THE INFLUENCE
OF INVESTMENT KNOWLEDGE AND MINIMUM INVESTMENT CAPITAL ON INVESTMENT INTEREST
IN THE CAPITAL MARKET
Sofia Adela Putri^{1}, Dedi Hariyanto^{2}, Fuad Ramdhan Ryanto^{3}
Universitas Muhammadiyah Pontianak, Kalimantan Barat, Indonesia
[email protected]^{1}, [email protected]^{2}, [email protected]^{3}
ABSTRACT
This research focuses on the issue of whether
investment knowledge and minimum investment capital have a significant
influence on investment interest in Pontianak City. The main objective is to
analyze the impact of investment knowledge and minimum investment capital
variables on investment interest in the capital market in Pontianak City. This
study uses a quantitative approach with a population of all investors in
Pontianak City, totalling 38,014 investors. The research sample consisted of
100 investors who were selected deliberately (Purposive Sampling). The analysis
method in this research uses multiple linear regression analysis, classical assumption testing and hypothesis
testing. The results of multiple
linear regression analysis show that the regression equation is Y = 31.980 +
0.398X1 � 0.033X2. The correlation coefficient shows an Rvalue of 0.245, which shows
the weak relationship between investment knowledge and minimum investment
capital on investment interest. The coefficient of determination shows an R2 value of 0.060, which
means that 6.0% of investment interest can be explained by investment knowledge
and minimum investment capital. In comparison, other variables not examined in
this research influence the remaining 94.0% of investment interest. The results
of the simultaneous Test (F test) show that investment knowledge and minimum investment capital
simultaneously influence investment interest. The Partial Test (ttest) results
on investment knowledge show that investment knowledge
has a partially significant effect on
investment interest. For minimum investment capital, it can be concluded that
minimum investment capital does not have a significant effect on investment interest.
Keywords: knowledge,
minimum capital, interest investment.
Corresponding Author: Sofia
Adela Putri
Email: [email protected]
INTRODUCTION
Investment is
currently an income alternative in great demand by people from various circles (Subhan & Suryansyah, 2019). Investment is also
said to be an effort to postpone current consumption to be invested in
productive assets over a predetermined period (Darmawan & Japar, 2019). Investment is also
defined as a commitment of funds to one or more assets owned over several
future periods (Hartono,
2022).
People can invest
through the capital market. The capital market is a means of meeting companies
and other institutions that need funds from the public for business
development, expansion, additional working capital, etc., with people who want
to invest their funds (Rosdaniah
& Azizs, 2021). The capital
market provides space for companies that need funds and investors who want to
provide their funds to fund these companies (Thian, 2021). Investors can fund companies
by purchasing investment instruments on the capital market either directly or
through mutual funds (Riana,
2022). This makes the capital market important to a
country's economy. Apart from shares, bonds and mutual funds, the capital
market trades other forms, such as warrants, rights and other derivative
products (Permata
& Ghoni, 2019).
From year to year, capital market investment in Indonesia has increased, as indicated by the
investor's identity as reflected in the SID (Yusuf, 2019). The following is the number of growth in Single Investor Identification
(SID) in Indonesia from 2019
to 2022 :
Table
1. Indonesian Central Securities Depository Total
SID Growth in Indonesia 20192022
Year 
Number of Single Investors in
Notification 
2019 2020 2021 2022 
2,484,354 3,880,753 7,489,337 8,886,976 
Source:
Indonesian Central Securities Depository, 2022
Table 1 shows that the number of Single Investor Identification (SID)
continues to increase from 2019 to 2022. The number of SIDs recorded at the Indonesian
Central Securities Depository (KSEI) in 2020 experienced an increase of 56.20% from
2019. Then, in 2021, the number of investors experienced a drastic increase to
reach 7.48 million investors; based on the percentage, this number increased by
92.98% compared to 2020. Then, in 2022, there was an increase in return of
18.67%, and the number of investors only
reached 8.88 million by the end of June 2022.
Meanwhile, the total growth in Single Investor Identification (SID) in
Pontianak City can be seen in the following table:
Table 2. Number of SID Growth
Pontianak City 20192022
Year 
Number of Single Investor
Identification 
2019 2020 2021 2022 
11,352 17,265 30,095 38,014 
Source: Indonesian Stock Exchange, 2022
Table 2 shows that the number of
Single Investor Identification (SID) in Pontianak City continues to increase
from 2019 to 2022. That year, the number of investors increased
by 52.08% from 2019. Then, in 2021, the number of
investors experienced a percentage increase of 74.31% yearly. Until the end of June 2022, the number
of investors increased by 26.31% from December 2021 to 38,014.
According
to Taufan Fabiola, in an interview conducted by antarnews.com, the increase in
investor growth occurred because the public had received education and socialization regarding investment knowledge related to
