DETERMINAN MINAT GENERASI Z DALAM BERINVESTASI PADA TABUNGAN EMAS DIGITAL SYARIAH DI KALIMANTAN TIMUR
DOI:
https://doi.org/10.24903/obor.v8i2.4151Keywords:
Generation Z; digital gold savings; investment intention; perceived ease of use; Sharia congruence.Abstract
Digital gold savings expand transaction access, but access alone does not establish investment intention. This study examines relationships of perceived ease of use, perceived usefulness of the digital gold service, and perceived Sharia congruence with Generation Z's investment intention in East Kalimantan. The Theory of Planned Behavior (TPB) frames investment intention as a precursor to behaviour, without testing its full model. A cross-sectional, purposive sample was screened using recorded age, residence, and service-awareness categories. Of 312 records, 114 unaware respondents were excluded, leaving 198 complete cases with 20 five-point items. The primary reflective PLS-SEM analysis used SmartPLS 4 with 5,000 bootstrap resamples. Supplementary mean-score regression and repeated cross-validation assessed robustness and prediction. Standardized path coefficients were positive: 0.2394 for ease of use, 0.1902 for usefulness, and 0.3134 for Sharia congruence. The model explained 29.03% of investment-intention score variance. Conditional effect sizes were small, and prediction gains over the linear benchmark were modest. These findings support further evaluation of transaction clarity, service benefits, and Sharia information. Cross-sectional nonrandom sampling, overlapping measurement content, and incomplete fieldwork documentation limit interpretation. The results do not establish causation, actual investment behaviour, or product compliance.
References
Accounting and Auditing Organisation for Islamic Financial Institutions, & World Gold Council. (2016). Shari’ah standard No. 57 on gold and its trading controls. AAOIFI. https://www.gold.org/gold-standards/shariah-gold
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211. https://doi.org/10.1016/0749-5978(91)90020-T
Badan Pengawas Perdagangan Berjangka Komoditi. (2025). Peraturan Badan Pengawas Perdagangan Berjangka Komoditi Nomor 3 Tahun 2025 tentang Tata Cara Pelaksanaan Perdagangan Pasar Fisik Emas Secara Digital di Bursa Berjangka. https://bappebti.go.id/resources/docs/peraturan/sk_kep_kepala_bappebti/sk_kep_kepala_bappebti_2025_06_25_g4tmfati_id.pdf
Badan Pusat Statistik. (2026). Jumlah penduduk menurut provinsi, generasi, dan jenis kelamin, 2025. https://www.bps.go.id/id/statistics-table/1/MjI5OSMx/jumlah-penduduk-menurut-provinsi-generasi-dan-jenis-kelamin-2025.html
Bank Indonesia. (2026). Laporan perekonomian Provinsi Kalimantan Timur Februari 2026. https://www.bi.go.id/id/publikasi/laporan/lpp/Pages/Laporan-Perekonomian-Provinsi-Kalimantan-Timur--Februari-2026.aspx
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319-340. https://doi.org/10.2307/249008
Dewan Syariah Nasional Majelis Ulama Indonesia. (2010). Fatwa Nomor 77/DSN-MUI/VI/2010 tentang jual beli emas secara tidak tunai. https://dsnmui.or.id/kategori/fatwa/page/9/
Franke, G., & Sarstedt, M. (2019). Heuristics versus statistics in discriminant validity testing: A comparison of four procedures. Internet Research, 29(3), 430-447. https://doi.org/10.1108/INTR-12-2017-0515
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2-24. https://doi.org/10.1108/EBR-11-2018-0203
Hair, J. F., Howard, M. C., & Nitzl, C. (2020). Assessing measurement model quality in PLS-SEM using confirmatory composite analysis. Journal of Business Research, 109, 101-110. https://doi.org/10.1016/j.jbusres.2019.11.069
Hamdan, N. H. binti, Kassim, S. binti, Nik Azman, N. H., & Abd Rahman, N. A. S. B. (2025). Consumers’ behavioural intention to adopt Shari’ah-compliant digital gold platform in Malaysia: Extension of UTAUT model. Journal of Islamic Monetary Economics and Finance, 11(1), 35-62. https://doi.org/10.21098/jimf.v11i1.2035
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115-135. https://doi.org/10.1007/s11747-014-0403-8
Jarvis, C. B., MacKenzie, S. B., & Podsakoff, P. M. (2003). A critical review of construct indicators and measurement model misspecification in marketing and consumer research. Journal of Consumer Research, 30(2), 199-218. https://doi.org/10.1086/376806
Kock, N., & Hadaya, P. (2018). Minimum sample size estimation in PLS-SEM: The inverse square root and gamma-exponential methods. Information Systems Journal, 28(1), 227- 261. https://doi.org/10.1111/isj.12131
Luthfi, A. A., & Hati, S. R. H. (2025). Determinants of Sharia digital gold investment intention among Jabodetabek Muslim youth. Asian Journal of Islamic Management, 7(1), 41-57. https://doi.org/10.20885/AJIM.vol7.iss1.art3
Otoritas Jasa Keuangan, & Badan Pusat Statistik. (2025). Indeks literasi dan inklusi keuangan masyarakat meningkat, OJK dan BPS umumkan hasil Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) tahun 2025 [Siaran pers bersama]. https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/pages/ojk-dan-bps-umumkan-hasil-survei-nasional-literasi-dan-inklusi-keuangan-snlik-tahun-2025.aspx
Ringle, C. M., Wende, S., & Becker, J.-M. (2024). SmartPLS 4 [Perangkat lunak komputer]. SmartPLS. https://www.smartpls.com/
Rinwantin, R., & Setiyono, T. A. (2021). Minat Generasi Z dalam berinvestasi tabung emas pada Pegadaian Digital Syariah. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi, 5(2), 203-211. https://journal.stiemb.ac.id/index.php/mea/article/view/1071
Shmueli, G., Sarstedt, M., Hair, J. F., Cheah, J.-H., Ting, H., Vaithilingam, S., & Ringle, C. M. (2019). Predictive model assessment in PLS-SEM: Guidelines for using PLSpredict. European Journal of Marketing, 53(11), 2322-2347. https://doi.org/10.1108/EJM-02-2019-0189
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 27(3), 425-478. https://doi.org/10.2307/30036540
