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"Investor ritel di Indonesia mengalami kenaikan jumlah yang pesat selama 2020-2022, yang salah satunya diakibatkan oleh kemajuan teknologi dimana investasi ritel dapat diakses dengan mudah melalui berbagai aplikasi. Riset sebelumnya di negara berkembang seperti Indonesia, India dan Pakistan mengindikasikan bahwa terdapat pengaruh bias persepsi dalam pengambilan keputusan investasi. Dengan adanya fitur pada aplikasi seperti penyajian data historis, idealnya investor ritel dapat mengambil keputusan investasi yang lebih rasional. Penelitian ini menggunakan Partial Least Square Structural Equation Modeling (PLS-SEM) untuk menganalisis pengaruh bias perilaku overconfidence, representativeness dan loss aversion dalam pengambilan keputusan investasi yang rasional, dengan fitur aplikasi data historis harga saham/reksadana sebagai variabel yang memoderasi hubungan di antaranya. Hasil penelitian mengindikasikan bahwa bias perilaku overconfidence mempengaruhi pengambilan keputusan investasi rasional secara signifikan, sedangkan representativeness dan fitur aplikasi data historis tidak berpengaruh secara signifikan. Fitur aplikasi data historis tidak signifikan dalam memoderasi hubungan di antaranya.

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Retail investors in Indonesia have experienced a rapid increase during 2020-2022, one of which is due to advances in technology where retail investments can be accessed easily through various applications. Previous research in developing countries such as Indonesia, India and Pakistan indicated that there is influence of perception biases in investment decision making. However, with present investment application features such as presenting price historical data of stocks/mutual funds, ideally retail investors are able to make more rational investment decision. This study applies Partial Least Square Structural Equation Modeling (PLS-SEM) to analyze the influence of perception biases in making rational investment decisions. Price historical data as application feature acts as a variable that moderates the relationship between them. The result of this study indicates that overconfidence significantly influences rational investment decision making, while representativeness and historical data application features do not have a significant effect. Price historical data as application feature is also not significant in moderating the relationship between them."

"Penelitian ini bertujuan untuk menganalisis pengaruh Social Media Marketing dan Perceived Platform Privacy terhadap Intention to Continue Using Platform pada aplikasi investasi online di Indonesia, dengan studi kasus pada aplikasi Bibit. Data diperoleh dari 400 responden yang dipilih menggunakan metode Purposive Sampling. Kriteria responden adalah pengguna aplikasi investasi Bibit dalam enam bulan terakhir dan aktif menggunakan media sosial seperti Facebook, Instagram, YouTube, Twitter/X, dan TikTok. Analisis dilakukan menggunakan Partial Least Squares - Structural Equation Modeling (PLS-SEM). Hasil penelitian menunjukkan bahwa Social Media Marketing berpengaruh positif terhadap Brand Trust, Brand Image, dan Intention to Continue Using Platform, baik langsung maupun tidak langsung. Social Media Marketing juga berpengaruh positif terhadap Perceived Platform Privacy, dan Perceived Platform Privacy berpengaruh positif terhadap Intention to Continue Using Platform. Temuan ini diharapkan mendukung pengembangan strategi pemasaran aplikasi investasi online, terutama melalui peningkatan kepercayaan dan citra merek serta penguatan privasi platform.

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This study aims to analyze the influence of Social Media Marketing and Perceived Platform Privacy on Intention to Continue Using Platform in the context of online investment applications in Indonesia, with a case study on the Bibit application. Data were collected from 400 respondents selected using the Purposive Sampling method. The criteria for respondents included users of the Bibit investment application within the past six months and active users of social media platforms such as Facebook, Instagram, YouTube, Twitter/X, and TikTok. The analysis was conducted using Partial Least Squares - Structural Equation Modeling (PLS-SEM). The results of the study indicate that Social Media Marketing positively affects Brand Trust, Brand Image, and Intention to Continue Using Platform, both directly and indirectly. Social Media Marketing also positively affects Perceived Platform Privacy, and Perceived Platform Privacy positively influences Intention to Continue Using Platform. These findings are expected to support the development of marketing strategies for online investment applications, particularly by enhancing Brand Trust, Brand Image, and Platform Privacy."

