Humanism Investment Decisions: The Role Of Financial Attitude Through Financial Behavior Among Academics
Abstract
Background: Investment decisions in the modern era no longer focus solely on financial gains but also require consideration of ethical, social, and humanitarian values. Although financial literacy continues to improve, there remains a gap in understanding how humanistic values rooted in religion are internalized in investment decisions, particularly among academics who play a strategic role as agents of social change. The suboptimal role of financial attitudes and behaviors in bridging these values highlights the need to examine deeper mechanisms. Therefore, this research is important to contribute to the development of an investment decision-making model that is not only economically rational but also ethical and oriented toward social welfare.
Method: This quantitative study examines the influence of humanism on academics’ investment decisions, with financial attitudes and financial behavior serving as mediating variables. Data were collected via a questionnaire from academics in Makassar who have investment experience. The sampling technique used was purposive sampling. This study employed a quantitative method using a survey approach involving 99 respondents who were lecturers at private universities in Makassar. Data were collected using a questionnaire with a 1–5 Likert scale and analyzed using the Partial Least Squares-Structural Equation Modeling (PLS-SEM) method via SmartPLS version 4.0 software and a structural model to test the research hypotheses.
Results: 1) Financial attitudes have a significant positive effect on humanism in investment decision-making (p-value 0.000 < 0.10). 2) Financial attitudes have a significant positive effect on financial behavior (p-value 0.000 < 0.10). 3) Financial behavior has a significant positive effect on humanism in investment decision-making (p-value 0.092 < 0.10). 4) Financial attitude has a positive but insignificant effect on humanism in investment decision-making through financial behavior (p-value 0.121 > 0.10).
Conclusion: Research shows that financial attitudes play a significant role in shaping humanistic investment decisions among academics. Positive financial attitudes were found not only to have a direct impact on humanistic investment orientation but also to encourage more disciplined and planned financial behavior. Sound financial behavior involves selecting investments that take into account humanistic values, ethics, and sustainability. However, the lack of significance does not directly indicate that the process of transformation from financial attitudes to behavior, and ultimately to humanistic investment decisions, is not yet consistent or optimal.
References
Adil, M., Singh, Y., & Ansari, M. S. (2022). How financial literacy moderate the association between behaviour biases and investment decision? Asian Journal of Accounting Research, 7(1), 17–30. https://doi.org/10.1108/AJAR-09-2020-0086
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
Aqil, M. (2020). Nilai-nilai humanisme dalam dialog antar agama perspektif Gus Dur. Al-Adyan: Journal of Religious Studies, 1(1), 52–66. https://doi.org/https://ejournal.uinib.ac.id/jurnal/index.php/aladyan/article/download/1716/1262
Arianti, B. F. (2018). The Influence of Financial Literacy, Financial Behavior and Income on Investment Decision. EAJ (Economic and Accounting Journal), 1(1), 1–10. https://doi.org/10.32493/eaj.v1i1.y2018.p1-10
Baskara, I. G. K., & Gladys, L. A. L. (2021). The Effect of Financial Attitude , Financial Behavior , Financial Knowledge , and Sociodemographic Factors on Individual Investment Decision Behavior. American Journal of Humanities and Social Sciences Research (AJHSSR), 5(2), 519–527. https://doi.org/https://www.ajhssr.com/
Besri, A. A. O., Husni, T., & Rahim, R. (2023). Pengaruh Financial Literacy, Religiusitas, Investment Knowledge terhadap Pengambilan Keputusan Investasi melalui Investment Intention sebagai Variabel Intervening. Jurnal Informatika Ekonomi Bisnis, 5, 1350–1354. https://doi.org/10.37034/infeb.v5i4.690
DM, R. (2021). Financial Literacy, Financial Behavior and Financial Attitudes Towards Investment Decisions and Firm Bankruptcy. Atestasi : Jurnal Ilmiah Akuntansi, 4(1), 79–87. https://doi.org/10.57178/atestasi.v4i1.167
Fauzul‘Adziima, M. (2021). Psikologi Humanistik Abraham Maslow. Jurnal Tana Mana, 2(2), 86–93.
