Prosiding Caption

INVESTMENT THINKING AND BEHAVIORAL BIASES: EXAMINING THE PSYCHOLOGICAL FOUNDATIONS OF FINANCIAL GROWTH

Giovannio Uto Santo Tengke

This paper examines the relationship between investment mindset and behavioral biases, and explores how psychological factors fundamentally influence financial decision-making and long-term wealth accumulation. It draws on seminal works such as those by Kahneman and Tversky (1979), Barberis and Thaler (2003), and Barber and Odean (2000). This study analyzes the most common cognitive biases that influence investor behavior—including loss aversion, overconfidence, following the actions/decisions of the majority rather than one’s own judgment, and relying on the first information received when making decisions. Empirical evidence shows that loss aversion has a coefficient of λ = 2.25 (Tversky & Kahneman, 1992), meaning that a loss feels about twice as painful as an equivalent gain. Overconfident investors trade 75% of their portfolio annually, yet achieve only an 11.4% return compared to a market return of 17.9% (Barber & Odean, 2000). Our analysis reveals that understanding these psychological foundations is crucial for developing effective investment strategies and achieving sustainable financial growth. Financial literacy has been shown to significantly mitigate the impact of behavioral biases on investment decisions.

TRANSFORMASI MINDSET INVESTASI GENERASI Z DALAM MENDUKUNG PERTUMBUHAN EKONOMI

Annisa

The rapid development of digital technology has significantly influenced the financial behavior of Generation Z, particularly in investment activities. Although investment platforms are increasingly accessible, this convenience does not always lead to better investment decisions. This study aims to analyze the importance of transforming the investment mindset of Generation Z in supporting economic growth. The method used is a qualitative approach with a conceptual framework through literature study. Data were obtained from relevant journals, official reports, and related publications. The results indicate that the main challenges faced by Generation Z include low financial literacy, impulsive behavior influenced by fear of missing out (FOMO), and a short-term investment orientation. Therefore, a transformation of mindset is needed through financial education, improved literacy, and the utilization of technology as an educational medium. With a more rational and long-term mindset, Generation Z can contribute more effectively to sustainable economic growth.

DETERMINASI MEDIA SOSIAL DALAM MENDORONG PARTISIPASI INVESTOR MUDA PADA INSTRUMEN KEUANGAN BERKELANJUTAN

Arista Dethik Kuniawati

This paper evaluates social media's role in driving young investors toward Environmental, Social, and Governance (ESG) instruments amid Indonesia's rapid digitalization. While KSEI data shows a surge to 21.03 million investors by January 2026 dominated by Generation Z significant disparity exists regarding their financial literacy. Using a qualitative approach, this study finds that platforms like TikTok and Instagram act as double-edged catalysts; they democratize information but trigger Fear of Missing Out (FOMO) and risk oversimplification. Findings indicate that social media exposure does not guarantee sound investment decisions unless moderated by high financial literacy, which serves as a cognitive filter against "greenwashing." The study concludes that transforming digital enthusiasm into substantive participation requires integrating digital financial curricula in higher education and strengthening ESG regulations to ensure a resilient domestic market ecosystem.

STANDING ABOVE THE CROWD: ANALISIS HERDING BEHAVIOR SEBAGAI REPRESENTASI INVESTMENT THINKING PADA SAHAM INDEKS LQ45 DI ERA KETIDAKPASTIAN PASAR

Muhammad Ilham Alfianto

THE IMPACT OF SOCIAL MEDIA AND FINANCIAL LITERACY ON INVESTMENT DECISION: THE MEDIATING ROLE OF FINANCIAL BEHAVIOR

Siti Yubaidah

This study aims to analyze the effect of social media and financial literacy on investment decisions, with financial behavior as an intervening variable. The population consists of students from the Faculty of Economics and Business at UPN Veteran Yogyakarta (cohorts 2022–2025), with a sample of 180 respondents selected using purposive sampling. Data were collected through an online questionnaire and analyzed using SEM-PLS with the WarpPLS 8.0 software. The results indicate that social media and financial literacy have a positive and significant effect on financial behavior. Furthermore, financial behavior also has a positive and significant effect on investment decisions. Meanwhile, financial behavior has a positive but insignificant effect on investment decisions. Mediation testing shows that financial behavior successfully mediates the effect of financial literacy on investment decisions, but does not mediate the effect of social media on investment decisions.

STRATEGI INVESTASI BERBASIS SINERGI EKONOMI DAN KEPASTIAN HUKUM SEBAGAI UPAYA MENCAPAI KEUNGGULAN KOMPETITIF BERKELANJUTAN

Erwan Kustriyono

Investasi memiliki peran krusial dalam mendorong pertumbuhan ekonomi, meningkatkan kemampuan kerja, dan memperkuat daya saing negara di tengah dinamika ekonomi global. Keberhasilan investasi tidak hanya bergantung pada potensi ekonomi, tetapi juga pada kepastian hukum yang memberikan rasa aman dan perlindungan bagi para pengusaha, karena ketidakcocokan antara kebijakan ekonomi dan regulasi hukum dapat menciptakan ketidakpastian yang menurunkan kepercayaan investor. Oleh karena itu, diperlukan kerja sama yang sinergis antara aspek ekonomi dan kepastian hukum dalam merumuskan strategi investasi yang berkelanjutan. Penelitian ini bertujuan untuk menganalisis hubungan antara kerja sama ekonomi dan kepastian hukum dalam membentuk strategi investasi yang efektif, serta mengeksplorasi integrasi keduanya untuk mencapai keunggulan bersaing. Penelitian menggunakan pendekatan kualitatif dengan teknik studi kepustakaan melalui kajian artikel ilmiah, regulasi investasi, dan jurnal nasional terindeks SINTA. Analisis dilakukan secara deskriptif analitis, dan hasilnya menunjukkan bahwa kombinasi kebijakan ekonomi yang progresif dengan sistem hukum yang konsisten mampu menciptakan stabilitas usaha, mengurangi risiko investor, serta meningkatkan kepercayaan terhadap iklim investasi.