investments that had been carried out on a massive scale. "Investment
knowledge is the understanding that prospective investors must have about
various aspects of investment starting from basic knowledge of investment
assessment, investment portfolio, investment risk level, and investment return"
(Pajar & Pustikaningsih, 2017).
Many
investmentrelated seminars or events are held to deepen the public's
investment knowledge to increase investment interest. Investment interest is a
feeling of interest or desire for an individual or company to invest in the
hope of getting more income or a higher asset value in the future (Tumewu, 2019). This can be caused by various factors, such
as wanting to achieve financial stability, preparing for retirement, achieving
longterm financial goals, or taking advantage of attractive business
opportunities.
For someone
who is already interested in investing, that person will seriously start
investing with minimal or as little capital as possible. The Theory of Reasoned Action is a theory that can explain
investment interest and how people make investment decisions (Montano & Kasprzyk, 2015). Psychological and social reasons also influence a person's
investment interest, such as risk perception, selfconfidence, and the
influence of the social environment.
Securities companies have also
made investing easy by providing minimum capital for novice investors who want
to start investing. A securities company is a company that has a business
license from BAPEPAM to be able to carry out activities as a Securities
Underwriter, Securities Trading Intermediary or Investment Manager (Fanji, 2017). With the
existence of a securities company, novice investors can start their investment
journey more easily and with direction.
Currently,
most securities in Pontianak City provide small capital for investors who wish
to open a Customer Fund Account (RDN) with a value of IDR 100,000 for 7 securities.
Furthermore, Panin Sekuritas, Nikko Sekuritas Indonesia and Philip Sekuritas
Indonesia provided a minimum capital of IDR 1,000,000 to open RDN. Semesta
Indovest Sekuritas and Mirae Asset Sekuritas amounted to IDR 5,000,000, Mandiri
Sekuritas amounted to IDR 10,000,000 and the largest was Reliance Sekuritas,
which amounted to IDR 25,000,000.
The
minimum investment capital is the funds initially issued by investors to open a
Customer Fund Account (Abdalloh,
2019). Minimum investment capital is one factor
that needs to be considered before investing to determine the estimated investment funds (Haidir,
2019). The lower the minimum investment
capital, the higher a person's interest in investing (Susilowati,
2017). With as little capital as possible, it will
likely bring investors more returns. With lower capital, it can attract potential investors to invest in the capital
market (Widianto,
2021).
Based on
the background, this research aims to find out whether investment knowledge and minimum investment
capital have a significant effect on
investment interest in the capital market among
people in Pontianak City. This research also aims to provide significant
insights that have the potential to enhance the public's investment knowledge
and have implications for efforts to develop more effective education policies
and investment promotion in the city of Pontianak. It is hoped that these
efforts will lead to increased participation in investment activities,
contribute to the improvement of the economic wellbeing of the community, and
assist local financial institutions in developing products and services that
are better suited to the needs and readiness levels of their investments.
METHOD
This research uses
associative research with quantitative methods. This
research was conducted in the city of Pontianak over the course of one year,
from May 2022 to June 2023. The study involved several crucial stages:
1.
Literature
Review (June � August 2022)
The research began
with an indepth review of literature concerning investment knowledge, minimum
capital requirements, and investment interests. This phase aimed to establish
the theoretical framework and identify knowledge gaps that could be addressed
by the study.
2. Research Design and Questionnaire Development (September
� October 2022):
During this stage, the research methodology was
developed. The researcher designed structured questionnaires to collect data
from the target population in Pontianak. The questionnaire included questions
related to investment knowledge, minimum investment capital, and interest in
investing.
3. Data Collection (November 2022 � January 2023):
The data collection
phase involved distributing questionnaires to a sample representing the
population of Pontianak. The researcher distributed the questionnaires using
Google Forms to ensure data accuracy and reliability.
4. Data Analysis (February � March 2023):
The collected data
were analyzed using statistical software such as SPSS and Excel. Various
statistical analysis techniques, including multiple regression analysis,
multiple correlation analysis, coefficient of determination analysis, and
hypothesis testing, were employed to assess the influence of investment
knowledge and minimum investment capital on investment interest.
5. Interpretation of Results (April 2023):
