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Abstract

Purpose: This study analyzes the relationship between digital platforms, financial literacy, religiosity, and decisions regarding sharia-compliant stock investments through the mediating effect of motivation, and compares the structural relationships between Generation Z and Millennials.


Research Method: A cross-sectional quantitative survey was conducted among 185 sharia stock investors, purposively sampled from an Indonesian online community. The data were analyzed using SmartPLS 3 via PLS-SEM, an embedded two-stage approach, and multi-group analysis.


Results and Discussion: Digital platforms, financial literacy, and motivation are positively associated with investment decisions, whereas religiosity is not directly associated with them. Motivation mediates the relationship between financial literacy and religiosity, but does not mediate the relationship with digital platforms. The model explains 44.6% of the variation in investment decisions. Generational differences in the digital platform pathway are preliminary findings because measurement invariance has not yet been established.


Implications: Platform providers and regulators need to integrate technological accessibility, financial literacy, and motivation into Sharia investment education.


Originality: This study integrates technological, cognitive, religious value, and motivational mechanisms and explores generational heterogeneity.

Keywords

digital platforms financial literacy religiosity motivation sharia stock investment decisions

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How to Cite
Nazah, N., & Mega, D. (2026). Determinants of Sharia Stock Investment Decisions with Motivation as a Mediating Variable: A Comparison Between Generation Z and Millennials. Advances: Jurnal Ekonomi & Bisnis, 4(4), 1369–1392. https://doi.org/10.60079/ajeb.v4i4.1031
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