Volume 9, Number 2, December 2023
What Determines the Interest in Investing to Gold Savings at Pegadaian Syariah?
Nur Masyithah, Ridwan Nurdin,Khairil Umuri, & Hendra Halim
Faculty of Islamic Economy and Business, Universitas Syiah Kuala, Indonesia. E-mail:
[email protected], [email protected], [email protected], [email protected]
ARTICLE INFO ABSTRACT Keywords:
Gold Investment;
Motivation; Pegadaian Syariah; Promotion
Received:
15 September 2023 Revised:
26 December 2023 Accepted:
31 December 2023
Sharia pawnshops are a financial institution that plays an important role in society. One of the products offered is gold investment. This study examines the effect of knowledge and promotions mediated by motivation on interest in investing in gold in sharia pawnshops. The object of the study was carried out in Banda Aceh City with 100 respondents spread across 9 districts. Determination of respondents using purposive sampling technique and analyzed by path analysis model. The results found that there was a positive effect of knowledge and promotion on the motivation to invest in gold. Promotion and investment also have a positive effect on interest in investing in gold.
Meanwhile, knowledge does not have a positive effect on interest in gold investment. Other results found that motivation is not able to mediate knowledge of interest in investing in gold. However, knowledge can be mediated by the motivation to invest gold in sharia pawnshops.
So, sharia pawnshops must increase promotion and outreach to the community so that the gold investment products offered are increasingly in demand.
Pegadaian syariah merupakan salah satu lembaga keuangan yang berperan penting dimasyarakat. Salah satu produk yang ditawarkan adalah investasi emas. Penelitian ini mengkaji pengaruh pengetahuan dan promosi yang dimediasi oleh motivasi terhadap minat investasi emas di pegadaian syariah. Objek kajan dilakukan di Kota Banda Aceh dengan 100 responden yang tersebar di 9 kecamatan. Penentuan responden menggunakan teknik puposive sampling dan dianalisis dengan model analisis jalur. Hasil yang ditemukan terdapat pengaruh positif dari pengetahuan dan promosi terhadap motivasi berinvestasi emas. Promosi dan investasi juga berpengaruh positif pada minat berinvestasi emas.
Adapun pengetahuan tidak berpengaruh positif pada minat investasi emas. Hasil lainnya ditemukan bahwa motivasi tidak mampu memediasi pengetahuan terhadap minat investasi emas. Akan tetapi, pengetahuan mampu dimediasi oleh motivasi untuk berivestasi emas di pegadaian syariah. Jadi pegadaian syariah harus meningkatkan promosi dan sosialisasi kemasyarakat sehingga produk investasi emas yang ditawarkan semakin diminati.
DOI: http://dx.doi.org/10.31602/iqt.v9i2.12590
Introduction
Investment is an activity to develop assets to become more productive. Investment is an effort to place assets or other resources in specific activities to gain future profits. Investment activities can be carried out by reducing consumption in the present to obtain future returns. Investment is carried out because if money is left idle and not invested, its value will be lost and purchasing power will decrease due to inflation (Hidayati, 2017).
Potential investors can choose many investment instruments to invest their finances.
They start by investing in stocks, bonds, mutual funds, property, and even foreign exchange. However, the most superior investment among the public is investment in gold. Gold is still the safest investment vehicle because its value is always stable (Habibah, 2017). The price of gold is still safe if there is an increase in inflation.
Likewise, when inflation falls, the price of gold also does not fall. In addition, gold is also considered a means of hedging assets from inflation (Agha et al., 2015).
The development of gold investment in Indonesia has developed quite rapidly.
Indonesians are used to investing in gold because everyone, whether men, women, or high or low education levels, can do it. People generally invest in physical gold by buying it in cash, either jewellery or bars. Apart from physical gold investment, gold investment can also be made in the form of an account issued by a financial institution. Besides being easy to do, investing in gold in the form of an account can also avoid the risk of theft.