"Tujuan dari penelitian ini adalah untuk menguji pengaruh reputasi platform peer-to-peer peer (P2P) lending di Indonesia secara langsung dan tidak langsung mempengaruhi pilihan investasi investor (pemberi pinjaman). Menggunakan data yang dikumpulkan dari 30 platform P2P Lending, studi ini menghitung reputasi platform melalui mekanismereputasi menggunakan peringkat platform di Google Play Store, yang kemudian diikuti dengan memeriksa pengaruh reputasi platform pada pilihan investasi investor (proxy berdasarkan volume nilai pinjaman oleh pemberi pinjaman) dan pengaruh melalui informasi peningkatan kredit, dengan menggunakan model regresi OLS. Hasil dalam penelitian inimenunjukkan bahwa reputasi platform secara signifikan memengaruhi pilihan investasi investor dengan mengendalikan variabel informasi peningkatan kredit dan sebagai variabel mediasi, reputasi platform mempengaruhi pilihan investasi investor melalui informasi peningkatan kredit.The purpose of this study is to examine the influence of the reputation of the peer-to-peer peer (P2P) lending platform in Indonesia directly and indirectly influencing the investment choices of investors (lenders). Using data collected from 30 P2P Lending platforms, this study calculates platform reputation through mechanisms reputation using platform ratings on the Google Play Store, which is then followed by examining the effect of platform reputation on investors' investment choices (a proxy based on the volume of loan value by lenders) and the effect through credit enhancement information, using the OLS regression model. Results in this study shows that platform reputation significantly influences investors' investment choices by controlling for credit enhancement information variables and as a mediating variable, platform reputation influences investors' investment choices through credit enhancement information."

"Penelitian ini bertujuan untuk menguji pengaruh kebijakan perubahan satuan perdagangan terhadap minat investor domestik ritel. Pengujian dilakukan dengan menggunakan regresi berganda dan panel data dengan sampel sebanyak 308 perusahaan tercatat di Bursa Efek Indonesia yang dibagi menjadi dua kelompok harga, yaitu di atas dan di bawah Rp 200. Penelitian dilakukan selama periode 3 bulan sebelum dan 3 bulan sesudah kebijakan. Pengujian ini didukung dengan harga, volatilitas dan likuiditas sebagai variabel kontrol. Hasil penelitian ini membuktikan bahwa perubahan lot saham memiliki pengaruh yang signifikan terhadap kepemilikan saham oleh investor domestik ritel pada harga saham di bawah Rp 200. Harga saham menjadi faktor yang dominan dalam menentukan kepemilikan saham. Sementara volatilitas dan likuiditas tidak dapat dijadikan dasar bagi para investor domestik ritel dalam memilih saham.

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The objective of this research is to analyze the implementation of lot size changes policy for domestic retail investor. This research uses multiple regressions and panel data from 308 companies listed in Indonesia Stock Exchange take as a sample which divided into two prices group, below and over Rp 200. The research is using data 3 months before and after the policy. Price, volatility and liquidity are taken as control variables. The result shows that the policy has a significant effect for domestic retail investor in stocks price below Rp 200. Price become a dominant factor for investor choosing their stocks. Meanwhile volatility and liquidity cannot be used as a basis of why domestic retail investors choose to invest in those stocks."

"Skripsi ini membahas mengenai skema equity crowdfunding dapat menjadi alternatif pembiayaan UMKM yang telah dilegalkan oleh OJK sejak tahun 2018. Perkembangan equity crowdfunding sangat signifikan pada tahun 2020 hingga 2021, dengan persentase peningkatan investor sebesar 319,56%. Dengan adanya trust issue, penelitian ini bertujuan untuk menentukan determinan atau faktor yang menentukan minat investasi pada platform equity crowdfunding di Indonesia. Penelitian ini dilakukan dengan metode SEM-PLS menggunakan SmartPLS. Secara keseluruhan, variabel network externalities, perceived informativeness, perceived accreditation, structural assurance, third-party seal, dan social interactian ties mempengaruhi willingness to invest pada equity crowdfunding. Dengan dimediasi oleh platform trust, variabel network externalities, perceived informativeness, perceived accreditation, structural assurance, third-party seal, dan social interaction ties mempengaruhi minat investasi pada platform equity crowdfunding. Dengan dimediasi oleh fundraiser trust, variabel perceived informativeness, third-party seal, dan social interactian ties mempengaruhi minat investasi pada platform equity crowdfunding. 

