The Impact of Social Media Visibility Toward Institutional Ownership and Individual Ownership on Indonesia Sharia Stocks Using Instagram Platform

Ahmad Hafiyyan Shibghatalloh, Sugeng Wahyudi


Purpose: This study aims to examine the effect of Instagram user’s response to corporate Instagram post (likes and comments) toward individual ownership and institutional ownership of sharia stocks in Indonesia.

Design/Method/Approach: The data collection method used is 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).

Findings: The results showed that Instagram user respond increasing 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.

Origianalily/Value: This research is the first study that used social media to measure Sharia Stock Ownership.


Visibility, Ownership, Stocks, Instagram, Platform

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