Main Article Content
Abstract
There had been a notable increase in the number of capital market investors in 2020 and 2021 as compared to previous years. In 2020, the number of investors increased by 56.21% from that of the previous year in 2019, and in 2021 it increased to 92.99% as compared to the number in 2020. Such considerable increase was surprising despite the outbreak of Covid pandemic throughout those years, which had an impact on the downturn of community's economy, as seen from an increase in the amount of unemployment by 7.07%, and a poverty rate of 9.8%. Likewise, Indonesia experienced negative economic growth in the quarter II and III of 2020. This study aims to find the factors that influence investors in making investment decisions amidst pandemic conditions that took place in 2020 and 2021 with the variables of Financial Literacy, Influencer’s Influence, Social Media Influence, social environment, and religiosity. It was obvious that these 5 factors had an influence on investment decisions, with the Financial Literacy factor as the factor that had the greatest influence and significance with a regression coefficient of 0.721.
Keywords
Article Details
Copyright (c) 2022 Aqida Shohiha, Martini Dwi Pusparini, Ulfi Sheila Pinasti
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References
Adil, M., Singh, Y., & Ansari, Mohd. S. (2021). How financial literacy moderate the association between behaviour biases and investment decision? Asian Journal of Accounting Research, ahead-of-p(ahead-of-print). https://doi.org/10.1108/ajar-09-2020-0086
Agarwal, S., Kumar, S., & Goel, U. (2019). Stock market response to information diffusion through internet sources: A literature review. International Journal of Information Management, 45(November 2018), 118–131. https://doi.org/10.1016/j.ijinfomgt.2018.11.002
Ahmad, M., & Shah, S. Z. A. (2020). Overconfidence heuristic-driven bias in investment decision-making and performance: mediating effects of risk perception and moderating effects of financial literacy. Journal of Economic and Administrative Sciences, ahead-of-p(ahead-of-print). https://doi.org/10.1108/jeas-07-2020-0116
Akhtar, F., Thyagaraj, K. S., & Das, N. (2018). The impact of social influence on the relationship between personality traits and perceived investment performance of individual investors: Evidence from Indian stock market. International Journal of Managerial Finance, 14(1), 130–148. https://doi.org/10.1108/IJMF-05-2016-0102
Alam, M. M., Akbar, C. S., Shahriar, S. M., & Elahi, M. M. (2017). The Islamic Shariah principles for investment in stock market. Qualitative Research in Financial Markets, 9(2), 132–146. https://doi.org/10.1108/QRFM-09-2016-0029
Alexander, R. M., & Gentry, J. K. (2014). Using social media to report financial results. Business Horizons, 57(2), 161–167. https://doi.org/10.1016/j.bushor.2013.10.009
Al-Tamimi, H. A. H., & bin Kalli, A. A. (2009). Financial literacy and investment decisions of UAE investors. Journal of Risk Finance, 10(5), 500–516. https://doi.org/10.1108/15265940911001402
Baker, H. K., Kumar, S., Goyal, N., & Gaur, V. (2019). How financial literacy and demographic variables relate to behavioral biases. Managerial Finance, 45(1), 124–146. https://doi.org/10.1108/MF-01-2018-0003
Barber, B. M., & Odean, T. (2000). on-Odean, Respectively. Journal of Economic Perspectives, 15(1), 41–54. http://www.ameritrade.comhttp//www.gsm.ucdavis.edu/bmbarber,[email protected]://www.gsm.ucdavis.edu/
Bizzi, L., & Labban, A. (2019). The double-edged impact of social media on online trading: Opportunities, threats, and recommendations for organizations. Business Horizons, 62(4), 509–519. https://doi.org/10.1016/j.bushor.2019.03.003
Bizzi, L., & Labban, A. (2019). The double-edged impact of social media on online trading: Opportunities, threats, and recommendations for organizations. Business Horizons, 62(4), 509–519. https://doi.org/10.1016/j.bushor.2019.03.003
