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Volatility Spillover Dynamics Among Crypto Assets (Bitcoin, Solana, Ethereum); Relationship To The Indonesian Capital Market Index Hugo Prasetyo Winotoatmojo
Jurnal Teknologi dan Manajemen Industri Terapan Vol. 5 No. 2 (2026): Jurnal Teknologi dan Manajemen Industri Terapan
Publisher : Yayasan Inovasi Kemajuan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55826/jtmit.v5i2.1800

Abstract

This study aims to analyze the volatility dynamics and spillover phenomena among major crypto assets (Bitcoin, Solana, and Ethereum) and their relationship with the Jakarta Composite Index (JCI), a proxy for the Indonesian capital market. In the era of digital financial integration, the link between speculative crypto asset markets and conventional stock markets is a crucial issue for financial system stability. This study uses daily price time series data for the period 2020-2025. The analysis was conducted using the Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model and the Diebold-Yilmaz spillover index approach to measure the magnitude of shock transmission between markets. The results indicate significant volatility transmission among the three crypto assets, with Bitcoin remaining the primary source of volatility. Furthermore, this study finds an increasing dynamic correlation between the global crypto market and the Indonesian capital market during periods of economic uncertainty. These findings have important implications for investors in portfolio diversification strategies and for Indonesian regulators in monitoring systemic risks originating from digital assets.
The Influence of Political Decisions on Bitcoin Prices with Good Corporate Governance as A Moderating Variable Rieneke Ryke Kalalo; Hugo Prasetyo Winotoatmojo; Wiljan Atfentia Kotngoran; Heppi Syofya; I Gusti Made Riko Hendrajana
Jurnal Teknologi dan Manajemen Industri Terapan Vol. 4 No. 3 (2025): Jurnal Teknologi dan Manajemen Industri Terapan
Publisher : Yayasan Inovasi Kemajuan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55826/jtmit.v4i3.1640

Abstract

This study examines the impact of political decisions on Bitcoin price volatility, with Good Corporate Governance (GCG) as a moderating variable. While Bitcoin is often perceived as a decentralized asset independent of government control, empirical evidence suggests that regulatory announcements, geopolitical tensions, and national legal tenders significantly influence market sentiment and price fluctuations (Aditya & Wijaya, 2024). This research utilizes a quantitative approach with secondary data from 2020 to 2025, capturing major political shifts and global economic policies. The analysis focuses on how the quality of corporate governance within major institutional holders of Bitcoin moderates the transmission of political shocks to asset prices. Preliminary findings indicate that political decisions regarding restrictive regulations tend to decrease prices, whereas institutional adoption backed by strong GCG frameworks serves as a buffer against extreme volatility. This study contributes to the literature on digital asset management and provides strategic insights for investors and policymakers in navigating the complex intersection of global politics and financial technology.
Can Digital Culture Play a Role as A Moderating Variable on The Effect of Transformative Leadership Style on Employee Performance? Putri Ayu Permata Devi; Hugo Prasetyo Winotoatmojo; Asmita Wulansari Dg. Liwang; Desi Ulpa Anggraini; Fitri Devi Lestari Izaak
Jurnal Teknologi dan Manajemen Industri Terapan Vol. 4 No. 3 (2025): Jurnal Teknologi dan Manajemen Industri Terapan
Publisher : Yayasan Inovasi Kemajuan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55826/jtmit.v4i3.1651

Abstract

This study investigates the complex dynamic between leadership, technology, and human capital by examining whether digital culture acts as a moderating variable in the relationship between transformative leadership style and employee performance. In the rapidly evolving business landscape of 2026, traditional leadership models are being challenged by the necessity of digital integration. This research employs a quantitative approach to analyze how leaders who inspire and intellectually stimulate their subordinates can achieve higher performance outcomes when supported by a robust digital organizational culture. The abstract highlights that while transformative leadership is a strong predictor of performance, the strength of this relationship is contingent on employees' adaptation to digital values, norms, and tools. The findings aim to provide a strategic framework for organizations to synchronize leadership development with cultural digital transformation to optimize workforce productivity.