International Journal of Engineering Business
and Social Science
Vol. 1 No. 05, June 2023, pages: 479-490
e-ISSN: 2980-4108, p-ISSN: 2980-4272
https://ijebss.ph/index.php/ijebss
479
The Effect of Investment Knowledge Ability, Capital, and
Investment Motivation on The Capital Market with Income as
Moderation Variable
Tetty Tiurma Uli Sipahutar, Enjelina Juni Artha Lubis, Yosia Frans Calvin Lumban Gaol
3
, Erdina Sirait
4
,
Christine
5
, Hanifah
6
1,2,3,4,5
Universitas Prima Indonesia
6
STIE ekuitas. Indonesia
Email: ratuhap[email protected], enjellin[email protected], yosia.franscalvin@gmail.com,
erdinasirait06@gmail.com, [email protected]m
, [email protected]m
Keywords
Abstract
Investment Knowledge,
Capital, Investment
Motivation, Income,
Capital Markets.
This study aims to determine the effect of the ability of investment knowledge, capital,
and investment motivation with income as a moderating variable on the capital market.
The population of this study was obtained by 134 respondents with the sampling
procedure using purposive sampling. The type of data used in this study is primary data.
Data collection techniques with distribution in the form of links using moderation
regression. The results of the research partially show that investment knowledge, capital,
and investment motivation with income as a moderating variable have a positive and
significant effect on the capital market. The results of the research simultaneously show
that investment knowledge, capital, and investment motivation with income as a
moderating variable have a positive and significant effect on the capital market.
© 2023 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/).
1. Introduction
In advancing the capital market industry in Indonesia, PT. The Indonesia Stock Exchange (IDX) continues
to provide guidance in a better direction aimed at increasing the number of active investors in the capital market in
Indonesia. In fact, the briefing was well received by the public, and investment in Indonesia over the last few years
has increased, as evidenced by investments such as stocks, bonds, property and precious metals. The number of new
industries can be one aspect of driving the number of investors, where one form of industrial strategy in supporting
performance is by joining the capital market (Wibowo, 2019). However, the results of the OJK survey assure that a
large number of industries alone does not significantly affect the growth of the number of investors if the community
itself is less able to process the income owned as funds and capital when investing (Subhan & Suryansyah, 2019).
Success in managing income has a significant positive influence on investment interest in the capital market.
With sufficient elaboration of the income of investing in the capital market, investors are willing to continue to be
confident to invest some of their funds on the Indonesia Stock Exchange (Rahman & Subroto, 2022). The phenomenon
of stock purchases and the number of investors in the city of Medan during the Covid pandemic also faced a significant
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increase from 2019 to August 2022, both in terms of the number of SID and the value of share purchases in the city
of Medan, this refers to table 1.
Table I 1 SID and Medan City Share Purchase Transaction Value 2019-August 2022
Year
SID
Value of Share Purchase Transaction
(Rp)
2019
50.023
3.321,5 T
2020
85.267
30.571 T
2021
165.969
218 T
Agustus 2022
435.621
102.60 T
(sumber:OJK Agustus 2022)
Based on Table 1, it appears that the number of SIDs and the value of share purchase transactions in the city
of Medan continue to grow from year to year. The development of the number of stock investors is one of the
characteristics of the achievement of the Indonesian capital market. Based on demographic data, it shows that stock
investors are still concentrated on the island of Java, which is 69.59%, listed 13.97% of investors domiciled in DKI
Jakarta with an asset value of Rp3,772.32 trillion (Estiasih et al., 2020). The Indonesia Stock Exchange (IDX)
representative of North Sumatra hopes and is optimistic that the number of investors can increase again in the city of
Medan, especially among millennials, to make the capital market a comfortable and exciting place to invest (Setiani
& Aulia, 2021).
Some researchers suggest variables that can affect investment in the capital market, including Investment
Knowledge, Capital and Investment Motivation. Basic knowledge and understanding of investment includes the type
of investment, return and investment risk that are needed to avoid losses when investing in the capital market .
