Pengaruh Pemahaman AI Dan Inovasi Digital Serta Literasi Pasar Modal Terhadap Niat Berwirausaha Digital Dengan Efikasi Diri Sebagai Variabel Mediasi
DOI:
https://doi.org/10.69657/9bhj8x11Keywords:
digital entrepreneurial intention, self-efficacy, artificial intelligence, capital market literacy, PLS-SEMAbstract
The development of artificial intelligence (AI) and digital capital markets creates new business opportunities, yet little is known about how students' understanding of both domains shapes their digital entrepreneurial intention. This study examines the effect of understanding of AI and digital innovation and of capital market literacy on digital entrepreneurial intention, with self-efficacy as a mediating variable. A quantitative survey of 153 students attending a public lecture was analysed using partial least squares structural equation modeling (PLS-SEM) in SmartPLS 4 with 5,000 bootstrap subsamples. The measurement model met the criteria for convergent validity, reliability, and discriminant validity. Understanding of AI and digital innovation (β = 0.480) and capital market literacy (β = 0.325) had positive and significant effects on self-efficacy. Self-efficacy had the strongest effect on digital entrepreneurial intention (β = 0.526) and mediated the effects of both independent variables. Capital market literacy also had a significant direct effect (β = 0.286), whereas understanding of AI and digital innovation had no direct effect (β = 0.099; p = 0.238), so its influence operates fully through self-efficacy. The model explains 69.8% of the variance in digital entrepreneurial intention. The findings imply that public lectures and entrepreneurship education should build students' self-belief rather than only transfer knowledge.
References
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Bandura, A. (1977). Self-efficacy: Toward a unifying theory of behavioral change. Psychological Review, 84(2), 191–215. https://doi.org/10.1037/0033-295X.84.2.191
Bandura, A. (1997). Self-efficacy: The exercise of control. W. H. Freeman.
Chen, C. C., Greene, P. G., & Crick, A. (1998). Does entrepreneurial self-efficacy distinguish entrepreneurs from managers? Journal of Business Venturing, 13(4), 295–316. https://doi.org/10.1016/S0883-9026(97)00029-3
Cohen, J. (1988). Statistical power analysis for the behavioral sciences (2nd ed.). Lawrence Erlbaum Associates.
Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39–50. https://doi.org/10.1177/002224378101800104
Google Indonesia. (2025, 13 November). e-Conomy SEA 2025: Ekonomi digital Indonesia mendekati GMV US$100 miliar tahun ini [Pos blog]. https://blog.google/intl/id-id/company-news/outreach-initiatives/e-conomy-sea-2025-ekonomi-digital-indonesia-mendekati-gmv-us100-miliar/
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A primer on partial least squares structural equation modeling (PLS-SEM) (3rd ed.). Sage Publications.
Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice, 19(2), 139–152. https://doi.org/10.2753/MTP1069-6679190202
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135. https://doi.org/10.1007/s11747-014-0403-8
Khaerunnisah, A., Usman, A., & Sari, S. (2025). The effect of financial literacy on entrepreneurial intention with self-efficacy as a moderator. Journal of Business Administration (JBA), 5(2), 161–182. https://doi.org/10.31963/jba.v5i2.5556
Kraus, S., Palmer, C., Kailer, N., Kallinger, F. L., & Spitzer, J. (2019). Digital entrepreneurship: A research agenda on new business models for the twenty-first century. International Journal of Entrepreneurial Behavior & Research, 25(2), 353–375. https://doi.org/10.1108/IJEBR-06-2018-0425
Krueger, N. F., Reilly, M. D., & Carsrud, A. L. (2000). Competing models of entrepreneurial intentions. Journal of Business Venturing, 15(5–6), 411–432. https://doi.org/10.1016/S0883-9026(98)00033-0
Liñán, F., & Chen, Y.-W. (2009). Development and cross-cultural application of a specific instrument to measure entrepreneurial intentions. Entrepreneurship Theory and Practice, 33(3), 593–617. https://doi.org/10.1111/j.1540-6520.2009.00318.x
Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
Lusardi, A., & Mitchell, O. S. (2023). The importance of financial literacy: Opening a new field. Journal of Economic Perspectives, 37(4), 137–154. https://doi.org/10.1257/jep.37.4.137
Nambisan, S. (2017). Digital entrepreneurship: Toward a digital technology perspective of entrepreneurship. Entrepreneurship Theory and Practice, 41(6), 1029–1055. https://doi.org/10.1111/etap.12254
Obschonka, M., & Audretsch, D. B. (2020). Artificial intelligence and big data in entrepreneurship: A new era has begun. Small Business Economics, 55(3), 529–539. https://doi.org/10.1007/s11187-019-00202-4
Otoritas Jasa Keuangan. (2025, 2 Mei). OJK dan BPS umumkan hasil Survei Nasional Literasi dan Inklusi Keuangan (SNLIK) tahun 2025 (Siaran Pers SP 69/OJK/GKPB/V/2025). https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/OJK-dan-BPS-Umumkan-Hasil-Survei-Nasional-Literasi-Dan-Inklusi-Keuangan-SNLIK-Tahun-2025.aspx
Ringle, C. M., Wende, S., & Becker, J.-M. (2024). SmartPLS 4 [Perangkat lunak]. SmartPLS. https://www.smartpls.com
Safitri, B. (2025, 31 Desember). Generasi muda mendominasi investor pasar modal, tembus 20,32 juta di akhir 2025. Warta Ekonomi. https://wartaekonomi.co.id/read595450/generasi-muda-mendominasi-investor-pasar-modal-tembus-2032-juta-di-akhir-2025
Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25(1), 217–226. https://doi.org/10.5465/amr.2000.2791611
Solórzano, S. S. S., Romero, J. M. P., Cueva, J. G. D., Montero, J. E. A., Campoverde, M. A. Z., Valarezo, M. M. L., Ninaquispe, J. C. M., Enriquez, B. G. A., & Ballesteros, M. A. A. (2024). Acceptance of artificial intelligence and its effect on entrepreneurial intention in foreign trade students: A mirror analysis. Journal of Innovation and Entrepreneurship, 13(1). https://doi.org/10.1186/s13731-024-00412-5
van Rooij, M., Lusardi, A., & Alessie, R. (2011). Financial literacy and stock market participation. Journal of Financial Economics, 101(2), 449–472. https://doi.org/10.1016/j.jfineco.2011.03.006
Zhao, H., Seibert, S. E., & Hills, G. E. (2005). The mediating role of self-efficacy in the development of entrepreneurial intentions. Journal of Applied Psychology, 90(6), 1265–1272. https://doi.org/10.1037/0021-9010.90.6.1265
Zhao, X., Lynch, J. G., Jr., & Chen, Q. (2010). Reconsidering Baron and Kenny: Myths and truths about mediation analysis. Journal of Consumer Research, 37(2), 197–206. https://doi.org/10.1086/651257
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Zulfikar Zulfikar (Author)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
