Ketidakpastian Regulasi, Opini Publik Digital, dan Risk-Based Decision Orientation
DOI:
https://doi.org/10.30630/jam.v21i1.403Keywords:
regulatory uncertainty, digital public opinion, business risk perceptionAbstract
The development of social media as a space for public opinion formation has created new challenges for organizations in responding to regulatory dynamics and digital pressure. This study aims to analyze the effect of regulatory uncertainty and digital public opinion on risk-based decision orientation, with business risk perception as a mediating variable. This research uses a quantitative approach with data obtained from Instagram comments on the @ngertisaham account related to the issue of private gas station policy. Data were collected through Python-based scraping, followed by preprocessing, sentiment analysis, and statistical testing using STATA. The final sample consisted of 1,569 observations. The analysis techniques include descriptive statistics, validity and reliability tests, classical assumption tests, multiple linear regression, Structural Equation Modeling (SEM), and mediation testing using medsem. The results show that regulatory uncertainty and digital public opinion have a positive and significant effect on risk-based decision orientation, both directly and indirectly through business risk perception. In addition, business risk perception partially mediates the effect of regulatory uncertainty and digital public opinion on risk-based decision orientation. These findings indicate that regulatory dynamics and digital public opinion can serve as external risk signals in strategic risk-based decision-making.
References
[1] Ahmed, Z., Rasool, S., Saleem, Q., Khan, M. A., & Kanwal, S. (2022). Mediating Role of Risk Perception Between Behavioral Biases and Investor’s Investment Decisions. Sage Open, 12(2), 21582440221097394. https://doi.org/10.1177/21582440221097394
[2] Amalia, F., Ervina, H., & Setyorini, N. (2022). Pengaruh Persepsi Return, Literasi Keuangan, Persepsi Risiko, Persepsi Kemudahan Terhadap Minat Investasi Secara Online (Studi Kasus Pada Pebisnis Muda). Jurnal Ilmiah Manajemen Bisnis Dan Ekonomi Kreatif, 1(2), 24–41. https://doi.org/10.26877/jibeka.V1i2.25
[3] Anindita, L. (2024). Pengaruh Media Sosial Dan Komunikasi Publik Gubernur Terhadap Opini Publik (Studi Analisis Regresi Pada Kepemimpinan Gubernur Kepulauan Bangka Belitung Periode 2017-2022). Ekspresi dan Persepsi : Jurnal Ilmu Komunikasi, 7(1), 71–90. Https://doi.org/10.33822/Jep.V7i1.7224
[4] Brata, D. W., Purnomo, W., Farisi, H., & Kevin Marcelino Ratu, H. (2025). Menggali Opini Publik: Sentimen Terhadap Kebijakan Makan Siang Gratis dengan Supervised Learning. Jurnal Teknologi Informasi Dan Ilmu Komputer, 12(3), 533–538. https://doi.org/10.25126/jtiik.2025129565
[5] Carina, T., Mentari, N. M. I., Permana Putra, I. D. M. A., Sari, M. G., & Purnama Dewi, N. P. T. (2023). Risk Perception as Mediator in The Effect of Financial Literacy to Entrepreneurial Orientation Among Msmes. Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan, 34. Https://doi.org/10.24843/Matrik:JMBK.2023.V17.I01.P03
[6] Chandra, A., Hartley, P. R., & Nair, G. (2022). Multiple Volatility Real Options Approach to Investment Decisions Under Uncertainty. Decision Analysis, 19(2), 79–98. https://doi.org/10.1287/deca.2021.0449
[7] Chen, Y., Chen, Y., Yu, S., & Yu, S. (2024). Utilizing Social Media for Community Risk Communication in Megacities: Analysing The Impact of Wechat Group Information Interaction and Perception on Communication Satisfaction During The COVID-19 Pandemic in Shanghai. BMC Public Health, 24(1), 1889. https://doi.org/10.1186/S12889-024-19276-1
[8] Evi Marlina, M. A., Swastidevi, L. A., & Dwi Radianto, W. E. (2024). Does Intellectual Capital Strengthen Environmental Disclosure on Financial Performance During Covid-19? Akurasi : Jurnal Studi Akuntansi dan Keuangan, 7(1), 141–154. https://doi.org/10.29303/Akurasi.v7i1.516
[9] Glette-Iversen, I., Flage, R., & Aven, T. (2023). Extending and Improving Current Frameworks for Risk Management and Decision-Making: a New Approach for Incorporating Dynamic Aspects of Risk and Uncertainty. Safety Science, 168, 106317. https://doi.org/10.1016/j.ssci.2023.106317
