Sawidji Widoatmodjo

Department of Management, Universitas Tarumanagara,

Indonesia

sawidjiw@pps.untar.ac.id

ORCID 0000-0003-4231-1037

Disagreement on social media and stock trading volume: The Indonesian context

Ignatius Roni Setyawan

Department of Management, Universitas Tarumanagara,

Indonesia

ign.s@fe.untar.ac.id

ORCID 0000-0003-0678-4179

Abstract. This research intends to test the relationship between disagreements on social media and stock trading volume using the Indonesia Stock Exchange (IDX) as a research object. The Covid-19 pandemic has made the use massively of social media to invest in Indonesia’s capital market There has been an increasing number of investors in the IDX. They trade and discuss stocks online. The research question is whether the information on social media has worhted for Indonesian investors. Research on the relationship between social media features and stock market features, especially using trading volume, has never been done in Indonesia. To do this, we tested the influence that the number of posts and disagreements on Telegram social media has on stock trading volume in IDX. The test was done using multivariate regression method. The results show that discussions on social media have a positive and significant effect on stock trading volume, while disagreements do not significantly affect it.

Received: October, 2021

1st Revision: September, 2022

Accepted: December, 2022

DOI: 10.14254/2071-8330.2022/15-4/9

JEL Classification: G21, L26, O16

Keywords: posting, disagreement, social media, stock, trading volume