The Role of Social Media in the Stock Preferences of Retail Investors in Indonesia: A Cultural Studies Approach

Veny Anindya Puspitasari; Ronald Maraden Parlindungan Silalahi

doi:10.55927/ajabm.v4i4.613

Authors

Veny Anindya Puspitasari Matana University
Ronald Maraden Parlindungan Silalahi Pembangunan Jaya University

DOI:

https://doi.org/10.55927/ajabm.v4i4.613

Keywords:

Social Media, Retail Investors, Investment Preferences, Investment Decisions, Socio-Cultural

Abstract

This study explores the influence of social media on the stock investment preferences of retail investors in Indonesia through a Cultural Studies lens. Using an interpretive qualitative approach, data were gathered through in-depth, semi-structured interviews with nine retail investors who actively consume stock-related content on social media. The participants were selected using purposive sampling to ensure they met criteria related to active investing, social media usage, and interaction with financial influencers. The interview data were then examined using thematic narrative analysis to identify common patterns and cultural meanings attached to investment behavior. The findings reveal that content from influencers and online investing communities significantly shapes stock preferences, even when concerns about credibility remain. Social dynamics such as digital belonging and FOMO contribute to decision-making, showing that investment behavior is not purely rational but is shaped by social and cultural narratives. This study enhances the understanding of how digital media, culture, and financial decision-making intersect in Indonesia’s retail investment landscape.

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