Investment knowledge is useful for potential investors in order to sort out a good strategy for investing so that later
they do not experience large losses. Investment knowledge is an understanding that a person must have about various
aspects of investment, starting from basic knowledge of investment evaluation, the level of risk and the level of return
(return) on investment (Pajar & Pustikaningsih, 2017). On the other hand, investing in the capital market is not only
influenced by investment knowledge variables but also influenced by capital variables.
Investment capital is the initial capital used in investing by potential investors (Hermanto, 2017). Capital
used to purchase and procure aims to support the production process. The amount of capital to invest is determined
from the type of investment product imaginable. If the desired investment is in the form of fixed assets in the form of
buildings, land, production machinery and so on, so that the investment budget to be spent is much more expensive
when compared to investment in the form of stocks and non-fixed asset products. According to (Prastyo et al., 2016)
Motivation is defined as the process of one's sincerity and goals, starting with the desire offered by sincerity in
achieving goals and assisted by willpower, psychology and learning provided by various sources. According to the
results of Siwi & Meirini Research (2021), motivation positively and significantly affects investment interest in the
capital market.
Based on research conducted by (Pajar & Pustikaningsih, 2017), (Hermanto, 2017), Siwi & Meirini, (2021)
positively and significantly affect the capital market as a place to invest. From the research mentioned above, having
a comparison with research conducted by researchers is located in the variable investment income. In this study,
researchers included income moderation as the latest variable in the study. Income is the income of a person or family
consisting of core income and other income received periodically, one of which is investment results. Large income
will make someone have excess funds that can be saved or invested for future needs (Arifin et al., 2017). Not only
does it have a direct influence, income can also moderate the influence of investment knowledge in the capital market.
The aspect of good investment knowledge is not certain to display good management, if it is not accompanied by
adequate income. Thus, income can strengthen the influence of investment knowledge in the capital market (Sabar et
al., 2022). The existence of income as a moderation variable is the latest of this research that distinguishes it from
previous research.
Based on the background of these problems, researchers are interested in learning more about "THE
INFLUENCE OF INVESTMENT KNOWLEDGE ABILITY, CAPITAL AND INVESTMENT MOTIVATION
TERHADAP PASAR MODAL DENGAN PENDAPATAN SEBAGAI VARIABEL MODERASI”.
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2. Materials and Methods
This research design is quantitative descriptive. According to (P. Sugiyono, 2016), descriptive statistics are
statistics used to analyze information and methods of describing or describing information that has been collected as
it is without the intention of making conclusions that apply to universals or generalizations. According to Sugiyono,
(2019) population is a generalization area consisting of: objects/subjects that have certain quantities and characteristics
that are formalized by researchers to be studied and then draw conclusions. In this study has a population of 200
people who have worked and have income or income. According to Sugiyono, (2019) samples are part of the number
and characteristics possessed by the population. The sampling procedure used in this study was purposive sampling.
Sugiyono, (2019) suggests that purposive sampling technique is a sampling technique with certain considerations.
This research uses a formula developed by Slovin to determine the number of samples.
n=
Information:
n : Number of samples
N : Total population
e : Fault tolerance limit (5%) The sample calculation can be seen below:
n =
n =
n =
n = 134
Based on the calculation of the number of samples above the minimum sample used are 134 samples of people
in the city of Medan who have worked and are categorized as adults aged 20-40 years. The data source used in this
study uses primary data with data sources obtained directly from the original source (not through intermediaries). In
this study to find data on Investment Knowledge, Capital, Investment Motivation, Capital Market and Income is to
share questionnaires with the surrounding community (Husna & Lutfi, 2022).
