The Influence of Stock Influencers, Financial Literacy, and Technological Advancement on Stock Investment Interest Among Students in Surabaya (PENG Jurnal Ekonomi dan Manajemen)

Summary

• Surabaya has the highest number of Single Investor Identifications in East Java, totaling 455,705.p.1
• The study surveyed 394 active university students in Surabaya and analyzed the data with PLS-SEM.p.1
• The Indonesian investor base, measured by SID, grew 49% compared with the end of the previous year.p.2
• The model explains 33.9% of the variance in stock investment interest, leaving 66.1% to other factors.p.13

Key insights

1. Stock influencers, financial literacy and technological advancement all have a positive and significant impact on stock investment interest.p.1
2. The minimum required sample was 384 respondents, so the 394 respondents met the threshold.p.8
3. H1, H2 and H3 are accepted, confirming positive and significant effects of all three factors.p.13
4. Under the Theory of Planned Behavior, financial literacy is attitude, stock influencers are subjective norm and technology is perceived behavioral control.p.16
5. Students should balance technological ease with financial literacy and a critical attitude toward stock influencers.p.16
6. The authors point to continuing OJK oversight of stock influencer activity under POJK Nomor 6 Tahun 2026.p.16