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All Journal Economic Journal of Emerging Markets Jurnal Ekonomi Kuantitatif Terapan MATRIK: JURNAL MANAJEMEN, STRATEGI BISNIS, DAN KEWIRAUSAHAAN JURNAL BISNIS STRATEGI Jurnal Ekonomi, Bisnis dan Kewirausahaan (JEBIK) Jurnal Ilmu Sosial dan Humaniora Jurnal Keuangan dan Perbankan Media Ekonomi dan Manajemen Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Journal of Economics, Business, & Accountancy Ventura Gadjah Mada International Journal of Business Proceeding SENDI_U International Research Journal of Business Studies (E-Journal) Jurnal Ekonomi dan Bisnis Jurnal Dinamika Ekonomi dan Bisnis AFRE Accounting Financial Review Jurnal Organisasi Dan Manajemen Fokus Ekonomi Equilibria Pendidikan : Jurnal Ilmiah Pendidikan Ekonomi International Journal of Social Science and Business Magisma: Jurnal Ilmiah Ekonomi dan Bisnis Atma Jaya Accounting Reseach (AJAR) JIMEK : Jurnal Ilmiah Mahasiswa Ekonomi JASF (Journal of Accounting and Strategic Finance) Jurnal Ekonomi Dan Bisnis Jurnal Manajemen Jurnal Pasar Modal dan Bisnis Inobis: Jurnal Inovasi Bisnis dan Manajemen Indonesia Journal of Management and Entrepreneurship Research Management and Accounting Expose Jurnal Akuntansi Keuangan dan Bisnis Jurnal Manajemen dan Kewirausahaan
Robiyanto
Universitas Kristen Satya Wacana
Religion Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Stock Market Proxy Testing in Beta Calculation in the COVID-19 Pandemic Period on the Indonesia Stock Exchange Yuvica Lara Rovantiane Adicondro; Robiyanto Robiyanto; Samuel Martono
Jurnal Keuangan dan Perbankan Vol 27, No 1 (2023): January 2023
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v27i1.8281

Abstract

This study was conducted to assess the stock price index on the Indonesia Stock Exchange (IDX) which can be used as a proxy for the stock market in Indonesia. The indexes used to search for stock market proxies in Indonesia are JCI, IDX30, LQ45, IDX BUMN20, Jakarta Islamic Index (JII), KOMPAS100, MNC36, SRI-KEHATI, and PEFINDO25. The period in this study is from June 2018 to October 2021 obtained through bloomberg.com. Based on the results of the Paired Sample t-Test, the JCI returns before and during the Covid-19 pandemic did not show a difference in stock beta. Then, the results of the Standard Error Estimate (SEE) test show that JCI returns have the smallest deviation rate in the period when Covid-19 occurred and in the entire period. The results showed that the JCI return can be used as a proxy for the stock market in Indonesia compared to the returns of other stock indexes.
Pengaruh Perubahan Harga Emas, Harga Minyak Dunia, Tingkat Suku Bunga BI, dan Nilai Tukar Terhadap Return Saham Pada Indeks Harga Saham Gabungan (IHSG) dan Jakarta Islamic Index (JII) Ardilla Putri Naina Sari; Robiyanto Robiyanto; Budi Frensidy
Jurnal Ekonomi dan Bisnis Vol 27, No 1 (2024): JURNAL EKONOMI DAN BISNIS MARET 2024
Publisher : Fakultas Ekonomi dan Bisnis Universitas Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31941/jebi.v27i1.2146

Abstract

This study examines the effect of the USD/IDR exchange rate, BI rate, gold price, and oil price on the return of the Jakarta Composite Index (JCI) and Jakarta Islamic Index (JII) from 2015-2021. The data used in this study is secondary data, data obtained from the monthly closing price of each variable sourced from the IDX website, yahoo finance, the official website of the Indonesian Central Bank, www.lbma.org.uk, www.eia.gov. Sampling was carried out using purposive sampling technique with the number of samples obtained was the closing price of 84 months. The analytical technique used in this study is multiple regression analysis with the Ordinary Least Square (OLS) method. The results obtained in this study indicate that BI rate and the USD/IDR exchange rate have a negative effect on the return of the JCI and JII. Gold prices have a negative effect on the JCI, while the JII has a positive effect. And the oil price variable shows a positive effect on JCI, and negative on JII.
Analisis Herding Behavior Sebelum Dan Sesudah Penghapusan Kode Broker Di Bursa Efek Indonesia Aji Wikan Cahyono; Robiyanto Robiyanto; Harijono Harijono
Magisma: Jurnal Ilmiah Ekonomi dan Bisnis Vol 12 No 1 (2024): MAGISMA:Jurnal Ilmiah Ekonomi dan Bisnis
Publisher : Magister Manajemen STIE Bank BPD Jateng

