

2018).

Formula:

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n = number of samples

N = total population

se = presentation error tolerance

2.1 Operational Definition

Table 2.1 Operational Definition of Research Variables

Variable

Operational Definition

Indicator

Scale

Investment Knowledge

(X1)

Information about how to

use some of your funds or

resources to generate future

profits is called investment

knowledge. According to

Wibowo et al. (2018)

1. Before investing, you must understand

the basics of investing.

2. Investors should have basic knowledge

of investing.

3. Familiar with investment objectives.

4. To find out the return, do a calculation

analysis.

5. Understand investment risks.

Likert

Investment Motivation

(X2)

Motivation can be defined as

the initial step to provide

motivation that will drive a

person to achieve their goals

(Taufiqoh 2019).

1. Motivation to make a profit.

2. Motivation to avoid risk.

3. Motivation for the development of value

for money.

4. Invest for future opportunities.

5. Doing activities to achieve goals provides

motivation.

Likert

Minimum Capital (X3)

Student curiosity to invest in

the capital market is

influenced by the minimum

investment capital Nisa,

(2017).

1. Consider capital for easier investment.

2. Establishment of seed funding.

3. At a minimum, investment capital is

affordable.

4. At least buy shares.

5. Increase and decrease capital.

Likert

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Risk Preference (X4)

Students definitely want to

benefit from investing in

certain goods because they

have risk preferences (Gesta

et al., 2019).

1. Perspectives on economic risks.

2. Risk of loss of wealth.

3. Risk of loss of value.

4. Uncertainty about profits and revenue.

5. Taking a lot of time to pay attention to

investments.

Likert

Investment Interest of

Millennial Generation

(Y)

According to Kotler and

Keller (2016), interest arises

as a result of stimulation.

1. Investing in the capital market is a great

idea.

2. Individuals have emotional motivation.

3. Take advantage of investment

opportunities in the capital market.

Likert

2.2 Data Processing Techniques

2.2.1 Validity Test

The Validity Test, according to Sugiyono, (2019), is used to determine whether or not a questionnaire is valid.

A questionnaire is considered valid if the question is able to reveal what it is intended to measure.

With f calculate >ꬵtable and significant value < 0.05

2.2.2 Reliability Test

Reliability test is defined as the extent to which measurement results with the same object will produce the

same data, according to Sugiyono (2017: 130). If a person's answers to statements are consistent or stable over time,

the questionnaire is said to be reliable or reliable. It is said to be reliable if Cronbach's alpha value > 0.70.

2.2.3 Multiple Linear Regression Analysis

One of the objectives of this analysis is to determine how the independent variable and the dependent variable

interact with each other, as well as to estimate whether the value of each independent variable will increase or decrease

(Sugiyono, 2018: 188).

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The general equation of multiple linear regression is:

Y= a + b1X1 + bX2 + b3X3 + b4X4 + e

Information:

Y = Investment Interest of the Millennial Generation

X1 = Investment Knowledge Variable

X2 = Investment Motivation Variable

X3 = Minimal Capital Variable

X4 = Risk Preference Variable

a = Constant

b = Regression Coefficient

e = Error / Confounding Variable

Coefficient of Determinant

The determinant coefficient in this study is to determine how much the ability of the independent variable to

explain the variation caused by the dependent variable. The determinant coefficient in this study can be seen through

the adjusted R Square value.

Test t

How each independent variable partially affects its dependent variable is measured by the t-test. One way to

perform this test is by comparing the calculated t value with a table or by looking at the significant value for each t

count. The criteria used as guidelines for the t-test are as follows:

0 is accepted if h is ≤ and significant > 0.05

1 is accepted if h is < and significant < 0.05

Test f

The f test is used to see if all the independent variables together have an effect on the dependent variable. The

f test can be done by comparing f count with f table with the following criteria:

0 accepted if h < and significant > 0.05

1 accepted if h > and significant < 0.05

3. Results and Discussions

3.1 Research Results

3.1.1 Validity Test

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Table 3.1 Correlations

From the data above, it can be concluded that investment knowledge, investment motivation, minimum

capital, and risk preferences are all valid (greater than r table) this can be proven in the r calculated > 0.1422. This

value is obtained from the r value of the table with N = 133

3.1.2 Reliability Test

Table 3.2 Reliability Test

The variable can be said to be good if the value of Cronbach's Alpha > of 0.70 (Sugiyono 2017: 130). Based

on the table above, it shows that the value of Cronbach's Alpha of 0.787 is greater than 0.70, so it can be concluded

that all variables are reliable

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3.1.3 Multiple linear regression test

Table 3.3 Coefficients

a. Dependent Variable: Investment Interest

1. It is well known that the investment knowledge variable has a significant influence on the investment interest

variable, because the significant value of the variable is 0.000 less than 0.05.