After the data
analysis, the results were interpreted. The researcher discussed the
implications of the findings and their relevance to the research objectives.
The aim was to identify patterns and draw meaningful conclusions.
6. Recommendations and Policy Implications (May 2023):
Based on the
research findings, recommendations were made. These recommendations included
suggestions for educational programs, policy changes, and initiatives aimed at
improving investment knowledge and promoting investment in Pontianak.
7. Report Compilation and Dissemination (June 2023):
The final research
report was compiled, documenting the entire research process, findings, and
recommendations.
The population in
this research are people in Pontianak City who have become investors, with a
population of 38,014. To determine representative sample size, this research
uses the Slovin formula, which is expressed as:
Information :
n�������� = Number of samples
N������� = Number of population
E�������� = Error tolerance limit (maximum error
that can be tolerated is 10%)
The calculation results show that the
number of respondents included in this research is 100 people, and the sampling
technique will be carried out using the Purposive Sampling method.
Data analysis techniques used in this
research include instrument tests, Classical Assumption Tests, Multiple Linear
Regression Tests, Multiple Correlation Coefficient Analysis of Determination
Coefficients (R2)^{, }Simultaneous Tests (F Test) and Partial Tests (t
Test). In the context of multiple regression analysis, this research uses the
following equation model:
Y
= a+b _{1 }X _{1 }+ b _{2 }X _{2 }+ e
Information :
Y���������������� : Investment Interest
X_{1������������������������� }:
Investment Knowledge
X_{2������������������������� }:
Minimum investment capital
a���������������� : Constant
b���������������� : Regression
Coefficient
e���������������� : Error
RESULTS AND
DISCUSSION
Validity test
The results of the validity test of the
investment knowledge variable are as follows:
Table 3. Validity Test of Investment Knowledge
Variable (X_{1}) (Valid)
Question
Items 
Correlation
Results (oxy) 
r_{table} 
Conclusion 
X1.1 
0.625 
0.194 
Valid 
X1.2 
0.537 
0.194 
Valid 
X1.3 
0.564 
0.194 
Valid 
X1.4 
0.654 
0.194 
Valid 
X1.5 
0.522 
0.194 
Valid 
X1.6 
0.568 
0.194 
Valid 
X1.7 
0.618 
0.194 
Valid 
X1.8 
0.479 
0.194 
Valid 
Source: Processed Data, 2023
The validity test results show that the calculated rvalue is greater than
the table rvalue with a significance of 5%. Thus, the questionnaire used to
measure investment knowledge is declared valid as a measuring tool. Items that
have the highest correlation are P1, P4, and P7. The item that has the lowest
correlation is P8. Meanwhile, the validity test for the minimum capital
variable can be seen in the following table:
Table 4. Validity Test of Minimum
Investment Capital Variable (X_{2}) (Valid)
Question
Items 
Correlation
Results (rxy) 
r_{table} 
Conclusion 
X2.1 
0.732 
0.194 
Valid 
X2.2 
0.737 
0.194 
Valid 
X2.3 
0.733 
0.194 
Valid 
X2.4 
0.752 
0.194 
Valid 
X2.5 
0.704 
0.194 
Valid 
X2.6 
0.689 
0.194 
Valid 
Source: Processed Data, 2023
The validity
test results show that the calculated rvalue is greater than the table rvalue
with a significance of 5%. Thus, the questionnaire used to measure minimum
investment capital is declared valid as a measuring tool. Items that have the
highest correlation are P4, P2, and P3. The item that has the lowest
correlation is P6.
Table 5. Validity Test of Investment
Interest Variable (Y) (Valid)
Question
Items 
Correlation
Results (rxy) 
r_{table} 
Conclusion 
Y.1 
0.594 
0.194 
Valid 
Y.2 
0.519 
0.194 
Valid 
Y.3 
0.609 
0.194 
Valid 
Y.4 
0.704 
0.194 
Valid 
Y.5 
0.570 
0.194 
Valid 
Y.6 
0.579 
0.194 
Valid 
Y.7 
0.565 
0.194 
Valid 
Y.8 
0.484 
1,946 
Valid 
Y.9 
0.484 
1,946 
Valid 
Y.10 
0.554 
1,946 
Valid 
Source: Processed Data, 2023
The validity test results show that the calculated rvalue is greater
than the table rvalue with a significance of 5%. Thus, the questionnaire used
to measure investment interest is declared valid as a measuring tool. Items
that have the highest correlation are P7, P3, and P1. The items that have the
lowest correlation are P8 and P9.
Reliability Test
The results of the reliability test can be
seen in the following table:
Table 6.
Instrument Reliability Test Results
Variable 
Cronbach's
Alpha 
N of Items 
Investment
Knowledge 
0.703 
8 
Minimum
Investment Capital 
0.818 
6 
Investment
Interest 
0.758 
10 
Source: Processed Data, 2023
The
results of the reliability test above show that the Cronbach's Alpha value for
the investment knowledge variable is 0.703 > 0.60, for the minimum capital
variable, the Cronbach's Alpha value is 0.818 > 0.60, and for the
investment interest variable, the Cronbach's Alpha value is 0.758 >
0.60. Thus, the questionnaire used to
measure investment knowledge, minimum capital and investment interest is
declared reliable as a measuring tool.
a.
Normality test
The normality test in this study
used the KolmogorovSmirnov test. The tool is usually called the KS test,
available in the SPSS program. The results of checking the normality assumption
using Kolmogorov Smirnov can be seen in Table 7 below:
Table 7. Normality Test Results
OneSample KolmogorovSmirnov Test 


