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"Investor ritel di Indonesia mengalami kenaikan jumlah yang pesat selama 2020-2022, yang salah satunya diakibatkan oleh kemajuan teknologi dimana investasi ritel dapat diakses dengan mudah melalui berbagai aplikasi. Riset sebelumnya di negara berkembang seperti Indonesia, India dan Pakistan mengindikasikan bahwa terdapat pengaruh bias persepsi dalam pengambilan keputusan investasi. Dengan adanya fitur pada aplikasi seperti penyajian data historis, idealnya investor ritel dapat mengambil keputusan investasi yang lebih rasional. Penelitian ini menggunakan Partial Least Square Structural Equation Modeling (PLS-SEM) untuk menganalisis pengaruh bias perilaku overconfidence, representativeness dan loss aversion dalam pengambilan keputusan investasi yang rasional, dengan fitur aplikasi data historis harga saham/reksadana sebagai variabel yang memoderasi hubungan di antaranya. Hasil penelitian mengindikasikan bahwa bias perilaku overconfidence mempengaruhi pengambilan keputusan investasi rasional secara signifikan, sedangkan representativeness dan fitur aplikasi data historis tidak berpengaruh secara signifikan. Fitur aplikasi data historis tidak signifikan dalam memoderasi hubungan di antaranya.

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Retail investors in Indonesia have experienced a rapid increase during 2020-2022, one of which is due to advances in technology where retail investments can be accessed easily through various applications. Previous research in developing countries such as Indonesia, India and Pakistan indicated that there is influence of perception biases in investment decision making. However, with present investment application features such as presenting price historical data of stocks/mutual funds, ideally retail investors are able to make more rational investment decision. This study applies Partial Least Square Structural Equation Modeling (PLS-SEM) to analyze the influence of perception biases in making rational investment decisions. Price historical data as application feature acts as a variable that moderates the relationship between them. The result of this study indicates that overconfidence significantly influences rational investment decision making, while representativeness and historical data application features do not have a significant effect. Price historical data as application feature is also not significant in moderating the relationship between them."

"Peningkatan jumlah investor yang terjadi pada pasar modal di Indonesia tidak terlepas dari kemudahan yang ditawarkan perusahaan sekuritas melalui penyediaan aplikasi investasi, sehingga kegiatan investasi menjadi mudah untuk dilakukan. Bibit dan Bareksa merupakan contoh aplikasi investasi pasar modal yang paling banyak digunakan saat ini. Penelitian ini bertujuan menganalisis bagaimana pengaruh dari aspek teknologi, personal dan lingkungan terhadap niat berkelanjutan untuk menggunakan aplikasi investasi dengan menggunakan studi kasus aplikasi Bibit dan Bareksa. Penelitian ini menggunakan model eksploratif dengan menggabungkan beberapa framework dan teori seperti Technology-Personal-Environment Framework, Innovation Diffusion Theory (IDT), Unified Theory of Acceptance and Use of Technology (UTAUT), Theory of Planned Behavior (TPB), dan Expectation Confirmation Model (ECM). Responden penelitian ini terdiri dari 464 orang yang pernah atau masih aktif menggunakan aplikasi Bibit atau Bareksa untuk berinvestasi. Analisis dilakukan penelitian dengan menggunakan metode Partial Least Square Structural Equation Modelling (PLS- SEM). Hasil penelitian menunjukan bahwa aspek personal melalui konstruk trust dan hedonic motivation dan teknologi melalui konstruk relative advantage, complexity, dan compatibility memiliki pengaruh terhadap niat keberlanjutan dalam menggunakan aplikasi investasi secara tidak langsung atau melalui konstruk lainnya yaitu perceived usefulness dan satisfaction. Penelitian ini diharapkan dapat melengkapi penelitian sebelumnya dan dapat menjadi acuan penelitian selanjutnya terkait aplikasi investasi. Selain itu, hasil dari penelitian ini juga diharapkan dapat menjadi bahan evaluasi bagi pihak regulator dalam membuat kebijakan serta bagi perusahaan penyedia aplikasi dalam melakukan pengembangan untuk bisa fokus terhadap faktor yang dapat berpengaruh terhadap niat keberlanjutan penggunaan aplikasi oleh pengguna, terutama aplikasi Bibit dan Bareksa. Hal tersebut diharapkan dapat meningkatkan jumlah investor individu dan bukan hanya menjadi suatu siklus sesaat.