Gumilar, A., Aryati, I., & Kustiyah, E. (2020). Financial Literacy, Financial Attitude dan Financial Behavior Terhadap Keputusan Investasi Saham (Studi Kasus Investor pasar modal Surakarta). Prosiding Seminar Nasional, 1(01), 386–390. https://doi.org/10.2991/icoi-19.2019.60
Hamid, N., Refrianti, D., Zakiah, S., & Yusuf, M. (2022). Pengaruh Financial Knowledge , Financial Attitude Dan Personality Terhadap Financial Management Behavior ( Studi Kasus Pada Pelaku UMKM di MTQ Kota Kendari ). 01(01), 69–81. https://doi.org/https://doi.org/10.62668/ecotechnopreneur.v1i01.45
Hirdinis, M., & Lestari, E. (2021). Can Financial Knowledge, Attitude And Experience Drive Investors’ Financial Behavior? IOSR Journal of Economics and Finance, 12(6), 18–31. https://doi.org/10.9790/5933-1206011831
Humaira, I., & Sagoro, E. M. (2018). Pengaruh Pengetahuan Keuangan, Sikap Keuangan, Dan Kepribadian Terhadap Perilaku Manajemen Keuangan Pada Pelaku Umkm Sentra Kerajinan Batik Kabupaten Bantul. Nominal, Barometer Riset Akuntansi Dan Manajemen, 7(1). https://doi.org/10.21831/nominal.v7i1.19363
Indah Parastika, Arifah Hidayati, & Idham lakoni. (2023). Pengaruh Financial Knowledge, Financial Attitude, Dan Financial Literacy Terhadap Financial Management Behavior Pada Umkm Sektor Fashion Kota Bengkulu. Journal of Applied Management Studies, 5(1), 17–29. https://doi.org/10.51713/jamms.v5i1.102
Jefilyana, S. E. H. (2022). Pengaruh Financial Attitude, Financial Literacy dan Financial Knowledge terhadap Financial Behavior. Jurnal Manajerial Dan Kewirausahaan, 04(04), 938–946. https://doi.org/10.24912/jmk.v4i4.20554
Joseph F. Hair Jr. · G. Tomas M. Hult ·. (2023). Review of Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R: A Workbook. In Structural Equation Modeling: A Multidisciplinary Journal (Vol. 30, Issue 1). https://doi.org/10.1080/10705511.2022.2108813
Koswara, E. (1991). Teori-teori kepribadian.
Prista, A. N. (2025). Peran Financial Knowledge, Financial Attitude, Financial Socialization, Dan Financial Literacy Dalam Meningkatkan Financial Well-Being Mahasiswa Gen-Z: Moderasi Financial Behavior (Studi Kasus Mahasiswa Gen-Z Kota Malang). Program Studi Manajemen Fakultas Ekonomi Universitas Islam Negeri (UIN) Maulana Malik Ibrahim Malang.
Rahman, F., & Arsyianti, L. D. (2021). Islamic Financial Literacy and Its Influence on Student Financial Investment and Behavior. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 13(2), 289–312. https://doi.org/10.15408/aiq.v13i2.22005
Ramli, A., & Karmila, Y. (2022). Dampak Investasi Asing Langsung (FDI) di Provinsi Sulawesi Selatan (Studi Kasus: Sebelum dan Masa Covid-19). Formosa Journal of Multidisciplinary Research, 1(5), 1287–1302. https://doi.org/10.55927/fjmr.v1i5.1130
Rina Nurjanah, Siti Surhayani, N. A. (2022). Faktor Demografi, Literasi Keuangan, Sikap Keuangan Terhadap Perilaku Pengelolaan Keuangan Pada UMKM Di Kabupaten Bekasi. JURNAL AKUNTANSI BISNIS PELITA BANGSA-VOL 7 NO. 1. https://doi.org/10.37366/akubis.v7i01.431
Rosalia Dalima Landang, I Wayan Widnyana, I. W. S. (2021). Pengaruh Literasi Keuangan,Perilaku Keuangan dan Pendapatan terhadap Keputusan Berinvestasi Mahasiswa Fakultas Ekonomi Universitas Mahasaraswati Denpasar. Jurnal Emas, 2(2), 51–70.
