Journal of Social Commerce

Investor Sensitivity to Liquidity and Systematic Risk in Indonesia's Real Estate Market

Fri, 12 Sep 2025 00:00:00 +0700

The current paper analyzes whether the liquidity and systematic risk can predict stock returns not only as a typical financial indicator but as a kind of a descriptive tip in modern market environments. Using panel data of Indonesian firms listed in the property-sector in the Indonesia Stock Exchange, the research makes use of the random effects model of statistical analysis to assess how firms-level liquidity statistics, beta, and Return results are connected to one another. The findings show that the systematic risk has a strong and positive effect on the stock returns but this is not the case with liquidity, which does not have a similar type of effect. This result is not an indicator of the reduced role of economy but it is a significant rejuvenation concerning the methods in which financial information is being assimilated, ranked and acted upon by the investors. The lack of the effect of liquidity is said not to be irrelevant but invisible in platforms, stories, and investor attention schemes that are more and more dominating the interpretive access. By highlighting a changing ecology of valuation where the salience of financial metrics is mediated by visibility and volatility, as well as digital resonance, the findings help to understand that salience in this context has become contested, and the measured episodically as they become visible and volatile on the temporal shelf of valuation.

The Role of Influencers in Enhancing Public Understanding of Sharia Insurance in Indonesia

Nonita Fitriani Harahap, Yusrizal, Aqwa Naser Daulay — Fri, 12 Sep 2025 00:00:00 +0700

This study investigates how public understanding of Sharia Insurance takes form within the lived rhythms of social media, where influence no longer travels through official channels but through the voices of individuals who hold attention, trust, and cultural fluency. In Indonesia, where formal Islamic finance education often falls short of reaching everyday audiences, TikTok influencers have emerged as unexpected educators. This research follows two such figures and explores how their content reshapes not only what their followers know but how they come to know it. Drawing from a qualitative phenomenological approach, the study examines shifts in comprehension among followers exposed to their content. The data reveal a significant increase in understanding, yet the clarity that followed did not translate into action. None of the informants took steps to inquire further or adopt the insurance products they now understood. What emerged instead was a gap between recognition and response, between the ability to grasp meaning and the capacity to move forward. The findings suggest that while influencers play a powerful role in building comprehension, their impact remains suspended when institutional pathways are unclear or absent.

Emotional Triggers and Self-Control in Digital Consumption within Islamic Communities

Riska Amelia, Muhammad Yafiz, Kamilah — Fri, 12 Sep 2025 00:00:00 +0700

This study explores the psychological and spiritual dynamics underlying impulsive buying behavior within Islamic educational communities, focusing on how emotional triggers interact with financial literacy, platform trust, lifestyle orientation, and the use of financial technology. Drawing from a sample of teachers and staff in two pesantren in North Sumatra, the research applies Partial Least Squares Structural Equation Modeling to test a model that includes fear of missing out as a key emotional predictor, and self-control as both a direct influence and a moderating mechanism. The findings reveal that among all variables tested, only fear of missing out exerts a statistically significant effect on impulsive buying. Other factors such as Islamic financial literacy, fintech usage, trust, and lifestyle show no direct influence, highlighting the limited behavioral power of cognitive or infrastructural preparedness when emotional pressure dominates the decision-making process. Self-control emerges as a critical behavioral firewall, directly reducing impulsive tendencies and weakening the emotional force of fear of missing out. These results underscore a growing behavioral dissonance between ethical intention and digital action. They suggest that Islamic financial education must evolve beyond informational delivery to include the cultivation of emotional regulation, ethical habit, and behavioral resilience. In a commerce environment increasingly governed by acceleration and visibility, the preservation of Sharia-compliant financial behavior will depend less on what individuals know and more on how they manage what they feel and how they pause before they act.

