Can social media visibility affect institutional ownership and trading consensus on sharia stocks?

Ahmad Hafiyyan Shibghatalloh*  -  Universitas Diponegoro, Indonesia
Sugeng Wahyudi  -  Universitas Diponegoro, Indonesia
Noni Setyorini  -  Universitas PGRI Semarang, Indonesia
Abdulhamid Ali Abukil  -  Elmergib University, Libya

(*) Corresponding Author
DOI: 10.21580/jiafr.2023.5.1.14874

Purpose - This study aims to examine the effect of Instagram users’ responses to corporate Instagram post (Likes and Comments) toward trading consensus and institutional ownership of sharia stocks in Indonesia.

Method - This study used purposive sampling technique. The number of samples in this study were 158 companies registered in ISSI (Indonesia Sharia Stock Index) and having an active Instagram account. Data processing using SPSS.26 with Ordinary Least Square (OLS).

Result - The results showed that Instagram users’ responses increased the institutional investor and individual investor in sharia stock. The interpretation for this findings that such Instagram activities increase the visibility of the company across a more diverse group of investors. This increase visibility makes information more accessible to individual and institutional investors, so that they are attracted to invest more in sharia stock.

Implication - Sharia issuer companies should also use social media to provide valid information to potential investors. So that it can be one of the foundations of investors in choosing Islamic stocks.

Originality - This research is the first study that used social media to measure sharia stock ownership.

Keywords: like; comment; trading consensus; institutional ownership; sharia stock

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Journal of Islamic Accounting and Finance Research
Published by Department of Sharia Accounting, Faculty of Islamic Economics and Business, Universitas Islam Negeri Walisongo Semarang, Indonesia
Jl Prof. Dr. Hamka Kampus III Ngaliyan Semarang 50185
Phone: +62 852-2589-5726
Website: https://febi.walisongo.ac.id/
Email: jiafr@walisongo.ac.id

ISSN: 2715-0429 (Print)
ISSN: 2714-8122 (Online)

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