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This thesis discusses the scheme regarding equity crowdfunding which can be an alternative for MSME financing which has been legalized by the OJK since 2018. The development of equity crowdfunding is very significant from 2020 to 2021, with an increase in the proportion of investors of 319.56%. Given the existence of a trust issue, this study aims to determine the determinants or factors that determine interest in investing in equity crowdfunding platforms in Indonesia. This research was conducted using the SEM-PLS method using SmartPLS. Overall, variable network externalities, perceived informativeness, perceived accreditation, structural guarantees, third-party seals, and bonds of social interaction influence willingness to invest in equity crowdfunding. By being mediated by platform trust, variable network externalities, perceived informativeness, perceived accreditation, structural assurance, third-party seals, and social interaction ties influence investment interest in equity crowdfunding platforms. Mediated by fundraiser trusts, perceived informativeness, third-party seal, and social interaction ties variables influence investment interest in equity crowdfunding platforms."

"ABSTRAKSelama 2003 hingga 2017 terjadi peningkatan jumlah ruas jalan tol yang diusahakan melalui skema kerjasama pemerintah dan badan usaha KPBU . Kerjasama ini dimungkinkan melalui empat skema investasi yang dibagi berdasarkan partisipasi badan usaha dalam proses konstruksi maupun pengoperasian jalan. Menggunakan pendekatan model matematika dan empiris, hasil penelitian ini menunjukkan bahwa proyeksi lalu lintas dan produk domestik regional bruto PDRB berpotensi menaikkan peluang partisipasi investor dalam proses pembangunan jalan tol. Sementara itu, faktor biaya investasi termasuk biaya konstruksi dan kepadatan penduduk berpengaruh negatif terhadap peluang partisipasi. Adapun faktor tarif awal memiliki pengaruh non-liner terhadap peluang partisipasi investor dalam proses pembangunan jalan.

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ABSTRACTBetween 2003 to 2017, there has been an increase in the number of toll roads being built by means of partnership between public and private sector PPP public private partnership . These partnerships are made possible by the four investment schemes that divide the responsibility on land acquirement and construction costs between partners. Findings from this study suggest that traffic projection and regional GDP have positive effects on the probability of private participation in toll road projects. On the other hand, investment costs including construction costs and population density have negative effects on the private participation. Meanwhile, the initial toll tariff seems to have non linear relationship with the probability of private participation in the road construction."

"Tujuan dari penelitian ini adalah untuk mengidentifikasi bagaimana peran peringkat ESG dari sebuah saham dapat mengontrol pengaruh motif investor— rasional dan tidak rasional—terhadap ekspektasi kinerja dan tingkat risiko perusahaan di masa depan. Penelitian ini menyajikan secara terstruktur metode eksperimen secara daring dalam mengukur efek interaksi antara motif investor dan peringkat ESG, dan efek utama antara masing-masing variabel bebas tersebut terhadap ekspektasi kinerja dan tingkat risiko dari emiten. 3 x 2 between-subject dilakukan untuk menganalisa efek utama, efek interaksi, dan juga untuk menguji hipotesis penelitian. Penelitian ini berhasil memanipulasi peringkat ESG. Selanjutnya, peringkat ESG ditemukan menyebabkan peningkatan pada ekspektasi kinerja dan mengurangi ekspektasi pada tingkat risiko. Kami meminimalisasi dampak batasan pengambilan data secara daring. Penelitian ini mengisolasi pengukuran dari interaksi motif investor terhadap pengaruhnya pada ekspektasi kinerja dan tingkat risiko saham dimasa depan, dan sejauh mana hubungan tersebut bergantung pada peringkat ESG.

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The purpose of this study is to identify how the role of the ESG rating of a stock can control the influence of investor motives—rational and irrational—on performance expectations and the company's risk level in the future. This study presents a structured online experimental method in measuring the interaction effect between investor motives and ESG ratings, and the main effect of each of these independent variables on stock’s performance expectations and risk levels. 3x2 between-subjects were conducted to analyze the main effect, interaction effect, and also to test the research hypothesis. This research succeeded in manipulating ESG ratings. Furthermore, ESG ratings were found to lead to increased performance expectations and reduced expectations of risk levels. We minimize the impact of limitations on online data collection. This research isolates the measurement of the interaction of investor motives with its effect on future stock performance expectations and risk levels, and the extent to which these relationships depend on ESG ratings."

