JRSSEM 2022, Vol. 02, No. 4, 403 - 420
E-ISSN: 2807 - 6311, P-ISSN: 2807 - 6494
DOI:10.36418/jrssem.v2i04.294. https://jrssem.publikasiindonesia.id/index.php/jrssem
THE INFLUENCE OF INVESTMENT KNOWLEDGE ON
INVESTMENT INTEREST WITH CELEBRITY ENDORSER
MODERATION IN FEB UKSW STUDENTS
Valvio Elroi Wahani
1
Harijono
2
1, 2
Fakultas ekonomika dan bisnis Universitas Kristen Satya Wacana Salatiga, Indonesia
*
e-mail:
, harijono.feb@uksw.edu
*Correspondence:
harijono.feb@uksw.edu
Submitted
: 10 October 2022
Revised
: 25 October 2022
Accepted
: 1 November 2022
Abstract: Investment knowledge is felt to be able to make students interested in buying company
shares and external encouragement is allegedly able to reduce investment interest, such as
endorser intervention, making investors not interested in investing in company shares. The purpose
of this study is to test that celebrity endorsers can weaken the relationship between knowledge of
stock investment and interest in investing in stocks. This research is included in quantitative
research with primary data obtained through online questionnaires. The survey was conducted with
100 selected respondents from students or alumni of the Satya Wacana Christian University Faculty
of Economics and Business. The results of the study prove that investment knowledge has a positive
effect on investment interest. Meanwhile, celebrity endorsers can weaken the influence of
investment knowledge on investment interest.
Keywords: Investment Interests, Investment Knowledge, and Celebrity Endorsers
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INTRODUCTION
One of the investment alternatives that
is easily accessible to the wider community
is investment in the capital market. The
Indonesian capital market has great
potential to continue to grow and develop
in the future. The composition of domestic
investors in investing has increased more
than the desire of the public to invest in real
assets in the form of land, houses, money or
gold. The importance of increasing public
awareness to invest in stocks can increase
the number of local investors and even be
able to prosper the Indonesian economy.
Various educational programs are carried
out in collaboration with educational
institutions so that the public and students
know the capital market, understand the
importance of investing, know stocks as an
ideal investment tool, understand obstacles,
and attract students as potential investors to
invest in shares in the Indonesian capital
market (Bakhri, 2018; Prihatini & Susanti,
2018).
For some Indonesians, stock investment
is considered as an investment activity for
profit and novelty when compared to other
countries. Merawati (2015) stated that the
knowledge of the Indonesian people related
to stock investment has not been maximized
due to the low level of public knowledge and
understanding related to stock investment
in the capital market. The knowledge base of
stock investment is very important for
potential investors to know, so that investors
can avoid irrational investment practices
(gambling), fraud, and the risk of loss. It
requires sufficient knowledge, experience
and business sense to analyze which
company to buy in investing in stocks in the
capital market.
Students can start investing in stocks in
the capital market in order to have a better
financial condition in the future. In an effort
to increase student interest in investing in
stocks in the capital market, it is not difficult,
namely by bringing closer and providing
knowledge about stock investment among
academics (Zulaikha, 2017). FEB UKSW has
established an Investor
Club
as a means of
introducing stock investment in the capital
market to academia, especially for FEB
UKSW students. For students, funds are
often the main obstacle in investing in
stocks because they still rely on income from
their parents' remittances. However,
currently investing in shares in the capital
market, Investor
Club
provides easy terms
and conditions in opening a Managed
Account by only depositing initial funds of
IDR 100,000 can open an
account
. With the
convenience of securities, it is hoped that it
will be able to provide interest for students
in investing in stocks.
Many companies offer their ownership
in the form of shares to the public, through
buying and selling shares in the capital
market. Shares themselves are a proof of
ownership of a limited liability company as a
capital investment that will provide rights to
company dividends (Barus & Christina,
2017). Meanwhile, according to Arini,
Iskandar, & Ningrum (2018) s aham is a sign
of ownership of a person or entity in a
company in the form of a piece of paper that
proves that the owner of thepaper is the
owner of the company that issued the
securities. Many students today invest in the
capital market at a rate of 54.41%, and the
405 | The Influence of Investment Knowledge on Investment Interest With Celebrity Endorser
Moderation In FEB UKSW Students
rest in banking products and the real sector.
Investment in the capital market is the most
choice of investment products falling to
stocks (80.88%), then 16.18% in mutual
funds, 1.47% in bonds, and finally 1.47% in
other investment products (Onasie &
Widoatmodjo, 2020). Therefore, this
research focuses more on conducting
research on stock investment in the capital
market.