PENGARUH FEAR OF MISSING OUT (FOMO) DAN LITERASI KEUANGAN TERHADAP KEPUTUSAN INVESTASI SAHAM IPO PADA INVESTOR GENERASI Z

Anugerah Putra Prasetyo

Penelitian ini bertujuan mengidentifikasi faktor yang memengaruhi perilaku investasi pada instrumen Initial Public Offering (IPO) di kalangan investor Generasi Z, dengan menitikberatkan pada interaksi antara faktor psikologis Fear of Missing Out (FOMO) dan literasi keuangan sebagai kapasitas kognitif. Berlandaskan Theory of Planned Behavior dan Human Capital Theory, studi ini menganalisis bagaimana tekanan sosial dan pemahaman finansial membentuk niat investasi di tengah maraknya informasi di pasar modal Indonesia. Hasil analisis regresi linear berganda terhadap 102 responden menunjukkan bahwa FOMO dan literasi keuangan berpengaruh positif dan signifikan, baik secara parsial maupun simultan, terhadap keputusan investasi IPO. Pengaruh FOMO lebih dominan dibanding literasi keuangan, menandakan kecenderungan investasi berbasis dorongan emosional. Temuan ini menegaskan perlunya otoritas pasar modal memperkuat edukasi psikologis dalam program literasi agar tercipta ekosistem investasi yang sehat dan berkelanjutan.

KONEKTIVITAS PENGUNGKAPAN SUSTAINABILITY REPORT TERHADAP KINERJA KEUANGAN DAN NILAI PERUSAHAAN LQ45

Ananda Wahyu Drajat

This study examines the impact of Sustainability Report (SR) disclosure on firm value with financial performance as an intervening variable. Focusing on the LQ45 Index from 2020–2024, the research employs Path Analysis using Quantile Regression (0.25, 0.50, and 0.75) to address non-normality data and capture the effects across different distribution levels. The results indicate that sustainability disclosure has a consistently significant negative effect on firm value (Tobin’s Q) across all quantiles, contradicting signaling theory. Furthermore, sustainability disclosure negatively impacts financial performance (ROA) in lower-profitability companies but shows a positive correlation in higher-profitability firms. These findings imply that the Indonesian capital market may perceive sustainability efforts as operational burdens or potential "greenwashing" rather than value-enhancing investments, likely due to a short-term profit orientation. This study contributes to the literature by demonstrating that the perceived value of sustainability transparency in Indonesia remains secondary to immediate financial outcomes, implying that current sustainability practices are often viewed as mere regulatory compliance rather than strategic needs.

PENGARUH INFLASI DAN HARGA EMAS TERHADAP PERGERAKAN SAHAM EMITEN EMAS

Nisa Anjani

This study examines the effect of inflation and gold prices on the stock movements of gold mining companies in Indonesia. Inflation and gold prices are important macroeconomic variables that influence financial market dynamics. This research aims to analyze the relationship between inflation, gold prices, and stock performance of gold mining companies listed on the Indonesia Stock Exchange (IDX), namely BRMS, HRTA, PSAB, ARCI, MDKA, and ANTM during the period 2019–2023. The study uses a quantitative approach with secondary data obtained from the Central Statistics Agency (BPS), World Gold Council, and Indonesia Stock Exchange (IDX). Data analysis techniques include descriptive analysis, correlation, and multiple linear regression. The results show that gold prices have a positive and significant effect on stock movements of gold mining companies. Meanwhile, inflation has a more complex impact as it can increase gold prices but also raise production costs, which may reduce company profitability. This study provides important implications for investors in developing investment strategies, particularly in the gold mining sector.

ANALISIS REAKSI PASAR MODAL TERHADAP KETEGANGAN GEOPOLITIK SELAT HORMUZ: STUDI KASUS PADA SAHAM SEKTOR ENERGI DI BEI

Azriel Pasha Pratdityo

The Strait of Hormuz is one of the most critical oil transit routes in the world, handling approximately 20% of global oil supply per day. Geopolitical tensions in this region have the potential to disrupt global energy markets and, consequently, the financial markets of oil- importing countries such as Indonesia. This study examines the reaction of the Indonesian capital market—particularly energy sector stocks listed on the Indonesia Stock Exchange (IDX)—to the geopolitical tension event that culminated in a market crash on March 28, 2026, allegedly triggered by the closure of the Strait of Hormuz. An event study approach was employed, using Abnormal Return (AR) and Trading Volume Activity (TVA) as the primary variables. The event window spans 11 trading days (t-5 to t+5), with an estimation window of t-110 to t-10 used to compute expected returns via the market model. A Paired Sample T-Test was conducted to compare mean values before and after the event. Results indicate that AR showed no significant difference (t = 2.43; Sig. = 0.072 > 0.05), and TVA also showed no significant difference (t = -1.83; Sig. = 0.141 > 0.05). These findings suggest that the geopolitical event did not carry sufficient information content to trigger a statistically meaningful response in the Indonesian capital market, providing partial evidence inconsistent with the semi-strong form of the Efficient Market Hypothesis

EFEK DOMINO KONFLIK GLOBAL: ANALISIS PENGARUH KONFLIK GEOPOLITIK TERHADAP KINERJA KEUANGAN EMITEN ENERGI STUDI KASUS PT PERTAMINA GEOTHERMAL ENERGY TBK (PGEO)

