Electronic Theses and Dissertation

Tujuan penelitian ini adalah untuk menguji niat membeli kembali investor di pasar saham Indonesia. Pengujian dilakukan dengan mengukur pengaruh kualitas hubungan terhadap niat membeli kembali investor, yang menjadi dimensi kualitas hubungan dalam penelitian ini adalah kepuasan investor dan kepercayaan investor, serta orientasi pelanggan, keahlian dan reputasi merupakan antiseden dari kualitas hubungan. Pada penelitian ini variabel capital market literasi sebagai variabel moderasi yang akan memperkuat atau melemahkan hubungan antara kepuasan investor dan kepercayaan investor terhadap niat membeli kambali di pasar saham Indonesia. Yang menjadi populasi responden dalam penelitian ini adalah investor saham di Indonesia yang berjumlah 1.680.000 investor. Data dikumpulkan dari responden menggunakan kuesioner terstruktur dengan skala Likert. Dalam penelitian ini, peneliti melakukan penarikan sampel dengan pendekatan non-probability sampling melalui metode purposive sampling. Sebanyak 500 kuisioner disebar kepada investor saham di Indonesia, yang mengembalikan serta mengisi kuesioner sebanyak 454 responden. Setelah pengujian outlier sample yang tersisa sebanyak 326 sampel. Teknik analisis menggunakan analisis deskriptif dan verifikatif, dengan alat analisis SPSS.26 dan Structural Equation Modelling (SEM) AMOS.22 yang digunakan untuk menjawab hipotesis dalam penelitian ini. Hasil penelitian menunjukkan bahwa analisa deskriptif orientasi pelanggan, keahlian, reputasi, kepuasan investor, kepercayaan investor, capital market literasi dan niat membeli kembali di pasar saham Indonesia sudah baik. Selanjutnya, orientasi pelanggan, keahlian dan reputasi berpengaruh signifikan terhadap kepuasan investor. Orientasi pelanggan, keahlian dan reputasi juga berpengaruh signifikan terhadap kepercayaan investor. Tetapi, orientasi pelanggan, keahlian dan reputasi tidak berpengaruh signifikan terhadap niat membeli kembali. Kemudian, kepuasan investor dan kepercayaan investor bepengaruh signifikan terhadap niat membeli kembali. Kepuasan investor dan kepercayaan investor memediasi secara penuh hubungan antara orientasi pelanggan, keahlian dan reputasi terhadap niat membeli kembali. Capital market literasi dapat memperkuat hubungan kepuasan investor dan kepercayaan investor terhadap niat membeli kembali. Originalitas penelitian ini adalah memasukan variabel capital market literasi sebagai variabel baru, menguji dimensi kualitas hubungan secara terpisah, sebelumnya belum ada penelitian tentang kualitas hubungan di bidang pasar saham.

The purpose of this study is to examine the repurchase intention of investors in the Indonesian stock market. The test is carried out by measuring the effect of relationship quality on investors' repurchase intention, the dimensions of relationship quality in this study are investor satisfaction and investor trust, and customer orientation, expertise and reputation are the antecedents of relationship quality. In this study, the variable capital market literacy as a moderating variable will strengthen or weaken the relationship between investor satisfaction and investor trust in the repurchase intention in the Indonesian stock market. The population of respondents in this study are stock investors in Indonesia, amounting to 1,680,000 investors. Data were collected from respondents using a structured questionnaire with a Likert scale. In this study, the researcher took a sample using a non-probability sampling approach through the purposive sampling method. A total of 500 questionnaires were distributed to stock investors in Indonesia, who returned and filled out 454 respondents. After testing the remaining sample outliers as many as 326 samples. The analysis technique uses descriptive and verification analysis, with analysis tools SPSS.26 and Structural Equation Modeling (SEM) AMOS.22 that are used to answer the hypotheses in this study. The results showed that the descriptive analysis of customer orientation, expertise, reputation, investor satisfaction, investor trust, capital market literacy and repurchase intention in the Indonesian stock market was good. Furthermore, customer orientation, expertise and reputation have a significant effect on investor satisfaction. Customer orientation, expertise and reputation also have a significant effect on investor trust. However, customer orientation, expertise and reputation have no significant effect on repurchase intention. Then, investor satisfaction and investor trust have a significant effect on repurchase intention. Investor satisfaction and investor trust, fully mediate the relationship between customer orientations, expertise and reputation on repurchase intention. Capital market literacy can strengthen the relationship between investor satisfaction and investor trust on repurchase intention. The originality of this research is to include capital market literacy as a new variable, to examine the dimensions of relationship quality separately. Previously, there had been no research on relationship quality in the stock market.