The Effect of Interactive Social Media Platforms on Stock Market Participation During the COVID-19 Pandemic in
Indonesia: Case Study in the Java Island
Albert Nathanael1*, Yunieta Anny Nainggolan1
1 School of Business and Management, Bandung Institute of Technology, Bandung, Indonesia
*Corresponding Author: [email protected]
Accepted: 15 August 2022 | Published: 1 September 2022
DOI:https://doi.org/10.55057/ijbtm.2022.4.3.9
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Abstract: This paper aims to examine the effect of learning from interactive social media platforms on stock market participation of domestic retail investors during the COVID-19 pandemic in the Java Island, Indonesia. The upsurge of retail investors and active social media users and also the detrimental effect of COVID-19 pandemic on Indonesia stock market became the urgent opportunity to increase the stock market participation. Analysing a survey data consists of 362 respondents, we find that the increase in number of social networking sites and online stock communities promote stock market participation. Furthermore, Instagram, Twitter, and YouTube are proven to increase stock market participation for social networking sites and for online stock communities, Telegram is also proven to increase stock market participation. On the other hand, there is no enough evidence that Facebook significantly promote stock market participation. Our findings suggest policymakers should consider social media platforms that promote stock market participation when developing financial education program. Therefore, it is hoped that the increase in stock market participation will lead to a better economic condition for Indonesia.
Keywords: interactive social media platforms, stock market participation, social networking sites, online stock communities, domestic retail investors
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1. Introduction
Stock market investing is no longer a taboo topic among Indonesian people. Indonesian people have become more aware of the value of investment in recent years. According to data from the Indonesia Central Securities Depository (KSEI), the number of domestic retail investors in the capital market surged dramatically between 2019 and March 2022. The highest growth rate was 92.99% in 2020 to 2021 with a total of 7,489,337 investors. The Indonesia Central Securities Depository (KSEI) also reported that high school investors were dominating the amount of the total investor proportion among all other education. It comprised 60.23% which was followed by bachelor degree investors, diploma degree investors, and master or higher degree investors with 29.71%, 7.37%, and 2.7% respectively. It showed that the Gen Z society in Indonesia has become more aware of investing. Not only that, the data given by Statista also shows that the internet users and the active social media users will grow constantly until 2026.
The average time spent by the social media users was 3 hours 14 minutes every day accessing social media. The reasonably rapid growth shows that Indonesians have adopted the internet or social media as an essential aspect of their lives, whether to seek new information or for other
purposes. Therefore, it is an urgency that the government or any oth er institutions must provide a well-constructed and high-quality financial education for the young investors in order to prevent them from falling into the financial trap. The COVID-19 pandemic's emergence caused significant uncertainty for stock markets throughout the world (Ozili & Arun, 2020; Contessi
& De Pace, 2020; Fernandes, 2020). As a result, every industry has suffered harm, and the majority of stock market indices globally have had their largest one-day drops on record (Vasiu, 2020). According to statistics published by Contessi and De Pace (2020), specifically between the end of February and the beginning of April 2020, the volatility of the Chinese stock market spread to all other markets. The COVID-19 pandemic in Indonesia had an impact on the stock market and changed the trading hours on the Indonesia Stock Exchange. As a result, investors became more interested in selling their shares as a result of this negative signal (bad news) (Kusnandar & Bintari, 2020). The COVID-19 pandemic has also had an impact on stock market dynamics (He et al., 2020; Junaedi & Salistia, 2020; Liu et al., 2020), leading to a drop in stock exchanges globally (Collins, 2020), and a rise in stock market inefficiencies (Lalwani &
Meshram, 2020). This also has a detrimental effect on Indonesia's stock market and affects investors' decision-making (Pitaloka et al., 2020). The government must act right now to restore the stock market's situation in light of this issue. According to Scott (2021), the stock market is essential to the economy's operation since it serves as the foundation of a modern country's economic infrastructure. Even a modern economy would not be able to operate without a robust, internationally competitive, and well-organized capital market. In reality, the capital market has evolved into the financial hub of the modern world economy. Additionally, one measure of a nation's economic progress is the capital market (Ishomuddin, 2010).