M. Khadafi Pratama

The contemporary international system in the first quarter of 2026 is undergoing a massive structural transformation toward a fragmented multipolar landscape. Geopolitical shocks in the Middle East and global supply chain disruptions have triggered significant volatility within the Indonesian capital market. This research evaluates the impact of these global dynamics on investor behavior and portfolio performance, aligned with the "STANDING" philosophy. Employing a mixed-methods approach—integrating Autoregressive Distributed Lag (ARDL) quantitative modeling with qualitative phenomenological analysis—this study identifies a prevalence of herding behavior and loss aversion among retail investors, exacerbated by the ease of digital platform access. As a strategic solution, the research proposes a transition toward the Total Portfolio Approach (TPA) and highlights the long-term value of PT Pertamina Geothermal Energy Tbk (PGEO) as an asset providing structural immunity against energy and logistics crises. The findings emphasize the necessity of Investment Thinking to shift mindsets from speculative tendencies toward sustainable growth. Furthermore, the report recommends that capital market authorities (OJK and IDX) design cognitive protection infrastructures through "friction-by-design" mechanisms. These insights aim to strengthen the resilience of domestic investors amidst escalating global geopolitical uncertainty.

MENGAPA ORANG-ORANG JATUH DALAM LUBANG KEGAGALAN INVESTASI YANG SAMA KETIKA PERANG TELAH TERJADI BERULANG KALI?: TINJAUAN LITERATUR SISTEMATIS TERHADAP INVESTMENT MINDSET

Muhammad Harun

This study investigates the persistent pattern of investment failure during recurring geopolitical conflicts, such as the Russia-Ukraine and Israel-Iran wars. Using a Narrative Literature Review (NLR) approach, the research despite historical data on market recovery. The findings define investment failure as a systematic outcome of a flawed investment rather than mere financial loss. The study synthesizes a comprehensive taxonomy of seven destructive investment mindset: Panic Mindset, Herd Mentality, Loss Aversion, Availability Bias, Overconfidence, Short-termis,, and Illusion of Control. These mindsets are amplified by information overload and emotional cotagion, leading to irrational beharviors like panic selling and overreaction. Specifically for younger investors, the lack of experiential memory makes them more vulnerable to digital media narratives. To mitigates these failures, the study recommends structural behavioral interventions, including the implementation of an Investment Policy Statement (IPS), Dollar-Cost Averaging (DCA), and enhanced psychological investment literacy.

INTEGRASI MACHINE LEARNING DAN OPTIMASI PORTOFOLIO: TRADE-OFF ANTARA AKURASI PREDIKSI DAN KINERJA INVESTASI PADA PASAR SAHAM INDONESIA

Antoni Reynara

The surge of retail investors in the Indonesian stock market highlights a critical gap between market accessibility and financial literacy, leading to irrational decision- making. While machine learning (ML) models are increasingly adopted to navigate market volatility, high predictive accuracy is often misconstrued as a guarantee of optimal investment returns. This research investigates the empirical trade-off between predictive accuracy and economic performance by comparing a hybrid ML framework (LSTM, XGBoost, and Random Forest) with conventional methods (Markowitz Mean- Variance Optimization and Equal-Weight) in the Indonesian stock market. Using data from highly liquid stocks (LQ45 and IDX80) from 2019 to 2025, the results show that the single XGBoost model achieved the highest economic performance (Sharpe Ratio 0.96; CAGR 29.59%). Conversely, the hybrid framework yielded the lowest prediction error (RMSE 0.0418) but lower nominal returns, confirming a fundamental trade-off between predictive superiority and optimal asset allocation. Robustness analysis proves the integrated hybrid framework maintains positive risk-adjusted returns during highly volatile market crises. This study concludes that ML integration significantly improves investment decisions for novice investors, provided that predictive outputs are systematically synchronized with precise risk management strategies.

PERAN PENDEKATAN AFEKTIF DALAM MENEKAN PERILAKU FOMO

Muhammad Naufal Budiman

The Fear of Missing Out (FoMO) phenomenon has become a common issue in the Indonesian investment world, particularly among Gen Z. Gen Z’s growing interest in investing has not yet been matched by an increase in their independence when making investment decisions; instead, these decisions are often still driven by herd behavior following trends or statements made by financial influencers (finfluencers), whose intentions are frequently difficult to verify—whether their calls to action stem purely from a desire to educate or if there are negative motives behind them. The objective of this study is to understand how FoMO (Fear of Missing Out) forms and to mitigate its impact by employing affective approaches such as nudging and positive friction to intervene in Gen Z’s behavior patterns, which are prone to FoMO. The results of the study indicate that the nudging method plays a crucial role in gradually changing Gen Z’s behavior, while positive friction is deemed effective in preventing Gen Z from making impulsive decisions driven by FoMO by introducing an additional layer that hinders them from making quick, impulsive decisions and encourages reflection and reconsideration of their investment choices.

DARI MINDSET KE FINANCIAL GROWTH: PERAN INVESTMENT MINDSET DALAM MEMEDIASI PENGARUH FINANCIAL SELF-EFFICACY DAN PERSEPSI RISIKO TERHADAP KEPUTUSAN INVESTASI “STUDI KASUS TERHADAP MAHASISWA AKTIF FEB UNIMUS”

Sufindra Mukti Wibowo

Advances in digital technology have spurred increased student engagement in investment activities, although this does not necessarily correlate with the quality of their decision-making. This study aims to examine the role of investment mindset as a mediating variable in the relationship between financial self-efficacy and risk perception on students’ investment decisions. The approach used is quantitative with a survey method, and the data is analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS). The research findings are expected to demonstrate that financial self-efficacy and risk perception influence investment decisions, both directly and through investment mindset as an intervening variable. Furthermore, this study is expected to contribute to the development of behavioral finance literature and serve as a foundation for designing investment education strategies to improve the quality of investment decision-making among students.