Safitri, S. D., & Purnamasari, D. I. (2021). The impact of financial literacy, financial behavior, and financial motivation on students’ investment decision. International Journal of Current Research, 13(11), 19498–19501. https://doi.org/https://doi.org/10.24941/ijcr.42540.11.2021
Sorongan, F. A. (2022). The Influence of Behavior Financial and Financial Attitude on Investment Decisions With Financial Literature as Moderating Variable. European Journal of Business and Management Research, 7(1), 265–268. https://doi.org/10.24018/ejbmr.2022.7.1.1291
Sulisti Afriani, R. T. Y. (2019). The Effect Of Financial Literacy On Student Financial Behavior. International Journal of Economics, Business and Accounting Research (IJEBAR), 4(4), 1–19. https://doi.org/10.29040/IJEBAR.V4I4.1496
Suresh G. (2024). Impact of Financial Literacy and Behavioural Biases on Investment Decision-making. FIIB Business Review, 13(1), 72–86. https://doi.org/10.1177/23197145211035481
Susanti, T., Arisyahidin, A., & Mutiara, N. (2023). The Influence of Financial Literacy, Financial Attitude, and Demographic Factors on Investment Decisions (Case Study: Female Employees of Iik Strada Indonesia Kediri). Jurnal Apresiasi Ekonomi, 11(3), 697–715. https://doi.org/10.31846/jae.v11i3.709
Tubastuvi, N., Ramadani, A. G., Rachmawati, E., & Rahmawati, I. Y. (2022). Pengaruh Financial Literacy, Financial Behavior dan Financial Experience Terhadap Keputusan Investasi Generasi Milenial di Batam. Jurnal Manajemen Dan Bisnis Indonesia, 8(1), 57–64. https://doi.org/10.32528/jmbi.v8i1.6464
Upadana, I. W. Y. A., & Herawati, N. T. (2020). Pengaruh literasi keuangan dan perilaku keuangan terhadap keputusan investasi mahasiswa. Jurnal Ilmiah Akuntansi Dan Humanika, 10(2), 126–135. https://doi.org/10.23887/jiah.v10i2.25574
Wulandari, L., Asbaruna, B., Gorib, R. I., Akbar, M., & Syifa, A. (2023). Behavioral Finance In Investment Decisions. International Journal of Ethno-Sciences and Education Research, 3(3), 95–98. https://doi.org/10.46336/ijeer.v3i3.460
Yanti, F. (2024). the Influence of Financial Behavior, Overconfidence, and Risk Perception on Investment Decisions: the Role of Financial Literacy Mediation (an Empirical Study of Millennial Invidual Investors in Jakarta). International Journal of Social Service and Research, 4(6), 1–19. https://doi.org/10.46799/ijssr.v4i6.801
Yap, R. J. C., Komalasari, F., & Hadiansah, I. (2018). The Effect of Financial Literacy and Attitude on Financial Management Behavior and Satisfaction. Bisnis & Birokrasi Journal, 23(3), 3–5. https://doi.org/10.20476/jbb.v23i3.9175
Zhao, H., & Zhang, L. (2021). Financial literacy or investment experience: which is more influential in cryptocurrency investment? International Journal of Bank Marketing, 39(7), 1208–1226. https://doi.org/10.1108/IJBM-11-2020-0552
Copyright (c) 2026 Yusri Karmila, Eny Suprapti, Dina Amalya Putri
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
The authors who publish in the journal agree to the following terms:
- The authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- The authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- The authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
- The authors warrant that the article is original, written by stated author(s), has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author and free of any third-party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).
Jurnal Ekonomi dan Bisnis Manajemen Syariah (SEMB-J), Yayasan Darussalam Bengkulu is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. Based on a work at https://siducat.org/index.php/sembj/.
