Investment Knowledge, Risk Perception, Technology Advances, and Investment Interest of Z-Generation

This study aimed to determine the effect of investment knowledge , and risk perception on investment interest , and determine whether technological advances can moderate their influence. This study uses a population of all students of the Faculty of Economics in the Provinces of Central Java, West Java, East Java


INTRODUCTION
The development of Islamic capital market investors from year to year is informed by IDX that it continues to increase, where growth occurs rapidly in the decade of 2021.The growth reached 16.785%, from 531 investors to 89,678 investors (Qolbi, 2021).According to data from the Indonesian Central Securities Depository (KSEI), as of April 2021, this investor growth was also dominated by young investors, which increased to 57.4%.The growth of investors that occurs is more or less influenced by several things ranging from global economic conditions, fundamental conditions to the information held by investors (Asiyanti et al., 2020).
The growth of investors can still be maximized, considering that there are far more Indonesians than that.In addition, the latest sharia stock indexation has emerged, namely IDX-MES BUMN 17 which measures the price performance of 17 BUMN sharia shares that have good liquidity and large market capitalization.Among students themselves, it is currently still one of the focuses of the Indonesia Stock Exchange (IDX) to promote stock saving in Generation Z.One of the active efforts made by the IDX is collaborating with universities by establishing a Sharia Investment Gallery (GIS) with the aim of being able to bridge the theory gained by students with practice in real capital market.Generation Z as students as investors have various considerations in deciding investments, so that information is needed by investors.This is so that investors avoid illegal investment practices, a culture of following and fraud and fraud (Handini, 2020).The provision of information is in accordance with the theory of panned behavior which states that the main thing used to predict behavior is behavioral intention (Merawati & Putra, 2015).If someone has an interest in investing, it is possible to take action to achieve a high investment desire with a certain risk (Handini, 2020).
Talking about risk, every investor has their own risk perception.The risk in question is the return on investment made both systematic risk and unsystematic risk (Wachowies, 1992).Based on the 94 samples studied, 70% of them who have received undergraduate education indicate that the perception of risk is a consideration in investment selection (Aren & Zengin, 2016).Research conducted by Aren & Zengin (2016) which shows the existence of prospect theory, such as showing that decision making is made under risk is a new horizon in financial behavior.One cares about how to avoid possible losses more than possible gains.
In recent years technological advances have had a major influence on economic progress in Indonesia (Negara & Febrianto, 2020).The investment sector has also become effective and efficient to run in order to achieve maximum results.Technological advances and the development of capital markets that present thousands and even millions of lists of companies that trade their shares on the stock exchange, investors need speed and accuracy in transactions so that investment decisions can also be made quickly.Along with technological advances, this is favored by Generation Z because of online trading provided by securities companies or brokers.The facilities provided allow investors to invest anytime and anywhere (Asiyanti et al., 2020).
Several studies that discuss investment interest, one of which is (Marfatia, 2020) which shows that the perception of risk affects investors in assessing an investment.This is in line with (De Jong, 2010) which shows the same results that risk perception affects an investor's investment interest.However, different results are shown by Purboyo et al., (2019) which shows that risk perception has no effect on interest in Islamic stock investment.
Other studies that also discuss investment are Aren & Zengin (2016), Asiyanti et al.(2020), Parveen et al., (2020), andSaens &Tigero, (2021) but the difference this study aims to to see the effect of information or knowledge of investors regarding the IDX-MES BUMN 17 index, risk perception on investor interest in generation Z with technological advances as a moderating variable.

METHODS
The type of research used in this research is field research with quantitative analysis.This study uses a population of all students of the Faculty of Economics in the Provinces of Central Java, West Java, East Java, and the Special Region of Yogyakarta who were born in 1998-2003 from both private university and state university.While the determination of the sample using the Lameshow formula.Modification Lamsehow used because the population used is unknown in number.Based on the existing Lameshow , the existing respondents to meet the research sample were 97 respondents.These criteria were chosen to see the effect of the variables used on investment interest in active students of the economics faculty who were born in the Z generation period, with the hope that economics students will know more about investing in the capital market.The province was chosen because according to the PDDIKTI data from the Ministry of Education and Culture, the four provinces were included in the province with the most students on a national scale.
The variables used in this study are knowledge (x1), risk perception (x2) and technological progress (Z) as moderating variables and investment interest (Y).The variables used are derived into several indicators for making questionnaires as primary data to be distributed by the research sample, the indicators used can be seen in table 1.Data analysis in this study using the method used is the ve method.rifikatif, which aims to test the hypothesis through a statistical calculation so as to get the results of proving that a hypothesis is accepted or rejected.2 Risk perception The a. level of risk helps minimize losses b.The level of risk is proportional to the benefits to be obtained c.A high level of risk is an attractive challenge (Aren & Zengin, 2016) 3

Advances in Technology
Ease of availability of facilities and infrastructure (Kamal & Apriani, 2022) 4 Interest in investment a.Desire to find out about the type of investment b.Desire to take the time to learn about stock investing by attending investment seminars No Variables Indicator c. Confidence to try investing (Handini, 2020) The data analysis method used used statistical tests assisted by the E-views program using validity, linear regression and moderated regression analysis (MRA) or interaction tests in testing the effect of technological advances in moderating the effect of knowledge and risk perception on investment interest.