As younger generations begin saving and investing, social media will continue to have a significant impact on the financial markets. Both possibilities and threats exist in this. On-line conversation and information exchange can increase market efficiency and openness. Anu Gaggar (2021) claims that social media platforms, in particular, are a powerful draw for younger investors, who frequently rely on them as their main information sources. Social media is a financial inclusion since it has a connection to stock market participation and serves as the main information source for investors. According to a research by Park and Mercado (2015), there are a number of factors that affect stock market participation, with financial inclusion and information accessibility being two among them. In order to give growing numbers of domestic retail investors the proper fundamental understanding about stock investing, it is vital to offer financial education programs through financial inclusion. The government can use social media as a means of disseminating financial education programs in order to encourage stock market participation, taking into consideration the rise of active social media users in Indonesia. Social interaction is one of the most important factors affecting investor’s stock market participation.
Social interaction encourages knowledge sharing, which enhances the inclination to purchase stocks (Tham, 2018). Social media is claimed to have a high level of social interaction due to the quick information transmission there. Social media may aid household investors in portfolio diversification and raise stock market participation, but it is unlikely to eliminate their psychological biases. To increase financial inclusion and enhance financial literacy among Indonesians, the government may make full use of the quick and unrestricted access to information provided by social media. Through this study, it is also hoped that policymakers and the government would be able to use interactive social media platforms that affect stock market participation as a teaching tool to ensure that domestic retail investors in Indonesia have the right information about the stock market.
The impact of learning from social media platforms on stock market participation will be investigated in this study. In order to give an unbiased result, the researcher decided to divide
social media into two categories: social networking site (for investors who solely learn and get information from social media platforms independently) and online stock community (for investors who learn and get information from online stock communities). In two significant aspects, this specific study adds to the body of knowledge already available literature. First, this study aims to renew the findings of previous studies on this topic that have been conducted in the developed markets to generate new knowledge that demonstrates how the context of research conducted in other countries is applied in the Indonesian stock market especially in the COVID-19 era. Second, this research adds new knowledge regarding the condition of digital financial inclusion in Indonesia. To the best of the researcher's knowledge, this is the first study to look into how the existence of social media affects the stock market participation in the Java Island, Indonesia, particularly during the COVID-19 period. When designing financial education programs, the findings have significant implications for policymakers. For policymakers, putting more focus on the financial matters is hugely important. It is necessary to realize how and which social media contributes to the stock market participation rate. By knowing that, the policymakers will design a better, well-structured, and specific educational program to increase stock market participation for domestic retail investors.
2. Methodology
A. Data Collection
The researcher selected to use a primary data source to achieve the research's goal. This is because the objective of this study is the effect of social media platforms on stock market participation during COVID-19, it might vary over time. As a result, the primary data source is appropriate for this study because it will provide the most up-to-date results. An online questionnaire was sent to Indonesia's retail investors to collect the data. The population of this research is Indonesia’s domestic retail investors who invested in the Indonesia stock market during COVID-19 period. According to the Indonesia Central Securities Depository (KSEI), the population of Indonesia’s domestic retail investors per March 2022 is 8,397,538 investors.
The researcher used a non-probability sampling method. The reason for using a non-probability sampling method was that the researcher had a limited time constraint and cost constraint. In other words, it was easier to access than the probability sampling (Showkat & Parveen, 2017).
To be more specific, purposive sampling was used in this study. The respondent’s characteristics that will be examined are:
1) Indonesian retail investors in the Java Island 2) Has ever or currently invest in stock market B. Sample Size
In determining the sample size, the researcher referred to a study conducted by Bujang, Sa’at, Sidik, and Lim (2018) where they examined the best rule of thumb for a logistic regression. It was stated that the best rule of thumb of determining the sample size for a logistic regression was EPV (event per variable) 50 which the formula is
n = 100 + 50i (1)
n = sample size
i = number of independent variables
In this study, there are two statistical models that are conducted. The first model is to examine the quantity of social media used and the second model is to examine the social media choice.