Research related to investment
knowledge with investment interest has
previously been carried out by Amhalmad &
Irianto (2019) stating that investment
knowledge has no effect on investment
interest. Another research by Suyanti & Hadi
(2019) proves that investment knowledge
has a positive effect on investment interest.
This research develops previous research
from Amhalmad & Irianto (2019); Mastura,
Nuringwahyu, & Zunaida (2020) limited to
discuss the influence of investment
knowledge on investment interest in the
capital market, so this research focuses more
on stock investment in the capital market.
Psix of the moderation variables because the
results of previous studies were inconsistent,
so it is suspected that there are other
variables that affect the relationship
between the two variables. The variable that
moderates the relationship betweenstock
investment knowledge and interest in
investing in stocks is
celebrity endorsers
.
Recently, the stock investment sector in
the capital market has been hyped with the
actions of several
influencers
and
celebrities
who have begun to actively talk and
recommend some company stocks. Starting
from artists Raffi Ahmad, Ari Lasso, Kaesang
Pangarep, to Ustad Yusuf Mansur competing
to show off their shares through social
media. If someone has knowledge in the
field of stock investment, when there is a
celebrity
endorser
cannot make investors
waver in choosing the stock to buy and can
actually further weaken the interest in
investing in shares in companies that have
celebrity endorsers
. Stock investing
basically requires an analysis that takes into
account various factors by looking at the
company's performance, business
competition, industry, economy and macro-
micro markets.
However, investors from among the
fans of
endorsers
who are interested in the
offer then choose to buy shares in the
company that has been recommended.
Endorsers
oftencreate
FOMO
(
Fear of
missing
out) or fear and anxiety of missing
out on news for the latest things happening.
Information on stock buying
recommendations is announced on social
media with a large number of followers in
order to create
FOMO
or the thought that if
I don't buy the stock immediately now then
out there many hundreds of thousands of
followers will first buy and enjoy profits.
The
endorsers
who carried out the promotion
have largely not had a fundamentally
adequate understanding of the
recommended stock analysis. This condition
can harm novice investors who do not have
a fundamental and technical analysis of the
stock they are going to buy and regardless
of the credibility of the company. Novice
investors are heavily affected by
endorser
recommendations without further
consideration, so investors have the
opportunity to incur losses. The
incompetent actions of influencers can
potentially be accused of misconduct if their
followers suffer losses with allegations of
Valvio Elroi Wahani
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fraud, price manipulation and the market in
the future.
Furthermore, the phenomenon of
the
rampant practice of binary options in
Indonesia, namely a platform that is
considered an instant way to achieve large
amounts of profit with the support of
influencers who become affiliates, makes
people have to be vigilant and must have
knowledge to distinguish between
investment and trading as well as binary
options (Lestari & Arifin, 2022). Education to
the public or potential investors to invest in
stocks in the capital market must be
supported by valid knowledge and
information, so as to prevent the role of
endorsers
who recommend certain stocks,
let alone mention stock codes without
technical and fundamental analysis that can
harm the public (Pahlevi, 2021). Therefore,
investors who have good stock investment
knowledge will see that companies with
celebrity
endorsers are only attractive and
tend to harm themselves, so that with the
knowledge they have, they are aware and
stay away when there are endorsers who
recommend certain companies. This can
show that
celebrity endorsers
can weaken
the influence of stock investment
knowledge on interest in investing in stocks
in the capital market.
Based on the background above, this
study intends toexamine the influence of
stock investment knowledge on the interest
in investing in shares of FEB UKSW Students.
This study also aims to evaluate whether
celebrity endorsers
can weaken the
relationship between stock investment
knowledge and stock investing interest of
FEB UKSW students. So that the following
problems can be formulated: (1) Doesstock
investment affect the interest in investing in
stocks? ; (2) Does the endorser's
elebrity
have an impact on the influence of stock
investment knowledge on stock investment
interest?.
This research is expected to be an
additional reference for academics and
interested parties related to the interest in
investing in stocks as
a literature study or
reference for further research. For FEB
UKSW students, the results of the research
are expected to add insight to stock
investment players in the capital market and
as a consideration for making decisions in
investing so that they can maximize their
portfolio. Authorities such as the Indonesia
Stock Exchange in making stock investment
policies must be careful, so as to find
solutions to maximize the interest in
investing in shares of the younger
generation.