The data were analyzed quantitatively using descriptive analysis and multiple linear regression using the help
of SPSS 23 software. This type of research is primary data because it uses the distribution of questionnaires in the form
of links. The questionnaire consists of 30 questions with answers using a 5-point interval scale. The answers and
scoring are as follows:
1. Strongly Agree (SS) = 5 d. Disagree (TS) = 2
2. Agree (S) = 4 e. Strongly Disagree (STS) = 1
3. Simply Agree (CS) = 3
Descriptive statistics provide an overview or description of a data seen from the average value (mean),
standard deviation, variance, maximum and minimum. Descriptive statistics describe data that wants to be clearer and
easier to understand (Ghozali, 2018: 19). According to Sugiyono, (2019) displays the degree of accuracy between the
data that actually occurs in objects and the data collected by researchers. This validity test is carried out to measure
whether the data that has been obtained after the study is valid data or not, using the measuring instrument used
(Questionnaire).
r calculate =
Information:
r xy = Correlation Coefficient = Number of powers of variable value x
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n = Number of Samples = Number of powers of the value of the variable y
= Number of multiplications of x and y variables
= Number of variables x
= Number of y variables
This validity test is carried out using the SPSS 23 for Windows program with the following criteria:
1. If r counts > r table then the statement is declared valid.
2. If r counts < table then the statement is declared invalid.
3. The calculated r value can be seen in the corrected item-total correlation column
Table 3. 1 Variable Operational Definition Table
Kind variable
Indicator
Kind
variable
Capital Market
1. Investment
2. Trading effects and mechanisms
3. Instruments sold on the capital
market
4. Stock
5. Capital Market as a source of
funding
Likert
Investment
Knowledge
1. The importance of basic
knowledge of Investment
2. Analyze the calculation to find
out the Return.
3. Basic understanding of
investment
4. Related courses
5. School of capital markets (Latha,
2016)
Likert
Investment
Capital
1. Capital Structure
2. Utilization of additional capital
3. State of Investment after adding
capital
4. Capital size
5. Capital as a condition for
investment
Likert
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Investment
Motivation
1. Profit drive
2. Risk aversion
3. Encouragement of the growing
value of money
4. Opportunities for investment
opportunities
5. Encouragement to build
expertise
Likert
Income
1. Monthly income
2. Work
3. Income from side jobs
4. Family consumption patterns
5. Family burden borne
Likert
3. Results and Discussions
3.1 Descriptive Statistics
The sample of this study is the research period of 2022, so that the research data obtained amounted to 134
people. The results of data processing with the SPSS program can be seen from the descriptive statistics below:
Tabel 3.1 Descriptive Statistics Statistics
TOTALX 1
TOTALX 2
TOTALX 3
TOTALX 4
TOTALY1
N Valid
134
134
134
134
134
Missing
0
0
0
0
0
Mean
33.90
32.25
31.50
31.66
31.97
Std. Deviation
6.246
5.825
6.171
6.070
5.989
Variance
39.012
33.935
38.086
36.844
35.864
Minimum
10
13
12
10
12
Maximum
40
40
40
40
40
The variable X1, namely Investment Knowledge, has a minimum value of 10 against the capital market and a
maximum value of 40, while the average value is 33.90, while the standard deviation is 6,246 and variance is 39,012.
The variable X2, namely Capital, has a minimum value of 13 against the capital market and a maximum value of 40,
while the average value is 32.25, while the standard deviation is 5.825 and variance is 33.935. Varibel X3, namely
Investment Motivation, has a minimum value of 12 against the capital market and a maximum value of 40, while the
average value is 31.50, while the standard deviation is 6,171 and variance is 38,086. Variable Z, namely Income, has
a minimum value of 10 and a maximum value of 40, while the average value is 31.66, while the standard deviation is
6,070 and variance is 36,844.Variable Y, namely the Capital Market, has a minimum value of 12 and a maximum
value of 40, while the average value is 31.97, while the standard deviation is 5,989 and variance is 35.86.
