Pengaruh Bauran Pemasaran Islam terhadap Keputusan Berinvestasi di Reksa Dana Syariah dengan Religiositas sebagai Variabel Moderasi
DOI:
https://doi.org/10.51805/jmbk.v5i2.232Keywords:
Islamic marketing mix, investment decision, sharia mutual fundAbstract
The objective of this research is to analyze the influence of the Islamic marketing mix, consisting of halal products, pricing, place, and Islamic promotion, on the decision to invest in Islamic mutual funds, with religiosity as a moderating variable. The research method used is quantitative, with a sample of 100 Islamic mutual fund investors. Data were collected through questionnaires and analyzed using multiple linear regression and moderated regression analysis. The results show that the variables of halal products, pricing, and place have a significant influence on the decision to invest in Islamic mutual funds, while Islamic promotion is not significant. The moderation analysis shows that religiosity strengthens the relationship between the Islamic marketing mix and investment decisions. The novelty of this research lies in revealing the moderating role of religiosity that enhances the influence of halal products, pricing, place, and Islamic promotion on investment decisions. The conclusion of this study is that effective marketing strategies that consider Sharia principles and the religiosity level of investors can increase investment decisions in Islamic mutual funds. The findings provide recommendations for Islamic mutual fund managers to focus on the halalness of products, competitive pricing, and ease of access for investors.
References
Abamu, B. (2019). Introducing investment promotion: A marketing approach to attracting foreign direct investment. International Journal of Marketing Studies, 11(4).
Abbas, A., Nisar, Q. A., Mahmood, M. A. H., Chenini, A., & Zubair, A. (2019). The role of Islamic marketing ethics towards customer satisfaction. Journal of Islamic Marketing, 11(4), 1001–1018. https://doi.org/10.1108/JIMA-11-2017-0123
Agarwala, R., Mishra, P., & Singh, R. (2019). Religiosity and consumer behavior: a summarizing review. Journal of Management, Spirituality and Religion, 16(1), 32–54. https://doi.org/10.1080/14766086.2018.1495098
Al-Malkawi, H.-A. N., Rizwan, S., & Sarea, A. (2023). Factors affecting buying decisions of Islamic banking products: the moderating role of religious belief. International Journal of Emerging Markets, ahead-of-p(ahead-of-print). https://doi.org/10.1108/IJOEM-03-2023-0439
Al Rahahleh, N., & Bhatti, M. I. (2023). Empirical comparison of Shariah -compliant vs conventional mutual fund performance. International Journal of Emerging Markets, 18(10), 4504–4523. https://doi.org/10.1108/IJOEM-05-2020-0565
Aljaed, S., MdHusin, M., Ismail, W. K. W., & Aljaud, S. (2019). Factors Influencing Saudis Investors’ Attitude to Invest in Islamic Mutual Funds. Research Journal of Finance and Accounting, 10(8), 16–23.
Alserhan, B. A. (2017). The Principles of Islamic Marketing. Routledge. https://doi.org/10.4324/9781351145688
Anggraini, F. D. P., Aprianti, A., Setyawati, V. A. V., & Hartanto, A. A. (2022). Pembelajaran Statistika Menggunakan Software SPSS untuk Uji Validitas dan Reliabilitas. Jurnal Basicedu, 6(4), 6491–6504. https://doi.org/10.31004/basicedu.v6i4.3206
Arifin, R., Ar-raidah, S. F., Yuniar, V. S., & others. (2020). Halal product guarantee to the development of small and medium enterprises business in Indonesia. Jurnal Hukum Islam, 18(1), 121–136. https://doi.org/10.28918/jhi.v18i1.2693
Azam, M., Khalid, M. U., & Zia, S. Z. (2019). Board diversity and corporate social responsibility: the moderating role of Shariah compliance. Corporate Governance: The International Journal of Business in Society, 19(6), 1274–1288. https://doi.org/10.1108/CG-01-2019-0022
Burks, J. J., Randolph, D. W., & Seida, J. A. (2019). Modeling and interpreting regressions with interactions. Journal of Accounting Literature, 42(1), 61–79. https://doi.org/10.1016/j.acclit.2018.08.001
Cahya, A. D., & Setyarini, E. (2020). Menguji Keputusan Berinvestasi dari Perspektif Pembelajaran Pasar Modal, Kemajuan Teknologi, Uang Saku Mahasiswa dan Bauran Pemasaran (Galeri Investasi Bursa Efek Indonesia Fakultas Ekonomi Ust) Testing Investment Decisions From Capital Market Learning Pe. Upajiwa Dewantara, 4(1), 60–72.
