Published in the International Journal of Management and Business Intelligence (IJBMI), Volume 4, Issue 3, 2026, the study highlights how investor attention has evolved from a purely psychological concept into a measurable indicator using digital data sources such as Google searches, social media activity, Bloomberg data, Robinhood trading trends, and YouTube engagement.
The findings are significant because modern stock markets do not always move solely in response to fundamental company information. In many cases, stock prices rise or fall simply because they attract substantial public and investor attention.
From Limited Attention to Digital Indicators
For decades, the Efficient Market Hypothesis suggested that stock prices fully reflect all available information. However, a growing body of research has shown that investors face cognitive limitations when processing information.
This limitation, known as limited attention, means investors tend to focus on information that is more visible, frequently discussed, or easier to understand. As a result, stocks receiving extensive media coverage or public discussion often attract greater investor interest than other stocks with similar or even stronger fundamentals.
The digital era has transformed the way researchers measure investor attention. Instead of relying on theoretical assumptions, scholars can now track investor interest directly through online search behavior and digital engagement metrics.
For example, an increase in Google searches for a company’s name or stock ticker may indicate rising investor interest, which can subsequently influence trading activity and stock returns.
Reviewing 82 International Publications
To provide a comprehensive overview of the field, the researchers employed a Systematic Literature Review (SLR) based on the PRISMA 2020 framework, combined with bibliometric analysis using VOSviewer software.
The research team initially identified hundreds of publications from the Scopus database and then applied a rigorous screening process. Ultimately, 82 peer-reviewed international articles met the inclusion criteria and were analyzed.
The selected studies covered the period from 1987 to 2025 and explored topics such as:
- Investor attention and stock returns
- Abnormal returns
- Trading volume
- Market liquidity
- Stock volatility
- Social media sentiment
- Islamic stock markets
- Jakarta Islamic Index (JII)
Through bibliometric mapping, the study identified major research trends, thematic relationships, and emerging areas that remain underexplored.
Six Major Themes in Investor Attention Research
The analysis revealed six dominant themes in the global literature on investor attention.
First, foundational studies focusing on limited attention theory within behavioral finance.
Second, research using digital indicators such as Google Trends and Google Search Volume Index to quantify investor attention.
Third, studies examining social media activity and public sentiment as predictors of market behavior.
Fourth, investigations into the relationship between investor attention and abnormal returns, stock volatility, and price formation.
Fifth, research concentrating on Islamic stock markets and Sharia-compliant financial instruments.
Sixth, studies linking investor attention to corporate transparency, information disclosure, and market regulation.
According to the authors, these themes demonstrate how investor attention has evolved from a behavioral concept into a strategic analytical tool for understanding modern financial markets.
Islamic Stock Markets Attract Growing Academic Interest
One of the study’s most notable findings is the increasing academic focus on Islamic stock markets.
Bibliometric visualizations showed that keywords such as “Sharia,” “Jakarta Islamic Index,” “Islamic Stock Market,” and “Islamic Finance” have become increasingly prominent in recent years.
Despite this growth, research examining the direct relationship between investor attention and abnormal returns in Islamic stock indices remains relatively limited compared to studies on trading volume and volatility.
This gap presents significant opportunities for future research, particularly in understanding how perceptions of Sharia compliance, corporate reputation, transparency, and investor trust influence market behavior.
The authors argue that investors in Islamic markets consider not only risk and return but also ethical and religious considerations, making investor attention especially relevant in this context.
Implications for Investors, Companies, and Policymakers
The study offers important practical implications for multiple stakeholders.
For investors, shifts in public attention may serve as early indicators of changes in market sentiment, investment demand, and potential price volatility.
For publicly listed companies, increased investor attention highlights the importance of maintaining transparency, improving information disclosure, and strengthening corporate reputation.
For regulators and policymakers, digital measures of investor attention may provide valuable tools for monitoring market stability and identifying emerging risks before they become systemic problems.
The researchers conclude that in today’s digital economy, investor attention serves as a critical bridge connecting behavioral finance, digital finance, and Islamic finance, creating new opportunities for both academic research and practical applications.
Author Profile
Arif Surahman is a researcher and academic at Universitas Islam Bandung (UNISBA) specializing in financial management, capital markets, behavioral finance, and Islamic finance.
The study was co-authored by:
- Dr. Ima Amaliah, Universitas Islam Bandung
- Dr. Nurleli, Universitas Islam Bandung
- Dr. Tasya Aspiranti, Universitas Islam Bandung
All four authors actively conduct research in economics, finance, capital markets, and Islamic financial development in Indonesia.
Research Source
Article Title: Investor Attention and Abnormal Returns in Islamic Stock Indices: A PRISMA 2020-Based Systematic Review and VOSviewer Bibliometric Analysis
Authors: Arif Surahman, Ima Amaliah, Nurleli, Tasya Aspiranti
Journal: International Journal of Management and Business Intelligence (IJBMI)
Volume: 4
Issue: 3
Year: 2026
Pages: 381–396
Affiliation: Universitas Islam Bandung (UNISBA), Indonesia
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