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All Journal Jurnal Riset Entrepreneurship
Syamsul Bakhtiar
Universitas Jendral Soedirman
Economics, Econometrics & Finance Social Sciences

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TRANSFORMING ASSET ALLOCATION THEORY THROUGH ROBO-ADVISORY AND ARTIFICIAL INTELLIGENCE Farid Muhammad Rofifudin; Muhammad Rizqi Alriansyah Manurung; Syamsul Bakhtiar
Jurnal Riset Entrepreneurship Vol. 9 No. 2 (2026): (Edisi Agustus) Volume 9, Nomor 2, Tahun 2026
Publisher : Universitas Muhammadiyah Gresik

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.30587/jre.v9i2.12439

Abstract

This study synthesises the global literature on the transformation of traditional asset-allocation theory, particularly Modern Portfolio Theory (MPT), toward decision models based on Artificial Intelligence (AI) and Robo-Advisory. Using a Systematic Literature Review (SLR) with the PRISMA 2020 protocol, 46 Scopus-indexed articles (2016–2026) were analysed. The findings document a paradigm shift from static mean-variance optimisation toward Deep Reinforcement Learning (DRL), hybrid FNN–DRL architectures, and the integration of alternative data such as ESG sentiment, Vision-Language climate perception, and digital assets. The study proposes an emerging "Algorithmic Portfolio Theory" and underlines the need for Explainable AI to secure accountability and investor trust in increasingly autonomous asset management.
Co-Authors Farid Muhammad Rofifudin Muhammad Rizqi Alriansyah Manurung