In the first model, there are two independent variables while in the second model, there are five independent variables. Therefore, the second model is going to be the baseline for the sample size. Referring to (1), the minimum sample size is 350 respondents.
n = 100 + 50(5) = 350
C. Statistical Model
In order to examine how learning from social media platforms affects the stock market participation, a logit model, known as logistic regression model, was used in this research. The logit model is a binomial regression model which is used when the response variable is binary and the explanatory variables are categorical (Andersen, 1991). Besides applying the model based on theories, the researcher referred to a study conducted by Luuk Arts in 2018. In his research, he explored the link between stock market participation and financial literacy with country-specific social connectedness as a moderating effect where he used a logit model to do the statistical analysis. Due to the fact that the research design is similar, the researcher decided to adopt the logit model in this study as well. The SPSS software was the tool to conduct the binary logistic regression. There are two kinds of statistical models that are conducted in this study. The first model is to examine the quantity of the social networking sites and the quantity of the online stock community that are used as respondent’s learning channel. The first statistical model is as follows:
SMPi = 𝛽0+ 𝛽1SNSi* + 𝛽2OSCi* + 𝛽kZki +
ɛ
i (2) where SNSi is the number of social networking sites and OSCi is the number of online stock communities used to learn about stocks, and Zki is control variable k for individual i andɛ
i is the error term for logit model.The second model is to examine the social networking sites choice and the online stock community platform choice that are used as respondent’s learning channel. There are four social networking sites, namely YouTube, Facebook, Instagram, and Twitter, and one online stock community platform, Telegram, that are going to be tested. Therefore, the second statistical model is as follows:
SMPi = 𝛽0+ 𝛽1YT* + 𝛽2TWT* + 𝛽3IG* + 𝛽4FB* + 𝛽5TELE* + 𝛽kZki + ɛi (3)
*All variables show respondent’s learning channel which is derived from a question “What social media do you use most often to learn about investing?” in the questionnaire
where YT, TWT, IG, FB, and TELE stands for YouTube, Twitter, Instagram, Facebook, and Telegram respectively which used dummy variable that equals to 1 if the respondent used that particular channel; otherwise, 0.
D. Financial Literacy Assessment
The questions would assess and measure respondents’ financial literacy levels. The objective of the assessment was to know the level of respondents’ financial literacy from a particular type of social media. In other words, the researcher would see the level of financial literacy of respondents who came from every kind of social media. Although financial literacy acted as a supporting or additional data, or in other words, it did not include as the main objective of the research, the researcher believed that the financial literacy result would play a huge role in giving the insightful recommendation to the policy makers. The questions covered: time value
of money, interest compounding, capital market, and investment risk. These questions were adopted from a study by Van Rooij et al. (2011).
Table 1: Financial Literacy Assessment Questions
Questions Formulation
(1) Let's say you have IDR 100 in a savings account with a 2% annual interest rate. How much do you estimate your account will be worth in five years if you let the money grow? (i)more than IDR100 (ii)IDR100 (iii)less than IDR100 (iv)Do not know (2) Contrary to stock mutual funds, purchasing company stock often offers safer returns.
