EXPLORATORY FACTOR ANALYSIS OF INVESTMENT DECISION DRIVERS IN THE SHARIA CAPITAL MARKET
DOI:
https://doi.org/10.70248/jakpt.v4i1.4477Abstract
This study aims to identify the underlying factors influencing investment decisions in the Sharia capital market among investors in Bengkulu City. This study employed a quantitative approach with a descriptive-exploratory research design. The research was conducted from March to April 2026 at the Indonesia Stock Exchange (IDX) Representative Office in Bengkulu City. A total of 100 respondents were selected using Slovin's formula and purposive sampling. Data were collected through questionnaires and analyzed using Exploratory Factor Analysis (EFA), including the Kaiser-Meyer-Olkin (KMO) test, Bartlett's Test of Sphericity, Measure of Sampling Adequacy (MSA), eigenvalue extraction, and Varimax rotation. The results indicate that the data were suitable for factor analysis, with an overall KMO/MSA value of 0.895 and a significant Bartlett's Test of Sphericity (χ² = 1,785.812; df = 435; p < 0.001). The EFA identified four main factors underlying investment decisions: investment knowledge, investment motivation, investment benefits, and profit-sharing rate. Among these factors, investment knowledge emerged as the dominant factor, with an unrotated eigenvalue of 12.060 and accounting for 40.2% of the total variance. The four-factor solution collectively explained 50.8% of the total variance after factor extraction, indicating that investment decisions among Sharia capital market investors in Bengkulu City are characterized by a multidimensional factor structure. These findings highlight investment knowledge as the most dominant factor in the underlying structure of investment decision-making in the Sharia capital market.
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