2. By knowing that the significant value of the investment motivation variable 0.000 is less than 0.05, it can be

concluded that the investment motivation variable has a significant impact on the investment interest variable.

3. After knowing that the significant value of the capital variable of at least 0.000 is less than 0.05, it can be

concluded that the variable of investment interest is significantly influenced by the variable of minimal capital.

4. The investment interest variable is not significantly influenced by the risk preference variable, because the

significant value of 0.911 is greater than 0.05.

3.1.4 Coefficient determinant

Tabel 3.4

1. Predictors: (Constant), preferensi_resiko, pengetahuan_investasi, motivasi_investasi, modal minimal.

From the table above, we can see that the variable has a simultaneous influence of 52.1% on investment

interest, with an R Square value of 0.521. Other variables not tested in the study affected the remaining share by 47.9%.

3.1.5 Partial t-test

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Table 3.5

a. Dependent Variable: investment interest

1. 1. It is known that the significance value of the influence of X1 on Y is 0.000 < 0.05 and the value of

t is calculated

2. Thus, X1 affects Y, because 2. 4.230 is greater than t table = 2.306.

3. With a significance value of 0.000 < 0.05 and a calculated t value of 4.723 greater than t table 2.306,

it can be concluded that there is an influence of X2 on Y.

4. The significance value of X3's influence on Y is 0.005 < 0.05, and the calculated t value = 2.884 is

greater than table t = 2.306 so that it can be concluded that there is X3's influence on Y.

5. In conclusion, there is no effect of X4 on Y, with a significance value of 0.868 greater than 0.05 and a

calculated t value of -0.167 less than t table 2.306.

3.1.6 Test F

1. Dependent Variable: investment interest

2. Predictor : (Constant), Preferences Risk, investment knowledge,

investment motivation, minimal capital.

The table above shows that the significance values of the influence of X1, X2, X3, and X4 on Y

simultaneously are 0.000 < 0.05, and the calculated value of F is 32.987 greater than F of the table, which means that

their influence on Y simultaneously is 2.44.

3.2 Discussion

3.2.1 The Effect of Investment Knowledge on Investment Interest

Investment knowledge affects investment. This is indicated by the Investment Knowledge Significance value

of 0.000 < 0.05 and the calculated t value of 4.230 is greater than the table t of 2.306. Thus, it can be concluded that

investment knowledge affects investment interest.

3.2.2 The Effect of Investment Motivation on Investment Interest

Based on the value of Investment Motivation Significance, it is known that the value is 0.000 < 0.05 and the

calculated t value = 4.723 is greater than t table = 2.306 so that it can be concluded that investment motivation affects

investment interest.

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3.2.3 Effect of Minimum Capital on Investment Interest

Minimal capital affects investment interest. This can be inferred from the minimum capital significance value

of 0.005 < 0.05 and the calculated t value of 2.884 greater than the table t of 2.306.

3.2.4 The Effect of Risk Preference on Investment Interest

There is no effect of risk preference on investment interest. This is indicated by the Risk Preference

Significance value, whose value of 0.868 is greater than 0.05 and the calculated t value of -0.167 is less than the table

t of 2.306. Thus, it can be concluded that there is no influence of risk preference on investment interest.

3.2.5 The effect of investment knowledge, investment motivation, minimum capital and risk preference

simultaneously on investment interest.

Investment knowledge, investment motivation, minimum capital, and risk preference have an influence on

investment interest simultaneously. Based on the significance value of 0.000 < 0.05 and the calculated F value = 32.987

> F table = 2.44, it can be concluded that there is a concomitant influence on investment interest by investment

knowledge, investment motivation, minimum capital, and risk preference.

3.2.6 Multiple Linear Regression Equations

The result of the linear regression equation for this equation is as shown in table 3.3:

Y= 0.568 + 0.366 X1 + 0.309 X2 + 0.300 X3 – 0.007 X4.

The above equation can be understood as follows:

1. The constant value of an is 0.568, which means that investment interest increases by 0.568% if the variables of

influence of investment knowledge, investment motivation, minimal capital, and risk preference are not

included.

2. The value of the coefficient b1= 0.366, which indicates that, assuming the other independent variables do not

change, investment interest will increase by 0.366% if the investment knowledge variable is increased.

3. The coefficient value of b2 = 0.309, which means investment interest will increase by 0.309 percent if the

investment motivation variable is increased. Assuming the other independent variables do not change,

investment interest will increase by 0.309 percent.