Unstandardized Residuals 

N 
100 

Normal Parameters ^{a, b} 
Mean 
.0000000 
Std. Deviation 
6.43611264 

Most Extreme Differences 
Absolute 
,084 
Positive 
.073 

Negative 
.084 

Statistical Tests 
,084 

Asymp. Sig. (2tailed) 
,079 ^{c} 

a. Test distribution is Normal. 

b. Calculated from data. 
Source: Processed Data, 2023
Based on the normality test
results, Asymp. Sig (2tailed), a twoway test, is 0.079 > 0.05, so the data
is normally distributed.
b.
Linearity Test
The results of the linearity test for the
investment knowledge variable and the investment interest variable are as
follows:
Table 8. Linearity Test Results for
Investment Knowledge Variables (X_{1})
ANOVA
Table 


Sum
of Squares 
df 
Mean
Square 
F 
Sig. 

Interests
* Knowledge 
Between
Groups 
(Combined) 
780,574 
17 
45,916 
1,051 
,415 
Linearity 
259,096 
1 
259,096 
5,930 
.017 

Deviation
from Linearity 
521,478 
16 
32,592 
,746 
,739 

Within
Groups 
3582.816 
82 
43,693 



Total 
4363.390 
99 



Source:
Processed Data, 2023
Based on the results of the
linearity test, the Deviation from Linearity was 0.739. Because sig > 0.05, the investment and
interest variables variable has a significant linear relationship.
The
results of the linearity test for the minimum investment capital variable and
the investment interest variable are as follows:
Table 9. Linearity Test Results for
Minimum Investment Capital Variables (X_{2})
ANOVA
Table 


Sum
of Squares 
df 
Mean
Square 
F 
Sig. 