Respondents' Description
From the results of the questionnaires distributed to 150 respondents, only 149 questionnaires were returned.Based on the determination of the number of samples that have been determined previously, that the number of samples used is 97.The results of the questionnaire obtained can be described in the following respondent profiles: Respondents by gender are more than 50% are male, and the year of birth in 2001 is about 46% of the total respondents.Respondents from 1998 to 2003 were selected based on students who were still active and born in the year included in generation Z.Although generation Z started with someone born in 1995 to 2003, it was found that active students who became respondents started from 1998.This did not become an obstacle in the study because that year was also included in the predetermined sample provisions.Table 4.1 illustrates that the most number of birth years in the research respondents were those born in 2001, which were 45 students.Respondents from universities in East Java Province were the largest at 33%, the sampling of respondents based on university origins was also based on a comparison between the number of students in each province and the number of students in the four provinces based on data from PDDIKTI in 2021.

Validity and Reliability Test Results
Based on the reliability test indicated by Cronbach's Alpha values, all of which were more than 0.264 (R table 0.264).Meanwhile, the validity test based on the table shows that everything is also more than 0.6.So it can be concluded that the questionnaire data conducted can be continued for further testing.

Figure 1. Normality Test Results
Source: results of statistical data processing Based on the picture above, the results of processing the normality test show that the data in the study are normally distributed.This can be seen from the probability value which shows a value of 0.619 > 0.05, so it can be concluded that the research data is normally distributed.

Classical Assumption Test Results
Based on the results of the autocorrelation test that has been carried out, it shows that the value of Durbin Watson is 2,00005852, the value is more than DU (1,69) so it can be proven that the data does not occur autocorrelation.The results of the second classical assumption test that were tested were multicollinearity tests, resulting in the VIF VIF value on the investment knowledge variable was 1.39, risk perception was 1.640, and technological progress was 1.6232.The third VIF results show a value that is less than 10, in the second table also shows that the value is not more than 0.9.So it can be concluded that the model used does not occur multicollinearity.Another test carried out in testing the classical assumption of data is the heteroscedasticity test which shows that the probability value of chi square is 0.62.This value is more than 0.5, so it can be concluded that the model to be tested is free from heteroscedasticity disease.

Regression Test Results
Table 3 The results of multiple regression tests were carried out to determine the effect of the x1 variable, namely knowledge of investment interest, variable x1.The results of the multiple regression test produce a probability value on the investment knowledge variable 0.00 < 0.05 with a coefficient value of 0.510 meaning that the x variable has a significant effect on the y variable.
The same results are also shown in the risk perception variable which has a probability value of 0.00 < 0.05 with a coefficient value of 0.325 meaning that the risk perception variable has a positive and significant influence on investment interest.Based on the results of multiple regression test shows that hypothesis 1 and hypothesis II of this study can be accepted.

Coefficient of Determination Test Results
Table 4  The following are the results of Adjusted R-squared before and after the moderating variable: Based on table 4.10 shows that the value of the coefficient of determination after the moderating variable is higher than before the moderation.So it can be concluded that the moderating variable is able to strengthen the influence of the variable x1 (knowledge) on y (investment interest).

2) M2
Based on table 7 shows the value of moderation (m2) has a significance of 0.00 or less than 0.05.This shows that the moderating variable is able to moderate the effect of x2 on y.

Table 7. MRA II Test Results
Source: statistical data processing The following are the results of the determination coefficient test in the regression before and after the moderating variable: The test results of the coefficient of determination in table 1.6 show that the value of Adjusted R-aquare before the moderating variable is less than after moderation.This shows that the moderating variable is able to strengthen the influence between the x2 variables on y.

DISCUSSION The Effect of Investment Knowledge on Investment Interest
Based on the statistical results conducted, it shows a significance value of 0.00 <0.05, meaning that investment knowledge possessed by students affects investment interest in the Islamic capital market.The results of this study are in line with research from Malkan et  (2016), Handini (2020) and Wang et al., (2021) which result that investment knowledge has an effect on investment interest.
Basic knowledge of what is the capital market, what is stock investment and others becomes very important because it shows a significant effect on investment interest in generation Z economics students.So it is necessary to have a capital market school that can be a forum for them to add complete investment knowledge and not just theory but invite them to experience directly or practice in buying shares so that investment interest grows in the younger generation.The number of fraudulent investment cases has made potential investors avoid capital market transactions, but with knowledge of investment conditions or stock conditions in certain indexations, they become more trusting in Islamic capital market schemes and are interested in investing.If the knowledge possessed by potential investors increases by understanding the returns and risks, it will increase their interest in investing in the Islamic capital market.Generation Z potential investors tend to choose to do a calculation analysis of the knowledge they have to invest, so they understand the picture of what will be done.Their knowledge of the existence of the latest sharia stock index helps them to be interested in investing, including the latest sharia stock indexation, namely IDX-MES 17 BUMN which makes it easier to classify BUMN companies that have good liquidity and good fundamentals.So if universities and the world of Islamic capital market investment in Indonesia want current youth or potential investors in Generation Z, especially economic students to increase their interest in investing in the secondary market, what needs to be done is to provide them with access to knowledge so that it is in accordance with panned behavior.theory that predicts a reaction after an action or additional knowledge is given.