In Aceh, investment in gold is more desirable than investment in land. The people of Aceh have their measure of measuring gold, namely mayam, which is equal to 3.33 grams. People are more interested in saving their money in gold because it is quicker and easier to resell when needed or can be pawned to a trusted party. Purchased gold is generally in the form of jewellery for collection and investment purposes.
Gold is not only sought after as jewellery that has luxury value for those who wear it but also as a form of long-term investment. The need for gold is not only for people who want to invest but also for men who want to get married as the most commonly used dowry among the people of Aceh.
The rapid development of the business world has resulted in bank and non-bank financial institutions offering various products to the public, including investment products. One of the non-bank financial institutions that introduces investment products is the Sharia Pawnshop. At the beginning of its formation, Pegadaian Syariah did not have a gold investment product. As the Sharia business developed, they began to increase their business by presenting gold investment products. Mulia (gold instalments) and Gold Savings are gold investment products Pegadaian Syariah offers.
Mulia products are financed in cash or instalments for gold bullion ownership. Mulia investment products are available in various forms, from a weight of 1 kilogram to as little as 5 grams. The instalment time also varies. It can be 3 to 36 months.
Meanwhile, the Gold Savings product is an alternative gold balance deposit service
for people to save gold. Saving gold at a Sharia Pegadaian is the same as saving in general. Only the amount of funds paid is converted into the value of gold.
Customers can save gold starting from 0.01 grams, and customers can print their gold starting from 1-gram pieces.
Table 1. The amount of gold investment for the 2018-2019 period is the Banda Aceh branch of Pegadaian Syariah
Year Gold Size (grams)
Gold Savings Gold Installment
2018 14.257 1.801
2019 20.590 2.657
Source: Pegadaian Syariah Banda Aceh
Table 1 shows that the total balance of the Gold Savings 2018 was 14,257 grams, and the Mulia gold denominations weighed 1,801 grams. In 2019, the number of gold denominations in Gold Savings and Mulia increased. Namely, the balance of gold savings amounted to 20,259 grams and 2,657 grams of noble gold. People can own gold through Pegadaian Syariah's gold investment products by saving or paying in instalments. Purchase of gold in instalments is permitted based on the provisions of DSN-MUI No.77/DSN-MUI/V/2010, namely, the purchase of gold in instalments is legally mubah (permissible), provided that the price of gold does not increase during the instalment period, and is allowed to be collateral provided that no may be the object of buying and selling or other contract objects.
Everyone has their reasons for wanting to invest. The level of knowledge of an investment product is a factor that can influence decisions. According to Thara dan Slamet (2020), investment knowledge is the most essential thing that must be owned so that investment is free from irrational activities, fraud, and other forms of risk. Alfiyanto (2019) also said the same thing that knowledge of Islamic finance has a positive influence on attitudes toward investing in gold.
A person's interest when promotional incentives influence investing. Promotion plays a role in changing customers' perspectives so that they can persuade and remind them to use the products offered (Oktary et al., 2021). People only know Pegadaian Syariah as a pawn service provider institution, but many products can help people meet their needs. The promotional activities made the public aware of the product's existence and will increase their knowledge regarding the product information being marketed.
Promotion is a medium for Pegadaian Syariah to attract new and retain old customers to keep using their products. In marketing gold investment products, the Sharia Pawnshop in Banda Aceh City is promoted through various media, such as literacy through seminars and radio. Apart from that, the Sharia Pawnshop in Banda Aceh City also uses social media to attract more potential customers, especially millennials, to be interested in investing.
When marketing their products, Sharia pawnshops in Banda Aceh City must be able to motivate potential customers so they are interested in investing in gold.
According to Amhalmad dan Irianto (2019), motivation is the basis for someone to take action. Motivation is a form of encouragement or energy in a person to act on a specific goal. According to Ainiyah dan Indrarini (2022), someone is willing to invest if something interests them, so they will be motivated to invest.