Interest
* Minimum_Capital 
Between
Groups 
(Combined) 
836.204 
18 
46,456 
1,067 
,400 
Linearity 
.173 
1 
.173 
,004 
,950 

Deviation
from Linearity 
836.031 
17 
49,178 
1,129 
,342 

Within
Groups 
3527.186 
81 
43,546 



Total 
4363.390 
99 



Source:
Processed Data, 2023
Based on the results of the
linearity test, the Deviation from Linearity was 0.342. Because sig > 0.05, there is a
significant linear relationship between the minimum investment capital variable
and the investment interest variable.
Multicollinearity Test
The
results of the multicollinearity test of the investment knowledge variable on
investment interest are as follows:
Table 10. Multicollinearity Test Results
Coefficients ^{a} 

Model 
Unstandardized
Coefficients 
Standardized
Coefficients 
t 
Sig. 
Collinearity
Statistics 

B 
Std.
Error 
Beta 
Tolerance 
VIF 

1 
(Constant) 
31,980 
4,748 

6,735 
,000 



Knowledge 
,298 
,119 
,246 
2,491 
.014 
,992 
1,008 

Minimum_Capital 
.033 
.117 
.028 
.282 
,779 
,992 
1,008 

a.
Dependent Variable: Interest 

Source: Processed Data, 2023
Based on
the results of multicollinearity testing of the investment knowledge variable
on investment interest and the minimum investment capital variable, a VIF value
of 1.008 was obtained. Because VIF < 10.0, there is no multicollinearity in
the regression model.
Multiple Linear Regression
Analysis
The results
of multiple linear regression analysis can be seen in the following table:
Table 11. Results of Multiple Linear Regression Analysis
Coefficients ^{a} 

Model 
Unstandardized
Coefficients 
Standardized
Coefficients 
t 
Sig. 
Collinearity
Statistics 

B 
Std.
Error 
Beta 
Tolerance 
VIF 

1 
(Constant) 
31,980 
4,748 

6,735 
,000 


Knowledge 
,298 
,119 
,246 
2,491 
.014 
,992 
1,008 

Minimum_Capital 
.033 
.117 
.028 
.282 
,779 
,992 
1,008 

a.
Dependent Variable: Interest 
Source: Processed Data, 2023
Based on Table 11, it can be seen that the regression equation
obtained is:
Y = 31.980 + 0.298X1 � 0.033X2
If investment knowledge (X_{1}) and minimum investment capital (X2)
are 0, then investment interest is worth 31,980 units.
The multiple regression coefficient value for the investment knowledge
variable is 0.298. If the investment knowledge variable (X_{1})
increases by 1 (one) unit, then investment interest will increase by 0.298
units.
The multiple regression coefficient value for the minimum investment
capital variable (X_{2}) is 0.033, meaning that if the minimum
investment capital variable increases by 1 (one) unit, then investment interest
will decrease by 0.033 units.
Multiple Correlation Coefficient
The
results of the multiple correlation coefficient between the variables
investment knowledge, minimum investment capital and investment interest are as
follows:
Table 12. Results of Multiple Correlation Analysis
Model Summary 

Model 
R 
R
Square 
Adjusted
R Square 
Std.
Error of the Estimate 
Change
Statistics 

R
Square Change 
F
Change 
df1 
df2 
Sig.
F Change 

1 
.245
^{a} 
,060 
.041 
6.50213 
,060 
3,104 
2 
97 
,049 
a.
Predictors: (Constant), Minimum_Capital, Knowledge 
Source: Processed Data, 2023
Based on the analysis results, it
is known that the correlation value between investment knowledge and minimum
investment capital on investment interest is 0.245, meaning that the strength
of the relationship is in the weak category because it is in the correlation
range of 0.20 � 0.399.
Analysis of the Coefficient of Determination (R2)
Based on Table 12, it is known
that the coefficient of determination or R Square is 0.060, so it can be
concluded that the investment knowledge variable (X_{1}) and the
minimum investment capital variable (X_{2}) influence the investment
interest variable by 6.0%. In comparison, the remaining 94.0% is influenced by
the variable others not used in this study.
The F test is used to determine
the effect of investment knowledge and minimum investment capital on investment
interest. The following are the results obtained from the F test:
Table 13. Simultaneous Test Results (F Test)
ANOVA ^{a} 

Model 
Sum
of Squares 
Df 
Mean
Square 
F 
Sig. 

