Efek Moderasi Keterampilan Literasi Digital pada Hubungan Antara Sentimen Pasar Berbasis AI dan Perilaku Herding Investor Perorangan di Pasar Modal

Indah Pratiwi; Halim Usman; Sukri

doi:10.57178/paradoks.v9i3.2497

Authors

Indah Pratiwi Universitas Muhammadiyah Palopo, Indonesia
Halim Usman Universitas Muhammadiyah Palopo, Indonesia
Sukri Universitas Muhammadiyah Palopo, Indonesia

DOI:

https://doi.org/10.57178/paradoks.v9i3.2497

Keywords:

Artificial intelligence sentiment, Herding behavior, Digital literacy, Retail investors, Behavioral finance

Abstract

Penelitian ini bertujuan menganalisis pengaruh sentimen pasar berbasis kecerdasan buatan (AI) terhadap perilaku herding investor perorangan serta menguji peran keterampilan literasi digital sebagai variabel pemoderasi dalam konteks pasar modal Indonesia. Penelitian ini menggunakan desain kuantitatif dengan metode survei terhadap 300 investor perorangan yang terdaftar di Bursa Efek Indonesia (BEI) dan berdomisili di wilayah Sulawesi Selatan, yang diperoleh melalui teknik purposive sampling berdasarkan kriteria usia, pengalaman investasi, dan keaktifan bertransaksi. Data dikumpulkan menggunakan kuesioner skala Likert lima poin yang mengukur tiga konstruk utama (sentimen pasar berbasis AI, perilaku herding, dan keterampilan literasi digital) serta beberapa variabel kontrol demografis dan perilaku investasi; analisis dilakukan dengan Partial Least Squares–Structural Equation Modeling (PLS‑SEM) melalui pengujian model pengukuran (validitas dan reliabilitas) dan model struktural (uji pengaruh langsung serta moderasi dua tahap). Hasil penelitian menunjukkan bahwa sentimen pasar berbasis AI berpengaruh positif dan signifikan terhadap perilaku herding investor perorangan, sementara keterampilan literasi digital berpengaruh negatif terhadap herding dan secara signifikan memperlemah pengaruh sentimen AI terhadap herding, setelah mengendalikan faktor usia, pengalaman investasi, frekuensi transaksi, dan karakteristik platform. Temuan ini mengimplikasikan bahwa penguatan literasi digital investor merupakan komponen kunci dalam perancangan kebijakan edukasi keuangan dan desain fitur AI di platform investasi untuk memitigasi risiko perilaku herding yang dipicu algoritma, serta menegaskan perlunya regulasi yang lebih AI‑aware di pasar modal. Penelitian lanjutan disarankan untuk menggunakan desain longitudinal atau eksperimental, memanfaatkan data transaksi aktual, serta menguji model serupa pada instrumen dan konteks pasar yang berbeda (misalnya kripto, sukuk, atau pasar lintas negara) guna memperkaya pemahaman mengenai dinamika herding di era kecerdasan buatan.

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