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All Journal EKUITAS (Jurnal Ekonomi dan Keuangan) Jurnal Kolaboratif Sains
Sri Dewi Fitrianingsih
Universitas Abdul Azis Lamadjido
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DONALD TRUMP'S IMPACT: MEASURING STOCK REACTION AND CRYPTO ASSET VOLATILITY I Kadek Bellyoni Dwijaya; Sri Dewi Fitrianingsih; Santi Rahmawati
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 10 No 1 (2026): March
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24034/j25485024.y2026.v10.i1.7503

Abstract

This study analyzes the impact of Donald Trump’s political dynamics on the Indonesian stock market and the volatility of global cryptocurrency assets. The objective is to compare the responses of both markets to major political events during the Trump 2.0 era. The study employs an event study approach, using the Wilcoxon test to examine stock abnormal returns and GARCH (1,1) and EGARCH models to analyze cryptocurrency volatility. The findings show that the 2024 U.S. presidential election and Donald Trump’s inauguration did not produce significant reactions in the average abnormal returns of Indonesian stocks. However, the announcement of import tariff increases in April 2025 generated a significant negative response in the short to medium term. In contrast, the cryptocurrency market experienced sharp increases in volatility around the election period, with strong evidence of volatility clustering. These results indicate that the Indonesian stock market is primarily driven by economic fundamentals, whereas the cryptocurrency market is more sensitive to political sentiment and pro-cryptocurrency figures. The findings support the semi-strong form of the Efficient Market Hypothesis and the Uncertain Information Hypothesis, highlighting the need for distinct investment strategies and improved financial literacy amid global political dynamics.
Pertumbuhan Ekonomi sebagai Moderator Pengaruh Pajak, Retribusi, dan Dana Perimbangan: Economic Growth as Moderator of Taxes, Retribution, and Balancing Fund Effects Sri Dewi Fitrianingsih; I Kadek Bellyoni Dwijaya; Santi Rahmawaty
Jurnal Kolaboratif Sains Vol. 8 No. 5: Mei 2025
Publisher : Universitas Muhammadiyah Palu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56338/jks.v8i5.7386

Abstract

Penelitian ini bertujuan untuk menganalisis sejauh mana pertumbuhan ekonomi dapat memoderasi pengaruh pajak daerah, retribusi daerah, dan dana perimbangan terhadap belanja modal. Studi ini mencakup seluruh 13 Kabupaten/Kota di Provinsi Sulawesi Tengah selama periode 2019–2023. Teknik analisis yang digunakan adalah regresi linear berganda dengan pendekatan Moderated Regression Analysis (MRA). Temuan penelitian menunjukkan bahwa pajak daerah dan retribusi daerah tidak memiliki pengaruh yang signifikan terhadap belanja modal. Sebaliknya, dana perimbangan menunjukkan pengaruh yang signifikan. Pertumbuhan ekonomi terbukti mampu memoderasi hubungan antara dana perimbangan dan belanja modal, namun tidak berfungsi sebagai moderator terhadap pengaruh pajak daerah dan retribusi daerah. Fenomena flypaper effect yang teridentifikasi mengindikasikan perlunya evaluasi serta optimalisasi kebijakan fiskal daerah, khususnya terkait pajak dan retribusi, guna mengurangi ketergantungan terhadap dana pusat dan mendorong investasi dalam proyek-proyek infrastruktur yang berdampak luas terhadap pertumbuhan ekonomi dan kesejahteraan masyarakat..
Co-Authors I Kadek Bellyoni Dwijaya Santi Rahmawati Santi Rahmawaty