1 
Regression 
262,459 
2 
131,229 
3,104 
.049
^{b} 
Residual 
4100.931 
97 
42,278 



Total 
4363.390 
99 




a.
Dependent Variable: Interest 

b.
Predictors: (Constant), Minimum_Capital, Knowledge 
Source: Processed Data, 2023
Based on the table above, it is
known that the F_{test }results obtained an F_{count} of 3.104
and an F table (a k1, nk) of 3.09, so these calculations show that the F_{count}
value is 3.104 < F t_{able} 3.09. Thus, it can be concluded that H_{0
}is rejected, meaning that simultaneously (investment knowledge and
minimum investment capital have a significant effect on interest in capital
market investment for the people in Pontianak City. This
research result contradicts the study conducted by (Nisa, 2017) titled
"The Influence of Investment Understanding, Minimum Investment Capital,
and Motivation on Students' Interest in Investing in the Capital Market."
This study shows that understanding of investments does not have a significant
influence on students' interest in investing in the capital market. On the
other hand, the minimum investment capital has a significant impact on
students' investment interest in the capital market.
Partial Test (tTest)
To
determine the partial influence of investment knowledge and minimum investment
capital on investment interest, a partial test (ttest) was used. Decisionmaking is obtained by comparing the calculated tvalue
with the table at a significant level of α = 0.05.
The following is the formula for
finding the t _{table }and its calculations.
t_{table}��� = (α/2; n � k � 1)
t_{table}��� = 0.05/2; 100 � 2 � 1)
t_{table}��� = 0.025; 97
t_{table}��� = 1.984
The following are the results obtained from the ttest:
Table 14. Partial Test Results (TTest)
Coefficients ^{a} 

Model 
Unstandardized
Coefficients 
Standardized
Coefficients 
t 
Sig. 
Collinearity
Statistics 

B 
Std.
Error 
Beta 
Tolerance 
VIF 

1 
(Constant) 
31,980 
4,748 

6,735 
,000 



Knowledge 
,298 
,119 
,246 
2,491 
.014 
,992 
1,008 

Minimum_Capital 
.033 
.117 
.028 
.282 
,779 
,992 
1,008 

a.
Dependent Variable: Interest 

Source: Processed Data, 2023
Based on Table 14 above, it can be
seen that the calculated t_{value} of the investment knowledge variable
is 2.491 > t_{table} 1.984, so it can be concluded that Ha is
accepted or H0 is_{ }rejected. This means a partially significant influence exists between the
investment knowledge variable (X_{1}) and investment interest (Y).
Meanwhile,
the calculated t value for the minimum investment capital variable is 0.282.
Because the calculated t_{value} is 0.282 < t_{table}
1.984, it can be concluded that Ha is rejected and H _{0 }is accepted.
This means there is no partially significant influence between the minimum
investment capital variable (X_{2}) and investment interest (Y).
CONCLUSION
From this research, it can be concluded that
the relationship between investment knowledge (X_{1}) and minimum
investment capital (X_{2}) with investment interest (Y) is weak, as
evidenced by the correlation coefficient (R) value of 0.245. Both investment
knowledge (X_{1}) and minimum investment capital (X_{2})
together only influence investment interest (Y) by 6.0%, while the remaining
94.0% is influenced by other variables not examined in this study. Although
there is a significant partial influence from the investment knowledge variable
(X_{1}) on investment interest (Y), the minimum investment capital
variable (X_{2}) does not have a significant impact on investment
interest (Y). This result differs from previous studies that showed investment
understanding does not significantly influence students' interest in investing
in the capital market, while minimum investment capital has a significant
impact on students' investment interest in the capital market.
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