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3.2 Data Quality Test
3.2.1 Validity Test
According to Arikunto, if rxy > rtabel then the statement item is valid and if rxy < rtabel then the statement item
is invalid. The results of the validity test can be seen in the following table:
Table 2 1 Validity Test Results
Variable
Item
R Count
R Table
Information
Investment Knowledge (X1)
1
0.851
0.176
Valid
2
0.910
0.176
Valid
3
0.885
0.176
Valid
4
0.741
0.176
Valid
5
0.870
0.176
Valid
6
0.795
0.176
Valid
7
0.748
0.176
Valid
8
0.864
0.176
Valid
Modal (X2)
1
0.827
0.176
Valid
2
0.819
0.176
Valid
3
0.742
0.176
Valid
4
0.868
0.176
Valid
5
0.810
0.176
Valid
6
0.888
0.176
Valid
7
0.865
0.176
Valid
8
0.792
0.176
Valid
Investment Motivation (X3)
1
0.722
0.176
Valid
2
0.738
0.176
Valid
3
0.834
0.176
Valid
4
0.848
0.176
Valid
5
0.850
0.176
Valid
6
0.799
0.176
Valid
7
0.810
0.176
Valid
8
0.758
0.176
Valid
Income (Z)
1
0.789
0.176
Valid
2
0.837
0.176
Valid
3
0.855
0.176
Valid
4
0.867
0.176
Valid
5
0.785
0.176
Valid
6
0.795
0.176
Valid
7
0.814
0.176
Valid
8
0.796
0.176
Valid
Capital Market (Y)
1
0.880
0.176
Valid
2
0.829
0.176
Valid
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3
0.815
0.176
Valid
4
0.754
0.176
Valid
5
0.876
0.176
Valid
6
0.813
0.176
Valid
7
0.884
0.176
Valid
8
0.856
0.176
Valid
Table 3.2 above shows that all question items on the variables Investment Knowledge, Capital, Investment
Motivation, Income, and Capital Market are declared valid (greater than the r table), this is evidenced by obtaining a
calculated value of > 0.176. The value 0.176 is obtained from the r table value with N=125.
3.2.2 Reliability Test
Case Processing Summary
N
%
Cases
Valid
Excluded
a
Total
134
100.0
0
.0
134
100.0
a. Listwise deletion based on all variables in the procedure.
Reliability Statistics
Cronbach's Alpha
N of Items
.982
40
The variable is said to be good if it has a value of Cronbach's Alpha > of 0.7 (Priyatno, 2013: 30). Based on
Table III.2 of the Reliability Test shows that the value of Cronbach's Alpha of 0.982 is greater than 0.7, it can be
concluded that all Reliable variables.
3.3 Results of Research Data Analysis
3.3.1 Multiple regression analysis
Coefficients
a
Model
Unstandardized Coefficients
Standardized
Coefficients
t
Sig.
B
Std. Error
Beta
1 (Constant)
-.825
.336
-2.455
.015
Investment Knowledge
-.031
.018
-.033
-1.719
.088
Modal
1.055
.022
1.026
48.498
.000
Investment Motivation
-.006
.017
-.006
-.330
.742
a. Dependent Variable: Capital Market
It is known that the significance value of the investment knowledge variable is 0.088 (<0.05), so it concludes
that the investment knowledge variable has a significant effect on capital market variables. It is known that the
significance value of the Capital variable is 0.000 (<0.05) to conclude that the Capital variable has a significant effect
on the capital market variable. It is known that the significance value of the Investment Motivation variable is 0.742
(<0.05), so it concludes that the investment motivation variable has a significant effect on capital market variables.
3.3.2 Analisis Regresi Moderasi
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Coefficients
a
Model
Unstandardized Coefficients
Standardized
Coefficients
T
Sig.
B
Std.
Error
Beta
1 (Constant)
13.254
1.308
10.130
.000
Investment Knowledge
-.035
.197
-.037
-.180
.857
Modal
.245
.215
.247
1.141
.256
Investment Motivation
-.186
.162
-.192
-1.148
.253
Investment Knowledge*Income
.007
.007
.410
1.077
.283
Capital*Revenue
.003
.007
.171
.442
.659
Investment Motivation*Income
.007
.005
.380
1.363
.175
a. Dependent Variable: Capital Market
It is known that the significant value of the interaction variable between investment knowledge and income is
0.857 (<0.05), so it concludes that the Income variable can moderate the influence of investment knowledge variables
on the capital market. It is known that the significant value of the interaction variable between Capital and income is
0.256 (<0.05), so it concludes that the Income variable is able to moderate the influence of the Capital variable on the
capital market. It is known that the significant value of the interaction variable between Investment Motivation and
income is 0.253 (<0.05), so it concludes that the Income variable is able to moderate the influence of the Investment
Motivation variable on the capital market (Samudera & Nurfebiaraning, 2023).
