The findings were published in 2026 in the International Journal of Economic, Finance and Business Statistics (IJEFBS) in an article titled “Strategic Determinants of Investment Sustainability on Digital Investment Platforms: Integrating the Technology Acceptance Model and Impulsive Trading Behavior with the Mediating Role of Initial Investment Decisions.” The researchers, affiliated with Telkom University, analyzed responses from 220 retail investors in Indonesia. Their findings highlight the importance of combining user-friendly technology with responsible digital investment design.
Indonesia’s Digital Investor Growth Creates a New Challenge
Indonesia has experienced a major increase in the number of people entering the capital market through digital platforms. Data from the Indonesia Central Securities Depository (KSEI), cited in the article, show that the number of Single Investor Identification (SID) accounts increased from 2.48 million at the end of 2019 to 14.87 million in December 2024.
Young people represent a large share of these investors. More than 79 percent of individual investors were under 40 years old, while around 73 percent were individual retail investors.
However, the rapid growth in registered investors has not translated into the same level of daily trading activity. In December 2024, only around 147,000 investors were recorded as actively trading each day, representing less than one percent of the total registered investor population.
This gap creates an important challenge for digital investment platforms. Attracting new users is not enough. Platforms also need to understand why investors make their first investment decisions and what encourages them to remain active over time.
Researchers Examine 220 Indonesian Retail Investors
To investigate these factors, Ghifary Alfarisy, Nurafni Rubiyanti, and Yogi Suprayogi surveyed Indonesian retail investors using digital investment platforms.
The research covered users of five major platforms: Bibit, Ajaib, Stockbit, IPOT, and Bareksa. Participants had to meet specific criteria, including having made more than one investment transaction or having remained active during the previous three months.
The researchers initially collected 258 responses. After removing 38 responses that did not meet the data-quality requirements, 220 respondents were included in the final analysis.
The largest group of respondents was aged 25–30, accounting for 45 percent of the sample. Bibit was the most frequently used platform among respondents at 35.5 percent, followed by Stockbit at 24.5 percent and Ajaib at 18.2 percent. Nearly half of the respondents, or 46.4 percent, made between one and four investment transactions per month.
The researchers analyzed the survey data using a statistical modeling approach to examine relationships among users’ perceptions of investment platforms, initial investment decisions, impulsive trading behavior, and continued platform use.
Enjoyment Has the Strongest Influence on Initial Investment Decisions
One of the clearest findings is that Perceived Enjoyment—the extent to which users find an investment platform enjoyable to use—has the strongest influence on initial investment decisions.
The effect of perceived enjoyment on the initial investment decision reached β=0.411, representing a large effect. This was stronger than perceived usefulness, which recorded β=0.339, and perceived ease of use, which recorded β=0.276.
The finding suggests that investors do not evaluate digital investment platforms solely based on whether they are useful or easy to operate. The overall experience of interacting with the platform can also influence whether users decide to make an investment.
For young retail investors who frequently use smartphone-based financial services, an engaging and comfortable digital experience may therefore become an important factor in encouraging investment activity.
According to the findings of Ghifary Alfarisy, Nurafni Rubiyanti, and Yogi Suprayogi of Telkom University, the importance of enjoyment becomes particularly relevant when competing platforms already provide similar levels of usability and functionality. In such an environment, the quality of the user experience can become a significant differentiating factor.
Impulsive Trading Can Undermine Long-Term Investment
The research also identifies a potential downside of highly interactive digital investment environments.
Impulsive Trading Behavior was found to have a negative relationship with continued investment platform use, with a coefficient of β=-0.300.
In the study, impulsive trading refers to spontaneous investment decisions, emotionally driven transactions, and situations in which investors act without adequately considering potential consequences. Digital platforms may contribute to these behaviors through real-time price notifications, stock rankings, volatility charts, and constantly changing market information.
Repeated impulsive decisions can expose investors to losses or disappointment. Over time, negative experiences may reduce their willingness to continue investing through the platform.
The researchers also found that the initial investment decision plays an important role in connecting users’ perceptions of digital platforms with continued investment. Initial investment decisions had a positive relationship with investment continuation, with β=0.354.
The research model explained 74 percent of the variation in initial investment decisions and 66.3 percent of the variation in continued investment behavior, indicating that the factors examined in the study provide substantial insight into digital investment sustainability.
Implications for Investment Platforms and Regulators
The findings provide practical implications for digital investment companies, investors, and financial regulators.
For investment platforms, the research suggests that improving user experience should go beyond making applications technically functional. Responsive interfaces, personalized information, intuitive transaction processes, and engaging designs can help create a more positive investment experience.
At the same time, platforms need to consider the potential behavioral effects of their interface designs. The researchers recommend evaluating the use of price alerts, stock rankings, and volatility displays to reduce unnecessary emotional reactions. Cooling-off mechanisms before large transactions and educational notifications could also help new investors make more deliberate decisions.
For individual investors, the findings emphasize the importance of separating useful market information from information that encourages immediate action. Reducing unnecessary notifications and setting specific times to review investment portfolios may help limit impulsive trading.
The findings are also relevant for Indonesia’s financial regulators, including the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX). The researchers suggest that digital platform design could become part of broader discussions about retail investor protection and responsible investment technology.
Authors and Academic Contribution
Ghifary Alfarisy is the lead and corresponding author of the research and is affiliated with Telkom University. Nurafni Rubiyanti and Yogi Suprayogi, also from Telkom University, contributed to the research. The published article does not specify an academic degree for Ghifary Alfarisy, so no degree is attributed to him here.
The researchers acknowledge several limitations. The study uses cross-sectional data, meaning it captures investor behavior at one point in time rather than tracking changes over several years. Impulsive trading was also measured through questionnaires rather than actual transaction records.
For future research, Alfarisy, Rubiyanti, and Suprayogi recommend longitudinal studies lasting 12–24 months and the use of real transaction data from investment platforms. These approaches could provide stronger evidence about how impulsive trading affects investment behavior over the long term.
Source
Article Title: Strategic Determinants of Investment Sustainability on Digital Investment Platforms: Integrating the Technology Acceptance Model and Impulsive Trading Behavior with the Mediating Role of Initial Investment Decisions
Authors: Ghifary Alfarisy, Nurafni Rubiyanti, Yogi Suprayogi
Affiliation: Telkom University
Journal: International Journal of Economic, Finance and Business Statistics (IJEFBS)
Publication: 2026, Volume 4, Issue 4, pp. 333–352
DOI: https://doi.org/10.59890/ijefbs.v4i4.18
URL: http://journalijefbs.my.id/index.php/ijefbs
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