Bollen, J., Mao, H., & Zeng, X. (2011). Twitter mood predicts the stock market. Journal of Computational Science, 2(1), 1–8. https://doi.org/10.1016/j.jocs.2010.12.007
Dr. Taqadus Bashir, D. T. B. (2013). An Assessment Study on the Factors Influencing the Individual Investor Decision Making Behavior”. IOSR Journal of Business and Management, 9(5), 37–44. https://doi.org/10.9790/487x-0953744
Junaedi, D., & Salistia, F. (2020). Dampak Pandemi Covid-19 Terhadap Pasar Modal Di Indonesia: Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 2(2), 109–138. https://doi.org/10.47467/alkharaj.v2i4.112
Karanam, M., & Shenbagavalli, R. (2019). Investment pattern of millennials: A path ahead. Research Journal of Social …, November. https://www.researchgate.net/profile/Madhavi-Karanam/publication/337050258_Investment_pattern_of_Millennials_A_Path_Ahead/links/5dc28c07299bf1a47b1921a9/Investment-pattern-of-Millennials-A-Path-Ahead.pdf
Khawaja, M. J., & Alharbi, Z. N. (2021). Factors influencing investor behavior: an empirical study of Saudi Stock Market. International Journal of Social Economics, 48(4), 587–601. https://doi.org/10.1108/IJSE-07-2020-0496
Kietzmann, J. H., Hermkens, K., McCarthy, I. P., & Silvestre, B. S. (2011). Social media? Get serious! Understanding the functional building blocks of social media. Business Horizons, 54(3), 241–251. https://doi.org/10.1016/j.bushor.2011.01.005
Kupfer, A. K., Vor Der Holte, N. P., Kübler, R. V., & Hennig-Thurau, T. (2018). The role of the partner brand’s social media power in brand alliances. Journal of Marketing, 82(3), 25–44. https://doi.org/10.1509/jm.15.0536
Lei, S., & Ramos Salazar, L. (2021). Use of social networks in stock investment. International Journal of Bank Marketing. https://doi.org/10.1108/IJBM-04-2021-0158
Liang, P., & Guo, S. (2015). Social interaction, Internet access and stock market participation-An empirical study in China. Journal of Comparative Economics, 43(4), 883–901. https://doi.org/10.1016/j.jce.2015.02.003
Literate, S., & Indonesia, J. I. (2020). View metadata, citation and similar papers at core.ac.uk. December, 274–282.
Liu, L., Wu, J., Li, P., & Li, Q. (2015). A social-media-based approach to predicting stock comovement. Expert Systems with Applications, 42(8), 3893–3901. https://doi.org/10.1016/j.eswa.2014.12.049
Mahdzan, N. S., Zainudin, R., Che Hashim, R., & Sulaiman, N. A. (2017). Islamic religiosity and portfolio allocation: the Malaysian context. International Journal of Islamic and Middle Eastern Finance and Management, 10(3), 434–452. https://doi.org/10.1108/IMEFM-11-2016-0162
Marwoto, P. A. N. B. (2017). ANALISIS PENGARUH MEDIA SOSIAL , PROGRAM BEI DAN KETERAMPILAN FUNDAMENTAL TERHADAP KEPUTUSAN CALON INVESTOR DALAM PEMBELIAN SAHAM DI PT BURSA EFEK INDONESIA KP PANGKALPINANG. 20(November), 40–52.
Mazboudi, M., & Khalil, S. (2017). The attenuation effect of social media: Evidence from acquisitions by large firms. Journal of Financial Stability, 28, 115–124. https://doi.org/10.1016/j.jfs.2016.11.010
Mehta, P., Singh, M., Mittal, M., & Singla, H. (2021). Is knowledge alone enough for socially responsible investing? A moderation of religiosity and serial mediation analysis. Qualitative Research in Financial Markets. https://doi.org/10.1108/QRFM-11-2020-0218
Misra, R., Goel, P., & Srivastava, S. (2021). Examining drivers and deterrents of individuals’ investment intentions: a qualitative multistage analysis. Qualitative Research in Financial Markets, 1–24. https://doi.org/10.1108/qrfm-07-2020-0135
P.H, H., & Uchil, R. (2020). Influence of investor sentiment and its antecedent on investment decision-making using partial least square technique. Management Research Review, 43(11), 1441–1459. https://doi.org/10.1108/MRR-06-2019-0254
Pradeep, S., & Nair, C. (2018). Impact of social media on consumer buying decision towards financial assets among it professionals at kerala. International Journal of Mechanical Engineering and Technology, 9(6), 916–921.