Review of Literature andDevelopment of
Hypotheses
Stock Investment Interest
Interest is related to a person's feelings
of liking or interest in an object without any
coercion so that it can encourage someone
to participate in an activity based on a
conscious response (Mastura, Nuringwahyu,
& Zunaida, 2020). Investment is basically a
step from a person in utilizing resources
either in the form of investing funds or
capital in a company with the aim of
obtaining a certain amount of profit in the
future (Herlianto, 2013). So it can be
concluded that the interest in stock
investment is a person's interest in the use of
a fund or company capital in obtaining a
profit in the future consciously. Individuals
who have an interest in investing in stocks,
are most likely to perform actions that can
407 | The Influence of Investment Knowledge on Investment Interest With Celebrity Endorser
Moderation In FEB UKSW Students
make them achieve their desire to invest
(Yuliati, 2011). Adha (2016) shows the
following indicators of investment interest :
1). The desire to find out about the types of
stock investments; 2). Willing to take the
time to learn more about stock investing 3).
Have been looking for information about
stock investment in the capital market.
Stock Investment Knowledge
Investment Knowledge is an
understanding and consideration before
investing in a company by understanding
how the business / investment works and
objectives, understanding the risk of
returns
obtained, learning about the business of the
company in which to invest, choosing a
company that has strong business
fundamentals, investment timeframe,
allocating portfolios efficiently, learning
about stock analysis both technical and
fundamental, being not too aggressive so
there needs to be defensive, disciplined and
not greedy. Investment Knowledge is an
individual rationale and benchmark in
carrying out the desired thing in terms of
investment. Investment knowledge is a
summary of theories that have been
understood related to the risk
of investment
returns
and other investment benefits
(Mastura, Nuringwahyu, & Zunaida, 2020).
Aloysius (2017) shows the following
indicators of investment knowledge: 1).
Knowledge of
returns
from stock
investments; 2). Knowledge of the risks of
stock investing; 3). Fundamental and
technical analysis on stock investing; 4).
Basic understanding of stock investing.
Celebrity Endorser
Celebrity endorser
is defined as an
artist, entertainer, athlete, and public figure
who is known by many people by being
utilized for their success in their respective
fields from supported fields (Andrianto &
Sutrasmawati, 2016). Meanwhile, Nurrahim
(2019) defines a
celebrity endorser
as
someone who acts as a speaker about
something that has a direct and strong
influence on society and benefits from its
attributes such as good looks, courage,
talent, elegance and strength to support a
product in order to attract consumers to
make purchases. So it can be concluded that
a celebrity endorser
is someone who has
been known or widely known to the public
who is used to help promote companies in
the capital market. Rini & Astuti (2012) show
the following celebrity
endorser
indicators :
1).
Visibility
, someone who has been known
and has a wide influence among the
community; 2).
Credibility
, perception of the
advantages of endorsers; 3).
Attraction
,
charm by looking at the physical appearance
and personality of the endorser. 4).
Power
,
endorser efforts can attract consumers to
make investments.
The Effect of Stock Knowledge on Stock
Investment Interest
A basic understanding of stock
investing makes it easier for one to make
investment decisions. Adequate knowledge
can motivate a person in making a decision
or doing an action, and knowledge is
needed in stock investing. A person is more
likely to buy company shares if they are
considered to have more benefits so that
theyneed sufficient knowledge, experience,
and business sense to analyze which stocks
to buy in making investments
(Notoatmodjo, 2014). In general, someone
will buy shares after knowing the benefits
obtained from investing in shares, as well as
Valvio Elroi Wahani
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how buying shares can generate a profit. The
importance of in-depth knowledge about
investing in shares in companies will have an
impact on students' interest in investing in
company shares (Mastura, Nuringwahyu, &
Zunaida, 2020). Shahroh, Tarjo, & Setiawan
(2017); Sriasih & Wahyuni (2020) proves that
stock investment knowledge has a positive
effect on interest in investing in stocks.
Based on the above results, then the first
hypothesis can be formulated as follows:
H1: Investment knowledge has a
positive effect on the stock investment
interest of FEB UKSW students.
The Effect of Knowledge On Investment
Interests Moderation Celebrity Endorser
In making stock investments,
knowledge, experience, and business sense
are needed to analyze the company to be
purchased (Nurse, 2015). Adequate
knowledge is needed to avoid losses when
investing in stocks (Hati & Harefa, 2019). In
addition, interest can arise because there is
a pulling force from the outside and also
comes from the heartstrings. A great interest
in something is a big capital to achieve the
goal of interest in terms of investing in
stocks (Bakhri, 2018). However, outside
factors cannot be avoided, such as
celebrity
endorsers
who are busy investing in stocks
in Indonesia.
Celebrity endorsers
are one of
the most in-demand methods in the world,
with
using celebrities who are attractive,
have high popularity and can be trusted by
the intended public so that they can make
the promoted product become known,
known and in demand (Dermawan, 2018).
