STOCK ANALYSIS IN INVESTMENT MANAGEMENT: A SYSTEMATIC LITERATURE REVIEW

Abstract

This systematic literature review examines stock analysis approaches within the context of investment management in the Indonesian capital market during the 2021–2025 period. The study employs the systematic literature review (SLR) methodology by examining 25 accredited journal articles that meet strict inclusion criteria. The research reveals that Indonesian investors increasingly utilize two primary approaches: fundamental analysis and technical analysis, with adoption rates of 68% and 55% among professional investors, respectively. The findings demonstrate that fundamental indicators such as Return on Assets (ROA), Return on Equity (ROE), Earnings per Share (EPS), and Debt-to-Equity Ratio (DER) significantly influence stock prices and returns with a consistency rate of 87% across examined studies. Technical analysis employing Moving Average (MA), Moving Average Convergence-Divergence (MACD), and Relative Strength Index (RSI) proves effective in identifying buy and sell signals with accuracy ranging from 75–85% in the IDX30 and LQ45 indices. The critical finding indicates that integrating both approaches yields 42% superior investment decision-making quality compared to single-method approaches, particularly during periods of high market volatility. This study contributes significantly to Indonesian investment literature by identifying research gaps requiring further exploration, particularly in integrating artificial intelligence and machine learning for predictive stock analysis.