PT. Kustodian Sentral Efek Indonesia. (2020). Kaleidoskop 2020. Ksei, 12190. https://www.ksei.co.id/files/KALEIDOSKOP_2020-FINALE.pdf
Purbowisanti, R. (2021). Muslim Investor Behavior in Indonesian Capital Markets: an Extention of Theory of Planned Behavior. Journal of Economics, Finance And Management Studies, 04(08), 1225–1234. https://doi.org/10.47191/jefms/v4-i8-01
Rasool, N., & Ullah, S. (2020). Financial literacy and behavioural biases of individual investors: empirical evidence of Pakistan stock exchange. Journal of Economics, Finance and Administrative Science, 25(50), 261–278. https://doi.org/10.1108/JEFAS-03-2019-0031
Sabir, S. A., Javed, T., Khan, S. A. L. I., & Javed, M. Z. (2021). Investment Behaviour of Individual Investors of Pakistan Stock Market with Moderating Role of Financial Literacy. Journal of Contemporary Issues in Business and Government, 27(02). https://doi.org/10.47750/cibg.2021.27.02.134
Sadalia, I., Rahamani, N. A. B., & Muda, I. (2017). The significance of internet based financial information disclosure on corporates’ shares in Indonesia. International Journal of Economic Research, 14(12), 337–346.
Shiva, A., & Singh, M. (2020). Stock hunting or blue chip investments?: Investors’ preferences for stocks in virtual geographies of social networks. Qualitative Research in Financial Markets, 12(1), 1–23. https://doi.org/10.1108/QRFM-11-2018-0120
Sivaramakrishnan, S., Srivastava, M., & Rastogi, A. (2017). Attitudinal factors, financial literacy, and stock market participation. International Journal of Bank Marketing, 35(5), 818–841. https://doi.org/10.1108/IJBM-01-2016-0012
Sofyan, R., Putra, D. G., & Aprayuda, R. (2020). Does the Information onSofyan, R., Putra, D. G., & Aprayuda, R. (2020). Does the Information on the Internet Media Respond to the Stock Market? Proceedings of the 5th Padang International Conference On Economics Education, Economics, Business and Manageme. Proceedings of the 5th Padang International Conference On Economics Education, Economics, Business and Management, Accounting and Entrepreneurship (PICEEBA-5 2020), 152, 510–520. https://www.atlantis-press.com/article/125946690
Sreekumar Nair, A., & Ladha, R. (2014). Determinants of non-economic investment goals among Indian investors. Corporate Governance (Bingley), 14(5), 714–727. https://doi.org/10.1108/CG-09-2014-0102
Tahir, I., & Brimble, M. (2011). Islamic investment behaviour. International Journal of Islamic and Middle Eastern Finance and Management, 4(2), 116–130. https://doi.org/10.1108/17538391111144515
Tambunan, D. (2020). Investasi Saham di Masa Pandemi COVID-19. Widya Cipta: Jurnal Sekretari Dan Manajemen, 4(2), 117–123. https://doi.org/10.31294/widyacipta.v4i2.8564
Tantaopas, P., Padungsaksawasdi, C., & Treepongkaruna, S. (2016). Attention effect via internet search intensity in Asia-Pacific stock markets. Pacific Basin Finance Journal, 38, 107–124. https://doi.org/10.1016/j.pacfin.2016.03.008
Vodák, J., Novysedlák, M., Čakanová, L., & Pekár, M. (2019). Phenomenon in Reputation Management. Managing Global Transitions, 17(3), 211–220. https://econpapers.repec.org/article/mgtyoumgt/v_3a17_3ay_3a2019_3ai_3a3_3ap_3a211-220.htm
Whitworth, A. L., Mann, N. H., & Larkum, A. W. D. (2006). This article is protected by copyright. All rights 1 reserved. Ultrasound Obstet Gynecol., 50(6), 776–780. https://doi.org/10.1002/mdc3.13341
Widoatmodjo, S., & Siswanto, H. P. (2017). Eksistensi gosip di media sosial dalam menentukan return saham di bursa efek indonesia dan persistensi pengaruhnya bersama hari bursa. Jurnal Ekonomi, 22(2), 232–246. https://doi.org/10.24912/je.v22i2.223
Zacek, N. E. (2020). FireScholars SOCIAL MEDIA INFLUENCER MARKETING AND IMPLEMENTING THE RETURN ON INVESTMENT.