However, theendorsers
used by the
company in advertising their company are
unable to change the investment decisions
of investors if they have good investment
knowledge.
Husaeni,
et al
. (2021) argues that
knowledge about investing is very
important for investors to know. This also
aims to avoid potential investors from
gambling practices, participating culture,
fraud, and the risk of loss. Strong investment
knowledge from investors regarding stock
investments in the capital market leads to
their disinterest regarding the shares of
companies for which there are endorsers
intervening. Investors who have knowledge
of stock investment will choose not to
participate in a culture of participating in
the
endorsers
, they prefer to do an analysis
of the company's shares instead of having to
follow influencers to buy company shares
(Jayengsari & Ramadhan, 2021). Based on
the above statement, the second hypothesis
can be formulated in the study as follows:
H2: Celebrity endorsers weaken the
influence of stock investment knowledge
on feb UKSW students' stock investment
interests in the company.
MATERIALS AND METHODS
The type of research used is
Quantitative. According to Sugiyono
(2012), quantitative research methods can
be interpreted as research methods used to
research on certain populations or samples.
This study used primary data obtained by
distributing online questionnaires. The
online questionnaire was distributed to
students of the Faculty of Economics and
Business, Satya Wacana Christian University
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Moderation In FEB UKSW Students
through a questionnaire from
google
forms
.
Data sources and Data Retrieval
Techniques
This study will use primary data, where
data is obtained from respondents by
answering questions through distributed
online questionnaires. Online
questionnaires are a way of collecting data
using a list of questions about the object
under study. Respondents will answer
related questions about the investment
interests of FEB UKSW Students. The scale
used is a
likert
scale that can express the
level of agreement or not of the respondent
regarding the question or statement given.
Likert scales used: SS (Strongly Agree), S
(Agree), TS (Disagree ), or STS (Strongly
Disagree).
RESULTS AND DISCUSSION
Profil Primary Research Respondents
The respondents of the study were
students or alumni of the Faculty of
Economics and Business, Satya Wacana
Christian University who took the Investor
Club
(IC) capital market course with the
number of questionnaires distributed as
many as 100. The profiles of respondents
analyzed include gender, study program,
batch, opening an account at IC, and
attending capital market lectures.
Table 1. Respondents' identities
Respondent
Criteria
Characteristics
of
Respondents
Number of
Respondents
Percentage
of
Respondents
Gender
Man
74
74%
Woman
26
26%
Courses
Management
67
67%
Accountancy
31
31%
Economics
2
2%
Force
2014 – 2015
76
76%
2016 – 2017
21
21%
2018 – 2019
3
3%
2020 – 2021
0
0%
Opening an
Account at IC
Yes
21
21%
DO NOT
79
79%
Attending Capital
Market Lectures
Yes
100
100%
DO NOT
0
0%
Source: Data processed 2022
Based on table 2, it shows that there
are 100 respondents in this study who are
students or alumni of the Faculty of
Economics and Business, Satya Wacana
Christian University. The requirements for
students or alumni who fill out the
questionnaire in this study are students or
alumni who have taken the Investor
Club
(IC) capital market course, which is a
percentage of 100%. The selection of
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students or alumni who take the capital
market course themselves is because they
have gained knowledge in the class, so they
can answer the questions on the
questionnaire. Most of the respondents in
this study were male with a percentage of
74% and women 26%. The large number of
men in investing is because men like
challenges and it is implemented by
putting their money in the capital market
and women tend to like things that are
certain by putting their money in savings or
deposits. Students or alumni who open an
account at IC are 21% and those who do
not open an account are 79%, this is
because students prefer to directly open a
stock account such as Ajaib, Bibit, Stockbit,
Mirae Asset and other stock applications.
The respondents in the study were the most
from management study programs with
67%, then accounting with 31% and
economics with only 2%. The average
respondent to this study from the Class of
2014 - 2015 was 76%, the Class of 2016 -
2017 was 21%, and 2018 - 2019 was 3%.
Instrument Quality Testing
Validity testing
Validity testing uses
person
correlation
correlation, namely, if the total score is
above 0.30 and if there is a significance
level below 0.05 from the correlation of the
score of each item with the total score, then
the item can be said to be
valid
. In this
study the r value of the table based on the
number of samples of 30 with a significance
of 5% was 0.30. Variables that are tested for
validity and reliability are only for
celebrity
endorser
variables and investment interests,
for investment knowledge variables, they are
not tested because there are only right and
wrong answers.
Table 2.
