Exploring the roles of financial literacy, past behavior, and subjective norms in shaping investment intention: A mediation analysis
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Author(s)IrfanLink to ORCID Index: https://orcid.org/0000-0003-4163-3181
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Maya SariLink to ORCID Index: https://orcid.org/0000-0001-6479-0011
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JufrizenLink to ORCID Index: https://orcid.org/0000-0002-4837-7451
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DOIhttp://dx.doi.org/10.21511/imfi.22(4).2025.03
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Article InfoVolume 22 2025, Issue #4, pp. 30-42
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Creative Commons Attribution 4.0 International License
Type of the article: Research Article
Abstract
An individual’s intention to invest reflects their inclination to explore diverse investment instruments, allocate time to understand investment mechanisms through activities such as seminars or workshops, and actively participate in investment practices. This issue is particularly relevant, given the relatively low levels of financial literacy and investment participation among the public, especially Generation Z. The present study aims to examine the influence of financial literacy, prior behavioral experience, and subjective norms on investment intention among Generation Z in North Sumatra, Indonesia, both directly and indirectly through perceived behavioral control. Respondents comprised students and employees identified as Generation Z, selected using purposive and snowball sampling techniques, with data collected via online questionnaires. A quantitative approach was employed, and data were analyzed using Structural Equation Modeling with Partial Least Squares (PLS) version 4.0. The results demonstrate that financial literacy has a significant positive impact on both investment intention (p < 0.05) and perceived behavioral control (p < 0.05). Furthermore, perceived behavioral control, previous experience, and subjective norms significantly influence investment intention (p < 0.05). Mediation analysis reveals that perceived behavioral control plays a notable mediating role in the relationship between financial literacy and investment intention (p < 0.05). These findings emphasize the need to enhance financial literacy, strengthen investment communities, and deliver targeted training to build Generation Z’s confidence in investing, thereby fostering their investment intentions strategically and sustainably.
- Keywords
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JEL Classification (Paper profile tab)E22, G40, G41, G53
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References57
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Tables6
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Figures1
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- Figure 1. Research model
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- Table 1. Outer loading
- Table 2. Average variance extracted, Cronbach’s alpha, and composite reliability
- Table 3. Discriminant validity
- Table 4. Heterotrait-Monotrait (HTMT) ratio
- Table 5. R-square
- Table 6. Path coefficient
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Short video marketing factors influencing the purchase intention of Generation Z in Vietnam
Thi Thuy An Ngo ,
Phu Quach ,
Thanh Vinh Nguyen ,
Anh Duy Nguyen ,
Thi Minh Nguyet Nguyen
doi: http://dx.doi.org/10.21511/im.19(3).2023.04
Innovative Marketing Volume 19, 2023 Issue #3 pp. 34-50 Views: 5802 Downloads: 2026 TO CITE АНОТАЦІЯIn the digital age and technological advancements, short video platforms have become essential tools for online sales and marketing. In addition, shopping through short video marketing has gained significant attention, especially among Generation Z, as it brings unique and novel shopping experiences. The primary goal of this study is to explore the factors of short video marketing that influence the purchase intentions of Generation Z consumers in Vietnam. To conduct this study, a quantitative approach was employed, utilizing a 5-point Likert scale questionnaire administered online through a non-probability sampling method. The sample comprised 350 respondents aged between 16 and 26 from Vietnam, representing Generation Z, who made purchases through short video marketing. The relationships among various variables were analyzed using Structural Equation Modeling (SEM). The study’s results demonstrated a positive, significant, and direct relationship between all factors of short video marketing, including interesting content, perceived usefulness, scenario-based experience, user interaction, perceived enjoyment, and involvement of celebrities and consumer brand attitude. Among these factors, perceived usefulness is the most influential factor on customer brand attitude. In addition, the study revealed that consumer brand attitude, acting as a mediating variable, had a positive and significant impact on consumers’ purchase intentions. Based on the findings, the study suggested strategies for businesses to enhance the quality and content on short video platforms, thereby improving the effectiveness of their marketing strategies.
Acknowledgment
The authors express a sincere gratitude to all the participants who generously took part in this research study. -
Perceived health risk, online retail ethics, and consumer behavior within online shopping during the COVID-19 pandemic
Yuniarti Fihartini ,
Arief Helmi ,
Meydia Hassan ,
Yevis Marty Oesman
doi: http://dx.doi.org/10.21511/im.17(3).2021.02
Innovative Marketing Volume 17, 2021 Issue #3 pp. 17-29 Views: 5577 Downloads: 2076 TO CITE АНОТАЦІЯThe risk of virus contracting during the COVID-19 pandemic has changed consumer preference for online shopping to meet their daily needs than shopping in brick-and-mortar stores. Online shopping presents a different environment, atmosphere, and experience. The possibility of ethical violations is higher during online than face-to-face transactions. Therefore, this study was conducted to investigate the influence of perceived health risk and customer perception of online retail ethics on consumer online shopping behavior during the COVID-19 pandemic, involving seven variables, namely perceived health risk, security, privacy, non-deception, reliability fulfillment, service recovery, and online shopping behavior. The data were collected through an online survey by employing the purposive sampling technique to a consumer who has shopped online during the COVID-19 pandemic in Indonesia. 315 valid responses were obtained and analyzed through quantitative method using SEM-Amos. The results showed that perceived health risk and four variables of online retail ethics including security, privacy, reliability fulfillment, and service recovery affected online shopping behavior. Meanwhile, non-deception was found to have an insignificant effect. The coefficient value proved perceived health risk to be more dominant in influencing online shopping behavior than the variables of online retail ethics. Thus, consumers pay more concern for their health during online shopping. However, positive consumer perceptions of the behavior of online retail websites in providing services also can encourage consumers to shop online during this pandemic.
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Human resource management in promoting innovation and organizational performance
I Gede Riana ,
Gede Suparna ,
I Gusti Made Suwandana ,
Sebastian Kot ,
Ismi Rajiani
doi: http://dx.doi.org/10.21511/ppm.18(1).2020.10
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