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Stock Market Panic Cycles Anad Asset Diversification Strategies: The Role of Gold, Foreign Currency, and Bitcoin as Safe Havens in Indonesia Paulina Harun; Taufiq Pradhana; Batara Maju Simatupang; Antyo Pracoyo
Jurnal Indonesia Sosial Sains Vol. 7 No. 6 (2026): Jurnal Indonesia Sosial Sains
Publisher : CV. Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jiss.v7i6.2358

Abstract

This research examines the role of gold, foreign exchange, and Bitcoin as hedge, diversifier, and safe haven assets for the Indonesian stock market (IHSG). The study aims to identify alternative investment instruments that can serve as hedging tools, diversifiers, and safe havens during various crisis periods, including the European debt crisis (2011), taper tantrum (2013), China market crisis (2015), COVID-19 pandemic (2020), Russia–Ukraine war (2022), and Middle East geopolitical tensions (2025). Using daily data from July 2011 to December 2025, the analysis covers major crises including the European debt crisis, taper tantrum, COVID-19, the Russia–Ukraine war, and Middle East geopolitical tensions. The study applies Ordinary Least Squares (OLS) with crisis dummy variables and Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH). The findings show that foreign currencies, particularly the US Dollar, consistently function as the strongest safe haven assets for IHSG, followed by the Euro and Chinese Yuan. Gold demonstrates mixed characteristics depending on denomination and form. XAU/USD and ANTAM gold mainly act as diversifiers, while XAU/IDR serves as a weak safe haven due to exchange rate effects. Meanwhile, Bitcoin fails to function as a safe haven and behaves as a speculative risky asset during market crises. The study provides empirical evidence that safe haven characteristics are time-varying and asset-specific, offering practical implications for investment and portfolio diversification strategies, while emphasizing the importance of rupiah exchange rate stability and guiding future research directions.
Pengaruh Likuiditas, Modal Kerja, dan Efisiensi terhadap Kinerja Keuangan dengan Variabel Kontrol SIZE, LEV, AGE, dan FGR pada Perusahaan Makanan dan Minuman di BEI (2019–2023) Catur Nugrahani; Paulina Harun
Jurnal Keuangan dan Perbankan Vol. 22 No. 01 (2025): Jurnal Keuangan Dan Perbankan, Volume 22, No.1, Desember 2025
Publisher : STIE Indonesia Banking School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35384/jkp.v22i01.910

Abstract

This study aims to analyze the effect of Liquidity, Net Working Capital, and Firm Efficiency on financial performance measured by Return on Assets (ROA) in food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2019–2023 period. The control variables include Firm Size, Financial Leverage, Firm Age, and Growth Rate. The sample consists of 55 companies selected through purposive sampling based on the completeness of financial reports and the presentation of data in Rupiah. The analysis was conducted using panel data–based multiple linear regression. The results show that Current Ratio, Net Working Capital, and Total Asset Turnover have a significant positive effect on ROA. Conversely, Firm Size and Financial Leverage have a significant negative effect, while Firm Age and Growth Rate do not exhibit a meaningful influence. These findings highlight the importance of managing liquidity, working capital, and asset efficiency. For future research, it is recommended to expand the scope to other industrial sectors for more generalizable results, include alternative performance indicators such as ROE, and incorporate external variables such as market risk and economic conditions to provide a more comprehensive understanding.
Pengaruh Budaya Organisasi, Gaya Kepemimpinan, dan Work Life Balance terhadap Employee Engagement Pegawai Generasi Y dan Z dalam Meningkatkan Kinerja di Bank XYZ Saryo; Paulina Harun
Jurnal Ekonomi, Manajemen dan Perbankan (Journal of Economics, Management and Banking) Vol. 11 No. 3 (2025): Jurnal Ekonomi, Manajemen dan Perbankan (Journal of Economics, Management and
Publisher : STIE Indonesia Banking School

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35384/jemp.v11i3.862

Abstract

This study examines the impact of organizational culture, leadership style, and work-life balance on employee performance at Bank XYZ, with employee engagement as a mediator. The sample consists of 125 permanent employees from Generation Y and Z working at the head office in Jakarta and regional offices. An online questionnaire was used to collect primary data, and Structural Equation Modeling (SEM) with Partial Least Squares (SEM-PLS) was employed for analysis. The results indicate that organizational culture, leadership style, and work-life balance significantly influence employee engagement and performance. This study provides insights into the factors that drive employee performance in the banking sector, particularly among younger generations. The findings have implications for Bank XYZ's human resource management strategies, highlighting the importance of fostering a positive organizational culture, effective leadership, and work-life balance to enhance employee engagement and performance.