Pengaruh Pengetahuan Investasi dan Ekspektasi Return terhadap Minat Investasi Mahasiswa di Reksa Dana: Peran Motivasi Investasi sebagai Variabel Mediasi

This study aims to examine the effects of investment knowledge and return expectations on students’ interest in mutual fund investment, with investment motivation as a mediating variable. This study employed a quantitative approach using a survey method. Primary data were collected through questionnaires from 120 active diploma and undergraduate students in Indonesia selected through purposive sampling. The questionnaire used a 10-point semantic scale. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3 software. The findings show that investment knowledge and return expectations have positive but insignificant effects on students’ interest in mutual fund investment. In contrast, investment motivation has a positive and significant effect on investment interest. Investment knowledge and return expectations also have positive and significant effects on investment motivation. Furthermore, investment motivation significantly mediates the relationships of investment knowledge and return expectations with investment interest. This study is limited to 120 student respondents and focuses specifically on mutual fund investment. Therefore, the findings may not fully represent all students in Indonesia or other potential investor groups. This study contributes to investment management and behavioral finance by providing insight into the role of investment motivation in explaining students’ interest in mutual fund investment