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The increase number of investors in the Indonesia capital market is closely linked to the ease offered by securities companies through the provision of investment applications, making investment activities easy to conduct. Bibit and Bareksa are examples of the most widely used capital market investment applications today. This study aims to analyze how technological, personal, and environmental aspects influence the sustainable intention to use investment applications, using the Bibit and Bareksa applications as case studies. This study employs an exploratory model by combining several frameworks and theories such as the Technology-Personal-Environment Framework, Innovation Diffusion Theory (IDT), Unified Theory of Acceptance and Use of Technology (UTAUT), Theory of Planned Behavior (TPB), and Expectation Confirmation Model (ECM). The respondents of this study consist of 464 individuals who have used or are still actively using the Bibit or Bareksa applications for investment. The analysis in this study is conducted using the Partial Least Square Structural Equation Modelling (PLS-SEM) method. The results show that personal aspects through the constructs of trust and hedonic motivation, and technology through the constructs of relative advantage, complexity, and compatibility, have an impact on the sustainable intention to use investment applications either directly or indirectly through other constructs such as perceived usefulness and satisfaction. This study is expected to complement previous research and serve as a reference for future research related to investment applications. Additionally, the results of this study are also expected to serve as an evaluation material for regulators in policymaking and for application providers in developing investment applications, especially Bibit and Bareksa, to focus on factors that can influence the sustainable intention of users to use the applications. This is hoped to increase the number of individual investors and not just be a temporary cycle. "

"Peningkatan jumlah investor yang terjadi pada pasar modal di Indonesia tidak terlepas dari kemudahan yang ditawarkan perusahaan sekuritas melalui penyediaan aplikasi investasi, sehingga kegiatan investasi menjadi mudah untuk dilakukan. Bibit dan Bareksa merupakan contoh aplikasi investasi pasar modal yang paling banyak digunakan saat ini. Penelitian ini bertujuan menganalisis bagaimana pengaruh dari aspek teknologi, personal dan lingkungan terhadap niat berkelanjutan untuk menggunakan aplikasi investasi dengan menggunakan studi kasus aplikasi Bibit dan Bareksa. Penelitian ini menggunakan model eksploratif dengan menggabungkan beberapa framework dan teori seperti Technology-Personal-Environment Framework, Innovation Diffusion Theory (IDT), Unified Theory of Acceptance and Use of Technology (UTAUT), Theory of Planned Behavior (TPB), dan Expectation Confirmation Model (ECM). Responden penelitian ini terdiri dari 464 orang yang pernah atau masih aktif menggunakan aplikasi Bibit atau Bareksa untuk berinvestasi. Analisis dilakukan penelitian dengan menggunakan metode Partial Least Square Structural Equation Modelling (PLS- SEM). Hasil penelitian menunjukan bahwa aspek personal melalui konstruk trust dan hedonic motivation dan teknologi melalui konstruk relative advantage, complexity, dan compatibility memiliki pengaruh terhadap niat keberlanjutan dalam menggunakan aplikasi investasi secara tidak langsung atau melalui konstruk lainnya yaitu perceived usefulness dan satisfaction. Penelitian ini diharapkan dapat melengkapi penelitian sebelumnya dan dapat menjadi acuan penelitian selanjutnya terkait aplikasi investasi. Selain itu, hasil dari penelitian ini juga diharapkan dapat menjadi bahan evaluasi bagi pihak regulator dalam membuat kebijakan serta bagi perusahaan penyedia aplikasi dalam melakukan pengembangan untuk bisa fokus terhadap faktor yang dapat berpengaruh terhadap niat keberlanjutan penggunaan aplikasi oleh pengguna, terutama aplikasi Bibit dan Bareksa. Hal tersebut diharapkan dapat meningkatkan jumlah investor individu dan bukan hanya menjadi suatu siklus sesaat.

