INTENTION TO INVEST IN SHARIA CAPITAL MARKET USING THEORY OF PLANNED BEHAVIOR (TPB)

As a country with a majority Muslim population and a beneficiary of the demographic bonus phenomenon, Indonesia certainly offers good opportunities for capital market growth. Investment interest is a guideline of assets allocated to investment options for future profits. The purpose of this study is to measure and analyze investments attitudes, subjective norms, perceptions of behavioral control over investment interest with financial literacy as a moderating variable. This research is a type of quantitative research. The population in this study are people who have savings to invest. The method of determining the sample is target sampling. The sample for this study consisted of his 280 respondents. The data in this study are based on primary data. This study uses the Partial Least Squares (PLS) analysis tool. The results of this study show that investment attitudes have a direct and significant effect on investment returns, while subjective norms have a direct and significant effect on investment returns. Perceived behavioral control has a direct and significant impact on investment returns. Financial literacy mitigates the impact of subjective norms and perceived behavioral controls on investment returns in a positive and important way. On the other hand, financial literacy does not soften investment attitudes toward investees.


INTRODUCTION
The development of investment in the Islamic capital market, especially Islamic stocks, has increased quite significantly from 2018-2022, as can be seen from the number of Indonesian Islamic stock investors reaching 102,426 investors or an increase of 734% in the last five years.The level of activity reaches 30.7% (DATABOKS, 2021)1 .On the other hand, data as of October 2022 indicates that the architecture of Indonesia's Islamic stock display remains very assertive, with Islamic contribution accounting for 56.9% of the total number of dividen recorded on the Indonesian Stock Exchange (IDX).
In practice, Islamic capital market activities in Indonesia are supervised by the Financial Services Authority (OJK) as stipulated in Law Number 21 of 2011 concerning OJK.Then in its activities the Islamic capital market applies sharia principles and refers to Law Number 8 of 1995 concerning capital markets.Currently the Islamic capital market industry in Indonesia is experiencing growth, this is supported by an increase in market institutions and various types of instruments About the Islamic capital market in Indonesia.According to the Financial Services Authority (OJK) Law No. 21 of 2011, the Indonesian Financial Services Authority oversees the conduct of Islamic capital market activities.On the other hand, Islamic capital market transactions follow Sharia principles in accordance with Fatwa No. 80/DSN-MUI/III/2011, which referred to his 1995 Capital Market Law No. 8 of the Indonesian Ulema Council, 2011.Shariah capital market transactions must be conducted in the following manner: In accordance with a contract approved under Islamic law.Tadris, Tagril, Tanajushi, Iftikal, Gishish, Gabun, Baialmadum and Usury should be avoided when establishing a capital market.
Given that the majority of Indonesia's community is Muslim, this chart accept that Indonesia holds great potential for Shariah investors.As a generation, public interest in investing in Islamic capital markets in particular is not very high.The Indonesia Stock Exchange (IDX) has developed assorted action to increase public compassionate and alertness of investing in Indonesia's capital markets., including: The Indonesia Stock Exchange (IDX) provides education and socialization to the public regarding investment in the capital market through Capital Market School (SPM) activities to increase the number of local investors and the activeness of investors in make transactions2 .In addition, the IDX provides education through collaboration with academics by establishing an Investment Gallery to introduce or increase understanding to academics about the capital market and the existence of the Stock Exchange in Indonesia.
Islamic and halal finance are sharia business sectors that have similar values and principles, the need to combine Islamic and halal finance in a holistic manner is urgently needed3 .The phenomenon of the emergence of Islamic and halal financial products is something interesting to study, such as the application of sharia-compliant financial technology, sharia stocks, sukuk and so on.According to Haque (2010) religious factors or sharia compliance are very important to encourage the intention of Muslims to use sharia financial products.The failure of Islamic financial products to comply with Islamic principles has become a major barrier for investors Al-sultan, (1999).According to Peter & Olson (1996), behavioral intention is an indication level of individuals who are willing to try their plans and implement them in an effort to demonstrate behavior.In this research, the intention is some degree and the propensity of investors to keep investing.Behavioral intention has been confirmed as the most decisive investor behavior for investment activities4 .
Contemporary scholars provide rules for investors to choose the suitability of Islamic financial transaction practices and halal products so that they can be considered in the attitude of investors5 .Based on research conducted by Foltz dkk.( 2016), investors' attitudes towards investing can change either positively or negatively depending on the current situation.A person's attitude can change depending on the current situation, for example when a recession occurs, a person's attitude can become more depressed before taking action6 .Attitude can be measured by the factors of good ideas, wise choices, ideas, interest and involvement in investment activities.
This study adopted the Theory of Planned Behavior (TPB) as the grand theory.The use of TPB is intended to find out how much the community is interested in investing directly which is reviewed through subjective attitudes and norms7 .To understand the behavior of people who invest can be done by using Theory of Planned Behavior (TPB), which aims to be more specific in predicting individual behavior Ajzen, 1991 8 .Theory of Planned Behavior consists of three main components, namely attitudes, subjective norms, and perceived behavioral control Ajzen, 1991.TPB is applied in several studies related to investment behavior Cooper & Schindler, 2011.In addition, researchers want to test and analyze the effect of moderation on investment intentions by looking at the results of strengthening or weakening effects.For this reason, financial literacy is used as a moderating variable in this study with the title Intention to Invest in Sharia Capital Market Using Theory of Planed Behavior (TPB).
In the theory of Planned behavior theory, it is explained that behavior is a picture of information and beliefs that are more dominant about behavior Ajzen, (2005)9 .So that in planning behavior it can be interpreted that a person's behavior is not only influenced by himself, but can also be influenced by external factors such as understanding financial literacy towards investment interest.With the theory of planned behavior, it can be seen that there is planning before doing something10 .This is in line with an interest in investing that is bound by knowledge that can be learned by studying financial literacy, which then becomes an intention to study it as a basis for behavior so that an interest in investing arises.