Celebrity Endorser
Validity Test Results
Indicator
R Count
R Table
Information
X2.1
0,605
0,30
Valid
X2.2
0,845
0,30
Valid
X2.3
0,842
0,30
Valid
X2.4
0,841
0,30
Valid
X2.5
0,692
0,30
Valid
X2.6
0,644
0,30
Valid
X2.7
0,685
0,30
Valid
Source: Data processed 2022
Validity testing on the celebrity
endorser variable shows that the R value
Count of the seven questions is greater
than the R value of the Table, so the
questions on the celebrity endorser
questionnaire are valid.
Table 3. Investment Interest Validity Test Results
Indicator
R Count
R Table
Information
Y1.1
0,463
0,30
Valid
Y1.2
0,637
0,30
Valid
Y1.3
0,752
0,30
Valid
Y1.4
0,651
0,30
Valid
Y1.5
0,757
0,30
Valid
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Moderation In FEB UKSW Students
Y1.6
0,661
0,30
Valid
Source: Data processed 2022
Validity testing on investment interest
variables shows that the R value Count of
the seven questions is greater than the R
value of the Table, so the questions on the
investment interest questionnaire are valid.
Reliability Testing
The reliability test in this study used
Cronbach's Alpha.
Questionnaires can be
said to be reliable when a person's answers
to statements are consistent or stable over
time. The instrument is said to be reliable
if the value of the Cronbach Alpha is greater
than 0.60 (Ghozali, 2016).
Table 4. Reliability Test Results
Variable
Cronbach's Alpha
Min Value
Information
Celebiry Endorser
0,810
0,60
Reliable
Investment
Interest
0,823
0,60
Reliable
Source : Primary data processed, 2022
Reliability testing on the celebrity
endorser variable got a
cronbach alpha
value of 0.810 greater than 0.60 so it can be
concluded that the statement on the
celebrity endorser
variable questionnaire
is
reliable and can be used. Reliability testing
on the investment interest variable
obtained a
cronbach alpha
value of 0.823
greater than 0.60 so that the questions on
the investment interest variable
questionnaire were reliable and could be
used.
Descriptive Statistics
Descriptive statistics are used to get a
respondent's idea of the variables in order
to find out the form of the absolute
frequency distribution in the study. This
study is equipped with an explanation of
the results of descriptive statistical analysis
according to the category of each variable
based on a recap of the answers of the
research respondents.
Respondents' Perceptions of Investment
Knowledge
The following is a table explaining
respondents' responses to the variables of
investment knowledge in each question.
Table 5. Respondents' perceptions of Virtual Communication
VARIABLE
CONTENT OF THE QUESTION
AVERAGE
INFORMATION
X1.1
Risks from stock investment when the
company goes bankrupt and also when
capital loss (stock price falls)
0.96
VERY HIGH
X1.2
Profits from stock investment in the form of
dividend
distribution for investors and
capital gains
(stock price rises)
0.95
VERY HIGH
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X1.3
There are 2 stock analysis, namely stock
analysis with fundamental and technical
0.93
VERY HIGH
X1.4
In stock analysis, it is necessary to consider
global macroeconomic conditions such as
economic growth projects or conditions of
relations between countries/geopolitics
0.85
VERY HIGH
X1.5
In stock analysis, it is necessary to consider
domestic economic conditions such as
economic growth /
GDP growth
, inflation
rate, central bank interest rates, socio-
political developments
0.91
VERY HIGH
X1.6
In stock analysis, it is necessary to consider
the growth conditions per business sector
such as sector growth prospects and
industrial cycles
0.88
VERY HIGH
X1.7
High Gross Profit Margin, Net Profit Margin,
Return on Assets, and Return on Equity
prove that the company is good for us to
invest in
0.95
VERY HIGH
X1.8
Technical stock analysis can use two
methods, namely with classical and modern
methods
0.94
VERY HIGH
X1.9
The classic technical analysis method is an
analysis by studying the patterns of stock
price movements (candlestick patterns,
support & resistance lines, and trend
patterns)
0.89
VERY HIGH
X1.10
Modern technical analysis method is
technical analysis by studying indicators to
determine buy signals and sell signals
(Relative strength index, etc.)
0.94
VERY HIGH
X1.11
Purchase of shares can be made in securities
companies (Indopremier, Stockbit, Mirae
Assets, etc. listed on the IDX)
0.95
VERY HIGH
X1.12
The company's financial statements and
annual reports can be accessed through the
IDX
0.95
VERY HIGH
TOTAL
0.93
VERY HIGH
Source: Data processed 2022
413 | The Influence of Investment Knowledge on Investment Interest With Celebrity Endorser
Moderation In FEB UKSW Students
DOI:10.36418/jrssem.v2i04.294. https://jrssem.publikasiindonesia.id/index.php/jrssem
Based on the information in the table
above, it can be seen that on the question
of investment knowledge has an average
score in the very high category.