[10] Johan, I. R., & Azarian, S. A. (2025). Persepsi Risiko, Financial Self-Efficacy dan Minat Investasi Emas pada Generasi Z: Risk Perception, Financial Self-Efficacy, and Interest in Gold Investment Among Gen-Z. Jurnal Ilmu Keluarga dan Konsumen, 18(1), 26–37. https://doi.org/10.24156/Jikk.2025.18.1.26
[11] Junianto, Y., & Radianto, W. E. D. (2024). Self-Control Factor Analysis, Financial Anxiety, and Financial Stress on Financial Satisfaction as an Indication Financial Sustainability. Journal of Accounting, Business and Management (JABM), 31(1), 93. https://doi.org/10.31966/Jabminternational.V31i1.964
[12] Kong, Q., Li, R., Wang, Z., & Peng, D. (2022). Economic Policy Uncertainty and Firm Investment Decisions: Dilemma or Opportunity? International Review of Financial Analysis, 83, 102301. https://doi.org/10.1016/j.irfa.2022.102301
[13] Kundu, S., & Paul, A. (2022). Effect of Economic Policy Uncertainty on Stock Market Return and Volatility Under Heterogeneous Market Characteristics. International Review of Economics & Finance, 80, 597–612. https://doi.org/10.1016/J.Iref.2022.02.047
[14] Langer, A. I., Wang, H., & Duckett, J. (2026). Social Media and Policy Change: The Chinese Government’s Strategic Policy Responsiveness During The COVID-19 Pandemic. Political Studies, 74(2), 862–884. https://doi.org/10.1177/00323217251345776
[15] Muttaqin, M. Z., & Sriyono, S. (2021). Konstruksi Opini Publik Melalui Media Sosial: Studi Pendekatan Analisis Wacana Kritis Grup Facebook Lintas Kejadian Kota Jayapura pada Bulan Juni 2021. POLITICOS: Jurnal Politik Dan Pemerintahan, 1(2), 113–129. https://doi.org/10.22225/politicos.1.2.2021.113-129
[16] Napoleoncat. (2026). Pengguna Instagram di Indonesia. Https://Stats.Napoleoncat.Com/Instagram-Users-In-Indonesia/2026/01/
[17] Paté‐Cornell, E., & Cox, L. A. (2014). Improving Risk Management: From Lame Excuses to Principled Practice. Risk Analysis, 34(7), 1228–1239. https://doi.org/10.1111/risa.12241
[18] Radianto, W. E., Kristama, B. Y., & Salim, I. R. (2021). Exploring The Relationship Between Locus of Control and Financial Behavior of Accounting Student From The Social Construction Theory Approach. Academic Journal of Interdisciplinary Studies, 10(2), 118. https://doi.org/10.36941/ajis-2021-0043
[19] Rodríguez-Ibánez, M., Casánez-Ventura, A., Castejón-Mateos, F., & Cuenca-Jiménez, P.-M. (2023). A Review on Sentiment Analysis From Social Media Platforms. Expert Systems With Applications, 223, 119862. https://doi.org/10.1016/j.eswa.2023.119862
[20] Rodríguez-Ibánez, M., Casánez-Ventura, A., Castejón-Mateos, F., & Cuenca-Jiménez, P.-M. (2023). A Review on Sentiment Analysis From Social Media Platforms. Expert Systems With Applications, 223, 119862. https://doi.org/10.1016/j.eswa.2023.119862
[21] Song, C., & Ma, W. (2025). ESG and Green Innovation: Nonlinear Moderation of Public Attention. Humanities and Social Sciences Communications, 12(1), 667. https://doi.org/10.1057/S41599-025-05002-8
[22] Wahyuni, H. I., Fitrah, A. A., Eprilianto, D. F., & Mardalena, I. (2024). Technology, Transparency, and Collaboration/Integration: Analysis of Digital Government Problems From Public Communication Perspective During The COVID-19 Pandemic in Indonesia. Information Polity, 29(1), 93–111. https://doi.org/10.3233/ip-211545
[23] Wu, X. (2025). Review of Risk Decision-Making Theory. International Journal of Finance and Investment, 3(1), 46–50. https://doi.org/10.54097/7bd1z416
[24] Yasmin, C., Rizky, M. C., Hasanah, M., Jelita, D., Fadhiilah, J., & Marcella, N. S. (2026). Evaluasi Pengambilan Keputusan Berbasis Resiko dalam Manajemen Proyek. Jurnal Simki Economic, 9(1), Hasanah. https://doi.org/10.29407/jse.v9i1.1515
[25] Zhang, H., Yang, C., Deng, X., & Luo, C. (2025). How Authoritative Media and Personal Social Media Influence Policy Compliance Through Trust In Government and Risk Perception: Quantitative Cross-Sectional Survey Study. Journal of Medical Internet Research, 27, e64940. https://doi.org/10.2196/64940
[26] Zulfikar, W. B., Atmadja, A. R., & Pratama, S. F. (2023). Sentiment Analysis on Social Media Against Public Policy Using Multinomial Naive Bayes. Scientific Journal of Informatics, 10(1), 25–34. https://doi.org/10.15294/sji.v10i1.39952