This research takes two gold investment products: Mulia and Gold Savings. As far as the author, there have been several previous studies conducted to find out the interest in investing in gold at Islamic Pawnshops. Sari dan Suryanignsih (2020), Hidayah et al. (2019), dan Ningsih et al.(2019), examined the effect of service quality, promotion, and motivation in determining gold savings products. Meanwhile, Alfhia dan Arafah (2020), Suprihati dan Pradanawati (2020) dan Darmawan et al.(2019), measured the impact of service quality, motivation and promotion on the decision to use gold products. This research is different from the research of Sari dan Suryanignsih (2020), Hidayah et al.(2019), Ningsih et al.(2019), dan Nasrifah, (2020), who did not determine the motivation mediating variable in their research. This research was also conducted in Banda Aceh City, Aceh Province which is famous for its Islamic law and calls the measure of gold as mayam. This is something unique compared to other places.
Theoretical Framework 1. Sharia Pawnshop
Pegadaian Syariah are part of non-bank financial institutions whose activities use the Sharia pawn system (rahn). Conventional pawnshops set interest on the funds lent, while Islamic pawnshops charge fees for the goods deposited (Nasution, 2016). Pegadaian Syariah has a concept that refers to the latest administrative systems, such as the principles of efficiency, effectiveness, and rationality adapted to Islamic principles.
2. Investment Interest
According to Darmawan et al.(2019), investment interest is a feeling of being interested or happy to invest capital to get future profits. Someone interested in investing can be seen from their efforts to find information, study, understand, and try to invest.
The indicators of investment interest can be measured by four indicators: first, awareness, namely, receiving stimuli in the form of information about a product.
The second is relatedness (interest), a feeling of happiness followed by curiosity about a particular object. The third is desire, namely the feeling or urge to own or use a product, and the fourth is the form of action that arises because of an impulse to change certain attitudes or activities (Oktary et al.,2021).
3. Knowledge
According to Mastura et al. (2020), knowledge about a particular object comes from hearing, seeing, feeling and thinking. Knowledge is obtained from various information media or through one's experience. Knowledge can also be interpreted as information realized and stored in one's memory about a product or service (Azmi & Riyaldi, 2019). Sufficient investment knowledge is needed to avoid losses (Malik, 2017). The knowledge indicator is measured by six indicators:
know,comperehension, application, analysis, syhintesis, and evaluation (Nasir et al., 2017).
Ha1: The level of knowledge influences the motivation to invest in gold.
Ha3: The level of knowledge influences the intention to invest in gold.
4. Promotion
According to Kotler dan Keller (2008), is a step taken to provide information about the advantages of a product and invite consumers to buy it. Companies can carry out promotional activities in various ways, including through print, electronic, and social media, with various types that can reach a wider community. The many existing promotional options provide many choices for producers to communicate with consumers so that consumers get information about a product easily (Kesuma, 2012). The Promotion indicator is measured bg five indicators:
Attention, interest, desire, conviction, and action (Tambunan, 2019).
Ha2: Promotion affects the motivation to invest in gold.
Ha4: Promotion affects the interest in investing in gold.
5. Motivation
Motivation is an action that arises because of encouragement within a person.
Motivation arises because of the energy that radiates from the feeling of doing something. The motivation to invest can come from capital for investment, investment risks, and profits to be obtained by an investor. People motivated to invest will seek all information about investing, understand and try to put it into practice (Oktary et al.,2021).
Ha5: Motivation influences interest in investing in gold.
Ha6: The level of knowledge influences the intention to invest in gold through motivation.
Ha7: Promotion affects interest in investing in gold through motivation.
6. Conceptual Framework
The framework of thought is the basis of a study of the problems that occur based on the observed concepts. According to Amhalmad dan Irianto (2019), someone who understands better about investment will be more motivated to invest.
