Gender Differences in Ethical Investment Behaviour Among Islamic Capital Market Investors

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Authors

  • Marsa Cintiya Anggita Department of Accounting, Faculty of Economics, Universitas Semarang, Indonesia (50196). image/svg+xml
  • Daryono Department of Accounting, Faculty of Economics, Universitas Semarang, Indonesia (50196) image/svg+xml
  • Abdul Karim Department of Sharia Accounting, Faculty of Economics, Universitas Semarang, Semarang, Indonesia, 50196 image/svg+xml

DOI:

https://doi.org/10.69725/jies.v2i1.287

Keywords:

Ethical investment, Sharia finance, Financial literacy, Risk perception

Abstract

Objective: This paper investigates the influence of gender, financial literacy, risk perception, and religious commitment on ethical investment behavior moderated by financial experience.

Methods: The model was tested through a quantitative explanatory approach grounded on behavioral finance and Sharia law-based paradigms.

Results: It is found that gender, financial literacy, risk perception and religious commitment have an influence on ethical investment behavior can be significantly affected by to financial experience. Ethical investors are more strongly committed to Sharia principles and a socially responsible portfolio when they make decisions based on moral awareness - Moral aware investment, as well as from experiential learning – Experiential moral learning. The model confirms the behavioral finance theory in an Islamic ethical environment and sheds light on how the cognitive–spiritual dimension affects investment decisions.

Novelty: This study combines the behavior of finance literature with the Islamic ethical paradigm and supports that financial experience accentuates the moral side of investment decisions through enhanced judgment and ethical sensitivity.

Research Implication: The findings provide policymakers and Islamic financial institutions with an empirical basis to initiate experience-based education and gender inclusiveness programs to enhance ethical financial eco-systems, and enhance the sustainability of Sharia investment behavior world over.

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Author Biographies

  • Marsa Cintiya Anggita, Department of Accounting, Faculty of Economics, Universitas Semarang, Indonesia (50196).

    Marsa Cintiya Anggita is a researcher and academic at the Department of Accounting, Faculty of Economics, Universitas Semarang, Indonesia (50196). Her scholarly interests focus on accounting education, financial literacy, and the integration of ethical principles in accounting practice. She actively participates in academic research and professional development programs aimed at enhancing accounting competencies through innovative education and training models. Her current research explores the improvement of accounting education and training by applying digital learning and applied pedagogical methods.

  • Daryono, Department of Accounting, Faculty of Economics, Universitas Semarang, Indonesia (50196)

    Dr. Drs. Daryono, M.S.I. is a senior lecturer and researcher at the Department of Accounting, Faculty of Economics, Universitas Semarang, Indonesia (50196). His research expertise spans accounting ethics, Islamic economics, and education management. He has actively contributed to academic publications and holds a strong record of scholarly work indexed in national and international databases.

     

  • Abdul Karim, Department of Sharia Accounting, Faculty of Economics, Universitas Semarang, Semarang, Indonesia, 50196

    Dr. Abdul Karim, S.E., M.Si., Ak., CA. is a senior lecturer and certified accountant at the Department of Sharia Accounting, Faculty of Economics, Universitas Semarang, Indonesia (50196). His academic focus includes financial accounting, auditing, and accounting education with a strong emphasis on ethical practices and financial reporting transparency. He has published several research articles in national and international journals indexed in Scopus and Google Scholar. Dr. Karim is also an active member of professional accounting associations and contributes to advancing accounting standards and higher education development in Indonesia.

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2025-06-10

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Vol. 2 No. 1 (2025): June

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Copyright (c) 2025 Marsa Cintiya Anggita, Daryono, Abdul Karim (Author)

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How to Cite

Cintiya Anggita, M. ., Daryono, & Karim, A. (2025). Gender Differences in Ethical Investment Behaviour Among Islamic Capital Market Investors. Journal International Economic Sharia, 2(1), 64-79. https://doi.org/10.69725/jies.v2i1.287
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