LITERATURE REVIEW Sharia Capital Market
Under Capital Markets Act No.8 of 1995, "Capital Markets" means activities related to securities trading and public offerings, public companies and their securities, and professional associations related to securities.Government of the Republic of Indonesia, 1995.The Islamic capital market is part of the general capital market system and encompasses all capital market related activities that comply with Islamic principles.In Islamic capital markets, all trading activities are conducted in accordance with Sharia law.Islamic shares are securities in the form of shares under Islamic capital market law.Islamic capital market activity is any investment or trading activity in securities (shares and sukuk) that fall under the category of Muammara.This means that trading in the capital markets is permitted without restrictions under Islamic law.In Indonesia's capital market, he has two categories of Islamic stocks.First, securities listed as Shariah shares by the issuer or Shariah public company under OJK Regulation No. 17/POJK.04/2015(IDX Shariah, 2022).Second, securities that have been declared to meet the selection criteria for sharia securities under the Financial Services Authority Regulation No.35/POJK.04/2017on Sharia Securities List Criteria and Issuance.

Attitude
Attitude is when someone will take the action that will be determined, the attitude is positive or negative (Davis, 1989).if the attitude reflected in the perception of benefits is higher, then the behavior of interest in investing is also higher.Therefore, in this study attitude can be seen as a determinant that underlies individual interest in investing.Various studies have shown that attitudes have a large positive impact on interest in investing research from11 , 12 , 13 empirically proves that attitudes have a significant impact on investors' interest in investing.

Subjective Norm
Subjective norm refers to an individual's opinion or view of another person's perspective, which determines whether he wants to participate in the activity being discussed or not.Social elements such as family, close friends, and people in a person's immediate environment influence subjective norms 14 .Research has found that subjective norms have an influence on investment intentions 15 .H2: Subjective Norms Affect Interest in Sharia Investment

Perceived Behavior Control
Perceived behavioral control is a measure of an individual's beliefs about how simple and complex it is to perform an action.When someone has sufficient resources to invest both in terms of material, ability, and investment knowledge then he can control himself, so he has an interest in being able to invest in the Islamic capital market.Based on research conducted by 16 .The results of his research show that perceived behavioral control has a positive effect on interest in investing in the capital market.H3: Perceived Behavioral Control Influences Interest in Sharia Investment

Financial Literacy
Financial literacy is the ability to manage the funds you have so that you can grow and live more prosperously in the future 17 .Therefore financial literacy is very much needed in investing, because someone who has a low level of financial literacy will more easily experience investment fraud that offers large returns in a short time (Adholiya et al., 2020).Results of research conducted by 18 , 19 , 20 which states that financial literacy has a significant effect on investment intentions.

RESEARCH METHOD
This type of research is explanatory research with a quantitative approach.The research population used purposive sampling.The sample in this study is people who have savings to invest.This study uses primary data that is collected directly by giving questionnaires to each respondent in the form of an online Google form.
Smart research statistical analysis tool PLS uses software, because this study uses multivariate statistical techniques using four variables, namely the independent variable, the moderating variable, and the dependent variable.PLS is suitable for confirming indicators of a concept/construct/factor.PLS is a multivariate analysis technique with a series of analyzes of several latent variables simultaneously.PLS is a method that is not based on assumptions Ghozali, 2012.Consistent with the hypotheses that have been formulated, this research starts with evaluating the measurement model (outer model), assessing the structure of the model (inner model), and testing the hypothesis.

RESULTS AND DISCUSSION
In this study, there were 280 respondents who submitted answers in this study.Indicators on question questionnaire items with a scale of 1-5.The characteristics of the respondents in this study consisted of gender, type of work, age, type and period of use.

Convergent Validity
Convergent validity is a measurement model that aims to determine the magnitude of the correlation between constructs and latent variables.The standardized loading factor value indicates the magnitude of the correlation value between each indicator and the latent variable and is also used to evaluate the results of convergent validity test values.To achieve the standard value of convergent validity, the loading factor must be greater than 0.70 so it is considered good/valid enough (Ghozali & Hengky, 2012).The results of the convergent validity test using the loading factor can be seen in table 2 below:  Table 3 show that variable Composite Reliability scores latent more from 0.7 whereas mark variable latent Cronbach's alpha shows mark big from 0.6 up all variable show good reliability.