(i)True (ii)False (iii)Do not know
(3) Let's say a friend obtains IDR 10,000 today, and IDR 10,000 will be given to his brother in three years. Who is endowed with more wealth? (i)Friend (ii)Friend’s Brother (iii)Both rich (iv)Do not know
(4) Which of the following best sums up the stock market's primary purpose? (i)The stock market assists predict stock returns (ii)The stock market results in an increase in stock prices (iii)The stock market plays a role as an intermediary for people who want to buy shares with people who want to sell shares (iv)None of the above (v)Do not know
(5) Which investment normally yields the best return over a lengthy period (say, 10 or 20 years)? (i)Deposit savings (ii)Stocks (iii)Bonds (iv)Do not know
(6) The danger of losing money... when an investor distributes his funds among many assets. (i)Increase (ii)Decrease (iii)Same (iv)Do not know
3. Result and Discussion
A. Digital Investment Behavior
The study managed to obtain 362 respondents. The table 2 summarizes the number of social media platforms used by the respondents. The respondents used two social networking sites and joined two online stock communities in average. Meanwhile, the biggest number of social networking sites used and online stock communities joined are 4 and 6 respectively.
Table 2: Social Networking Sites and Online Stock Communities Descriptive Analysis
N Minimum Maximum Mean Std. Deviation
Social Networking Sites 362 0 4 2.02 1.047
Online Stock Communities
362 0 6 2.12 1.553
Valid N 362
According to figure 1, YouTube was the most popular social networking site among the respondents. It is proven by 39% of the total respondents who used YouTube as their learning channel to seek investment knowledge. It is followed by Instagram which is used by 32% of the total respondents. On the other hand, Facebook was the least popular social networking site to be used as a learning channel where it can be seen that only 11% of the total respondents utilized Facebook as their learning channel.
From figure 2, it can be seen that joining online stock communities has been quite a popular way to learn about investing. 64% of the total respondents joined at least one community. In contrast, 36% of the total respondents did not join any online stock community. Meanwhile, from figure 3, Telegram was not more popular than other digital platform as the media to join online stock community. Only 28% of the total respondents joined online stock communities through Telegram while the other 72% of the respondents chose other digital platform to join online stock communities.
39%
18%
11%
32%
Social Networking Sites Used
Youtube Twitter Facebook Instagram
Figure 1: Respondents Social Networking Sites Classification
64%
36%
Joining Online Stock Community
Join Not Join
28%
72%
Online Stock Community Platform
Telegram Others
Figure 2: Joining Online Stock Community Figure 3: Respondents Online Stock Community Platform
B. Financial Literacy
Table 3: Descriptive Analysis of Financial Literacy
N Minimum Maximum Mean Std. Deviation Financial Literacy
Valid N
362 362
0 6 3.39 1.674
From figure 4, it is clear that most of the respondents managed to score 4 out of 6. It is approximately that half of the total respondents were able to score above 3. However, the average financial literacy score that all the respondents had was 3.39 as shown by table 3. Based on the interval calculation where 0-3 is categorized as low financial literacy level, scores below 4 are categorized as low financial literacy level. Therefore, it can be concluded that the respondents still had a low financial literacy level.
Table 4: Financial Literacy Answers Distribution
FL_1 FL_2 FL_3 FL_4 FL_5 FL_6
Correct 65.5% 57.7% 49.7% 73.2% 37.3% 55.5%
Incorrect 34.5% 42.3% 50.3% 26.8% 62.7% 44.5%
From the table 4, most of the respondents had the understanding of interest compounding (FL_1), mutual funds (FL_2), stocks (FL_4), and asset diversification (FL_6). On the other hand, most of the respondents still did not have the correct understanding regarding time value of money (FL_3) and long-term investment (FL_5).
C. Logit Model Significance and Fit Analysis
Table 5: Overall Model Fit Model I
Model -2 Log
Likelihood
Chi-Square df Sig.
Intercept Only Final
265.032
317.208 52.176 9 <.001
22
36
46
73
82
66
37
0 10 20 30 40 50 60 70 80 90
0 1 2 3 4 5 6
Financial Literacy Assessment
Figure 4: Financial Literacy Assessment Distribution
Table 6: Overall Model Fit Model II
Model -2 Log
Likelihood
Chi-Square df Sig.
