THE INITIAL DISCUSSIONS OF MSMEs^ GREEN SUKUK THROUGH ISLAMIC SECURITIES CROWDFUNDING: BEHAVIORAL INTENTIONS STUDY OF PROSPECTIVE INVESTORS Rifaldi Majid & Agung Maulana
Islamic Economics Department, Faculty of Economics and Business, Universitas Diponegoro
Management Department, Universitas Nusa Putra, Sukabumi
Abstract
Purposes: This study presents an initial discussion about the opportunity to implement green Sukuk issuance for MSMEs through Islamic Securities Crowdfunding (SCF) in Indonesia then followed by examines what factors influence the behavioral intentions of prospective investors towards this instrument
Methods: In doing so, this study uses mixed research methods. A qualitative approach through in-depth interviews is conducted to provide input and policy recommendations based on expert opinions regarding opportunities for implementing green Sukuk for SMEs. Meanwhile, quantitative research through a survey by observing 152 respondents was conducted to determine the role of the Theory of Planned Behavior, religiosity, and environmental knowledge on the behavioral intentions of this instrument. Quantitative data were processed using Structural Equation Modeling (SEM) techniques
Results: The results show that subjective norms, perceived behavioral control, and religiosity significantly affects prospective investors^ behavioral intentions via the mediating role of attitude. Meanwhile, environmental knowledge directly affects behavioral intentions without mediating part of attitude
Conclusion and suggestion: This research has implications for extending the theory of planned behavior with the addition of knowledge about Islamic principles and the environment in terms of buying the green Sukuk offered by SCF. From a policy perspective, the results can be used as the material for regulators (Financial Services Authorities (OJK)) to discuss more deeply the issuance of MSMEs^ green Sukuk. In addition, the crowdfunding service association, providers, and the Muslim entrepreneurs community can jointly do collaboration to review the process of environmental assessments for MSMEs^ green projects.
Keywords: Behavioral Intentions, Green Sukuk, MSMEs, Securities Crowdfunding, Sustainability.