GEOPOLITICAL RISK INDEX DAN HARGA MINYAK DUNIA SEBAGAI PENENTU RETURN SAHAM SEKTOR ENERGI DI BURSA EFEK INDONESIA: PENDEKATAN PANEL DISTRIBUTED LAG PERIODE 2022–2026

Levana Astria Azizah

This study investigates the effects of the Geopolitical Risk Index (GPR) and global oil prices on stock returns in the energy sector listed on the Indonesia Stock Exchange during 2022–2026. A quantitative causal approach is applied using panel data regression with a first-order Finite Distributed Lag (FDL) model to capture both current and lagged effects across 245 observations from five firms. The findings reveal that GPR and oil prices significantly influence stock returns, both individually and jointly. GPR shows an asymmetric effect: it negatively affects returns in the current period due to heightened uncertainty and risk aversion, but positively impacts returns in the following period as investors adjust expectations and anticipate higher energy prices. Similarly, oil prices have a positive contemporaneous effect by increasing company profitability, but a negative lagged effect driven by cost pressures, economic slowdown concerns, and profit-taking behavior. Despite a relatively low explanatory power (R² = 4.9%), the model confirms that market responses are dynamic and not instantaneous. These results emphasize the importance of incorporating lag structures in financial analysis and suggest that investors, particularly retail investors, should adopt a forward-looking and data-driven approach when responding to geopolitical risks and commodity price fluctuations.

BEHAVIOR OVER INTELLIGENCE: ANALISIS MINDSET MORGAN HOUSEL DALAM MEMBENTUK INVESTMENT THINKING PADA GENERASI Z

Rifki Hunafa

This study aims to analyze the role of behavioral factors compared to intelligence in shaping the investment thinking of Generation Z from the perspective of Morgan Housel. Using a descriptive quantitative approach, data were collected through a survey distributed via Google Forms to 50 respondents. The results indicate that although respondents perceive themselves as making rational investment decisions, behavioral factors such as emotions, social influence, and trend following tendencies remain dominant. This finding reveals a gap between perceived rationality and actual behavior supporting the view that successful investing is more influenced by behavior than intelligence. Therefore developing sustainable investment thinking in Generation Z requires strengthening emotional control, awareness of biases, and a long term orientation.

OPTIMALISASI ASSET ALLOCATION DI TENGAH VOLATILITAS DAN KETIDAKPASTIAN GLOBAL

Nazwa Vanessa Aulia

Global economic uncertainty characterized by market fluctuations, inflation, changes in monetary policy, and geopolitical conflicts has encouraged investors to be more cautious in managing their investment portfolios. Asset allocation has become an important strategy to minimize risk while optimizing returns. This study aims to analyze strategies for optimizing asset allocation amid global volatility conditions. The method used is a literature review with a descriptive analytical approach. The results show that cross-asset diversification, dynamic allocation adjustments, and the use of hedging instruments are key factors in addressing market uncertainty. With the right strategy, investors can maintain portfolio stability while still achieving optimal returns.

PERSEPSI TRANSPARANSI KEPEMILIKAN SAHAM DI ATAS 1% DAN IMPLIKASINYA TERHADAP HEURISTIC-BASED INVESTMENT THINKING INVESTOR RITEL

Chusnul Chatima

The dynamics of information in the Indonesian capital market mean that investment decision-making is no longer solely based on fundamental analysis but also on subjective interpretations of often fragmented and ambiguous market signals. This study examines the influence of perceived share ownership transparency above 1% on retail investors' heuristic-based investment thinking, using heuristic theory as a framework. The authors employed quantitative methods in this study, collecting primary data from surveys. The findings indicate that share ownership transparency above 1% significantly influences retail investors' heuristic-based investment thinking. Future research should explore additional factors that influence retail investors' heuristic-based investment thinking.

STRATEGI OPTIMALISASI IMPLEMENTASI ESG DALAM MENDORONG INVESTASI BERKELANJUTAN DI PASAR MODAL INDONESIA

Rizqa Kamila

This study analyzes the optimization of Environmental, Social, and Governance (ESG) implementation in enhancing sustainable investment in the Indonesian capital market. The growing global emphasis on sustainability has encouraged investors to integrate ESG factors into investment decisions. However, ESG implementation in Indonesia remains suboptimal due to several structural challenges, including limited investor literacy, lack of standardized ESG reporting, and low corporate transparency. The findings reveal that although ESG adoption in Indonesia has increased, its influence on investment decisions is still limited and has not been fully integrated into market mechanisms. ESG demonstrates significant potential in improving firm value, strengthening investor confidence, and enhancing market efficiency, yet its effectiveness depends on the quality of implementation. To address these challenges, this study proposes several optimization strategies, including strengthening ESG regulations, standardizing ESG reporting frameworks, and enhancing investor education. These strategies are expected to improve ESG integration, increase sustainable investment interest, and support the achievement of long-term economic sustainability in Indonesia

KETIMPANGAN ASET DAN KAITANNYA DENGAN PROFIL RISIKO INVESTOR RITEL DI INDONESIA 2022-2024

Allia Novianti Widiarto

The growth of capital market investors in Indonesia during the 2022–2024 period shows a significant trend, but it has not been accompanied by an equitable distribution of capital capacity. This study aims to analyze the relationship between capital capacity and the selection of risk profiles by retail investors. The method used is a descriptive quantitative approach utilizing secondary data from the Indonesia Central Securities Depository (KSEI). The research results show that the majority of investors are dominated by the younger age group and low-income earners, while asset ownership is concentrated in the older age group with high capital capacity. This condition reflects a significant disparity in asset distribution in the Indonesian capital market. Furthermore, a pattern indicates a positive relationship was found between capital capacity and risk tolerance, where small-capital investors tend to be conservative, while large-capital investors are more aggressive in their investment decisionmaking. The mismatch between capital capacity and risk profile has the potential to cause irrational investment behavior and increase the risk of financial loss. Therefore, strengthening financial literacy and adjusting risk profiles based on capital capacity are necessary to create a healthier and more sustainable investment ecosystem.