Likewise, according to Akbar et al.(2017), that promotion can affect the motivation of tourist visits. Research by Alfiyanto (2019) shows that knowledge of
Islamic finance influences attitudes toward investing in gold. Then, research by Hidayah et al. (2019) shows that the decision to choose a gold savings product is influenced by investment motivation.
Based on the explanation that has been presented above, the form of this research can be described as follows.
Figure 1. Conceptual Framework
Method
This research was conducted in Banda Aceh using a quantitative descriptive approach. The object of research is the community spread across nine sub-districts of Banda Aceh City. (Hendri, et al: 2023) The type of data used is in the form of primary and secondary data types. Primary data was obtained by distributing questionnaires to respondents directly and online. Meanwhile, secondary data was obtained from Islamic Pawnshops and various literature such as related books and articles. The people of Banda Aceh City, as of 2020, according to BPS, totalling 265,111 people, are the population in this study. Based on the population, a sample of 100 respondents was obtained using the Slovin formula. The proportional number of samples for each population class can be seen in the following table:
Table 2. Research sample
No Sub-districts Population Sample
1 Meuraxa 20.166 8
2 Jaya Baru 26.013 10
3 Banda Raya 24.398 9
4 Baiturrahman 37.455 14
5 Lueng Bata 26.119 10
6 Kuta Alam 52.645 20
7 Kuta Raja 13.632 5
8 Syiah Kuala 37.938 14
9 Ulee Kareng 26.745 10
Total 265.111 100
Source: Processed by Author, 2020.
Three variables are used: independent variables, dependent variables, and mediating variables. The independent variable in this study is knowledge, with 6 (six) indicators referring to Nasir et al., (2017) namely, knowing, understanding, application, analysis, synthesis, and evaluation. Another independent variable is a promotion with 5 (five) indicators that refer to Tambunan (2019) namely the form of promotion, message, quality, attractiveness, and effective advertising. At the same time, the dependent variable is interest in investing in gold with 4 (four) indicators:
awareness, interest, desire, and action. The mediating variable is motivation, with 3 (three) indicators referring to the opinion of Oktary et al.(2021) namely incentives for change, drives for prices, and drives for benefits.
Path analysis method (Path Analysis) is used to see the effect of mediating variables in this study. The analysis test results were carried out to see whether there was an influence between direct and indirect effects. The results of the analysis test are also used to conclude whether the mediating variable affects the independent variable on the dependent variable (Ghozali, 2011). The t-test was carried out to determine the independent variable's direct impact on the dependent variable. Meanwhile, the Sobel test was conducted to determine the indirect effect through mediating variables.
Results and Discussion 1. Results
Table 3 below showed that most respondents were female. Based on age, most respondents who answered were 20-24 years old. Based on work, the majority of respondents have private-sector employee status. Furthermore, based on monthly income, most respondents answered were those who received income
<Rp. 1,000,000.
Table 3. Respondent Profile
Information Frequency (Person) Percentage (%) Gender
Man 33 33.0
Women 67 67.0
Age
20-24 years old 49 49.0
25-29 years old 25 25.0
30-34 years old 13 13.0
35-39 years old 5 5.0
40-44 years old 4 4.0
≥ 45 years old 4 4.0
Occupation
Civil servants 3 3.0
Self-employed 25 18.0
Private sector employee 26 26.0
Businessman 18 25.0
Student 21 21.0
Housewife 6 6.0
Pensionary 1 1.0
Income
< Rp 1.000.000 43 43.0
Rp 1.000.000 - Rp 1.999.000 23 23.0
Rp 2.000.000 - Rp 2.999.000 18 18.0
Rp 3.000.000 - Rp 3.999.000 10 10.0
Rp 4.000.000 - Rp 4.999.000 4 4.0
≥ Rp 5.000.000 2 2.0
Source: Processed by Author, 2020.
