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"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). "

"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."

"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."