ANALISIS CAPITAL ASSET PRICING MODEL (CAPM) SEBAGAI DASAR PENGAMBILAN KEPUTUSAN INVESTASI SAHAM SEKTOR ENERGI PADA INDEKS 30 (IDX30)

Rahma Auliya Agustin

Investment has become an important part of long-term financial planning, especially in the capital market where stocks offer attractive return opportunities along with inherent risks. Therefore, investors need an analytical approach that can support objective decision-making by considering the relationship between return and risk. This study aims to examine investment decisions in energy sector companies listed in the IDX30 index during the 2021–2025 period using the Capital Asset Pricing Model (CAPM). This research applies a descriptive quantitative approach using secondary data obtained from financial statements, monthly closing stock prices, the Composite Stock Price Index (IHSG), and the Bank Indonesia interest rate. The sample was selected through purposive sampling, resulting in three companies: ADRO, PGAS, and PTBA. The analysis includes the calculation of individual return, market return, risk-free rate, beta, expected return, and stock classification based on the Security Market Line (SML). The findings show that ADRO is classified as an efficient and undervalued stock, indicating a buy recommendation, while PGAS and PTBA are categorized as inefficient and overvalued stocks, leading to a sell recommendation. These results indicate that CAPM can be effectively used as a basis for investment decision-making in the energy sector.

EQUITY RESEARCH PT MEDCO ENERGI INTERNASIONAL TBK

Priska Ilinna

Penelitian ini bertujuan menganalisis kinerja dan valuasi saham PT Medco Energi Internasional Tbk (MEDC) melalui pendekatan komprehensif yang mencakup analisis makroekonomi, industri, competitive advantage, ESG, teknikal, fundamental, serta valuasi. Hasil analisis menunjukkan bahwa kondisi makroekonomi Indonesia relatif stabil dengan pertumbuhan ekonomi yang positif, sementara industri energi didukung oleh peningkatan harga dan permintaan minyak global. MEDC memiliki keunggulan kompetitif berupa diversifikasi aset, efisiensi biaya operasional, serta kemampuan eksekusi strategis yang tercermin dari peningkatan EBITDA dan perbaikan struktur keuangan. Selain itu, komitmen terhadap aspek ESG turut memperkuat posisi perusahaan dalam menghadapi transisi energi berkelanjutan. Dari sisi fundamental, perusahaan menunjukkan kondisi keuangan yang cukup sehat meskipun profitabilitas masih relatif rendah. Analisis teknikal mengindikasikan tren bullish dengan potensi kenaikan terbatas. Berdasarkan metode multi-valuation approach (EV/EBITDA, PCFR, dan PBV), diperoleh nilai intrinsik sebesar Rp2.048, sedikit di atas harga pasar Rp1.930 dengan potensi upside sekitar 6%. Dengan demikian, saham MEDC dinilai mendekati nilai wajarnya, dengan prospek jangka panjang yang baik namun potensi return jangka pendek yang terbatas.

DETERMINASI KUALITAS KEPUTUSAN INVESTASI MAHASISWA: PERAN ADOPSI ARTIFICIAL INTELLIGENCE, KETERLIBATAN KOMUNITAS INVESTASI DIGITAL, DAN FINANCIAL SELF-EFFICACY

Maritza Jovita Ardhani Abbas,

Amid rapid digital transformation, students’ investment decisions are no longer driven solely by rational considerations but are increasingly shaped by technology, social environments, and self-belief. This study examines how the adoption of Artificial Intelligence (AI), engagement in digital investment communities, and financial self-efficacy influence the quality of investment decisions. Using a quantitative approach with primary data from questionnaires, the analysis applies multiple linear regression with classical assumption tests. The results show that all variables have a positive and significant effect, both partially and simultaneously, with financial self-efficacy emerging as the most dominant factor, surpassing technology and community influences. These findings highlight that investment excellence in the digital era is not only determined by technology or access to information, but also by individuals’ confidence in managing finances and making decisions. Therefore, strengthening self-efficacy is key to fostering adaptive, rational, and high-quality young investors.

PEMAHAMAN INVESTASI DI PASAR MODAL PADA GENERASI Z: TANTANGAN DAN STRATEGI UNTUK PERBAIKAN

Mohamad Iqbal Mubarok

The low level of understanding of investment in the capital market among Gen Z poses a serious challenge in preparing a financially aware generation. This phenomenon is exacerbated by some of them seeking to get rich quickly through investments without adequately understanding the mechanisms and risks of the capital market. The purpose of this paper is to analyze the factors that can influence investment understanding among Gen Z and to formulate effective strategies to prevent them from falling into illegal investments. The approach used is a literature review and critical analysis of existing educational programs. The discussion results indicate that strategies based on digitalization, the use of social media, and synchronized integration can be strategies to improve investment understanding among Gen Z. This article provides recommendations for educators and policymakers in designing targeted literacy programs.

