Faktor Faktor yang Memengaruhi Keputusan Investasi pada Green Sukuk Ritel

Fadila Fajrianti Ishaq, Prof. Sony Warsono, MAFIS., Ak., CA., Ph.D.

2026 | Tesis | S2 Ilmu Akuntansi/Akuntansi Terapan

Transformasi digital pada layanan investasi turut mengubah mekanisme pembelian Surat Berharga Negara (SBN) ritel, termasuk green sukuk ritel yang dipasarkan melalui Mitra Distribusi (Midis) berbasis bank, sekuritas, dan fintech. Meski kanal transaksi telah semakin mudah diakses, faktor-faktor yang membentuk niat investor untuk berinvestasi green sukuk ritel melalui Midis masih perlu dipahami secara empiris, terutama dari perspektif adopsi teknologi dan nilai yang melekat pada instrumen berkelanjutan. Penelitian ini bertujuan menganalisis dan menguji faktor-faktor yang memengaruhi niat investor berinvestasi pada green sukuk ritel melalui Mitra Distribusi (Midis) di Indonesia dengan mengadopsi kerangka Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) yang diperluas dengan konstruk religiositas, serta mempertimbangkan efek moderasi demografis (usia, jenis kelamin, dan pengalaman investasi). Penelitian menggunakan pendekatan kuantitatif dengan desain kausal melalui survei daring menggunakan kuesioner terstruktur skala Likert 6 poin. Sampel dikumpulkan dengan teknik non-probability snowball sampling. Responden merupakan WNI berusia ?18 tahun, berdomisili di Indonesia, dan pernah membeli green sukuk ritel minimal satu kali melalui Midis dalam 24 bulan terakhir. Data yang memenuhi kriteria dianalisis menggunakan SEM-PLS dengan SmartPLS 3.2.9, dengan jumlah sampel akhir sebanyak 218 responden. Hasil pengujian menunjukkan bahwa pengaruh sosial, motivasi hedonis, nilai harga (signifikan pada tingkat 10%), dan kebiasaan berpengaruh positif signifikan terhadap niat berinvestasi pada green sukuk ritel melalui Midis. Sementara itu, ekspektansi kinerja, ekspektansi usaha, kondisi-kondisi pemfasilitasi, dan religiositas tidak berpengaruh signifikan. Selanjutnya, usia, jenis kelamin, dan pengalaman investasi tidak memoderasi hubungan antara konstruk-konstruk independen dan niat berinvestasi. Temuan ini mengindikasikan bahwa pembentukan niat investasi green sukuk ritel melalui Midis lebih ditentukan oleh faktor sosial, pengalaman afektif, persepsi value for money, dan rutinitas perilaku, dibandingkan pertimbangan utilitarian semata. Penelitian ini memiliki keterbatasan pada dominasi responden dengan pengalaman investasi yang relatif terbatas serta desain cross-sectional yang belum menangkap dinamika perilaku dari waktu ke waktu. Penelitian selanjutnya disarankan menggunakan pendekatan longitudinal, memasukkan perilaku investasi aktual, serta memperluas model dengan variabel lain seperti kepercayaan dan literasi keuangan hijau. Secara teoritis, penelitian ini memperluas penerapan UTAUT2 pada konteks investasi berkelanjutan dan menunjukkan sifat kontekstual determinan niat berinvestasi. Secara praktis, temuan memberikan masukan bagi pemerintah dan Midis untuk memperkuat strategi edukasi dan pemasaran berbasis komunitas, memperjelas komunikasi nilai investasi, serta mendorong partisipasi berulang melalui pengelolaan hubungan investor.

Digital transformation in investment services has also changed the mechanism for purchasing retail Government Securities (SBN), including retail green sukuk marketed through bank-based, securities, and fintech-based Distribution Partners (Midis). Although transaction channels have become more accessible, the factors that shape investors' intention to invest in retail green sukuk through Midis still need to be understood empirically, especially from the perspective of technology adoption and the value inherent in sustainable instruments. This study aims to analyze and test the factors that influence investors' intention to invest in retail green sukuk through Distribution Partners (Midis) in Indonesia by adopting  the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) framework which is expanded with religiosity constructs, as well as considering the effects of demographic moderation (age, gender, and investment experience). The study used a quantitative approach with a causal design through an online survey using a 6-point Likert scale structured questionnaire. Samples were collected by non-probability snowball sampling technique. The respondent is an Indonesian citizen aged ?18 years old, domiciled in Indonesia, and has purchased retail green sukuk at least once through Midis in the last 24 months. Data that met the criteria were analyzed using SEM-PLS with SmartPLS 3.2.9, with a final sample of 218 respondents. The test results showed that social influence, hedonistic motivation, price value (significant at the 10% level), and habits had a significant positive effect on the intention to invest in retail green sukuk through Midis. Meanwhile, performance expectations, business expectations, facilitation conditions, and religiosity did not have a significant effect. Furthermore, age, gender, and investment experience did not moderate the relationship between independent constructs and investment intention. These findings indicate that the formation of retail green sukuk investment intentions through Midis is more determined by social factors, affective experiences, value for money perceptions, and behavioral routines, rather than purely utilitarian considerations. This study has limitations in the dominance of respondents with relatively limited investment experience as well as cross-sectional designs that have not captured behavioral dynamics over time. Further research is suggested using a longitudinal approach, including actual investment behavior, as well as extending the model to other variables such as trust and green financial literacy. Theoretically, this study expands the application of UTAUT2 in the context of sustainable investment and shows the contextual nature of the determinants of investment intention. In practical terms, the findings provide input for the government and Midis to strengthen community-based education and marketing strategies, clarify investment value communication, and encourage repeat participation through investor relationship management.

Kata Kunci : Green sukuk ritel, Mitra Distribusi (Midis), UTAUT2, religiositas, niat berinvestasi