3.3.3 Coefficient of Determination
Model Summary
Model
R
R Square
Adjusted R Square
Std. Error of the Estimate
1
.984a
.967
.966
1.106
a. Predictors: (Constant), Investment Motivation*Income, Investment Knowledge, Capital, Investment
Motivation, Investment Knowledge*Income, Capital*Income
It is known that the R Square value of 0.967 means that the influence of investment knowledge on capital market
variables after the moderation variable (Income) is 96.7% and the remaining 3.3% is influenced by other variables
outside this research variable. For example risk perception and financial literacy. So it can be concluded that the
existence of moderation variables (income) can strengthen the influence of variables of investment knowledge, capital,
and investment motivation on the capital market.
3.3.4 Simultaneous hypothesis testing (F test)
Table 3 4 Simultaneous Hypothesis Test Results
ANOVA
b
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a. Predictors: (Constant), Income, Investment Motivation, Investment Knowledge, Capital
b. Dependent Variable: Capital Market
In Table III.6, the simultaneous significant test/f test yields an F count of 2645,428 with free degrees 1 (df1) =
k – 1 = 5 – 1 = 4, and free degrees 4 (df2) = n – k = 134 – 4 where n = number of samples, k = number of variables,
the value of f table at a significant confidence level of 0.05 is 2.67 thus, F count = 2645.428 with a significant level of
0.000. Then H0 is rejected and Ha is accepted meaning Investment Knowledge, Capital, and Investment Motivation
with Income As a moderation variable affects the Capital Market.
3.3.5 Partial hypothesis testing (t-test)
Table 3 5 Partial Hypothesis Test Results
Coefficients
a
a. Dependent Variable: Capital Market
The table t value for probability 0.05 at free degrees n = 1.65666. Thus the partial test results (Test T) are as
follows:
1. Partial hypothesis testing (t-test) for the variable of investment knowledge on the capital market obtained t
calculate of -1.380 and t table of 1.65666 with a significant value of 0.170>0.05. The result t count > t table
(-1.380<1.65666) which means H0 is rejected and Ha is accepted. This means that investment knowledge has
a positive and significant effect on the capital market.
2. Partial hypothesis testing (Test t) for capital variables against the capital market obtained a t count of
45.453 and t table of 1.65666 with a significant value of 0.000>0.05. The result t count > t table
(45.453>1.65666) which means H0 is rejected and Ha is accepted. This means that capital has a positive and
significant effect on the capital market.
3. Partial hypothesis testing (t-test) for the variable of investment motivation in the capital market obtained a
calculation of -0.105 and a table of 1.65666 with a significant value of 0.917>0.05. The result t count > t table
(-0.105<1.65666) which means H0 is rejected and Ha is accepted. This means that investment motivation has
a positive and significant effect on the capital market.
4. Partial hypothesis testing (Test t) for the variable income to the capital market obtained a calculation of -0.451
and a table of 1.65666 with a significant value of 0.652>0.05. The result of t calculates > t table (-
Model
Sum of
Squares
Df
Mean Square
F
Sig.
1
Regression
4712.432
4
1178.108
2645.428
.000
a
Residual
57.449
129
.445
Total
4769.881
133
Model
Unstandardized
Coefficients
Standardiz ed
Coefficients
T
Sig.
B
Std.
Error
Beta
1 (Constant)
-.829
.337
-2.459
.015
Investment Knowledge
-.028
.020
-.029
-1.380
.170
Modal
1.059
.023
1.030
45.453
.000
Investment Motivation
-.002
.019
-.002
-.105
.917
Income
-.011
.025
-.011
-.451
.652
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0.451<1.65666) which means H0 is rejected and Ha is accepted. This means that income has a positive and
significant effect on the capital market.
5. Simultaneous hypothesis testing (Test F) for variables moderating investment knowledge, capital, and
significant investment motivation of 0.05 is 2.67 thus, F count = 2645.428 with a significant level of 0.000.