FEAR OF MISSING OUT (FOMO) DALAM INVESTASI: DAMPAKNYA TERHADAP KEPUTUSAN INVESTOR MUDA

Selvi Uun Mardalia

The purpose of this study is to examine how young investors' investing choices are impacted by FOMO (fear of missing out). Particularly among Generation Z, the rapid development of social media and digital technologies has influenced investment behavior. The fear of missing out on valuable opportunities leads many young investors to make hasty investment decisions. The method used in this study is a qualitative approach with a literature study, sourced from scientific journals, books, and relevant publications in the last five years, data analysis techniques were carried out descriptively by interpreting and comparing the findings of previous studies. The results of the study indicate that FOMO has a significant influence on investment decisions, where individuals tend to act impulsively, follow trends, and ignore risk analysis. In addition, FOMO also encourages investors to imitate the decisions of others without rational consideration. However, the negative impact of FOMO can be minimized by increasing financial literacy. Investors who have a good understanding of investment concepts and risk analysis tend to be able to control their emotions and make more rational decisions. Thus, financial literacy is an important factor in reducing the influence of FOMO and improving the quality of investment decisions.

PENGARUH PEMAHAMAN TEKNIKAL ANALISIS TERHADAP KEBERHASILAN BERINVESTASI SAHAM

Fadilla Hartanto Putra Jonwar

This study aims to analyze the effect of technical analysis understanding on investment success among retail investors. The results show that the understanding of technical analysis has a positive and significant effect on investment success, with a regression coefficient of 0.724 and a significance level of 0.001 (<0.05). In addition, the coefficient of determination (R Square) of 0.468 indicates that technical analysis understanding contributes 46.8% to investment success. These findings support the castle-in-the-air theory, which explains that stock price movements are influenced by market psychology and investor sentiment, making technical analysis relevant in helping investors interpret market conditions and make investment decisions. Therefore, it can be concluded that the higher the level of an investor’s understanding of technical analysis, the higher the level of investment success.

BAGAIMANA INVESTOR DI INDONESIA DAPAT TUMBUH DENGAN CEPAT

Ahmad Nuruddin Aulawy

The number of capital market investors in Indonesia has experienced massive and significant growth in recent years, particularly among retail investors post-COVID-19. This study aims to analyze the driving factors behind the rapid growth of capital market investors in Indonesia and how the digital ecosystem facilitates this phenomenon. This research uses a qualitative method with a descriptive approach, utilizing library research techniques to collect secondary data from official reports, scientific journals, and relevant publications. The data is analyzed using an interactive model comprising data reduction, data display, and conclusion drawing. The results indicate that this rapid growth is driven by an integrated digital ecosystem. There are three main driving factors: the digitalization of securities services through financial technology (fintech) which removes physical barriers, the massive influence of social media and financial influencers that triggers psychological drives such as FOMO, and the evolution of financial literacy supported by financial self-efficacy. The collaboration of these three elements significantly boosts the confidence of individuals to actively enter the Indonesian capital market

HERDING BEHAVIOR DAN BIAS KEPUTUSAN INVESTASI PADA MAHASISWA GENERASI Z STUDI EMPIRIS DI UNIVERSITAS PAKUAN BOGOR

Kayla Putri Novriadi

The rapid growth of Generation Z retail investors in the Indonesian capital market is often accompanied by psychological biases in investment decisions, such as herding behavior. This study aims to analyze the effect of herding behavior and financial literacy on the investment decisions of Generation Z students at Universitas Pakuan, and to examine the role of financial literacy as a moderating variable. This research uses a quantitative approach with the Moderated Regression Analysis (MRA) method. Primary data collection was conducted through questionnaires distributed to 65 student respondents using a purposive sampling technique. Hypothesis testing results show that herding behavior has a significant negative effect on investment decisions. Conversely, financial literacy has a significant positive effect on investment decisions. However, the moderation regression analysis proves that financial literacy does not significantly moderate or weaken the effect of herding behavior on investment decisions. Therefore, it can be concluded that financial literacy plays a crucial direct role in improving the quality of students' investment decisions, although its moderating effect on herding behavior is not statistically significant.

PERAN INVESTMENT THINKING DALAM MENCAPAI FINANCIAL GROWTH: STUDI KASUS SAHAM IDXHIDIV20 PERIODE 2025 DENGAN PENDEKATAN MARKOWITZ, SINGLE INDEX MODEL DAN CAPITAL ASSET MARKET LINE (CAPM)

Asyifa Salsabila

This study aims to analyze the information of an optimal portofolio to achieve financial growth using the Markowitz Model, Single Index Model and Capital Asset Pricing Model on stocks included in the IDXHIDIV20 index for the 2025 period. The research method involves calculating returns, risk, and portofolio construction based on each model. The results show that the Markowitz model generates the highest expected return of 63,98% with a risk level of 19,73%. Meanwhile, the Single Index Model produces an expected return of 49,82% with a more selective portofolio composition. The CAPM analysis indicates that not all stocks provide return proportional to their risk, suggesting that market efficiency is not fully achieved. Overall, the findings highlight that the choice of model significantly influences portfolio performance. In addition, investors need to apply rational investment thinking to make better decisions and avoid impulsive behavior such as Fear of Missing Out (FOMO).

