Analisis pengaruh Influencer terhadap pembentukan harga saham di Bursa Efek Indonesia

I Gede Ananda Wibawa Putra, Luh Putu Mahyuni

Abstract


This study aims to obtain empirical evidence regarding the influence of stock Influencers on the formation of stock prices on the Indonesia Stock Exchange (IDX). This research was carried out on publicly listed companies on the IDX and on stock Influencer Instagram social media accounts. The data is processed using an event study approach and takes into account abnormal returns. In addition, the Kolmogorov-Smirnov test and paired t-test were carried out. This study finds that buying sentiment and holding sentiment given by stock Influencers cannot have a significant influence on the formation of stock prices on the IDX. This is likely because investors have confidence and good financial literacy, so they are not too influenced by stock Influencers. But in market capitalization there is an influence from Influencers on large market capitalization. This may be because this research does not focus on the types of investors who invest in a market capitalization. This research study is implemented to be able to contribute information and decision making related to an active Influencer in the capital market world in providing a sentiment or recommendation.


Keywords


Influencer; Sentiment Influencer; Stock Prices; Event Study; Abnormal return

References


Agnihotri, A., & Bhattacharya, S. (2018). The market value of celebrity endorsement evidence from India reveals factors that can influence stock-market returns. Journal of Advertising Research, 58(1), 65–74. https://doi.org/10.2501/JAR-2016-021

Al-Darraji, Z., Al Mansour, Z., & Rezai, S. (2020). Similarity , Familiarity , and Credibility in Influencers and their impact on purchasing intention. Malardalen University.

Basuki, O., & Manurung, A. H. (2012). Reaksi Harga Saham Terhadap Rekomendasi Saham yang Dipublikasikan Harian Kontan dalam Rubrik “ REKOMENDASI .†Journal of Capital Market and Banking, 1, 1–38.

Hafidz, M. F., & Isbanah, Y. (2020). Analisis Komparatif Abnormal Return dan Trading Volume Activity berdasarkan Political Event (Event Study pada Pengesahan RUU KPK 2019). Jurnal Ilmu Manajemen, 8(3), 829. https://doi.org/10.26740/jim.v8n3.p829-838

Hartono, J. (2014). Teori portofolio dan analisis investasi (kedelapan). BPFE Yogyakarta.

Hu, T., Tripathi, A., & Berkman, H. (2020). The Value of Free Content on Social Media: Evidence from Equity Research Platforms BT - Smart Business: Technology and Data Enabled Innovative Business Models and Practices (K. R. Lang, J. Xu, B. Zhu, X. Liu, M. J. Shaw, H. Zhang, & M. Fan (eds.); pp. 123–130). Springer International Publishing.

Lalwani, V., & Meshram, V. V. (2020). Stock Market Efficiency in the Time of COVID-19: Evidence from Industry Stock Returns. International Journal of Accounting & Finance Review, 5(2), 40–44. https://doi.org/10.46281/ijafr.v5i2.744

Lang, M. H., Pinto, J., & Sul, E. (2019). MiFID II Unbundling and Sell Side Analyst Research. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3408198

Matthias W., U. (2014). Reuters Sentiment and Stock Returns. Journal of Behavioral Finance, 15(4), 287–298. https://doi.org/10.1080/15427560.2014.967852

Maulina, R., & Nuzula, N. F. (2016). Does Investor Sentiment Affect Large-Cap And Small-Cap Stock Return ? ( Study on Companies Listed in Indonesia Stock Market Period 2012-2016 ). Jurnal Administrasi Bisnis, 59(1), 51–60.

Nababab, L. (2020). Pengaruh Penggunaan Social Media Terhadap Nilai Perusahaan Melalui Profitabilitas Dan Pertumbuhan Perusahaan Pada Industri Perbankan Di Bursa Efek Indonesia. Universitas Sumatra Utara, 4–16.

Perez-Liston, D., Huerta, D., & Haq, S. (2016). Does investor sentiment impact the returns and volatility of Islamic equities? Journal of Economics and Finance, 40(3), 421–437. https://doi.org/10.1007/s12197-014-9290-6

Pradana, M. G., Nurcahyo, A. C., & Saputro, P. H. (2020). Pengaruh Sentimen Di Sosial Media Dengan Harga Saham Perusahaan. Edutic - Scientific Journal of Informatics Education, 6(2). https://doi.org/10.21107/edutic.v6i2.6992

Prentice, C., & Zhang, L. (2017). Celebrity endorsement and stock market return. Marketing Intelligence and Planning, 35(4), 529–543. https://doi.org/10.1108/MIP-10-2016-0197

Raissi, N., & Missaoui, S. (2015). Role of investor sentiment in financial markets: an explanation by behavioural finance approach. Journal of Accounting and Finance. https://doi.org/10.1504/IJAF.2015.076182

Rizkiana, A. (2021). Can Investor Sentiment in Social Media Be Used To Make Investment Decision in Stock Market ? 25(1), 1–6.

Saunders, M. N. K., Lewis, P., & Thornhill, A. (2016). Research Methods for Business Students (7th ed.). Pearson.

Spilioti, S. N. (2016). Does the sentiment of investors explain differences between predicted and realized stock prices? Studies in Economics and Finance, 33(3), 403–416. https://doi.org/10.1108/SEF-11-2014-0218

Suliga, M. (2016). The reaction of investors to analyst recommendations of stocks listed on the WIG20 index. Managerial Economics, 17(1), 123. https://doi.org/10.7494/manage.2016.17.1.123

Tiberius, V., & Lisiecki, L. (2019). Stock price forecast accuracy and recommendation profitability of financial magazines. International Journal of Financial Studies, 7(4). https://doi.org/10.3390/ijfs7040058

Valle-Cruz, D., Fernandez-Cortez, V., López-Chau, A., & Sandoval-Almazán, R. (2021). Does Twitter Affect Stock Market Decisions? Financial Sentiment Analysis During Pandemics: A Comparative Study of the H1N1 and the COVID-19 Periods. Cognitive Computation. https://doi.org/10.1007/s12559-021-09819-8

Vivian Ning, C. (2018). Buying the Dip. S&P Global Market Intelligence, 1–16.

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). https://doi.org/10.24912/je.v22i2.223

Yoo, Y., & Park, H. (2016). The informational content of changes in stock recommendation: Chaebol vs. non-Chaebol affiliated analysts. Journal of Applied Business Research, 32(6), 1687–1696. https://doi.org/10.19030/jabr.v32i6.9816

You, W., Guo, Y., & Peng, C. (2017). Twitter’s daily happiness sentiment and the predictability of stock returns. Finance Research Letters, 23, 58–64. https://doi.org/10.1016/j.frl.2017.07.018




DOI: https://doi.org/10.30872/jfor.v25i1.10911

Refbacks

  • There are currently no refbacks.


Bookmark and Share


Copyright (c) 2023 I Gede Ananda Wibawa Putra, Luh Putu Mahyuni

Crossref logo 

Editorial Address

FORUM EKONOMI: Jurnal Ekonomi, Manajemen dan Akuntansi
Faculty of Economics and Business, Mulawarman University
Jl. Tanah Grogot No.1 Samarinda Kalimantan Timur 75119
Email: jakt.feb.unmul@gmail.com

StatCounter: FORUM EKONOMI: Jurnal Ekonomi, Manajemen dan Akuntansi