I. Introduction
According to the standard Indonesian dictionary, investors are people who invest their money in a business to make a profit. The Indonesia Stock Exchange (IDX) stated that the number of investors in the Indonesian capital market had exceeded 9 million as of Monday, June 27, 2022 [1]. The IDX president director added that the number of capital markets had increased by more than 1.57 million single investor identification (SID), or 21% from the previous year [1]. Single Investor Identification (SID) is a mandatory identity owned by an investor. Investment instruments in the capital market include stocks, bonds, warrants, rights, mutual funds, and various other derivative instruments. This study will focus on an investment instrument in the form of shares.