Chughtai, A. A., & Arifeen, S. R. (2023). Humble leadership and career success: a moderated mediation analysis. Management Decision, 61(6), 1485–1500. https://doi.org/10.1108/MD-05-2022-0651
Harris, L. C., Kotler, P., Armstrong, G., & He, H. (2020). Principles of Marketing. Pearson.
Ishak, M. S. B. H., & Abdullah, O. C. (2012). Islamic perspective on marketing mix. European Journal of Scientific Research, 77(2), 214–220.
Islam, M. M. (2020). Segmenting, Targeting and Positioning in Islamic Marketing. Journal of Islamic Marketing, 12(7), 1385–1404. https://doi.org/10.1108/JIMA-10-2018-0181
Kotler, P., Kartajaya, H., & Setiawan, I. (2021). Marketing 5.0: Technology for Humanity. John Wiley & Sons.
Monoarfa, H., Juliana, J., Setiawan, R., & Abu Karim, R. (2023). The influences of Islamic retail mix approach on purchase decisions. Journal of Islamic Marketing, 14(1), 236–249. https://doi.org/10.1108/JIMA-07-2020-0224
Nasuka, M. (2023). The Significance of Maqashid Shariah in the Development of the Islamic Marketing Mix Concept. Journal of Namibian Studies: History Politics Culture, 33, 1619–1630. https://doi.org/10.59670/jns.v33i.583
Park, S.-J., & Yi, Y. (2022). Assessing moderator effects, main effects, and simple effects without collinearity problems in moderated regression models. Journal of Business Research, 145, 905–919. https://doi.org/10.1016/j.jbusres.2022.03.018
Patra, S. (2019). Questionnaire Design. In R. N. Subudhi & S. Mishra (Eds.), Methodological Issues in Management Research: Advances, Challenges, and the Way Ahead (pp. 53–78). Emerald Publishing Limited. https://doi.org/10.1108/978-1-78973-973-220191005
Rafiki, A., Hidayat, S. E., & Nasution, M. D. T. P. (2023). An extensive effect of religiosity on the purchasing decisions of halal products. PSU Research Review, ahead-of-p(ahead-of-print). https://doi.org/10.1108/PRR-07-2022-0093
Ramdhan, M. (2021). Metode Penelitian. Cipta Media Nusantara.
Rapini, T., Farida, U., & Putro, R. L. (2021). Eksistensi Kinerja Reksadana Syariah Pada Era New Normal. Jurnal Tabarru’: Islamic Banking and Finance, 4(2), 356–368. https://doi.org/10.25299/jtb.2021.vol4(2).7422
Rokhim, R., & Octaviani, I. (2019). Is there a Ramadhan effect on Sharia mutual funds? Evidence from Indonesia and Malaysia. International Journal of Islamic and Middle Eastern Finance and Management, 13(1), 135–146. https://doi.org/10.1108/IMEFM-04-2019-0147
Sahir, S. H. (2021). Metodologi penelitian. Penerbit KBM Indonesia.
Shah, S. A., Bhutto, M. H., & Azhar, S. M. (2022). Integrative review of Islamic marketing. Journal of Islamic Marketing, 13(6), 1264–1287. https://doi.org/10.1108/JIMA-07-2020-0216
Sriwardani, T. J. A., Widagdo, S., & Handayani, Y. I. (2021). The Effect of Marketing Mix Strategy towards Clients’ Decision to Purchase the Investment Product through Brand Personality as the Intervening Variable in Wanaartha Life Jember. International Journal of Innovative Science and Research Technology, 6(6).
Syafril, S., & Hadziq, M. F. (2021). Islamic Principles in Marketing: An Overview of Islamic Marketing mix in Social-Media Campaign. El-Qish: Journal of Islamic Economics, 1(1), 69–82. https://doi.org/10.33830/elqish.v1i1.1568.2021
Tariq Khan, M. (2014). The Concept of ‘Marketing Mix’ and its Elements (A Conceptual Review Paper). International Journal of Information, Business and Management, 6(2), 95–108.
van Praag, H. M. (2013). Religiosity, a personality trait to be reckoned within psychiatry. World Psychiatry, 12(1), 33. https://doi.org/10.1002/wps.20006
Wulandari, F., & Andraeny, D. (2023). Mediation and Moderation of Islamic Religiosity and Financial Risk Tolerance. Journal of Finance and Islamic Banking, 6(1).
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Jurnal Manajemen Bisnis dan Keuangan
This work is licensed under a Creative Commons Attribution 4.0 International License.