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"Akhir–akhir ini, berkembang fenomena influencer saham oleh influencer terkenal yang tampaknya mengarah pada bias perilaku pada pasar saham. Harga saham berubah secara signifikan setelah influencer saham membagikan informasi atau merekomendasi saham tertentu. Kami mengumpulkan data dari 132 investor individu yang berpartisipasi dalam penelitian ini. Kami melakukan pengumpulan data melalui kuesioner dengan menggunakan 5 skala likert. Hasil penelitian menunjukkan bahwa kredibilitas influencer memiliki pengaruh signifikan terhadap perilaku herding. Namun, tidak ada bukti yang signifikan bahwa literasi keuangan memoderasi pada hubungan tersebut. Menariknya, kami menemukan bahwa tidak terdapat perbedaan signifikan pada perilaku herding antara investor millennial dan non millennial.

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Recently, there is a phenomenon in Indonesia’s capital market that famous influencers seem to lead to behavioral bias in the stock market. Stock price changes significantly after those stock influencers share information or recommend certain stocks. This research examines how the stock influencer’s credibility affects investors’ intention to invest in recommended stock. We collect data from 132 individual investors who participate in the research. We use a questionnaire with a 5-Likert scale. The result shows that an influencer’s credibility has a significant influence on investors’ herding behavior. However, there is no significant evidence that financial literacy matters in that relationship. Interestingly, we found there is no significant difference in herding behavior between millennial and non-millennial investors."

"Tulisan ini berfokus pada analisis peran Otoritas Jasa Keuangan dalam melindungi investor dari risiko gagal kelola dana akibat pengelolaan dana tanpa izin influencer saham. Tulisan ini menggunakan metode penelitian doktrinal. Influencer saham, yang membagikan informasi mengenai saham melalui media sosial, telah meningkatkan aksesibilitas informasi produk keuangan namun juga menimbulkan risiko baru ketika melakukan pengelolaan dana tanpa izin. Beberapa kasus menunjukkan influencer saham menghimpun dan mengelola dana investor tanpa izin OJK sesuai Undang-Undang Nomor 4 Tahun 2023 tentang Pengembangan dan Penguatan Sektor Keuangan, yang berujung pada kerugian investor. Praktik ini terutama merugikan investor ritel Generasi Milenial dan Z yang rentan terpengaruh karena hubungan parasosial dengan influencer. Regulasi OJK saat ini belum secara spesifik mengatur aktivitas influencer saham, menciptakan ketidakpastian hukum yang mengancam integritas pasar modal. Penelitian ini merekomendasikan OJK untuk mengadopsi pedoman untuk menentukan kapan aktivitas influencer saham memerlukan izin, sistem persetujuan konten promosi, dan program edukasi investor berdasarkan praktik terbaik dari Inggris, Malaysia, dan Australia, serta rekomendasi International Organization of Securities Commissions (IOSCO).

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This paper analyzes the role of Indonesia Financial Services Authority (OJK) in protecting investors from the risk of fund mismanagement due to unauthorized fund management by stock influencers.  This paper employs a doctrinal research method.  Stock influencers, who share information about stocks through social media, have increased the accessibility of financial product information but also introduced new risks through unauthorized fund management activities. Several cases demonstrate stock influencers collecting and managing investor funds without OJK permits as required by Law Number 4 of 2023 concerning Financial Sector Development and Strengthening, resulting in investor losses. This practice particularly affects retail investors from Millennial and Generation Z demographics, who are vulnerable due to parasocial relationships with influencers. Current OJK regulations do not specifically govern stock influencer activities, creating legal uncertainty that threatens capital market integrity. This paper recommends OJK adopt guidelines to determine when stock influencer activities require licensing, implement a promotional content approval system, and enhance investor education programs based on best practices from the United Kingdom, Malaysia, and Australia, as well as recommendations from the International Organization of Securities Commissions (IOSCO). "