"Kami melakukan studi empiris untuk mengkaji perilaku investasi berkelanjutan individu di Indonesia dari tiga perspektif, yakni (i) kesadaran individu terhadap investasi berkelanjutan, (ii) pangsa investasi berkelanjutan terhadap investasi total yang dimiliki investor, dan (iii) minat investor individu untuk berinvestasi secara berkelanjutan di masa depan. Penelitian ini melibatkan 481 responden dan menggunakan regresi logistik sebagai metode analisis data. Hasil penelitian menunjukkan bahwa sejumlah besar investor individu Indonesia sadar akan investasi berkelanjutan, namun hanya sedikit yang berinvestasi pada instrumen investasi berkelanjutan. Faktor-faktor seperti jenis kelamin, literasi keuangan, dan persepsi biaya berpengaruh signifikan terhadap kecenderungan individu untuk berinvestasi secara berkelanjutan. Penelitian ini juga membandingkan pengembalian investasi berkelanjutan dengan investasi konvensional untuk menentukan adanya perbedaan yang signifikan. Hasil perbandingan ini penting karena investor mempertimbangkan tidak hanya faktor lingkungan tetapi juga pengembalian investasi saat memilih investasi berkelanjutan.

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We perform an empirically study to investigate individual behavior towards sustainable investments from three angles. We analyze (i) the extent of individual awareness regarding sustainable investments, (ii) the current allocation of sustainable investments in individual investors' portfolios, and (iii) the intention of individual investors to invest in sustainable options in the future. The research involved 481 respondents and utilized logistic regression as the data analysis method. The findings indicate that a significant number of Indonesian individual investors are aware of sustainable investment, but only a few have actually invested in sustainable investment instruments. Factors such as gender, financial literacy, and perception of costs significantly influence the inclination of individuals to invest sustainably. The study also compared the returns of sustainable investment with conventional investment to determine if there are significant differences. This comparison is important because investors consider not only environmental factors but also investment returns when choosing sustainable investments."

"ABSTRAKPenelitian ini bertujuan untuk mengidentifikasi pengaruh perhatian aktif investor ritel terhadap basis investor breadth of ownership dan likuiditas relative spread perusahaan yang tergabung di Indeks LQ45 Bursa Efek Indonesia Periode 2012-2016. Penelitian ini menggunakan Google search volume index SVI sebagai proksi pengukuran atensi aktif investor. Dengan menggunakan analisis data panel, hasil penelitian ini menunjukkan bahwa atensi aktif investor berpengaruh positif terhadap ukuran basis investor perusahaan namun tidak berpengaruh signifikan terhadap likuiditas.

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ABSTRACTThis study aims to identify the effect of ritel investor active attention on breadth of ownership and liquidity relative spread of LQ45 firms listed in Indonesia Stock Exchange in period 2012 2016. This study use Google SVI to measure investor rsquo s active attention. Using panel data analysis, this study finds that investor active attention has a significant positive relationship with breadth of ownership but does not have significant relationship with liquidity."

"ABSTRAKStudi ini mengidentifikasi keberadaan behavioral bias di pasar saham Indonesia dan mengkaji dampak behavioral bias terhadap performa investasi individual. Secara khusus, kami menemukan behavioral bias investor individual berupa overconfidence bias, loss-aversion bias, anchoring and adjustment bias, mental accounting bias dan confirmation bias. Mental accounting bias, confirmation bias dan anchoring and adjustment bias yang berkaitan dengan cognitive error menunjukkan korelasi yang signifikan terhadap tingkat pendidikan. Pada penelitian ini kami juga menemukan bahwa confirmation bias dan mental accounting bias memiliki hubungan yang positif pada performa investasi, sedangkan loss-aversion bias and anchoring and adjustment bias memiliki hubungan negatif yang signifikan terhadap performa unvestasi.

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ABSTRACTThis study identifies the existence of behavioral biases in the Indonesian stock market and to examine the effect of the behavioral bias on individual investment performance. To be specific, we find that individual investors in Indonesia have behavioral biases of overconfidence bias, loss-aversion bias, anchoring and adjustment bias, mental accounting bias and confirmation bias. The mental accounting bias, confirmation bias and anchoring and adjustment bias associated with cognitive error showed a statistically significant correlation with the level of education. Finally, we find that confirmation bias and mental accounting bias are positive relationship with investment performance, whereas loss-aversion bias and anchoring and adjustment bias are negative significant relationship with investment performance."