OPTIMALISASI PERAN IDX CARBON DALAM MENDORONG TRANSISI EKONOMI HIJAU DI INDONESIA: ANALISIS TANTANGAN LIKUIDITAS DAN FORMULASI STRATEGI PENGEMBANGAN EKOSISTEM

Nurul Alfiandy

This conceptual paper investigates the critical liquidity stagnation within the newly established Indonesia Carbon Exchange (IDX Carbon). Despite Indonesia's immense carbon sequestration potential, the initial market performance reveals a persistent lack of corporate participation. Utilizing a qualitative-descriptive approach grounded in institutional economics and policy analysis, this study identifies that the current Voluntary Carbon Market (VCM) architecture fails to generate the economic urgency required for high-emission entities to internalize their environmental costs. To overcome this systemic market failure, the paper proposes a “Three-Pillar Ecosystem Strategy”. First, a systematic transition towards a Mandatory Cap-and-Trade system strictly targeting the energy and heavy manufacturing sectors. Second, the synchronization of fiscal disincentives through a Carbon Tax deduction mechanism linked directly to exchange transactions, transforming regulatory burdens into market-driven incentives. Third, the acceleration of Mutual Recognition Agreements (MRA) to integrate domestic credits into global compliance markets, strategically mitigating the risks of the European Carbon Border Adjustment Mechanism (CBAM). The conclusion asserts that a cross-ministerial policy orchestration—shifting the paradigm from voluntary philanthropy to mandatory compliance—is an absolute prerequisite to establishing a highly liquid and impactful carbon market in Indonesia.

ANALISIS EMITEN PGEO: PT PERTAMINA GEOTHERMAL ENERGY TBK MERUJUK PADA LAPORAN KEUANGAN TAHUN 2021-2025

Bernadeva Nova Jufariah S

PT Pertamina Geothermal Energy Tbk (PGEO) is the largest geothermal energy company in Southeast Asia by self-operated installed capacity, listed on the Indonesia Stock Exchange (IDX) since February 2023. This study aims to conduct a comprehensive equity research analysis of PGEO covering the period 2021–2025 by evaluating financial performance, competitive positioning, ESG profile, and valuation. The approach integrates Discounted Cash Flow (DCF), EV/EBITDA peer comparison, Dividend Discount Model (DDM), and Price-to-Earnings (P/E) forward analysis. Findings indicate that PGEO demonstrates strong and consistent financial growth, with revenue CAGR of approximately 4.5% and net income CAGR of 8.5% over the observation period. The company maintains a gross profit margin above 59%, an EBITDA margin in the 57–62% range, and a conservative debt-to-equity ratio of 0.37x. PGEO holds a de facto monopoly in Indonesia's geothermal sector, backed by 30-year Power Purchase Agreements (PPAs) with PLN and the support of its parent company, Pertamina. At the current price of around Rp1,100 (March 2026), PGEO is undervalued relative to global peers, with a 12-month consensus target price of Rp1,450–1,600. The study concludes with an ACCUMULATE/BUY rating, underscoring PGEO's strategic position at the intersection of the global energy transition and Indonesia's digital infrastructure growth.

MONEY DYSMORPHIA: TANTANGAN PSIKOLOGIS DAN STRATEGI REKONSTRUKSI MINDSET INVESTASI BAGI MAHASISWA DI ERA DIGITAL

Aurellia Michelle Massie

The financial condition shaped by digital environmental pressures. This artikel examines how the social media ecosystem constructs social comparison mechanisms that ultimately distort students' financial perceptions and impede the formation of healthy investment behaviors. Employing a behavioral finance and Social Comparison Theory approach, the artikel analyzes two destructive behavioral patterns engendered by money dysmorphia: investment paralysis and excessive speculative behavior. Conceptual findings indicate that the core problem lies not in limited access or capital, but in perceptual distortions that obstruct rational financial decision-making. As a response, this artikel introduces the RESET framework (Realize, Evaluate, Shift Mindset, Educate, Take Action) as a comprehensive model for transforming students' investment mindset. The framework's implications are expected to serve as a foundation for developing more contextually grounded, psychology-based financial literacy programs for students in the digital age.

PENGARUH ESG SCORING TERHADAP KEPUTUSAN INVESTASI DAN KINERJA SAHAM PERUSAHAAN DI PASAR MODAL INDONESIA

Stephanie Kezia Aiko Krisandy

This research investigates the impact of Environmental, Social, and Governance (ESG) ratings on investment choices and stock performance within the Indonesian capital market. The increasing global focus on sustainable investing has prompted investors to take into account non-financial aspects, such as ESG, in addition to conventional financial indicators. Nevertheless, the success of ESG practices in emerging markets like Indonesia is still in question. The objective of this study is to determine whether ESG ratings have a notable influence on investor actions and the performance of company stocks. The research utilizes a quantitative methodology, drawing upon secondary data from firms listed on the Indonesia Stock Exchange (IDX) that provide ESG or sustainability reports. A multiple linear regression analysis is conducted to assess the correlation between the dimensions of ESG (environmental, social, and governance) and stock performance, as well as investment choices.

DINAMIKA VARIABEL MAKROEKONOMI DAN SENTIMEN KONSUMEN DALAM MEMPENGARUHI VOLATILITAS INDEKS HARGA SAHAM GABUNGAN DI BURSA EFEK INDONESIA

Nurul Istiqomah

This study aims to analyze the impact of macroeconomic variables, including the Consumer Confidence Index (CCI), BI-Rate, and Exchange Rate, on the Indonesia Stock Composite Index (IHSG) from 2020 to 2024. Utilizing a quantitative approach with multiple linear regression analysis, the research examines how these factors drive domestic stock market volatility. The results indicate that the CCI has a positive and significant effect on the IHSG, suggesting that consumer optimism serves as a primary driver of market growth through expectations of public purchasing power. Conversely, the BI-Rate shows a negative impact, consistent with the cost-of-capital theory where interest rate hikes tend to suppress stock prices. A unique finding regarding the Exchange Rate reveals a positive influence on the IHSG, reflecting the characteristics of the Indonesia Stock Exchange which is dominated by commodity and export-oriented sectors that benefit from domestic currency depreciation. This research provides critical implications for investors and regulators in monitoring psychological economic indicators and monetary stability to maintain the resilience of the IHSG

