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Journal : general multidisciplinary research journal

Digital Investment and the Indonesian Capital Market: A Review of Current Evidence Binda Rahma Cahyani; Wahyu Febri Ramadhan Sudirman; Mohd Winario
General Multidisciplinary Research Journal Vol. 3 No. 2 (2026)
Publisher : Global Sustainability Research Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63453/general.v3i2.90

Abstract

Introduction:The rapid advancement of information technology has accelerated the digital transformation of Indonesia’s financial sector, particularly in capital market investment activities. The emergence of digital investment platforms, online brokerage services, and financial technology applications has increased retail investor participation by improving accessibility, efficiency, and affordability. Methods:This study employed a qualitative literature review approach. Relevant studies were identified through searches in Scopus, ScienceDirect, and Google Scholar using the keywords digital investment, capital market, financial technology, online trading, retail investors, and Indonesia. The review included peer-reviewed journal articles published between 2020 and 2025. Inclusion criteria comprised studies focusing on digital investment adoption, investor behavior, financial technology, and capital market development, while duplicate articles, conference abstracts, editorials, and studies unrelated to investment activities were excluded. Following the screening process, 30 eligible articles were selected and analyzed using descriptive thematic analysis to identify recurring themes, opportunities, challenges, and research gaps. Results:The findings indicate that digital investment has significantly increased retail investor participation, improved market accessibility, enhanced trading efficiency, and supported financial inclusion in Indonesia. Nevertheless, the rapid expansion of digital investment has also heightened cybersecurity risks, information asymmetry, behavioral biases, and speculative investment practices that may influence investment decisions and market stability.Conclusion and Suggestion:Digital investment has become an important driver of Indonesia’s capital market development. However, sustainable growth requires strengthening financial literacy, enhancing investor protection, improving cybersecurity measures, and implementing adaptive regulatory frameworks. Future studies are recommended to employ empirical methods to examine the causal relationships between digital investment adoption, investor behavior, financial literacy, and capital market performance in Indonesia.
Co-Authors Adityawarman Hidayat Aisyah, Puji Nur Amalia, Nala AMELIA, NUR Aminin, Risti Andini, Bunga Anggiani, Mei Dinda Arif Mudi Priyatno Ayu Pani Berliana Putri Berliana Putri Binda Rahma Cahyani Budi Trianto Bunga Andini Bustanur, Bustanur Candra, Filtra Dedi Sumanto Delia, Dwi Anisa Despira, Despira Dian Novita Dian Pratiwi Dianti, Ratna Diany Mairiza Dinata, Shidiq Ramdan Dwi Anisa Delia Dwi Widiarsih Elen Sri Ega Putri Emilia Susanti Emilia Susanti Fahmi Iqbal Firmananda Faris, Naufal Fitriyana, Rinda Habibis Salam Hairullah Efendi Harahap, Ahmad Muda Harahap, Ahmad Rofi'i HARAHAP, ISMAIL Hasgimianti Hasgimianti Hasgimianti, Hasgimianti Hendri K, Hendri Heni Pujiastuti Henry Martin Adriansyah Henry Martin Adriansyah Hidayat Hidayat Hidayat Hidayat Hidayat Hidayati, Qonita Hidayatullah, Iqbal Husni Fuaddi I. Irawati Irawati Irawati Irawati Irawati Irawati Irawati Irmawanti Irmawanti Irmawanti, Irmawanti Jati, Putri Zulia Jenari, Felisa Juliana Yulianti Kamalin, Muhammad Kasman Ediputra, Kasman Khairunisa, Madona KHAIRUNISA, MADONA Larasati, Febrina Putri Lismawati Lismawati Lismawati, Lismawati Lubis, Haniah Maini, Nur Merry Meilany Mifta Hasda Miza, Rauzatul Mizan Asnawi, Mizan Muhammad Afif Muhammad Mardiansyah Muhammad Syaipudin Muhammad Zaim Muhammad Zakir Muhammad Zakir Mulki Akhdan Munthe, Marabona Nala Amalia Nala Amalia Nala Amelia Nana Sari Nilam Erman Nining Suniarti Nongliasma, Nongliasma Novriavani Novriavani Nur Amelia Nur Amelia NUR HASANAH Nurhamidah, Eva Nurmaini Nurmaini Nurmaini Nurmaini Paisal PAISAL PAISAL Puji Ananda Irvan Putra, Aroiyan Faiz Putri Zulia Jati Putri, Alfira Huriyah Putri, Berliana Putri, Elen Sri Ega Putri, Ramanitya Dewi Qonita Hidayati Rafida Z Rafiqoh, Lailan Rahmawati Rahmawati Rahmawati, Rahmawati Rahmayani, Wahyu Rantisi, Muhammad Agil Ridwan, M Sulaiman Rifqil Khairi Rinaldi Rinaldi Rinda Fithriyana Rizky, Syafnur M Rohmannudin, Rohmannudin Saputra, Rio Panji Sari, Efti Novita Sarini, Elfi Saru Reza Simbolon, Muhammad Iran Sisda, Tiara Melfia Siti Fitriyah Suci Mardiyah Suhayanti, Suhayanti Sunelti, Detri Syafnur Muhammad Rizki Syahfitra, Nofri Ramadhani Syam, Zulkharil Hadi Syamsiar, Syamsiar Tanjung, Lailatul Syifa Taufik Tiara Aninditha Tutia Saputri Wahyu Febri Ramadhan Sudirman Yasra, Dewi Yudi Irwan Yuliani Yuliani Zafia Sarina Yoly Zubaidah Assyifa ZULFAN EPENDI