Data validity testing showed that all statement items on the dependent variable, namely interest in investing in gold and the independent variables knowledge, promotion and motivation, have a correlation value of rvalue > rtable which is 0.195.
That states that the entire statement is valid because the rvalue > 0,195 and is suitable for further research. As for the results of reliability testing can be seen in the table 4 below.
Table 4. Reliability test results
Variable Item Cronbach’s Alpha
Information Result Standard
Knowledge 6 0,630 0,60 Reliable
Promotion 5 0,829 0,60 Reliable
Motivation 3 0,635 0,60 Reliable
Investment Interest 4 0,881 0,60 Reliable
Source: Processed by Author, 2020.
Table 4 illustrates the reliability test results, namely the Cronbach's alpha value of the knowledge level variable of 0.630, the promotion variable of 0.829, the motivation variable of 0.635 and the gold investment interest variable of 0.881.
Therefore, all statements are reliable due to the results of Cronbach's Alpha exceeding 0.60.
Path analysis is used to ascertain whether the mediating variable has a direct or indirect influence. If the independent variable influences the dependent variable without going through the mediating variable, then there is a direct effect.
Meanwhile, there is an indirect effect if the independent variable is affected by the dependent variable through the mediating variable.
Table 5. The coefficient of determination of equation I
R R Square Adjust R Square Std. Error of the Estimate
0.397 0.158 0.140 1.72197
Source: Processed by Author, 2020.
Table 6. Path coefficient of equation I
Model Standardized Coefficients T Sig.
Knowledge 0,158 1,378 0,172
Promotion 0,286 2,489 0,015
Source: Processed by Author, 2020.
The results of regression equation 1 are carried out to see whether the mediating variable is influenced by the level of knowledge and promotion, as well as knowing the coefficient or path value for each variable. From the regression results of equation 1, an R2 value of 0.158 is obtained, which ensures that the level of knowledge and promotion influences motivation to contribute by 0.158 or 15.8%. Meanwhile, other things also influence the motivation variable by 84.2%.
The conclusions obtained based on the equation above are as follows. First, the regression coefficient value of 0.158 (positive) on the variable level of knowledge shows a unidirectional effect, which means that if the level of knowledge increases, it will relatively increase motivation by 0.158. The coefficient value of 0.158 is the path value for path p1. Second, the regression coefficient value of 0.286 (positive) on the promotion variable shows a unidirectional effect, meaning that if there is a change of 1 unit in promotion, it will relatively increase motivation by 0.286. The coefficient value of 0.286 is the path value for path p2.
Table 7. Coefficient of determination equation II
R R Square Adjust R Square Std.` Error of the Estimate
0,695 0,483 0,466 2,16014
Source: Processed by Author, 2020.
Table 9. Equation II path coefficient
Model Standardized Coefficients T Sig.
Knowledge -0,129 -1,412 0,161
Promotion 0,435 4,665 0,000
Motivation 0,474 5,833 0,000
Source: Processed by Author, 2020.
Meanwhile, based on the table above, the results of regression equation 2 were carried out to determine the influence of the variable's level of knowledge, promotion and motivation on interest in investing in gold and to find out the path value for each variable. It is known that the R2 value is 0.483, which illustrates that the contribution of the level of knowledge, promotion and motivation to interest in investing in gold is 0.483 or 48.3%. At the same time, the remaining 51.7% indicated other factors influencing the variable interest in gold investment, which were not added to this study.
Based on the results of the regression equation, the following results are obtained: First, the regression coefficient value of -0.129 (negative) on the level of knowledge variable indicates that if the level of knowledge decreases by 1 unit, it will relatively reduce the interest in investing in gold by -0.129. The coefficient value -0.129 is the path value for the p3 path. Second, the regression coefficient value of 0.435 (positive) on the promotion variable shows a unidirectional effect, which means that if a change of 1 unit in the promotion, it will relatively increase interest in gold investment by 0.435. The coefficient value of 0.435 is the path value for the p4 path. Third, the value of the regression coefficient of 0.474 (positive) on the motivational variable shows a unidirectional effect, meaning that if there is a change of 1 unit in motivation, it will relatively increase interest in investing in gold by 0.474. The coefficient value of 0.474 is the path value for the p5 path.
