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All Journal Jurnal Manajemen dan Kewirausahaan
Maria Magdalena Marwanti
Universitas Kristen Satya Wacana
Economics, Econometrics & Finance

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OIL AND GOLD PRICE VOLATILITY ON INDONESIAN STOCK MARKET IN THE PERIOD OF COVID-19 PANDEMIC Maria Magdalena Marwanti; Robiyanto Robiyanto
Jurnal Manajemen dan Kewirausahaan Vol. 23 No. 2 (2021): SEPTEMBER 2021
Publisher : Management Study Program, Faculty of Business and Economics, Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (272.826 KB) | DOI: 10.9744/jmk.23.2.129-137

Abstract

The study aimed to analyze the effects of oil and gold price volatility on stock returns in Indonesia by comparing the period before and during the Covid-19 pandemic. The study took secondary data from the daily closing prices of oil (Brent and WTI), gold, and JCI. The analysis technique used was GARCH (1,1). The study found that oil and gold price volatility did not affect stock returns in the two periods. The impact of the Covid-19 pandemic on financial markets had yielded uncertain results. This finding supported the concept of gold as a safe haven during the financial crisis. The limitations in the study were focusing on the Indonesian capital market, and future research can compare the impact of the Covid-19 pandemic on developing countries with developed countries.
Co-Authors Robiyanto Robiyanto Robiyanto