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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

Author-ID : 551823

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

Published : 97 Documents Claim Missing Document

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Testing of The Gold’s Role as a Safe Haven and Hedge for Sharia Stocks in Indonesia R. Robiyanto
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 10, No 2: July 2018
Publisher : Faculty of Shariah and Law, UIN Syarif Hidayatullah Jakarta

Gold as a commodity, since ancient time, is always viewed as a safe haven asset. This study tested the function of gold as a safe haven and hedge for sharia stocks in Indonesia. Data used in this study are a monthly closing of Jakarta Islamic Index (JII) on Indonesia Stock Exchange and monthly closing price of gold in the international market during May 2008 until September 2017. Data analysis was done by using OLS and QREG. The result of this study is gold can serve as a hedge for sharia stocks in Indonesia during the research period. The study further found that when extreme shocks occur in the Indonesian stock market, gold can serve as a safe haven asset for sharia stocks in Indonesia. Investor suggested shifting their assets into gold to secure their investment when stock market conditions experience a drastic decline.DOI: 10.15408/aiq.v10i2.6527

Cryptocurrencies as a Hedge and Safe Haven Instruments during Covid-19 Pandemic Nensya Yuhanitha; Robiyanto Robiyanto
Journal of Accounting and Strategic Finance Vol 4 No 1 (2021): JASF (Journal of Accounting and Strategic Finance)
Publisher : UNIVERSITAS PEMBANGUNAN NASIONAL VETERAN JAWA TIMUR

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v4i1.129

This study examines the potential of cryptocurrencies such as bitcoin, ethereum, ripple, tether, and bitcoin cash as hedging instruments and a safe haven for the Indonesian capital market, especially during the Covid-19 pandemic era. Now, Indonesia's capital market condition is in turbulence. The benefit of this research is to help the investors make decisions on which cryptocurrencies can be an instrument hedge and safe haven in this Covid-19 pandemic era for Indonesia Stock Exchange (IDX). The data used in this study are data on the closing price of the Composite Stock Price Index (CSPI), bitcoin (BTC), ethereum (ETH), ripple (XRP), tether (USDT), and bitcoin cash (BCH) from January 3 to June 16, 2020. Data analysis used Generalized Autoregressive Conditional Heteroscedasticity (GARCH) and Quantile Regression (QREG). This study found that bitcoin, ethereum, tether, and bitcoin cash can act as a hedge, but only the ripple cannot act as a hedge. Bitcoin, ethereum, ripple, tether, and bitcoin cash cannot act as a safe haven when the Indonesian capital market was getting extreme, like during the Covid-19 pandemic era. The roles of bitcoin, ethereum, ripple, tether, and bitcoin cash as safe havens will fade when conditions in the Indonesian capital market become more extreme. This research can be used as a reference for investors for their investments by looking top four cryptocurrencies as a hedging instrument. However, in severe conditions such as during the Covid-19 Pandemic, the top five cryptocurrencies cannot be used as a safe haven, as revealed in this study.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33005/jasf.v4i1.129

The Javanese Lunar Calendar’s Effect on Indonesian Stock Returns Robiyanto, Robiyanto; Siti Puryandani
Gadjah Mada International Journal of Business Vol 17, No 2 (2015): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

It is very possible for an investor to take a decision based on superstitions and common beliefs. Actually, Indonesia has a specific calendar system called the Javanese lunar calendar. The Javanese calendar contains several special days because of their sacred characteristics such as “Kamis Wage” (Thursday Wage) and “Jum’at Kliwon” (Friday Kliwon). The day of Friday Kliwon is often considered to be the most frightening which is similar to Friday the Thirteenth in Western culture. This study tried to scrutinize the impact of those sacred days on Indonesian stock returns. By applying GARCH-M, the finding shows that the Javanese lunar calendar does not have any impact on the Indonesian stock returns, but does affect the investors’ risk aversion level. This study has proven that, in terms of risk aversion, investors’ behavior in Indonesia is influenced by superstition.

The Volatility–Variability Hypotheses Testing and Hedging Effectiveness of Precious Metals for the Indonesian and Malaysian Capital Markets Robiyanto Robiyanto; Sugeng Wahyudi; Irene Rini Demi Pangestuti
Gadjah Mada International Journal of Business Vol 19, No 2 (2017): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

This study evaluates the use of futures contracts for precious metals to hedge against stock market risks and their hedging effectiveness on the Indonesian Stock Exchange (IDX) and the Kuala Lumpur Stock Exchange (KLSE). This study found that gold was the most effective hedging instrument, since it produced the highest hedging effectiveness both on the IDX and the KLSE among the other precious metals. None of the hedged portfolios had a higher Sharpe’s ratio than the unhedged one on the IDX; however, all the hedged portfolios on the KLSE had a higher Sharpe’s ratio than the unhedged ones. Almost all the hedged portfolios could produce a higher Treynor’s ratio than the unhedged portfolios, both on the IDX and the KLSE. In general, this study concluded that studying some precious metals could reduce the investment risk, which was shown through the variance produced by the smaller portfolios, while gold can improve the risk-adjusted performance.