As for the value of the direct effect of the level of knowledge on investment interest, tvalue = 1,579, which is smaller than ttable with a significance level of 0.05 which is equal to 1,985, so from these results, it is stated that there is a mediating effect. Second, the direct effect of promotion on investment interest. Because the value of tvalue = 2,561 is more significant than the ttable with a significance level of 0.05, which is 1.985, it can be stated that there is a mediating effect.
There, it can be concluded that the influence of the level of knowledge on motivation has a tvalue value of 1.378 and a ttable value of 1.985. Because tvalue is smaller than ttable, there is an insignificant influence on the level of knowledge on motivation. Then, the effect of the promotion variable on motivation has a tvalue
value of 2.489 and a ttable value of 1.985. Because tvalue > ttable, there is a significant influence of promotion on motivation. The influence of the level of knowledge variable on interest in investing in gold has a tvalue of 1.412 and a ttable value of 1.985. Because tvalue < ttable, it can be stated that there is no significant effect of the level of knowledge on interest in investing in gold.
The promotional variable for gold investment interest has a tvalue value of 4.665 and a ttable value of 1.985. Because tvalue > ttable, it can be stated that promotion significantly affects the interest in investing in gold. If you look at the effect of the motivational variable on interest in investing in gold, it has a tvalue of 5.833 and a ttable value of 1.985. Because tvalue > ttable, it can be concluded that motivation significantly influences the intention to invest in gold.
The results of the Sobel test obtained a tvalue value of 1.579 and a ttable value of 1.985. Because of the value of tvalue < ttable, it can be stated that motivation cannot mediate the relationship between the level of knowledge and interest in investing in gold. The results of the Sobel test obtained a tvalue value of 2.561 and a ttable
value of 1.985. Because of the value of tvalue > ttable, motivation can mediate the relationship between promotion and interest in gold investment.
2. Discussion
a. The Influence of Knowledge Level on Motivation
The influence of the level of knowledge on motivation is 0.158, with a significant degree of 0.172, greater than 0.05. So, the level of knowledge has a positive and insignificant effect on motivation. That illustrates that increased knowledge only significantly impacts people's motivation to invest in gold. The results of this research align with existing research, such as that conducted by Ningsih et al.(2019) dan Suprihati dan Pradanawati (2020), stating that increasing knowledge significantly influences investment motivation.
b. The Effect of Promotion on Motivation
The effect of promotion on motivation is 0.286, with a significance level of 0.015, more diminutive than 0.05. Promotion has a positive and significant effect on investment motivation. That illustrates that promotional activities can increase a person's motivation to invest. This result is in line with the research of Akbar et al.(2017), which said that promotional activities positively affect motivation.
c. The Effect of Knowledge Level on Investment Interest
The results of the direct influence of the level of public knowledge on interest in investing in Sharia Pawnshops are -0.129, and the significance level is 0.161, more significant than 0.05. That illustrates that the level of public knowledge is
not significant and has a negative effect on interest in investing in Sharia Pawnshops.This result is supported by Wibowo & Santoso (2022), that knowledge has no effect on interest in investing. This situation shows that when the level of knowledge is high, the interest in investing in gold at Islamic Pawnshops will also decrease. People with high knowledge tend to choose other types of investment, such as shares, mutual funds, and foreign exchange.