Then H0 is rejected and Ha is accepted meaning Investment Knowledge, Capital, and Investment Motivation
with Income As a variable Moderation has a positive effect on the Capital Market.
3.4 Discussion of Research
3.4.1 Variable Analysis of Investment Knowledge on the Capital Market
Investment knowledge has a positive and significant effect on the capital market. Knowledge of investment is
very meaningful for investors, especially for novice investors such as students. Before investing, at least you must have
basic knowledge, because basic knowledge will make it easier for investors to optimize profits and minimize losses
when investing (Dewi & Gayatri, 2021).
The results of this research are in line with Rizky Chaerul Fajar's research (2017) that the significant value of
0.000<0.05 which indicates that H2 is investment knowledge has a positive effect on investment interest in the capital
market. This research is supported by the Theory of Reasoned Action (TRA). So, it can be concluded that the variable
of Investment Knowledge has a positive effect on the capital market .
3.4.2 Capital Variable Analysis of Capital Market
Capital has a positive and significant effect on the capital market. The decrease in investment capital is a
supporting aspect for potential investors who want to invest.
The results of this research are in line with Latifah's research (2019) that investment capital positively and
significantly affects students' interest in investing in the shari'ah capital market at the shari'ah investment gallery,
Universitas Muhammadiyah Purwokerto. It can be concluded that capital variables have a positive effect on the capital
market.
3.4.3 Analysis of Investment Motivation Variables on the Capital Market
Investment motivation has a positive and significant effect on the capital market. In the business world, there
are many things that make a person motivated in investing. One of them is the return or benefits offered. Not only
returns, other things that need to be considered, among others, are problems and risks in investing in the capital market.
This aspect must be considered by potential investors to invest or not invest in the capital market.
The results of this study are in line with Rizky Chaerul Fajar (2017) that the significant value of 0.000<0.05
which indicates that H3, namely investment motivation, has a positive effect on the capital market.
3.4.4 Analysis of Income Moderation Variables on the Capital Market
Income has a positive and significant effect on the capital market. If income increases, potential investors are
also enthusiastic about investing in the capital market and stock prices also increase. Vice versa, if income decreases,
potential investors in the capital market will decrease. The results of this study are in line with Sarinah (2022) that the
value of 0.0263 < 0.05 which indicates that H4, namely income, has a positive and significant effect on the Capital
Market.
3.4.5 Income analysis can moderate investment knowledge, capital, motivation toward the capital
market
Investment Knowledge, Capital, and Investment Motivation with Income As a moderation variable has a
positive effect on the Capital Market. In this analysis the moderation variable, namely income F calculate = 2645.428
with a significant level of 0.000 until it can be concluded that the Income variable as a moderation variable can
moderate the Effect of Investment Knowledge, Capital, Investment Motivation on the Capital Market.
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4. Conclusion
Based on the analysis that has been done, the conclusions that can be drawn from the results of this study are
as follows: Investment Knowledge (X1) partially has a positive and significant effect on the capital market (Y), Capital
(X2) partially has a positive and significant effect on the capital market (Y), Investment Motivation (X3) partially has
a positive and significant effect on the capital market (Y), Income (Z) partially has a positive and significant effect on
the capital market (Y), Income (Z) simultaneously has a positive and significant impact on Investment Knowledge,
Capital, Investment Motivation on the Capital Market.
Suggestions proposed for future research are: The results of this research can be used as learning material and
other research that wants to do the same research is expected to be better prepared in the process of taking, collecting
and everything so that research can be done well. Based on the results of research that shows that the influence of
investment knowledge, capital, investment motivation on the capital market with income as a moderation variable,
investors are expected to need to consider basic investment knowledge, capital, motivation and income when they want
to invest in the capital market so that mistakes and risks will not occur when investing in the capital market.
5. References
Dewi, L. P. S., & Gayatri, G. (2021). Determinan yang Berpengaruh pada Minat Investasi di Pasar Modal. E-Jurnal
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490 e-ISSN: 2980-4108 p-ISSN: 2980-4272 IJEBSS
IJEBSS Vol. 1 No. 05, June 2023, pages: 479-490