4. The coefficient value b3 = 0.300 indicates that assuming the other independent remains, investment interest

will increase by 0.300% if the minimal capital variable is increased.

5. The coefficient value of b4 = -0.007 means that if the risk preference variable is increased, investment interest

will decrease by 0.007% assuming the other independent variables are constant.

The Effect of Investment Knowledge on Investment Interest

Mastura et al., (2020) said that having sufficient knowledge can help you reduce risks when investing in the

capital market, especially in stock investment instruments. In this study, investment interest is influenced by investment

knowledge. Based on the value of Investment Knowledge Significance, it is known that the value of 0.000 is less than

0.05, and the calculated t value of 4.230 is greater than the table t of 2.306. Thus, it can be concluded that investment

knowledge affects investment interest.

The Effect of Investment Motivation on Investment Interest

Malik (2017) states that motivation can be defined as the process by which a person identifies and takes action

to meet his needs. In this study, investment interest is influenced by investment motivation. Based on the value of

Investment Motivation Significance, it is known that the value of 0.000 is less than 0.05, and the calculated t value of

4.723 is greater than the table t of 2.306. Thus, it can be concluded that there is an influence between investment

motivation and investment interest.

Minimal Capital Effect on Investment Interest

Students tend to invest if the minimum investment capital is getting smaller, according to Nisa, (2017). In this

study, investment interest is influenced by minimal capital. Based on the minimum capital significance value, it is

known that the value of 0.005 is less than 0.05, and the calculated t value of 2.884 is greater than the table t of 2.306.

Therefore, it can be concluded that there is a minimal capital influence on investment interest (Anggini Asmara, 2020).

The Effect of Risk Preference on Investment Interest

According to Gesta et al., (2019), risk preference is a person's tendency to do something risky. Risk preference

in this study did not affect investment interest. Based on the value of Risk Preference Significance, it is known that the

value of 0.868 is greater than 0.05 and the calculated t value of -0.167 is less than t table 2.306. Thus, it can be

concluded that investment interest is not affected by risk preferences.

Influence of Investment Knowledge, Investment Motivation, Minimum Capital

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In addition, the influence of investment knowledge, investment motivation, minimal capital, and risk

preference have a simultaneous influence on investment interest. Based on the significance value of 0.000 < 0.05 and

the calculated F value of 32.987 > F table 2.44, it can be concluded that there is a concomitant influence on investment

interest by investment knowledge, investment motivation, minimum capital, and risk preference.

Multiple Linear Regression Equations

Sugiyono (2018) states that multiple linear regression analysis is used to determine the direction of the

relationship between the independent variable and the dependent variable, as well as to estimate whether the value of

each independent variable and the independent variable will increase or decrease.

The equation resulting from the linear regression equation is as follows, based on table 3.3:

Y= 0.568 + 0.366 X1 + 0.309 X2 + 0.300 X3 – 0.007 X4.

The above equation can be understood as follows:

1. If variables affecting investment knowledge, investment motivation, minimal capital, and risk preference are

not included, then investment interest will increase by 0.568%. This is based on the value of the constant.

2. The coefficient b1 is 0.366, which means investment interest will increase by 0.366% if the investment

knowledge variable is increased, assuming the other independent variables do not change.

3. The coefficient value of b2 = 0.309, which means investment interest will increase by 0.309 percent if the

investment motivation variable is increased, assuming the other independent variables remain.

4. The coefficient value of b3 is 0.300, which means that investment interest will increase by 0.300% assuming

the other independent variables are fixed.

5. The coefficient value of b4 = -0.007, which means that investment interest will decrease by 0.007% if the risk

preference variable is increased, assuming the other independent variables remain.

4. Conclusion

The results showed that the millennial generation's interest in investing is influenced by investment knowledge,

investment motivation, minimal capital, and risk preferences. The millennial generation's interest in investing is

positively and significantly influenced by investment knowledge. Millennials are very interested in investing because

of investment motivation. The millennial generation is very interested in investing because of the minimal capital.

Millennials aren't too keen on investing because of their risk preferences.

The suggestion for future researchers is that they should expand the number of respondents to expand this study.

This research advises millennials to learn more about investing by attending investment seminars, learning from social

media, and learning about the environment so that they are more motivated to invest in the capital market. In addition,

the study suggests that the government should help millennials gain access to capital markets. Advice for millennials

to broaden their horizons about investing in the capital market, this is useful for millennials in the future or their own

future. Because with their understanding of investing in the capital market, it can be a guideline or the beginning of

success in the future.

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