Intercept Only Final
259.562
314.473 54.911 12 <.001
Tables 5 and 6 provide the model fitting data for both models, comparing the models with and without explanatory variables ("Intercept Only" and "Final") in terms of how well they match the data. This is done in order to explain how the model's explanatory variables have an impact.
Given that the significant chi-square statistic's p-value is less than 0.05, it can be concluded that both final models significantly outperformed the intercept-only model.
Table 7: Hosmer and Lemeshow Test Result Model I
Chi-Square df Sig.
9.238 8 .323
Table 8: Hosmer and Lemeshow Test Result Model II
Chi-Square df Sig.
8.077 8 .426
Moreover, Hosmer and Lemeshow test result of both models indicated that both p-values exceeded 0.05. In other words, we cannot reject null hypothesis which means that the models were good fit.
D. Logit Model Analysis
Table 9: Logit Model Result
Dependant Variable: Stock Market Participation
(1) (2)
Pseudo R2 Cox & Snell .134 .141
Nagelkerkes .210 .220
N 362 362
Variables Coef Sig. Coef Sig.
Social
Networking Sites
SNS .531*** .001
YouTube (YT) .022** .049
Twitter (TWT) .970*** .007
Instagram (IG) .986*** .002
Facebook (FB) .177 .639
Online Stock Communities
OSC .184*** .008
Telegram .026** .044
Controls Age (AGE) -.085*** <.001 -.088*** <.001
Gender (GEN) .832*** .007 1.052*** .002
Edu_Years (EDU) .128** .010 .161** .049
Major (MAJ) .147** .019 .159** .016
Marital (MART) 2.039*** <.001 2.037*** <.001 Risk Preference (RP) 1.383** .039 1.178* .078 Financial Literacy (FL) 1.230** .023 .910*** .001
Constant -1.206 .324 -1.206 .324
This table displays the findings of a binary logistic regression (logit model) used to assess how participation in the stock market is affected by learning via interactive social media. In Model 1, the independent variables are the number of social networking sites (SNS) and online stock communities (OSC), whereas in Model 2, the independent variables are YouTube, Twitter, Instagram, Facebook, and Telegram. The values of all independent variables are expressed as decimalized percentages. Pseudo R2 checks if the data and model fit. Statistical significance is indicated by ***, **, and * at 1%, 5%, and 10% levels, respectively.
Based on table 9, it can be seen that almost all variables are proven significantly impact stock market participation. In the first model, both number of social networking sites (SNS) and number of online stock communities (OSC) positively promote stock market participation. For every one-unit increase in social networking sites (SNS), it is expected to increase the stock market participation by 1.701 (exp(.531)). This means that if the respondent adds one social networking site as a learning channel, it increases the probability to invest in the stock market by 70.1%. Meanwhile, For every one-unit increase in online stock communities (OSC), it is expected to promote the stock market participation by 1.202 (exp(.184)). This means that if the respondent adds one online stock community as a learning channel, it increases the probability to invest in the stock market by 20.2%. This result is aligned with the literature that social media increases the tendency to invest in stock market. Therefore, it is important to encourage retail investors to use social media as learning channel.
In the second model, YouTube, Twitter, Instagram, and Telegram are proven to positively impact the stock market participation. If the respondent uses Instagram as their social networking site choice, it increases the probability to invest in the stock market by 68.1%
(exp(.986)). Meanwhile, if the respondent uses Twitter and YouTube, it increases the probability to invest in the stock market by 63.7% (exp(.970)) and 2.2% (exp(.022)) respectively. In addition, if the respondent uses Telegram to join the online stock community, it increases the probability to invest in the stock market by 2.2% (exp(.022)). On the other hand, this study fails to prove that Facebook has a significant impact on stock market participation.
This result is align with the literature that social media increases the tendency to invest in stock market. Therefore, the policymaker can utilize all the examined social media, especially focus on Instagram and Twitter, as the financial inclusion to provide financial education so that the retail investors can be equipped with the right financial knowledge regarding investing.