Zainudin, R., Mahdzan, N. S., Che Hashim, R., & Sulaiman, N. A. (2019). Islamic religiosity and Islamic financial asset holdings (IFAH). Journal of Islamic Accounting and Business Research, 10(4), 591–606. https://doi.org/10.1108/JIABR-04-2016-0052
Zhao, H., & Zhang, L. (2021). Financial literacy or investment experience: which is more influential in cryptocurrency investment? International Journal of Bank Marketing, 21. https://doi.org/10.1108/IJBM-11-2020-0552
References
Adil, M., Singh, Y., & Ansari, Mohd. S. (2021). How financial literacy moderate the association between behaviour biases and investment decision? Asian Journal of Accounting Research, ahead-of-p(ahead-of-print). https://doi.org/10.1108/ajar-09-2020-0086
Agarwal, S., Kumar, S., & Goel, U. (2019). Stock market response to information diffusion through internet sources: A literature review. International Journal of Information Management, 45(November 2018), 118–131. https://doi.org/10.1016/j.ijinfomgt.2018.11.002
Ahmad, M., & Shah, S. Z. A. (2020). Overconfidence heuristic-driven bias in investment decision-making and performance: mediating effects of risk perception and moderating effects of financial literacy. Journal of Economic and Administrative Sciences, ahead-of-p(ahead-of-print). https://doi.org/10.1108/jeas-07-2020-0116
Akhtar, F., Thyagaraj, K. S., & Das, N. (2018). The impact of social influence on the relationship between personality traits and perceived investment performance of individual investors: Evidence from Indian stock market. International Journal of Managerial Finance, 14(1), 130–148. https://doi.org/10.1108/IJMF-05-2016-0102
Alam, M. M., Akbar, C. S., Shahriar, S. M., & Elahi, M. M. (2017). The Islamic Shariah principles for investment in stock market. Qualitative Research in Financial Markets, 9(2), 132–146. https://doi.org/10.1108/QRFM-09-2016-0029
Alexander, R. M., & Gentry, J. K. (2014). Using social media to report financial results. Business Horizons, 57(2), 161–167. https://doi.org/10.1016/j.bushor.2013.10.009
Al-Tamimi, H. A. H., & bin Kalli, A. A. (2009). Financial literacy and investment decisions of UAE investors. Journal of Risk Finance, 10(5), 500–516. https://doi.org/10.1108/15265940911001402
Baker, H. K., Kumar, S., Goyal, N., & Gaur, V. (2019). How financial literacy and demographic variables relate to behavioral biases. Managerial Finance, 45(1), 124–146. https://doi.org/10.1108/MF-01-2018-0003
Barber, B. M., & Odean, T. (2000). on-Odean, Respectively. Journal of Economic Perspectives, 15(1), 41–54. http://www.ameritrade.comhttp//www.gsm.ucdavis.edu/bmbarber,[email protected]://www.gsm.ucdavis.edu/
Bizzi, L., & Labban, A. (2019). The double-edged impact of social media on online trading: Opportunities, threats, and recommendations for organizations. Business Horizons, 62(4), 509–519. https://doi.org/10.1016/j.bushor.2019.03.003
Bizzi, L., & Labban, A. (2019). The double-edged impact of social media on online trading: Opportunities, threats, and recommendations for organizations. Business Horizons, 62(4), 509–519. https://doi.org/10.1016/j.bushor.2019.03.003
Bollen, J., Mao, H., & Zeng, X. (2011). Twitter mood predicts the stock market. Journal of Computational Science, 2(1), 1–8. https://doi.org/10.1016/j.jocs.2010.12.007
Dr. Taqadus Bashir, D. T. B. (2013). An Assessment Study on the Factors Influencing the Individual Investor Decision Making Behavior”. IOSR Journal of Business and Management, 9(5), 37–44. https://doi.org/10.9790/487x-0953744