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The increase number of investors in the Indonesia capital market is closely linked to the ease offered by securities companies through the provision of investment applications, making investment activities easy to conduct. Bibit and Bareksa are examples of the most widely used capital market investment applications today. This study aims to analyze how technological, personal, and environmental aspects influence the sustainable intention to use investment applications, using the Bibit and Bareksa applications as case studies. This study employs an exploratory model by combining several frameworks and theories such as the Technology-Personal-Environment Framework, Innovation Diffusion Theory (IDT), Unified Theory of Acceptance and Use of Technology (UTAUT), Theory of Planned Behavior (TPB), and Expectation Confirmation Model (ECM). The respondents of this study consist of 464 individuals who have used or are still actively using the Bibit or Bareksa applications for investment. The analysis in this study is conducted using the Partial Least Square Structural Equation Modelling (PLS-SEM) method. The results show that personal aspects through the constructs of trust and hedonic motivation, and technology through the constructs of relative advantage, complexity, and compatibility, have an impact on the sustainable intention to use investment applications either directly or indirectly through other constructs such as perceived usefulness and satisfaction. This study is expected to complement previous research and serve as a reference for future research related to investment applications. Additionally, the results of this study are also expected to serve as an evaluation material for regulators in policymaking and for application providers in developing investment applications, especially Bibit and Bareksa, to focus on factors that can influence the sustainable intention of users to use the applications. This is hoped to increase the number of individual investors and not just be a temporary cycle. "

"Jumlah investor reksa dana di Indonesia mengalami peningkatan yang cukup signifikan setiap tahunnya. Namun, jika dibandingkan dengan total populasi penduduk, jumlah tersebut masih terbilang sangat kecil. Digitalisasi industri investasi dalam bentuk aplikasi reksa dana diketahui dapat meningkatkan jumlah investor reksa dana di Indonesia. Namun, pengadopsian aplikasi reksa dana disebutkan sangat bergantung pada kemampuan aplikasi tersebut dalam memenuhi kebutuhan investor. Untuk mengukur kemampuan tersebut, digunakan perspektif teori task-technology fit yang juga menjadi dasar tujuan penelitian ini, yaitu untuk menganalisis faktor-faktor yang memengaruhi intensi pengguna dalam menggunakan aplikasi investasi reksa dana. Penelitian dilakukan menggunakan metode covariance-based structural equation modelling (CB-SEM) untuk mengolah data yang diperoleh dari survei daring yang diisi oleh 421 responden valid. Hasil analisis membuktikan bahwa task characteristic investor reksa dana adalah mengelola akun investasi, melakukan transaksi, dan memperoleh informasi. Sedangkan technology characteristic aplikasi reksa dana adalah bisa digunakan kapan saja dan di mana saja, aman, dan transparan. Hasil analisis juga membuktikan bahwa faktor task characteristic dan technology characteristic memengaruhi task-technology fit; faktor task-technology fit memengaruhi perceived ease of use dan perceived usefulness; faktor perceived risk memengaruhi perceived ease of use; faktor perceived ease of use memengaruhi perceived usefulness dan behavioural intention to use; dan faktor perceived usefulness memengaruhi behavioural intention to use. Penelitian ini diharapkan dapat mengisi kekosongan penelitian mengenai intrumen investasi reksa dana dari perspektif task-technology fit serta memberi implikasi praktikal bagi investor sebagai panduan dalam menganalisis aplikasi investasi reksa dana serta bagi pelaku industri reksa dana untuk mengembangkan aplikasi yang memenuhi kebutuhan investor reksa dana di Indonesia.

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The number of mutual fund investors in Indonesia has increased significantly every year. However, when compared to the total population, this number is still very small. Digitalization of the investment industry in the form of mutual fund applications is known to increase the number of mutual fund investors in Indonesia. However, the adoption of the mutual fund application is said to be highly dependent on the ability of the application to meet the needs of investors. To measure this ability, the perspective of task-technology fit theory is used which is also the basis for the purpose of this study, namely to analyze the factors that influence user intentions in using mutual fund applications. The study was conducted using the covariance-based structural equation modelling (CB-SEM) method to process data acquired from an online survey filled out by 421 valid respondents. The results of the analysis prove that the task characteristic of a mutual fund investor is to manage investment accounts, perform transactions, and obtain information. Meanwhile, the technology characteristic of the mutual fund application is that it can be used anytime and anywhere, is safe, and transparent. The results of the analysis also prove that the task characteristic and technology characteristic factors affect task-technology fit; task-technology fit factors affect perceived ease of use and perceived usefulness; perceived risk factors affect perceived ease of use; factors perceived ease of use affect perceived usefulness and behavioral intention to use; and perceived usefulness factors affect behavioral intention to use. This research is expected to fill the gaps in research on mutual fund investment instruments from a task-technology fit perspective as well as provide practical implications for investors as a guide in analyzing mutual fund applications as well as for mutual fund industry players to develop applications that meet the needs of mutual funds investors in Indonesia."