The Effect of Risk Perception on Investment Interest
The statistical results show that the effect of risk perception on investment interest has a significance value of 0.00 which is smaller than 0.05.This means that the perception of risk possessed by Generation Z students affects investment interest in the Islamic capital market.This study's results align with research conducted by Aren & Zengin, (2016), which states that the perception of risk has a significant influence on investment interest.
The perception of investment risk is related to the knowledge that investors already have, both learned in lecture material and from outside university learning.Risk perception also describes how an investor knows that one must know several aspects ranging from basic knowledge, level of risk, and return on investment (Handini, 2020).The new IDX-MES 17 BUMN index gives Generation Z economics students like further references for making decisions in investing.The perception of risk in them is controlled because this index guarantees that the shares included in it are included in stocks with market capitalization, financial performance, and good compliance.
Generation Z in economics students strongly agree that measuring the level of risk helps them minimize losses when making investments, by measuring the level of risk also makes them interested in investing because they already know how much risk they will take.Generation Z also tends to consider what they get should be proportional to the risk they take, so based on the results of the study show that the perception of risk has an influence on their investment interest.Investors in Generation Z who are students of economics tend to be risk averse investors, namely investors who tend to be risk averse.This is illustrated in the results of the study, which the majority answered agree not strongly agree that a high level of risk is attractive for investors.

Technological Advances in Moderating the Effect of Investment Knowledge on Investment Interest
Based on the results of the Moderated Regression Analysis (MRA) test, it is found that technological advances can strengthen the influence of information or knowledge on investment interest by generation Z students.This result is in line with the research of Patil & Bagodi (2021), Kusuma & Hakim (2022), Negara & Febrianto (2020), Ortega & Paramita (2023), and (Larasati & Yudiantoro (2022) which states that with this technological advancement, it can increase investment knowledge so that investment interest is also higher in the capital market.
The knowledge possessed by potential investors with technological advances tends to be easier so that it fosters the interest of potential investors to invest.The existence of technological advances which in this case includes the internet makes it easier for potential investors to find information about what investments to carry out and how the investment conditions are.These technological advances also make it easier for potential investors to make investments, as well as seek information or knowledge about the ups and downs of stock prices.The results of the study also show that potential investors, in this case generation Z economic students, are more helped to invest through current technological advances, they tend to get various knowledge more easily due to technology that is developing rapidly at this time.
So it can be said that the progress of the capital market from the perspective of investors in Generation Z, especially for students, will increase if technological advances also continue.Generation Z who tends to choose "practical" in every financial decision including investment, the convenience created based on technological advances is very helpful in growing investment interest, especially in the Islamic capital market.

Technological Advances in Moderating the Effect of Risk Perception on Investment Interest
The results of research through MRA testing show that technological advances are able to strengthen the effect of risk perception on investment interest.This explains that the perception of risk that exists in potential investors, especially generation Z students, can be overcome by existing technological advances so that investment interest also increases.The way they measure the level of risk is also helped by the increasingly advanced technology.With the development of technology, in this case the internet, the investment process can be done online.So that the existence of an online trading system which is an advancement of technology can make it easier for students to invest in the Islamic capital market.The results of the respondents also show that they use social media to see how to invest in the capital market to increase their motivation to invest.They realize that the current technology makes it easier for them to control the stock price of each company, so that the risks that will be obtained can be described in advance so that they do not accept risks that are beyond their capabilities.The results of this study are in line with research conducted by Negara & Febrianto (2020) which shows that the existence of this technological advance is able to increase investment interest in its influence by risk perception.

Conclusion
Based on the results of statistical testing and the discussion that has been described, it can be concluded that investment knowledge and risk perception have a significant effect on investment interest in generation Z students.The more they have adequate knowledge, especially on stock indexation, one of which is IDX-MES BUMN 17 will be more interested in investing in the capital market.The existing technological advances are also able to moderate the effect of investment knowledge, risk perception on investment interest.If an increase in investment interest is desired in the advancement of the Islamic capital market, especially among generation Z, what needs to be improved is investment knowledge in students and risk perception, including technological advances.
Suggestions For Universities or Faculty of Economics where one of the learning outcomes is the ability of students to master capital market investment, then they can carry out several activities to gain more investment knowledge and provide correct risk perception among Generation Z students to be able to increase student investment interest in the capital market sharia.

Table 1 . Research No Variables Indicator
1 Knowledge a. Basic knowledge of stock valuation b.Understanding of investment conditions c. Basic investment knowledge is good from level of risk and rate of return (Raihana & Aulia Azhary, 2019)

Table 2 . Respondent
Source: questionnaire results

Table 5
shows the significance value of m1, indicating that the moderating variable in this research is technological progress able to moderate the effect of knowledge on investment interest.

Table 8 . Determination Coefficient Test Results Before and After the Moderation Variable
al.,