Junaedi, D., & Salistia, F. (2020). Dampak Pandemi Covid-19 Terhadap Pasar Modal Di Indonesia: Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 2(2), 109–138. https://doi.org/10.47467/alkharaj.v2i4.112
Karanam, M., & Shenbagavalli, R. (2019). Investment pattern of millennials: A path ahead. Research Journal of Social …, November. https://www.researchgate.net/profile/Madhavi-Karanam/publication/337050258_Investment_pattern_of_Millennials_A_Path_Ahead/links/5dc28c07299bf1a47b1921a9/Investment-pattern-of-Millennials-A-Path-Ahead.pdf
Khawaja, M. J., & Alharbi, Z. N. (2021). Factors influencing investor behavior: an empirical study of Saudi Stock Market. International Journal of Social Economics, 48(4), 587–601. https://doi.org/10.1108/IJSE-07-2020-0496
Kietzmann, J. H., Hermkens, K., McCarthy, I. P., & Silvestre, B. S. (2011). Social media? Get serious! Understanding the functional building blocks of social media. Business Horizons, 54(3), 241–251. https://doi.org/10.1016/j.bushor.2011.01.005
Kupfer, A. K., Vor Der Holte, N. P., Kübler, R. V., & Hennig-Thurau, T. (2018). The role of the partner brand’s social media power in brand alliances. Journal of Marketing, 82(3), 25–44. https://doi.org/10.1509/jm.15.0536
Lei, S., & Ramos Salazar, L. (2021). Use of social networks in stock investment. International Journal of Bank Marketing. https://doi.org/10.1108/IJBM-04-2021-0158
Liang, P., & Guo, S. (2015). Social interaction, Internet access and stock market participation-An empirical study in China. Journal of Comparative Economics, 43(4), 883–901. https://doi.org/10.1016/j.jce.2015.02.003
Literate, S., & Indonesia, J. I. (2020). View metadata, citation and similar papers at core.ac.uk. December, 274–282.
Liu, L., Wu, J., Li, P., & Li, Q. (2015). A social-media-based approach to predicting stock comovement. Expert Systems with Applications, 42(8), 3893–3901. https://doi.org/10.1016/j.eswa.2014.12.049
Mahdzan, N. S., Zainudin, R., Che Hashim, R., & Sulaiman, N. A. (2017). Islamic religiosity and portfolio allocation: the Malaysian context. International Journal of Islamic and Middle Eastern Finance and Management, 10(3), 434–452. https://doi.org/10.1108/IMEFM-11-2016-0162
Marwoto, P. A. N. B. (2017). ANALISIS PENGARUH MEDIA SOSIAL , PROGRAM BEI DAN KETERAMPILAN FUNDAMENTAL TERHADAP KEPUTUSAN CALON INVESTOR DALAM PEMBELIAN SAHAM DI PT BURSA EFEK INDONESIA KP PANGKALPINANG. 20(November), 40–52.
Mazboudi, M., & Khalil, S. (2017). The attenuation effect of social media: Evidence from acquisitions by large firms. Journal of Financial Stability, 28, 115–124. https://doi.org/10.1016/j.jfs.2016.11.010
Mehta, P., Singh, M., Mittal, M., & Singla, H. (2021). Is knowledge alone enough for socially responsible investing? A moderation of religiosity and serial mediation analysis. Qualitative Research in Financial Markets. https://doi.org/10.1108/QRFM-11-2020-0218
Misra, R., Goel, P., & Srivastava, S. (2021). Examining drivers and deterrents of individuals’ investment intentions: a qualitative multistage analysis. Qualitative Research in Financial Markets, 1–24. https://doi.org/10.1108/qrfm-07-2020-0135
P.H, H., & Uchil, R. (2020). Influence of investor sentiment and its antecedent on investment decision-making using partial least square technique. Management Research Review, 43(11), 1441–1459. https://doi.org/10.1108/MRR-06-2019-0254
Pradeep, S., & Nair, C. (2018). Impact of social media on consumer buying decision towards financial assets among it professionals at kerala. International Journal of Mechanical Engineering and Technology, 9(6), 916–921.
