The Role of Content Creators on Sharia Stock Investment Decisions in Gen-Z Mediated by Digital Financial Literacy

Muhammad Agus Irawan; Bayu Tri Cahya

doi:10.24036/011335100

The Role of Content Creators on Sharia Stock Investment Decisions in Gen-Z Mediated by Digital Financial Literacy

Muhammad Agus Irawan⁽¹⁾, Bayu Tri Cahya⁽²⁾,
(1) Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kudus, Indonesia

Indonesia
(2) Faculty of Islamic Economics and Business, Universitas Islam Negeri Sunan Kudus, Indonesia

Indonesia

Corresponding Author

DOI : https://doi.org/10.24036/011335100

Full Text:

Language : en

Abstract

The increasing participation of Generation Z in Sharia
stock investment reflects a shift in financial behavior
influenced by digital platforms. This study aims to
understand the role of content creators in shaping Sharia
stock investment decisions among Generation Z, with
digital financial literacy as a mediating variable. The
research employs a quantitative approach, utilizing a
non-probability purposive sampling technique, and
involves 125 respondents from Generation Z. Data were
collected through questionnaires using a 4-point Likert
scale and analyzed using Structural Equation Modeling
Partial Least Squares (SEM-PLS) with the assistance of
SmartPLS 3. The findings indicate that the role of content
creators has a direct influence on Sharia stock
investment decisions (path coefficient = 0.447, p <
0.001). Content creators also have a positive impact on
digital financial literacy (path coefficient = 0.740, p <
0.001). In contrast, digital financial literacy has a
significant effect on Sharia stock investment decisions
(path coefficient = 0.535, p-value = 0.000). Moreover,
digital financial literacy mediates the relationship
between the role of content creators and Sharia stock
investment decisions (path coefficient = 0.396, p-value =
0.000). This study highlights the role of content creators
in providing financial education to enhance digital
financial literacy and influence investment decisions
among Generation Z, particularly in Sharia-compliant
stocks.

Keywords

Content Creator, Digital Financial Literacy, Sharia Stock

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