The Impact of Auditor Time Budgeting Pressure on Fraud Detection Determinants

Linda Fransisca, Wahidahwati, Titik Mildawati — Sun, 28 Sep 2025 00:00:00 +0700

This research examines the effect of professional skepticism, auditor competence, auditor experience, and time budget pressure on fraud detection ability and the impact of professional skepticism, auditor competence, and auditor experience on fraud detection ability with time budget pressure as a moderating variable. Furthermore, the research applies quantitatively with an explanatory approach. The data were primary, in the form of questionnaires. The variables were professional skepticism, auditor competence, auditor experience, time budget pressure, and fraud detection ability. Moreover, the respondents consist of auditors in KAP of East Java. The data analysis technique used moderated regression. As a result, it concludes that professional skepticism, auditor competence, auditor experience, and time budget pressure are proven partially on the fraud detection ability. Also, it moderates successfully the effect of professional skepticism, auditor competence, and auditor experience on fraud detection ability. Therefore, the results are used as an implication for auditors to increase professional skepticism, auditor competence, and auditor experience to improve fraud detection ability. In addition, KAP has to manage budget pressure well and control its policy which is not only oriented on time efficiency, but also audit quality.

What is More Important on Gcg and Financial Performance: The Independent Commissioner or Affiliated Commissioner? Evidence from Indonesian Banks

Jerry Marmen Simanjuntak, Airlangga Surya Kusuma — Sun, 28 Sep 2025 00:00:00 +0700

Traditionally, an independent Board of Commissioners (BoC) has been considered one of the most important pillars of Good Corporate Governance (GCG). However, unlike agency theory, stewardship theory proposes that BoCs originate from internal companies, and not from outsiders. Thus, this study aims to investigate the comparative importance of affiliated commissioners versus independent commissioners in moderating the relationship between GCG and financial performance in Indonesian banks. Using a sample of 37 Indonesian banks over a ten-year period (2013-2022), the research employed moderated regression analysis to examine these relationships while controlling for various bank-specific characteristics. The study confirms a significant positive relationship between GCG implementation and bank financial performance, as measured by Return on Assets (ROA). The most significant finding of this study relates to the moderating effects of board composition. When control variables are included in the analysis, both independent commissioners and affiliated commissioners demonstrate significant moderating effects on the GCG-performance relationship. However, several important nuances emerge: Independent commissioners show a slightly stronger moderating effect (-2.82455) than affiliated commissioners (-2.613125), suggesting that independent oversight provides marginally greater value in enhancing the effectiveness of GCG practices. Both types of commissioners contribute positively to the GCG-performance relationship, indicating that the traditional dichotomy between agency theory and stewardship theory may be overly simplistic in the Indonesian banking context.

SWACAM and the Future of Self-Service: a TAM Study of Perceptions, Attitudes, and Intentions to Use

Artina Ningsih, Harmanda Berima Putra — Sun, 28 Sep 2025 00:00:00 +0700

This study aims to analyze customer acceptance of the SWACAM feature in the PLN Mobile application using the Technology Acceptance Model (TAM). Based on data from 181 postpaid customers at PLN UP3 Serpong, this research empirically investigates the impact of perceived ease of use and perceived usefulness on users' attitudes and their intention to use the SWACAM feature. The study employed Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS software. The findings reveal that both perceived ease of use and perceived usefulness significantly affect user attitudes and intentions. Attitude also mediates the relationship between perception and intention. These results provide practical insights for PLN to enhance the adoption of self-service technologies.

Gen Z Digital Investment Intentions: An Analysis of Financial Literacy, Social Media, and Privacy Issues

Sri Endar Utami, Agni Astungkara, Triloka Mahesti, Arum Febriyanti Ciptaningtias — Sun, 28 Sep 2025 00:00:00 +0700

Economic uncertainty is inevitable for every individual, including Generation Z. One way to deal with this economic uncertainty is through financial planning, which also includes investment activities. This study aims to investigate the role of financial literacy, social media, and privacy concerns on investment intentions. This study involved 206 respondents who were Generation Z students in Semarang City, Indonesia. The results showed that financial literacy and the role of social media have a positive influence on Generation Z's intention to invest in digital platforms, while privacy concerns negatively affect their intention to invest in digital platforms. However, this study was unable to show a moderating relationship between privacy concerns and the role of social media and investment intentions in digital platforms.