PT. Kustodian Sentral Efek Indonesia. (2020). Kaleidoskop 2020. Ksei, 12190. https://www.ksei.co.id/files/KALEIDOSKOP_2020-FINALE.pdf
Purbowisanti, R. (2021). Muslim Investor Behavior in Indonesian Capital Markets: an Extention of Theory of Planned Behavior. Journal of Economics, Finance And Management Studies, 04(08), 1225–1234. https://doi.org/10.47191/jefms/v4-i8-01
Rasool, N., & Ullah, S. (2020). Financial literacy and behavioural biases of individual investors: empirical evidence of Pakistan stock exchange. Journal of Economics, Finance and Administrative Science, 25(50), 261–278. https://doi.org/10.1108/JEFAS-03-2019-0031
Sabir, S. A., Javed, T., Khan, S. A. L. I., & Javed, M. Z. (2021). Investment Behaviour of Individual Investors of Pakistan Stock Market with Moderating Role of Financial Literacy. Journal of Contemporary Issues in Business and Government, 27(02). https://doi.org/10.47750/cibg.2021.27.02.134
Sadalia, I., Rahamani, N. A. B., & Muda, I. (2017). The significance of internet based financial information disclosure on corporates’ shares in Indonesia. International Journal of Economic Research, 14(12), 337–346.
Shiva, A., & Singh, M. (2020). Stock hunting or blue chip investments?: Investors’ preferences for stocks in virtual geographies of social networks. Qualitative Research in Financial Markets, 12(1), 1–23. https://doi.org/10.1108/QRFM-11-2018-0120
Sivaramakrishnan, S., Srivastava, M., & Rastogi, A. (2017). Attitudinal factors, financial literacy, and stock market participation. International Journal of Bank Marketing, 35(5), 818–841. https://doi.org/10.1108/IJBM-01-2016-0012
Sofyan, R., Putra, D. G., & Aprayuda, R. (2020). Does the Information onSofyan, R., Putra, D. G., & Aprayuda, R. (2020). Does the Information on the Internet Media Respond to the Stock Market? Proceedings of the 5th Padang International Conference On Economics Education, Economics, Business and Manageme. Proceedings of the 5th Padang International Conference On Economics Education, Economics, Business and Management, Accounting and Entrepreneurship (PICEEBA-5 2020), 152, 510–520. https://www.atlantis-press.com/article/125946690
Sreekumar Nair, A., & Ladha, R. (2014). Determinants of non-economic investment goals among Indian investors. Corporate Governance (Bingley), 14(5), 714–727. https://doi.org/10.1108/CG-09-2014-0102
Tahir, I., & Brimble, M. (2011). Islamic investment behaviour. International Journal of Islamic and Middle Eastern Finance and Management, 4(2), 116–130. https://doi.org/10.1108/17538391111144515
Tambunan, D. (2020). Investasi Saham di Masa Pandemi COVID-19. Widya Cipta: Jurnal Sekretari Dan Manajemen, 4(2), 117–123. https://doi.org/10.31294/widyacipta.v4i2.8564
Tantaopas, P., Padungsaksawasdi, C., & Treepongkaruna, S. (2016). Attention effect via internet search intensity in Asia-Pacific stock markets. Pacific Basin Finance Journal, 38, 107–124. https://doi.org/10.1016/j.pacfin.2016.03.008
Vodák, J., Novysedlák, M., Čakanová, L., & Pekár, M. (2019). Phenomenon in Reputation Management. Managing Global Transitions, 17(3), 211–220. https://econpapers.repec.org/article/mgtyoumgt/v_3a17_3ay_3a2019_3ai_3a3_3ap_3a211-220.htm
Whitworth, A. L., Mann, N. H., & Larkum, A. W. D. (2006). This article is protected by copyright. All rights 1 reserved. Ultrasound Obstet Gynecol., 50(6), 776–780. https://doi.org/10.1002/mdc3.13341
Widoatmodjo, S., & Siswanto, H. P. (2017). Eksistensi gosip di media sosial dalam menentukan return saham di bursa efek indonesia dan persistensi pengaruhnya bersama hari bursa. Jurnal Ekonomi, 22(2), 232–246. https://doi.org/10.24912/je.v22i2.223
Zacek, N. E. (2020). FireScholars SOCIAL MEDIA INFLUENCER MARKETING AND IMPLEMENTING THE RETURN ON INVESTMENT.
Zainudin, R., Mahdzan, N. S., Che Hashim, R., & Sulaiman, N. A. (2019). Islamic religiosity and Islamic financial asset holdings (IFAH). Journal of Islamic Accounting and Business Research, 10(4), 591–606. https://doi.org/10.1108/JIABR-04-2016-0052
Zhao, H., & Zhang, L. (2021). Financial literacy or investment experience: which is more influential in cryptocurrency investment? International Journal of Bank Marketing, 21. https://doi.org/10.1108/IJBM-11-2020-0552