Empirical Mapping of Investor Attention Across LQ45 Stocks on The Indonesia Stock Exchange, 2022–2025

Abstract

Digitalization has transformed how retail investors discover and evaluate listed companies, making online search activity a potentially observable component of investor attention. This study maps the level, volatility, and temporal dynamics of investor attention across stocks in the LQ45 index from 2022 to 2025. Using a longitudinal quantitative-descriptive design, the study analyzes 68 unique securities observed over 16 quarters, yielding 1,088 stock-quarter observations. The Quarterly Google Trends Index (GTI) is used as a search-based proxy for attention. Stocks are ranked by mean GTI and by the standard deviation of quarterly GTI, while annual changes and sectoral patterns are examined descriptively. MIKA (81.53), SIDO (66.22), ARTO (57.07), WIKA (52.13), and BUKA (49.29) have the highest mean attention. Attention volatility is highest for BUKA (25.07), GOTO (16.65), WIKA (15.46), PTBA (14.26), and WSKT (13.39). Aggregate attention declines from 23.58 in 2022 to 19.29 in 2024 and rebounds to 20.72 in 2025. The study confirms that attention varies across firms and sectors and changes over time. Its main contribution is a longitudinal descriptive baseline for Indonesian LQ45 stocks that distinguishes persistent attention from episodic attention and clarifies the methodological limits of Google search data. The results provide a basis for future causal tests linking attention with trading activity, returns, and volatility.