Religiosity and Charitable Giving on Investors’ Trading Behaviour in the Indonesian Islamic Stock Market: Islamic vs Market Logic
研究印尼伊斯兰股票市场散户投资者的交易行为，发现宗教信仰和慈善捐赠（sadaqah）显著影响交易行为，但市场逻辑因素比伊斯兰逻辑更占主导。
Abstract This study examines retail investors’ trading behaviour and its determinants in the Indonesian Shari’ah stock market by mainly focusing on the religious practice-related factors in the form of sadaqah or charitable giving on individual investors’ trading behaviour. Contextually, the Islamic moral economy (IME) assumes a direct relationship between religiosity and sadaqah giving due to the falah (salvation) oriented individual objective function, which can be reached through doing ihsan (beneficence for equilibrium). The findings based on a questionnaire survey distributed to individual investors on Shari’ah Online Trading System (SOTS) delineate that religiosity, accounting information, neutral information, personal financial needs, and the sadaqah feature have significantly affected investors’ trading behaviour in which the sadaqah feature is positively correlated, while religiosity factors are negatively correlated. Thus, despite the theoretical expectation through IME, this study evidences that Islamic logic is not the main determining factor, as market logic related factors seem to be more dominant in the behaviour of investors in the Indonesian capital market.