With the respect to the effect of control variables on stock market participation, it is proven that all control variables have significant impact on stock market participation. Only AGE that has a negative impact on stock market participation while the others have positive impact on stock market participation. The increase in age decreases the probability to participate in stock market. This result is in contrast with a study conducted by Van Rooij et al. (2011) that argued stock market participation rises with age, where investors with age of 40 and above are more likely to own stocks. Male investors (GEN) are more likely to invest in the stock market. This is aligned with Almenberg and Dreber (2015) and Li et al. (2021) studies that stated women are less likely to invest in the stock market. Meanwhile, the higher (or longer) the education also promotes stock market participation (EDU) which is aligned with Cole and Shastry’s (2009) study that found investors with greater levels of education are more inclined to participate in financial markets. Not to mention that Business and Economics major investors (MAJ) are likely to invest in stock market as well which is also aligned with Dong et al. (2022) that argued business school education positively affects stock market participation. Last but not least, married investors (MART), risk taker investors (RP) and high financial literacy level investors (FL) has positive impact on stock market participation. These results are aligned with Christiansen et al. (2014), Jorgensen and Attanasio (2003), and Kadoya et al. (2017) respectively.
4. Conclusion
This study investigates the impact of interactive social media platforms on stock market participation during COVID-19 in the Java Island, Indonesia using 362 samples obtained by an online survey for domestic retail investors. This study used a descriptive analysis and statistical model, a logit model as the regression model, to test the hypothesis. In addition, as a supporting finding, financial literacy assessment is also conducted to determine the financial literacy condition in the Java Island, Indonesia, especially during COVID-19. By knowing the financial literacy condition, the policymaker can know whether it is urgent to elevate the financial literacy level. To be more specific, two logit models are conducted in this study. The first model examines the effect of the number of social networking sites and online stock communities on stock market participation, while the second model examines which social media contributes the most to the stock market participation.
The findings show that the number of social networking sites positively impacts stock market participation. It implies that the more social networking sites are used, the more likely the investor will invest in the stock market. Meanwhile, YouTube, Twitter, Instagram, and Telegram significantly impact the stock market participation. Instagram is the most influential social networking site that promotes stock market participation, followed by Twitter, and YouTube. Meanwhile, there is no enough evidence to prove that Facebook has a significant relationship with stock market participation.
In line with the number of social networking sites, online stock communities also positively impact stock market participation. It implies that the more online stock communities the investor joins, the more likely the investor will invest in the stock market. In line with that, Telegram, as the online stock community platform, has been proven to positively impact stock market participation. It means that comparing Telegram to other platforms increases the likelihood of investing in the stock market.
According to the financial literacy assessment, it turns out that the average financial literacy score that all the respondents had was 3.39 out of 6. It implies that the financial literacy level in Indonesia is still low. Therefore, there is an urgency to elevate the financial literacy level.
A. Recommendation
The results of this study will not only add intellectually to the literature but also provide policymakers with useful suggestions for creating financial literacy initiatives. From this research, it can be seen that the numbers of social media used promote the stock market participation. Meanwhile, it is also predicted that social media users will keep growing in the following years. This is an opportunity for the policymaker to design financial education programs in social media to promote stock market participation. In addition, Instagram, Twitter, YouTube, and Telegram are proven to promote stock market participation. Based on these findings, the policymaker is recommended to utilize these platforms to keep injecting the financial education programs to educate the potential investors to give them the proper fundamental knowledge regarding stock investing so that they do not fall into a financial trap.
If the investors are well-educated, the stock market will also be healthy, and it will positively affect the government.
Since this study only includes social media, the future researcher can also include financial education applications such as Ternak Uang to examine its relationship with the stock market
participation. Therefore, it can give a more comprehensive understanding of the effect of several types of digital platforms on stock market participation. In addition, this study failed to prove the hypothesis that Facebook has a positive impact on stock market participation. Due to this reason, the future researcher can enlarge the sample to capture the effect of Facebook on stock market participation.
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