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The Effect of Gold Prices on The Composite Stock Price Index with Inflation as A Moderating Variable Marieska Lupikawaty; Novitasari; Angga Nugraha; Vidya Ramadhan Putra Pratama; Riris Lawitta
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.v4i3.1603

Abstract

This study aims to analyze the influence of global gold price fluctuations on the Jakarta Composite Index (JCI), with inflation as a moderating variable. Using portfolio theory and the efficient market hypothesis, this study examines gold as a safe-haven asset and its relationship with the domestic capital market during periods of inflationary pressure. The data used are secondary time series data analyzed using the Moderate Regression Analysis (MRA) method. The results show that gold prices have a significant influence on JCI movements, but the strength of this relationship depends strongly on the inflation rate. Inflation is found to act as a moderating variable, strengthening the shift in investment from the stock market to gold when the currency's purchasing power declines. This research provides strategic implications for investors in diversifying their portfolios and for policymakers in maintaining the stability of the national financial market.
The Influence of Political Decisions And Political Situations on Bitcoin Prices With Gcg As A Moderating Variable Rahmi Rahmi; Angga Nugraha; Vidya Ramadhan Putra Pratama; Arina Kamalia Savitri; Maryam Salampessy
Journal Of Human And Education (JAHE) Vol. 6 No. 5 (2026): Journal of Human And Education (JAHE)
Publisher : Universitas Pahlawan Tuanku Tambusai

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/jh.v6i5.3026

Abstract

The transformation of the social commerce and artificial intelligence era has fundamentally redefined the dynamics of consumer behavior, especially in the phenomenon of impulse buying behavior. This study aims to analyze the influence of Fear of Missing Out (FoMO), Personalized Artificial Intelligence (AI) recommendations, and Conversational User Interfaces (CUI) on impulse buying behavior, with brand engagement as a mediating variable. Using the theoretical foundation of the Stimulus-Organism-Response (SOR) Framework and Cognitive Load Theory, this quantitative research was designed with an explanatory correlational approach. Data collection was conducted through a structured online survey using a 5-point Likert scale to 250 active e-commerce consumer respondents from Generation Z and Millennials who have experience interacting with AI features and chatbots/voice assistants on digital platforms. The data analysis technique used Partial Least Squares Structural Equation Modeling (PLS-SEM) through SmartPLS software. The results of the study are expected to confirm that FoMO as a psychological stimulus, along with personalized AI recommendations and CUI interactivity as technological stimuli, have positive and significant implications directly on brand engagement and impulse buying behavior. Furthermore, brand engagement is proven to play an important role as an intervening variable that strengthens the conversion of psychological and technological impulses into unplanned purchasing actions. The theoretical implications of this research expand the application of the SOR framework in the conversational commerce ecosystem, while its practical implications provide strategic guidance for digital marketers to optimize AI personalization and ethical conversational interactions to drive consumer loyalty and emotional responses. Keywords: Fear of Missing Out (FoMO), Personalized Artificial Intelligence, Conversational User Interfaces, Brand Engagement, Impulse Buying Behavior, SOR Framework.