Respondents' Perceptions of Celebrity
Endorsers The following is a table
explaining respondents' responses to the
celebrity endorser variables in each
statement
Table 6. Respondents' perceptions of Celebrity Endorsers
VARIABLE
CONTENT OF THE QUESTION
AVERAGE
INFORMATION
Z1.1
Celebrity endorsers
(Raffi Ahmad, Ari
Lasso, Kaesang Pangarep, and Ustad
Yusuf Mansur) have a good reputation
4,52
VERY HIGH
Z1.2
Celebrity endorsers
(Raffi Ahmad, Ari
Lasso, Kaesang Pangarep, and Ustad
Yusuf Mansur) are known to many people
4,52
VERY HIGH
Z1.3
Celebrity endorsers
(Raffi Ahmad, Ari
Lasso, Kaesang Pangarep, and Ustad
Yusuf Mansur) are experienced in
advertising products on Instagram social
media
4,38
VERY HIGH
Z1.4
The expertise of
celebrity endorsers
(Raffi
Ahmad, Ari Lasso, Kaesang Pangarep, and
Ustad Yusuf Mansur) makes investors
interested in buying shares of the
company.
4,54
VERY HIGH
Z1.5
Celebrity endorsers
(Raffi Ahmad, Ari
Lasso, Kaesang Pangarep, and Ustad
Yusuf Mansur) have attractive
appearances
4,51
VERY HIGH
Z1.6
Celebrity endorsers
(Raffi Ahmad, Ari
Lasso, Kaesang Pangarep, and Ustad
Yusuf Mansur) have interesting
personalities
4,48
VERY HIGH
Z1.7
I feel confident about the company
advertised by
celebrity endorsers
(Raffi
Ahmad, Ari Lasso, Kaesang Pangarep, and
Ustad Yusuf Mansur) on instagram social
media
4,49
VERY HIGH
TOTAL
4.49
VERY HIGH
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Source: Data processed 2022
Based on the information in the table
above, it can be seen that on the question
celebrity endorser
has an average score in
the very high category. Respondents'
Perceptions of Investment InterestThe
following is a table of explanations of
respondents' responses to the variables of
investment interest in each statement:
Table 7. Perceptions of Responden Tfor Investment Interest
VARIABLE
CONTENT OF THE QUESTION
AVERAGE
INFORMATION
Y1.1
I will find out the step-by-step guide
before starting stock investing
4,45
VERY HIGH
Y1.2
I prefer to invest in stocks in the capital
market rather than other types of
investments
4,47
VERY HIGH
Y1.3
Before investing in stocks, I will look for
the advantages and disadvantages of the
company I choose.
4,58
VERY HIGH
Y1.4
Reading articles, books, and attending
seminars is my way to increase interest in
stock investing
4,45
VERY HIGH
Y1.5
I will start investing in stocks by setting
aside money little by little to buy shares
of the company
4,61
VERY HIGH
Y1.6
The initial capital for stock investment is
quite affordable so I am interested in
investing
4,52
VERY HIGH
TOTAL
4.51
VERY HIGH
Source: Data processed 2022
Based on the information in the table
above, it can be seen that on the question
of investment interest has an average score
in the category of very high.
Classic Assumption Testing Normality Test
Normality testing using the
Kolmogorv-Smirnov non-parametric test.
Residuals can be said to be normally
distributed if the α value is greater than
0.05. The test results can be seen from table
9.
Table 8. Normality Test Results
Unstandardized Residual
N
100
Asymp. Sig. (2-tailed)
0.100
Source: Data processed, 2022.
415 | The Influence of Investment Knowledge on Investment Interest With Celebrity Endorser
Moderation In FEB UKSW Students
DOI:10.36418/jrssem.v2i04.294. https://jrssem.publikasiindonesia.id/index.php/jrssem
Based on table 9 gets the result that
the residual value is 0.100. This shows that
the residual value is greater than the
significance level of 0.05 and this indicates
that the entire data is normally distributed.
Heterochedasticity Test
Heterochedasticity testing aims to test
whether regression models occur
inequality of variation from the residual of
one observation to another. This test is seen
from the significance value of each variable.
If the significance value is greater than 0.05,
it is free from symptoms of
heterochedasticity. The results of the
heterochedasticity test can be seen in the
table as follows.
Table 9. Heteroskedasticity Test Results
Variable
Minimum
Limit
Itself.
Information
Investment Knowledge
(X)
0.05
0.498
Heteroskedasticity Free
Celebrity Endorser
(Z)
0.05
0.098
Heteroskedasticity Free
Source: Data processed 2022.
