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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 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 Among Makarti Proceeding SENDI_U International Research Journal of Business Studies (E-Journal) Jurnal Ekonomi dan Bisnis Jurnal Dinamika Ekonomi dan Bisnis Jurnal Riset Akuntansi dan Keuangan 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 Indonesian Journal of Sustainability Accounting and Management
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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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.
Stock Market Volatility in ASEAN Plus Three Countries during Geopolitical Crisis Fatikasari, Imania; Robiyanto, Robiyanto; Wijayanto, Petrus
Jurnal Riset Akuntansi dan Keuangan Vol 12, No 3 (2024): Jurnal Riset Akuntansi dan Keuangan. Desember 2024 [DOAJ dan SINTA Indexed]
Publisher : Program Studi Akuntansi FPEB UPI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jrak.v12i3.74333

Abstract

The purpose of this study is to examine the effect of stock market volatility in ASEAN Plus Three Economic Relation toward gold prices and the value of the US Dollar Index during geopolitical crisis. The technique used in this study is Generalized Autoregressive Conditional Heteroskedasticity (GARCH) or GARCH. This study found that the volatility of PSEi, STI, and KOSPI effect the gold price positively. The same finding also applies on the US Dollar Index, where the volatility of the VN30 and KOSPI proved to have a positive effect. Therefore, that increased stock market volatility encourages investors to seek alternative investments such as Gold and the US Dollar Index.
VOLATILITY OF GOLD AND OIL PRICES ON THE INDONESIAN STOCK MARKET IN GEOPOLITICAL CRISIS Hadi, Natanael Kristolife Ardana; Robiyanto, Robiyanto
Among Makarti Vol 18, No 1 (2025): Among Makarti
Publisher : STIE AMA Salatiga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.52353/ama.v18i1.815

Abstract

Abstract : This study investigates the impact of oil and gold price volatility on stock market returns in Indonesia during periods of geopolitical instability, specifically the Russia-Ukraine conflict and the Israel-Hamas crisis. Utilizing secondary data, the research analyzes the daily closing prices of West Texas Intermediate (WTI) crude oil, Brent Crude Oil, gold, and the Jakarta Composite Index (JCI). The Generalized Autoregressive Conditional Heteroskedasticity (GARCH) (1,1) model is employed as the primary analytical framework. The findings reveal that oil and gold price volatility exerts a positive and unidirectional influence on Indonesian stock returns during the aforementioned geopolitical crises. This suggests that investors tend to seek safe-haven assets, such as gold, in times of economic uncertainty and geopolitical turmoil. The increased volatility in gold prices is indicative of heightened market instability, particularly during financial crises and geopolitical disruptions. These results corroborate the notion of gold serving as a reliable safe-haven asset during periods of economic and geopolitical uncertainty.Abstrak : Penelitian ini menyelidiki dampak volatilitas harga minyak dan emas terhadap imbal hasil pasar saham di Indonesia selama periode ketidakstabilan geopolitik, khususnya konflik Rusia-Ukraina dan krisis Israel-Hamas. Dengan memanfaatkan data sekunder, penelitian ini menganalisis harga penutupan harian minyak mentah West Texas Intermediate (WTI), Brent Crude Oil, emas, dan Indeks Harga Saham Gabungan (IHSG). Model Generalized Autoregressive Conditional Heteroskedasticity (GARCH) (1,1) digunakan sebagai kerangka analisis utama. Temuan penelitian ini mengungkapkan bahwa volatilitas harga minyak dan emas memberikan pengaruh positif dan searah terhadap imbal hasil saham Indonesia selama krisis geopolitik tersebut. Hal ini menunjukkan bahwa investor cenderung mencari aset safe haven, seperti emas, di saat ketidakpastian ekonomi dan gejolak geopolitik. Meningkatnya volatilitas harga emas merupakan indikasi meningkatnya ketidakstabilan pasar, terutama selama krisis keuangan dan gangguan geopolitik. Hasil ini menguatkan gagasan bahwa emas berfungsi sebagai aset safe haven yang andal selama periode ketidakpastian ekonomi dan geopolitik.
The Effect of Corporate Performance and Corporate Governance on Manufacturing Company Carbon Emission Disclosure Ryan Bagas Wikantyoso; Robiyanto Robiyanto; Budi Frensidy
Indonesian Journal of Sustainability Accounting and Management Vol. 8 No. 1 (2024): June 2024
Publisher : Universitas Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28992/ijsam.v8i1.888

Abstract

The aim of this study is to examine the effect of company performance and corporate governance on the disclosure of carbon emissions of manufacturing companies. This study uses secondary data in the form of financial reports and sustainability reports from manufacturing companies that have been listed on the Indonesia Stock Exchange (IDX) for the period 2015 -2022. The data collection technique used a purposive sampling method with a sample of 93 companies. Data analyzed by using panel regression method. The results of this study show that company performance variables have a significant positive effect on disclosure of carbon emissions, but corporate governance variables do not have a significant negative effect on carbon emissions. The study suggests corporate governance will reduce the company's carbon emission levels. Hence, it is very important to enhance the company’s corporate governance practices beyond the mandatory matters. This study is one among few studies which have been conducted in Indonesia to examine company performance and corporate governance regarding carbon emissions in the manufacturing industry in Indonesia. This study focuses on examining the manufacturing industry in Indonesia and this research has different results and points of view from previous researches.
Analisis Herding Behavior Sebelum Dan Sesudah Penghapusan Kode Broker Di Bursa Efek Indonesia Cahyono, Aji Wikan; 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
Co-Authors A. Harijono Adi Cahya Stefanus Adi Rahadi Putra Adiputri, Bio Labora Afi Virna Noviani 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 Frensidy, Budi Cahyono, Aji Wikan 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 Fatikasari, Imania Gabriela Elvina Dwiastuti Siahaan Hadi, Natanael Kristolife Ardana 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 Maria Magdalena Marwanti Mesakh Prihanto Surya Putra Mikha Mandela Kapahang Naufal Dwinanda Narra Putra Nila Listiana Nurlita, Eva Nurohman Nurohman P Purwanto Pamilangan, Anggreini Patrisinus Ceasar Gunadi Paulus Hartono Petrus Wijayanto Prayogo Prayogo Rihfenti Ernayani Ryan Bagas Wikantyoso 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 Yunita Yunita Yunita Yunita Yunita Yuvica Lara Rovantiane Yuvica Lara Rovantiane Adicondro