PENGARUH MINDSET INVESTASI GEN Z UNTUK MENCAPAI FINANSIAL FREEDOM

M. Arsyada Zamzami Allatif

This study aims to examine the effect of an investment mindset on achieving financial freedom among Generation Z. Amidst the rise of digital investment trends, many Gen Z individuals actually remain financially vulnerable. This study employed a quantitative approach by collecting data from 100 Gen Z respondents predominantly university students aged 18–20 in Central Java through purposive sampling and simple linear regression analysis. Hypothesis testing results indicate that an investment mindset does not significantly affect the achievement of financial freedom, evidenced by a significance value of 0.768 (> 0.05) and a very low coefficient of determination of 0.1% (0.001). These findings indicate that investment awareness alone is not enough to drive financial freedom without being supported by other more dominant factors, such as active income, financial management behavior, and lifestyle control. Practically, this research emphasizes the importance for Gen Z to focus on fundamental cash flow management and increasing income, rather than merely participating in investment trends

“BERTAHAN ATAU MUNDUR?”: ANALISIS PERILAKU DAN MINDSET INVESTOR DI TENGAH MARKET CRASH DAN PANASNYA ISU GLOBAL

Jihan Karimatus Sa’diyyah

This study examines investor behavior and mindset during extreme market crashes and global uncertainty in the VUCA era (Volatility, Uncertainty, Complexity, and Ambiguity), with the aim of understanding how investors respond to intense market pressures such as the decline of the IHSG in early 2026 following MSCI index rebalancing. The research employs a quantitative method with descriptive and explanatory approaches, using primary data collected from 63 active investors through purposive sampling. The findings indicate that Indonesian investors demonstrate relatively high macroeconomic awareness, with 55.6% recognizing economic instability. Despite market volatility, 58.7% of respondents remained consistent with their investment strategies, while 50.8% viewed price declines as opportunities, commonly referred to as “buy the dip.” Furthermore, the results suggest an improvement in financial literacy, as investors become more independent, less influenced by FOMO (44.4%), and better able to manage their emotions, thereby reducing the likelihood of panic selling. Overall, Indonesian investors show strong psychological resilience and critical thinking in navigating market uncertainty.

INVESTMENT IDENTITY SHIFT: MENGUBAH STATUS SOSIAL GEN Z DARI CONSUMPTION SIGNALING KE INVESTMENT SIGNALING MELALUI BEHAVIORAL DESIGN

Mohamad Dedi Saputra

The rise of social media makes Generation Z vulnerable to trends and social pressure in investment decisions, leading to difficulties in making long-term choices. This study examines the shift from Consumption Signaling to Investment Signaling through Behavioral Design using a quantitative survey of 50 young investors analyzed with PLS-SEM. The results show that Social Influence Exposure significantly affects Investment Identity, while Behavioral Design and Consumption Signaling Orientation do not. Investment Identity has a positive and significant effect on Growth-Oriented Investment Behavior and mediates the effect of Social Influence Exposure, but not the other variables. These findings highlight that investment identity plays a key role in shaping long-term investment behavior and is influenced by social factors. Therefore, investors need to be more selective in filtering information and strengthen their investment identity through financial literacy and long-term planning.

MERANCANG GENERASI INVESTOR PEMULA: ANALISIS GENVEST SEBAGAI INOVASI EDUKASI INVESTASI DIGITAL DALAM MENINGKATKAN LITERASI DAN KESIAPAN BERINVESTASI GEN Z INDONESIA

Nur Rihadatul Aisyah

The rapid growth of financial technology has significantly increased Generation Z’s participation in digital investment in Indonesia. However, this growth is not accompanied by adequate financial literacy, creating a gap between access and understanding. This study aims to analyze the investment literacy gap among Gen Z, evaluate the effectiveness of existing educational approaches, and propose GENVEST (Gen Z Visual Education for Smart Investment) as an innovative solution. This research uses a qualitative-descriptive method with a library research approach, analyzing secondary data from official reports and recent academic studies (2021–2026). The findings indicate that Gen Z investors tend to exhibit impulsive behaviors such as fear of missing out (FOMO), overconfidence, and herding, largely influenced by social media and limited risk comprehension. In response, GENVEST is designed as a game-based learning platform integrating micro-learning, gamification, interactive visualization, and market simulation. This model enhances learning engagement, improves risk awareness, and supports rational investment decision-making. Therefore, GENVEST has strong potential as an adaptive and effective financial education model for improving Gen Z’s investment literacy in Indonesia.

ANTARA SENTIMEN DAN REALITA: MENGAPA SAHAM OILS NAIK DAN MENCAPAI ARA DI TENGAH KONFLIK GLOBAL?

Muhammad Najmi

This study examines the anomaly in stock price movements within the Indonesian capital market, focusing on the significant surge of OILS stock during geopolitical tensions in the Middle East. While most sectors experienced a decline due to global uncertainty, OILS stock showed an abnormal increase and reached indications of Auto Reject Atas (ARA), despite lacking direct exposure to the crude oil industry. This phenomenon raises questions regarding market rationality and efficiency. This research aims to analyze whether the surge is driven by fundamental factors or behavioral dynamics. A qualitative descriptive approach is employed using literature review and secondary data analysis, supported by price and volume chart interpretation. The findings reveal that the increase is predominantly driven by investor sentiment, particularly Fear of Missing Out (FOMO), herding behavior, and representativeness bias in interpreting stock identity. The occurrence of extreme price movements further indicates market overreaction and short-term inefficiency. This study highlights the importance of behavioral finance in explaining stock market anomalies in emerging markets.