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35829/magisma.v12i1.377

Abstract

This research was conducted to see if there was any herding behavior in stock trading in Indonesia, especially the LQ45 index constituents, which were affected by the effect of the removal of the broker code by the Indonesian Stock Exchange which began on December 6, 2021. The period used in this study was the period before the removal of the broker code, namely June 15, 2020 to December 5, 2021 and the period after the removal of the broker code, namely December 6, 2021 to June 30, 2023. The method used in this study is the approach method by Chang et al. (2000) namely CSAD (Cross Sectional Absolute Standard Deviation) to detect indications of herding behavior. The results of this study indicate that there was no herding behavior on the LQ45 trading stock index either before or after the removal of the broker code. This means that investors act rationally whether the broker code exists or not
Exchange Rate and Gold Price’s Effect on Jakarta Composite Index during Ukraine-Russian War Patrisinus Ceasar Gunadi; Robiyanto Robiyanto
AJAR Vol 7 No 01 (2024): Atma Jaya Accounting Research (AJAR)
Publisher : Magister Akuntansi - Universitas Atma Jaya Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35129/ajar.v7i01.483

Abstract

This research aims to examine how exchange rates and gold prices influence the Indonesia Composite Index during the Ukrainian and Russian wars. The research object used in this research is the USD/IDR exchange rate, gold prices and Jakarta Composite Index (JCI) from February 24, 2022 to October 25, 2023. The data analysis technique uses Generalized Autoregressive Conditional Heteroscedasticity (GARCH). The results of this research indicate that the research model follows GARCH patterns. Furthermore, Rupiah exchange rate against the Dollar does not significantly influence the Indonesia Composite Index. Meanwhile, the price of gold influences significantly and has a positive influence on the Indonesia Composite Index. In conclusion, investors can pay attention to the price of gold because the price of gold has a significant influence in a positive direction on the Indonesia Composite Index.
The Impact of Gold Price and Us Dollar Index: The Volatile Case of Shanghai Stock Exchange and Bombay Stock Exchange During the Crisis of Covid-19 Kumar, Joseph John Allwyn; Robiyanto, Robiyanto
Jurnal Keuangan dan Perbankan Vol 25, No 3 (2021): Juli 2021
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v25i3.5142

Abstract

This literature aims to analyze the impact of the Dollar Index and Gold Price returns and volatility on stock market volatility of India and China, viz., Shanghai Stock Exchange and Bombay Stock Exchange Sensex, during the period of Covid-19. This study employs daily time-series data from January up to August for 2019, 2020, and a merged data of 2019-2020, i.e., Pre-Pandemic, Mid-Pandemic and Pre through Mid-Pandemic periods, respectively; to avoid possible abnormalities and heteroscedasticity, the GARCH (1,1) model is utilized to scrutinize the data depending on which distribution is more acceptable, GED or Gaussian, which is decided based on the Unit-Root and normality test results. The findings of this study prove that Gold Price mostly does have a significant effect on both markets, especially during times of financial crisis like the Covid-19 epidemic. Whereas Dollar Index has a significant impact on emerging markets such as India and China though significant effects persist in some cases, it is not valid in most cases.DOI: 10.26905/jkdp.v25i3.5142
Volatility Spillover between Indonesian Stock Market and Gold during Covid-19 Pandemic Christopher Anthony Surya Dharma; Robiyanto Robiyanto; Harijono Harijono; Triyanto Triyanto
Management & Accounting Expose Vol 7, No 2 (2024)
Publisher : Universitas Sahid