When viewed from the table above,
the significance value of the investment
knowledge variable is 0.498 > 0.05. From
these data, it shows that the investment
knowledge variable is free from the
symptoms of heterochedasticity because
the sig value > 0.05. The same is shown the
celebrity endorser variable with a
significtion value of 0.098 > 0.05 which
means that the
celebrity endorser
variable
is free from symptoms of
heterochedasticity.
Multicholinearity Test
This test aims to test whether there is
a correlation between free variables in the
research model (Syofian, 2017). If the
tolerance value > 0.1 and the VIF < 10 then
it can be concluded that there are no
symptoms of multicholinearity in this study.
Here are the results of the multicholinearity
test:
Table 10. Multicollinearity Test Results
Variable
Colinearity Statistic
Information
Tolerance
Bright
Investment
Knowledge
0.994
1,006
Multicholinearity Free
Celebrity Endorser
0.994
1,006
Multicholinearity Free
Source: Data processed 2022
Based on the test results from the table
above, it shows that the value of the VIF is
quite small, where the value of the VIF from
the investment knowledge variable and
celebrity endorser
is 1,006 below the value
of 10. And the
tolerance
value is greater
than 0.10, which is with a value of 0.994 for
both variables. This means that the
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variables of investment knowledge and
celebrity endorsers
do not show any
symptoms of multicholinearity.
Hypothesis Test
The coefficient of determination test is
a test used to find out how much free
variables affect bound variables. This study
uses one free variable so that the value of
the adjusted R square will be used. The
results of the coefficient of determination
test can be seen below:
Table 11. Model Summary
Model
R
R Square
Adjusted R
Square
Std. Error of the
Estimate
1
0.758
0.574
0.561
0.18850
Source: Data processed, 2022
The test results with adjusted r-
squared got a value of 0.561, this shows
that investment knowledge and celebrity
endorsers can explain investment interest
by 56.1% and the rest is influenced by other
variables outside the study.
The results of the F test were carried
out to determine the significance of the
influence of free variables on variables
simultaneously. The test results can be seen
in the following table:
Tabel 12. Anova Test Results
Model
Sum of
Squares
Df
Mean
Square
F
Itself.
1
Regression
4.605
3
1.535
43.205
0.000
Residual
3.411
96
0.036
Total
8.016
99
Source: Data processed, 2022.
Based on the test results from the
table above, it can be seen that in multiple
regression testing shows a calculated F
result of 43.205 with a significance level of
0.000 which is smaller than 0.05. This means
that the variables of investment knowledge
and celebrity endorsers affect investment
interests.
In hypothesis testing used regretion
with
Moderated Regression Analysis
(
MRA
). This test aims to determine whether
independent variables partially affect
dependent variables, and whether
moderation variables can strengthen or
weaken independent variables in
influencing dependent variables. Based on
the results of data processing using
regression with SPSS analysis, namely:
Tabel 13. Hypothesis Test Results
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Itself.
B
Std. Error
Beta
(Constant)
-7.744
1.086
-7.131
0.000
417 | The Influence of Investment Knowledge on Investment Interest With Celebrity Endorser
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Investment Knowledge (X)
2.645
0.306
0.643
8.651
0.000
Celebrity Endroser (Z)
-0.479
0.090
-0.361
-5,321
0.000
Investment Knowledge *
Celebrity Endroser (X*Z)
-0.587
0.064
-0.667
-9.210
0.000
Source: Data processed, 2022
The results of testing without
moderation based on the table above show
that the significance value of investment
knowledge is 0.000 > probability of 0.05, so
it can be concluded that investment
knowledge has a significant effect on
investment interest. A coefficient value of
2,645 indicates that investment knowledge
has a positive effect on investment interest.
This means that the hypothesis (H
1
) in the
study is accepted, meaning that there is an
influence between the variables of
investment knowledge on investment
interest. The test results on the moderation
variable showed significance values of
0.000 < 0.05. A coefficient value of -0.587
indicates that
celebrity endorsers
can
weaken investment knowledge of
investment interests. The results of the
study were strengthened by variables after
moderation the value of the coefficient was
lower, namely – 0.587 compared to the
coefficient value before moderation with a
value of 2.645, so it can be concluded that
the hypothesis (H 2) in this study is
accepted.
