Does Minimum Investment Capital Matter? Internal Locus of Control and Investment Interest among Generation Z

Ni Made Indah Mentari; Tiara Carina; Ni Luh Gede Putu Purnawati

doi:10.32535/ijafap.v9i3.4823

Does Minimum Investment Capital Matter? Internal Locus of Control and Investment Interest among Generation Z

Ni Made Indah Mentari, Tiara Carina, Ni Luh Gede Putu Purnawati

Abstract

The rapid growth of capital market investors in Indonesia has not been accompanied by a proportional increase in investment participation among Generation Z, particularly in Denpasar City. This study examines the effect of internal locus of control on investment interest, investigates the influence of perceived minimum investment capital, and analyzes its moderating role in the relationship between internal locus of control and investment interest. A quantitative research design was employed using a survey of 292 Generation Z respondents in Denpasar City selected through purposive sampling. Data were collected using a structured questionnaire and analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). The findings reveal that internal locus of control and perceived minimum investment capital have a positive and significant effect on investment interest (b = 0.349, p < 0.001; b = 0.522, p < 0.001), and perceived minimum investment capital positively moderates the relationship between internal locus of control and investment interest (b = 0.045, p = 0.002). The study extends the application of the Theory of Planned Behavior (TPB) by demonstrating that the interaction between psychological factors and perceived financial accessibility influences investment interest. In practice, the findings suggest that investment participation among Generation Z can be enhanced through affordable investment entry requirements.

Keywords

Generation Z; Internal Locus of Control; Investment Interest; Perceived Minimum Investment Capital; Theory of Planned Behavior

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DOI: https://doi.org/10.32535/ijafap.v9i3.4823