Structure Models Evaluation (Inner Model)
The purpose of evaluating the structural model (inner model) is to see if there is a link between the constructs by looking at the significance value of the research model through the R-square value on each independent latent variable which is used to determine whether the dependent variable has a significant influence, and the P value to find out whether the structural path parameter coefficients are relevant.

R-square
Exogenous variables have an influence on endogenous variables which can be explained by looking at the R-square value of the PLS Algorithm Report SmartPLS which is presented in the table below:

Test Hypothesis
In testing statistics Smart PLS, every connection which hypothesized done through simulation .In matter this , method bootstrap done on sample .Testing bootstrap Also aim For minimize problem data survey Which normal.Estimation parameter significant give information Which very useful about connection between variable research.
Hypothesis testing can be seen from the value of the t-statistic and the value of the P-value.If the t-statistic value is > 1.96 and the P-value is < 0.05.Meaning: " Oh believers, God will surely give you space when you say, 'Leave space in the meeting, leave space'.When you say, "Get up," get up.Allah will surely awaken those who believe in you and those who are endowed with knowledge at different levels.God is watching your actions According to Quraish Shihab's interpretation of surah al-Mujadalah verse 11 that is O people who believe in God and His Messenger, if you are asked to make room for someone else so that he can sit with you then do it, God will certainly make room for everything to you guys!Also when you are asked to stand up from your seat, then stand up! God will raise the ranks of sincere believers and knowledgeable people to several degrees.God knows everything you do .

Financial Literacy Can Moderate Subjective Norms Against Sharia Investment Interest
The Smart Pls hypothesis testing show that the influence of the financial literacy variable shows a path coefficient value of 0.320 with a t statistic value of 2.391 > 1.96.And the significant value of P value is 0.001 < 0.05.These results show that wa literasi keuangan is able to moderate subjective norms against sharia investment interest and H5 is accepted.
The test results show that financial literacy is able to moderate subjective norms on investor interest in investing in the Islamic capital market.If (subjective norms) investors are in an environment that has positive views and a positive attitude towards Islamic capital market investment, then this can directly or indirectly affect individual interest in investing in the world of Islamic capital markets.Thus, financial literacy is very important for investment interest.Financial literacy includes individual abilities and knowledge regarding investment products.The wider the understanding and ability regarding investment products owned by an individual, the more influential the intention to invest.Currently, there are many investment services that easily allow individuals of various levels of financial literacy to try investing 27

Financial Literacy Able to Moderate Perceptions of Behavioral Control Against Sharia Investment Interests
The Smart Pls hypothesis testing shows that the influence of the financial literacy variable shows a path coefficient value of 0.332 with at statistical value of 3.407 > 1.96.And the significant value of P value is 0.004 < 0.05.These results show that wa financial literacy is able to moderate perception of behavior control on Islamic investment interest and H6 is accepted.
The test results show that financial literacy is able to moderate or strengthen the Perceived Behavioral Control of investors' interest in investing in the Islamic capital market.Perceived behavioral control is very important to investors because of the influence of behavior financial and psychological is an important key in the decisionmaking process in investing.Whereas the better a person's understanding of financial literacy, the better a person will be at managing his finances so that it can be used to help interest in investing28 .Thus, financial literacy is very important in determining the instrument to invest.Financial literacy includes individual abilities and knowledge regarding investment products.The wider the understanding and ability regarding investment products owned by an individual, the more influential the interest in investing will be.

CONCLUSIONS
Attitude, subjective norm, and perceived behaviors have a significant impact on investment intentions in Islamic stocks.Financial literacy mitigates the impact of subjective norms and perceived behavioral controls on investment returns in a positive and important way.On the other hand, financial literacy does not soften investment attitudes toward investees.Based on the research conducted, this study has some limitations, such as uneven distribution of questionnaires.Recommendations for additional studies are therefore expected to use larger samples and more evenly distribute the questionnaires.By using various sources of information, such as the stock exchange corner (IDX corner) and the Capital Market Research Institute, as corroboration, and by adding moderator variables not considered in this study.

Table 1
Results Respondent Characteristics

Evaluation of Measurement Models or Outer Models Measurement
models evaluation needed For evaluate indicator reflecting variable something construct.Model evaluation can done through test Validity convergent and Composite Reliability.Following is results from the measurement model.

Table 2
Result Convergent Validity Table 2 shows mark the resulting loading factors from each variable indicator more of 0.70.With there by indicator the considered valid as gauge variable latent.Composite Reliability used for test mark reliability indicator from construct constituent.Something variable said Good If mark composite reliability more from 0.70 And mark Suggested Cronbach's alpha > 0.60 Ghozali, 2014 21 .Following significance composite reliability and mark Cronbach's alpha on table below.

Table 3
Result Composite Reliability and Cronbach's Alpha

Table 4
R-square results on table 4 give mark of 0.817.This means as big 81.7 %, variable minat investasi syariah influenced by attitude, subjective norm, perceived behavior control, financial literacy whereas the rest 18.3 % affected by other variables outside the research model this.That is still There is other variables that have influence to Interest in Sharia Investment