The results of this research are different from the results of research conducted by Alfiyanto (2019)and Darmawan et al., (2019), the level of knowledge causes people to be increasingly interested in investing.
d. The Effect of Promotion on Interest in Gold Investment
It is known that the effect of promotion on investment interest is 0.435, and a significant level of 0.000 is less than 0.05. So, promotional activities positively and significantly impact people's interest in investing. The results of this research are supported by Hidayah et al.(2019), Auliani (2022), dan Nasrifah (2020), that promotions have a positive and significant influence on people's interest in investing in gold. That shows that the better the level of promotion carried out, the higher the public interest in investing.
e. The Influence of Motivation on Interest in Gold Investment
The effect of motivation on investment interest is 0.474, and a significant level of 0.000 is less than 0.05. It can be stated that motivation has a positive and significant influence on investment intentions. This situation aligns with the research results of Ningsih et al.(2019), that motivation significantly influences customers' decisions to invest in gold savings products. Lengkey dan Taroreh (2014) research also shows that motivation significantly influences interest in investing in precious metal Murabaha products. That indicates that if people's motivation to invest increases, the interest in gold will also be higher (Maharani & Saputra, 2021; Rosiyani & Hasyim, 2021; Yanti & Hidayat, 2023).
f. The Effect of Knowledge Level on Gold Investment Interest Through Motivation The result of the direct effect of the level of knowledge on investment interest (p3) is -0.129. Meanwhile, the indirect influence of the level of knowledge on interest through motivation can be seen from the multiplication of the p1 and p5 values, namely (0.158 × 0.474) = 0.0749. Based on the statistical results of the mediation effect with the Sobel test, it can be seen that the tvalue value of 1.579 is lower than the ttable value of 1.985. Indirectly, the level of knowledge does not significantly impact investment interest through motivation. So, it can be stated that the influence of the motivational variable cannot mediate the relationship between the level of knowledge and interest in investing in gold.
The results of this research are not in line with research by Suprihati dan Pradanawati (2020) explaining that knowledge influences interest in investing in the capital market.
g. The Effect of Promotion on Gold Investment Interest Through Motivation The results of the direct influence of promotions on investment interest (p4) are 0.435. Meanwhile, the indirect effect of promotion on interest through motivation can be seen from the multiplication of the p1 and p5 values, namely (0.286 × 0.474) = 0.1355. According to the Sobel test, the tvalue value of 2.561 exceeds the ttable value of 1.985, so promotion significantly affects investment interest through motivation. So, it can be stated that there is an influence of motivational variables that can mediate the promotion relationship with interest in investing in gold. This result is in line with the research of Ningsih et al.(2019), Hidayah et al.(2019), dan Nasrifah (2020) who say that Promotion on Gold Investment Interest Through Motivation.
Conclusions and recommendations
This research was conducted at the Sharia Pegadaian Banda Aceh City by highlighting the influence of knowledge and promotion on interest in investing in gold, which was mediated by motivation. Besides that, the use of knowledge variables and promotion variables mediated by motivational variables is a novelty in this research.
The results of this study illustrate that knowledge has a positive but not significant effect on the motivation to invest in gold. At the same time, promotion positively and significantly influences the motivation to invest in gold. Meanwhile, knowledge has a negative and insignificant effect on interest in investing in gold. Different results were obtained on promotion and motivation, which positively and significantly influence interest in investing in gold. The role of motivation as a mediator of knowledge variables is not. In promotion, the motivation variable is a mediating factor that strongly influences the interest of the people of Banda Aceh City to invest in gold at Sharia Pegadaian.
This research has limitations, especially in the scope of research, which is only limited to Aceh Province. It is hoped that future researchers can research a broader scope to get better results.
For Sharia Pawnshops in Banda Aceh City, the author suggests increasing promotional activities so that more people know about gold investment. They are interested in investing their funds in gold investment products at Sharia Pawnshops.
It is hoped that future researchers can add the number of samples and other variables not limited to knowledge, promotion and motivation. Further research can cover a wider area of objects. In addition to including other independent variables and mediating variables, future studies can consider the role of moderating variables to enrich existing studies.
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