DISCUSSION
The Effect of Investment Knowledge on
Investment Interest
The test results showed that the
variable of investment knowledge had a
positive effect on the variable of investment
interest of students or alumni of the Faculty
of Economics and Business, Satya Wacana
Christian University. This means that high
student investment knowledge can have a
significant impact on higher student
interest. This is in accordance with previous
research conducted by Patrianissa, 2018;
Hasanudin, Nurwulandari, & Safitri (2021)
which shows that investment knowledge
has a positive effect on student investment
interests. The investment knowledge
possessed by students of the Faculty of
Economics and Business, Satya Wacana
Christian University makes them know how
much risk they face with the potential for
large rewards behind the investment, so
that it can increase the interest in investing
in shares of students of the Faculty of
Economics and Business, Satya Wacana
Christian University. This situation also
shows that the knowledge mastered by
students can affect students' interest in
making investments. This research is in line
with the theory that perceived behavioral
control can influence students' interest in
investing because each individual has
control over skills, such as fundamental
analysis and technical analysis will help
potential investors to determine the
appropriate investment. When a person
can have this control, an intention will be
formed to make an investment.
This adequate knowledge will shape a
person's skills in creating value and profit
and also be able to manage a risk that exists
Valvio Elroi Wahani
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both small and large so as to reduce the
impact of losses that will be experienced.
With the existence of a high knowledge of
investment that a person already has, the
higher the interest in investing (Adiningtyas
& Hakim). Students who have a good
condition of understanding investment
have a greater chance of getting maximum
stock returns in the future, and vice versa.
The same research from Amhalmad &
Irianto (2019) states that with sufficient and
good understanding, students' desire to
invest will increase, then it can affect the
increase in student success in investing.
Celebrity Endorser
Moderates the Influence
of Investment Knowledge on Investment
Interest
The test results with the moderation
variable show that the
celebrity endorser
variable is proven to weaken the influence
of the investment knowledge variable on
the investment interest variable of students
or alumni of the Faculty of Economics and
Business, Satya Wacana Christian
University. Knowledge of investment makes
it easier for investors to understand how to
invest and this can make it easier for
investors to invest (Amhalmad & Irianto,
2019). Aksi of
influencers
and
celebrities
who start actively talking and
recommending stocks by repeatedly
showing off huge profits in the form of
rupiah that can be obtained in a short time
is not a big boost for investors with
knowledge to be interested in investing.
Moreover, most endorsers in the
investment world these days often give the
promise of massive profits in the
investment tools they cover, for example,
such as endorser Indra Kenz in the case of
Binary Options. Endorser – the endorser
affected by the case gives potential
investors an understanding that the
investment is not arbitrary and must even
be explored and understood because
basically the endorser has its own interests.
The emergence of
endorsers
in the
investment world can also bring negative
things, especially since most of those who
believe in their recommendations are
novice investors who on average are still
very unfamiliar with the capital market.
Therefore, investors must be equipped with
good knowledge in investing, especially in
investing in company stocks.
Husaeni,
et al
. (2021) itself argues that
the strong investment knowledge of
investors leads to their disinterest
regarding the shares of companies that are
in the hands of endorsers. Students who
have knowledge realize that stocks are
high-risk instruments and tend to be long-
term with price movements that go up and
down relatively quickly. Every investor who
has knowledge will have controls, such as
fundamental analysis and technical analysis
as a pillar in investing. This technical and
fundamental analysis will help and make it
easier for investors to determine the
appropriate investment without the
intervention of others, so that from the
knowledge possessed by potential
investors it is useful to manage their
investments. Without any intervention from
endorsers
, potential investors can choose
company shares and they believe that their
knowledge can help them in choosing the
company they want to buy, and this
indirectly proves that a person's investment
419 | The Influence of Investment Knowledge on Investment Interest With Celebrity Endorser
Moderation In FEB UKSW Students
interest is not present because of the
influence of others but comes from one's
own ability. So that this study is not in line
with the theory of subjective norms in the
Theory of Planned Behavior, which states
that interests are influenced by the
opinions of trusted people and it is not
proven in this study because celebrity
endorsers can actually weaken students'
interest in investing because of the
knowledge of investing.
CONCLUSIONS
Based on the description of the
research results and the discussion in the
previous chapter, in this study the
conclusion is that the results of the
hypothesis test prove empirically that
investment knowledge has a positive effect
on investment interest. This indicates that
investment knowledge can play a role in
increasing investment interest. If you want
to increase students' interest in investing,
you must first increase students'
knowledge in stock investing. Meanwhile,
celebrity endorsers
have been shown to
weaken the influence of investment
knowledge on investment interests.
Endorsers
are considered unable to
influence investors to buy a stock they
recommend. A high understanding of stock
investment makes students not interested
in buying stocks because students not only
want to
FOMO
or participate in buying
stocks but also have to be based on good
analytical techniques.
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under the terms and conditions of the Creative Commons Attribution (CC BY SA) license
(https://creativecommons.org/licenses/by-sa/4.0/).