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36441/mae.v7i2.2487

Abstract

This study scrutinizes the influence of Covid-19 toward returns and volatility spillover on the Indonesian stock market and international gold price. This study employs secondary data from investing.com. Data used in this study are closing price and returns of the Indonesian stock market and international gold price. Data were analyzed by using BEKK-GARCH techniques. The results obtained from this study show there is strong relationship between volatility spillover and return exists. JCI returns and gold returns are affected by the spillover volatility both before Covid-19, during Covid-19 and overall period. The return value tends to be inversely proportional to volatility, where when volatility overflows, the return will decrease and vice versa. Monitoring the volatility spillover between the stock market and gold prices can help in risk management and being able to see the relationship between the stock market and gold prices can help identify the level of correlation between two instruments.
Korelasi Dinamis Nilai Tukar, Harga Emas dan Harga Saham di ASEAN-5 Selama Perang Ukraina-Rusia Fahmi Ihwanul Arifin; Robiyanto Robiyanto; Harijono Harijono
Management & Accounting Expose Vol 7, No 1 (2024)
Publisher : Universitas Sahid

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36441/mae.v7i1.1967

Abstract

Penelitian ini bertujuan untuk menganalisis korelasi dinamis nilai tukar, harga emas dan harga saham di ASEAN-5 (Indonesia, Malaysia, Singapura, Thailand, dan Filipina) selama perang Ukraina-Rusia. Objek penelitian ini berupa nilai tukar, harga emas dan harga saham yang berada di negara ASEAN-5. Penelitian ini menggunakan data sekunder yang diperoleh dari investing.com berupa data harian mulai bulan Januari 2022 hingga Juni 2022. Metode analisis menggunakan DCC-GARCH untuk melihat korelasi dinamis antara harga saham dengan emas dan harga saham dengan nilai tukar. Hasil penelitian menemukan bahwa lemahnya korelasi antara nilai tukar dan harga emas di pasar saham. Terdapat korelasi yang lemah dan negatif antara nilai tukar dan pasar saham sebagai alternatif aset investasi di masa perang Rusia-Ukraina. Penelitian ini dapat dijadikan sebagai bahan referensi bagi para investor untuk mengamati variabel emas dan nilai tukar dalam berinvestasi di pasar saham saat terjadi gejolak pasar.
Co-Authors A. Harijono Adi Cahya Stefanus Adi Rahadi Putra Adiputri, Bio Labora Afi Virna Noviani Aji Wikan Cahyono Akhmadi Akhmadi Alfi Syahri Alfi Syahri Anggraeny, Wafa Anggreini Pamilangan Anisha Cahyaningrum Apriani Dorkas Rambu Atahau Ardilla Putri Naina Sari Ashalia Fitri Yuliana Ashalia Fitri Yuliana Bonita Restu Dwijayati Budi Frensidy, Budi Christina, Olivia Christopher Anthony Surya Dharma Dea Prastica Alsyahrin Dilla Andharini Eka Handriani Enrico Pranata Adiwidjojo Essy Indah Pangesti Etheldreda Gladys Salvatori Eva Nurlita Fahmi Ihwanul Arifin Farrel Tegar Giovanni Gabriela Elvina Dwiastuti Siahaan Hans Hananto Andreas Happy Catherine Harjum Muharam Hartanto, Aldhi Fajar Heny Handayani Hizkisevia Ayu Cahyapuspita Irene Rini Demi Pangestuti Isna Anggita Jenifer Christiani Bowa Kezia Viona Sugiyanto Kristiana Oktavia Kristiana Oktavia Kumar, Joseph John Allwyn Lakaba, Angriana Maretha Kris Dwi Anggreni Maria Magdalena Marwanti Mesakh Prihanto Surya Putra Mikha Mandela Kapahang Naufal Dwinanda Narra Putra Nensya Yuhanitha Nila Listiana Nurlita, Eva Nurohman Nurohman P Purwanto Pamilangan, Anggreini Patrisinus Ceasar Gunadi Paulus Hartono Prayogo Prayogo Rihfenti Ernayani Samuel Martono Silvia Putri Faridayanti Sintikhe Mega Treisya Siska Gita Pratiwi Siska Gita Pratiwi Siti Puryandani Stefan, Yonatan Alvin Stefanus, Adi Cahya Stefany Cindy Sugiyanto Sudjinan Sudjinan Sugeng Wahyudi, Sugeng Suryani, Cyndi Susanto, Auberta Danice Triyanto Ullanchiang Meillenia Tumbal Venina Cindy Kusumawati Vicho Dwindra Arisandhi Wafa Anggraeny Wisnu Mawardi Yahya Rechtiawan Djari Yehezkiel Chris Setiawan Yonatan Alvin Stefan Yunita Dewi Safitri Yunita Yunita Yunita Yunita Yunita Yunita Yuvica Lara Rovantiane Yuvica Lara Rovantiane Adicondro