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All Journal Journal of Indonesian Economy and Business Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal
Ari Christianti
Faculty of Business, Duta Wacana Christian University
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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VOLATILITY SHOCK PERSISTENCE IN INVESTMENT DECISION MAKING: A COMPARISON BETWEEN THE CONSUMER GOODS AND PROPERTY-REAL ESTATE SECTORS OF THE INDONESIAN CAPITAL MARKET Ari Christianti
Journal of Indonesian Economy and Business (JIEB) Vol 33, No 2 (2018): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (147.834 KB) | DOI: 10.22146/jieb.23225

Abstract

Research about volatility shock persistence is very important, since it could reflect the risks that can be used to estimate the fluctuations of stock returns in the future. This paper investigates a comparison of the volatility shock persistence sectoral indexes between the consumer goods (CONS) and property-real estate (PROP) sectors, using a single index model analyzed using GARCH (Generalized Autoregressive Conditional Heteroscedasticity) and I-GARCH (Integrated-Generalized Autoregressive Conditional Heteroscedasticity). By using index return data from January 2010-December 2015, the research shows that CONS and PROP tend to produce the same results. The CONS and PROP indexes’ responses to volatility shocks tended to be quite fast. Hence, the single index model of the CONS and the PROP indexes can quickly return to its normal stability. It means that, in the presence of certain information which could affect the volatility of the return from these sectors, the market will respond and adapt immediately. This might be attributed to the fact that CONS is a sector that involves fast moving products. Furthermore, the PROP sector has an indirect effect by increasing the real sectoral economic activity and economic growth in Indonesia, which has a large population. Thus, it is recommended that investors who are risk averse and risk neutral should invest in these sectors, because the volatility of both indexes can be monitored based on the existing information.
The Impact of Cashless Payment on Economic Growth in Indonesia Ari Christianti
Jurnal Aplikasi Bisnis dan Manajemen Vol. 10 No. 1 (2024): JABM, Vol. 10 No. 1, January 2024
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.10.1.151

Abstract

The development of digitization in payments has begun to replace cash payments with cashless payments. This study examines the effect of cashless payments on economic growth in Indonesia using quarterly data from 2010 to 2021. Economic growth in this study is proxied by gross domestic product, and cashless payments are proxied by transaction values from ATMs/debit cards, credit cards, and electronic money. The quantitative analysis method used in this research is time series with Error Correction Modeling (ECM). One of the benefits of ECM is that this model can be used to see the effect of economic variables in the short and long term. The study results show that cashless payments do not affect economic growth in the short term. However, in the long run, cashless payments in the form of ATM/debit and electronic money positively affect Indonesia's economic growth, even though these results have remained consistent during the Covid-19 pandemic. The results of this study indicate that in the short term, cashless will not directly affect economic growth. This finding may be because cashless payments require time (in the long term) in the equitable availability of infrastructure development, digital ecosystems, and the process of public financial literacy, so it takes time for cashless to impact economic growth. Keywords: ATMs/debit cards, credit cards, economic growth, electronic money, Error Correction Modeling (ECM)
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