The Influence of Price, Motivation, and Perception on Gold Bullion Investment Decision-Making from the Perspective of Islamic Economics (A Case Study on the Productive Age Community in Pekanbaru City)
DOI:
https://doi.org/10.30998/sosioekons.v18i2.4089Keywords:
Price, Motivation, Perception, Investment Decision, Gold BullionAbstract
This study aims to analyze the influence of price, motivation, and perception on the decision to invest in gold bullion from the perspective of Islamic economics among the productive-age community in Pekanbaru City, Indonesia. A quantitative causal research design was employed with a population of 68,044 productive-age residents. Using the Yamane formula with a 10% error tolerance, a sample of 100 respondents was determined. Data were collected through structured questionnaires and analyzed using validity and reliability tests, classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation), multiple linear regression, partial t-test, and simultaneous F-test using SPSS version 22.0. The findings reveal that price and perception have a positive and significant effect on investment decisions, while motivation exhibits a significant but negative effect. Simultaneously, price, motivation, and perception significantly influence gold bullion investment decisions from an Islamic perspective, explaining 61.6% of the variance (R² = 0.616). The novelty of this research lies in integrating perception as a psychological variable alongside price and motivation within a single Islamic economic model, contextualized within Pekanbaru's productive-age society where gold investment interest is rapidly growing. The practical implications suggest that sharia-compliant investment institutions should maintain fair and competitive pricing, strengthen educational programs to channel motivation productively, and enhance transparency to build positive perceptions, thereby fostering inclusive and ethical economic participation. This study offers empirical insights from a majority-Muslim emerging market, contributing to the literature on Islamic finance and behavioral investment decisions.
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