Gold VS Bond: What Is the Safe Haven for the Indonesian and Malaysian Capital Market? Robiyanto Robiyanto
Gadjah Mada International Journal of Business Vol 20, No 3 (2018): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.27775

This study scrutinizes the potency of gold and bonds as safe haven assets for the Indonesian and Malaysian capital markets, because some previous studies have been undertaken in established market settings. The research period for this study was from June 2008 to September 2016. The quantile regression technique was used to analyze the data. The results of this study indicated that gold did not have a role as a safe haven for the Indonesian capital market, but did have a role as the safe haven for the Malaysian capital market. This study also found that Indonesian government bonds, Malaysian government bonds, and Malaysian corporate bonds could not act as safe haven assets. In contrast, corporate bonds in Indonesia had the potency to perform the function of a safe haven for stocks on the Indonesian Stock Exchange.

Apakah Cryptocurrency, Emas dan Obligasi Dapat Berperan Menjadi Safe Haven Bagi Pasar Modal Indonesia? Paulus Hartono; Robiyanto Robiyanto
Jurnal Ekonomi Kuantitatif Terapan 2021: Vol. 14, No. 1, Februari 2021 (pp.1-241)
Publisher : Universitas Udayana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/JEKT.2021.v14.i01.p01

The purpose of this research to test the cryptocurrency, gold and bonds as safe haven assets to Indonesian capital market. The data used in this study is the daily closing data of cryptocurrency, gold (GOLDIDR) and the Indonesian Government Bond Index (IGBI) during the period on August 2015 to December 2018 obtained from Investing, Yahoo Finance, and Spindices. The analysis of the data is used Ordinary Least Square (OLS) and Quantile Regression (QREG). The results found that ethereum can be a safe haven. While bitcoin, ripple, gold, and the Indonesian Government Bond Index (IGBI) cannot be a safe haven for the Indonesian capital market.

Penggunaan Metode Orthogonal GARCH untuk Meramalkan Matriks Kovarians Return Indeks Harga Saham Sektoral Di Bursa Efek Indonesia Robiyanto Robiyanto
Jurnal Ekonomi Kuantitatif Terapan 2019: Vol. 12, No.2, Agustus 2019 (pp. 111-247)
Publisher : Universitas Udayana

ABSTRAK Penelitian ini melakukan kajian kesamaan risiko pada indeks-indeks harga saham sektoral yang terdapat di Bursa Efek Indonesia dengan menggunakan metode Orthogonal Generalized Autoregressive Conditional Heteroscedasticity (Orthogonal GARCH). Data yang dipergunakan dalam penelitian ini adalah data seluruh indeks harga saham sektoral penutupan harian di Bursa Efek Indonesia yang terdiri dari sepuluh indeks harga saham sektoral selama periode 4 Januari 2011 hingga 17 Juli 2017. Dari sepuluh indeks harga saham sektoral yang dikaji ternyata terdapat dua komponen utama faktor yang mempengaruhi conditional variancenya. Hasil penelitian ini adalah bahwa indeks harga saham sektor pertanian dan pertambangan memiliki faktor risiko yang sama, sedangkan indeks harga saham sektoral lainnya memiliki faktor risiko yang sama. Temuan ini berimplikasi bahwa para manajer investasi harus membedakan faktor risiko saham-saham sektor pertanian dan pertambangan dari sektor lainnya. Kata kunci : Orthogonal GARCH; Bursa Efek Indonesia; Value-at-Risk (VaR); Indeks harga saham sektoral; matriks kovarians

Testing Commodities as Safe Haven and Hedging Instrument on ASEAN's Five Stock Markets Robiyanto Robiyanto
Jurnal Ekonomi Kuantitatif Terapan 2017: Vol. 10, No. 2, Agustus 2017 (pp. 110 - 252)
Publisher : Universitas Udayana

This study attempts to analyze commodity market instruments such as gold, silver, platinum, palladium, and West Texas Intermediate (WTI) crude oil’s potential as hedge and safe haven toward some stock markets in South East Asia such as in Indonesia, Singapore, Malaysia, Philippines, and Thailand. To analyze the data, GARCH (1,1) was applied. The research findings showed that gold, silver, platinum, palladium, and WTI could not play their role as hedging instrument for five South East Asian capital markets. WTI could act as a robust safe haven for most South East Asian capital markets. Gold could do the role as a robust safe haven in Singapore and Malaysia, whereas, platinum and silver consistently could be safe haven only for Singapore Stock Exchange. Palladium could only be safe haven for Philippines Stock Exchange.

DETERMINAN STRUKTUR MODAL DAN NILAI PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA Yunita Yunita; Robiyanto Robiyanto
Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan Volume 15 Nomor 1 Tahun 2021
Publisher : Universitas Udayana

This study examines the influence of internal company factors such as profitability, company size, business risk, company growth rate and external factors of the company, namely market risk on the company's capital structure as an intervening variable that affects the value of the company. This research was conducted on manufacturing companies listed on the Indonesia Stock Exchange in the study period of 2013 to 2018 and a sample of 82 companies. This study found that profitability and company size factors have a significant influence on the company's capital structure, but business risk, growth rates, and market risk do not have a significant effect on capital structure. Then capital structure has a significant influence on firm value.

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

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