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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

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

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Volatilitas Harga Emas dan Minyak pada Integrasi Pasar Modal Indonesia dengan Pasar Modal Asia Sintikhe Mega Treisya; Robiyanto Robiyanto
AFRE (Accounting and Financial Review) Vol 4, No 2 (2021): December
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v4i2.6291

Capital market integration can be influenced by various variables, such as the volatility of gold and oil prices. The purpose of this study is to analyze the volatility of gold and oil prices on the integration of the Indonesian capital market with the Asian capital market. This study uses secondary data on daily closing prices of gold and oil (West Texas Intermediate and Brent North Sea) along with the Indonesian capital markets (JKSE), Hong Kong (HSI), South Korea (KOSPI), India (NIFTY 50), China (SSEC), Singapore (STI) during the period January 2019 to October 2020. This study uses the DCC-GARCH method to see the dynamic correlation between the capital market, and the GARCH method to analyze the volatility of gold and oil prices on the integration of the Indonesian capital market with the Asian capital market. The results of the study show that there is a positive and negative dynamic correlation between the capital markets, thus proving that the movement of the Indonesian market with other markets tends to vary. The results show that only the volatility of Brent oil has a negative effect on the integration of the Indonesian capital market with the Asian capital market

Revisit the Dynamic Portfolio Formation Between Gold and Stocks in Indonesia in The Period Before and During the COVID-19 Pandemic Ashalia Fitri Yuliana; Robiyanto Robiyanto
Journal of Accounting and Strategic Finance Vol 5 No 1 (2022): 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.v5i1.161

This research aims to review the formation of the dynamic portfolio of individual stocks and gold using the DCC-GARCH and ADCC-GARCH analysis techniques in the periods before and during the COVID-19 pandemic. This is done so that individual investors and investment managers will be able to apply this method. This research uses data from the period of October 2019 - September 2020 with a research sample of nine stocks that are included in the IDX-30. The results showed that the DCC-GARCH analysis technique before the COVID-19 pandemic and the performance of the dynamic portfolios that were unhedged and hedged had no difference. This is due to the conditions in the period before the COVID-19 pandemic which still tended to be stable, thus, no safe-haven asset is needed. Meanwhile, in the period during the COVID-19 pandemic, using the DCC-GARCH analysis technique, there were differences because conditions have started to fluctuate in uncertainty which resulted in the need for safe-haven assets. On the other hand, using the ADCC-GARCH analysis technique on the periods before and during the COVID-19 pandemic, the performance of the dynamic portfolios that were unhedged and hedged showed a difference. Because the ADCC-GARCH technique is able to see asymmetric volatility for the future, adding gold to a portfolio can reduce risk when there is uncertainty. This research also found that the ADCC-GARCH technique had better performance than the DCC-GARCH technique.

THE EFFECT OF FINANCIAL PERFORMANCE AND COMPANY SIZE ON SHARIA STOCK LISTED IN JAKARTA ISLAMIC INDEX Eva Nurlita; Robiyanto Robiyanto
Jurnal Akuntansi Keuangan dan Bisnis Vol 11 No 2 (2018): Jurnal Akuntansi Keuangan dan Bisnis
Publisher : Politeknik Caltex Riau

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (337.786 KB)

Financial performance is usually measured using a ratio that has several weaknesses that can't measure by value and need a comparison. There are new alternatives that measure performance based on value and are still rarely used specifically in stocks based on Islamic law. This study aims to find and obtain empirical evidence concerning the influence of Economic Value Added, Market Value Added, Financial Value Added and the size of the company to the stock price of sharia companies listed in the Jakarta Islamic Index period 2014-2016. By using purposive sampling, obtained sample of 13 sharia stocks observed in annual period, hence obtained panel data as much as 39. Data analyzed by using doubled linear regression. The results showed that Market Value Added has a significant positive effect on stock prices. EVA, FVA, and firm size have no significant effect on stock prices. Economic Value Added, Market Value Added, Financial Value Added and company size together have a significant effect on stock price.

Pengaruh Indeks Volatilitas, Nilai Tukar dan Pertumbuhan Ekonomi Terhadap Integrasi Pasar Modal ASEAN Dengan Pasar Modal Amerika Serikat Nila Listiana; Robiyanto
Jurnal Akuntansi Keuangan dan Bisnis Vol 14 No 1 (2021): Jurnal Akuntansi Keuangan dan Bisnis
Publisher : Politeknik Caltex Riau

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (246.855 KB)

There are many variables which will be influencing capital market integration. Some of those variables are come from external factor, such as Volatility Index (VIX), exchange rate, and economic growth. This study aims to analyze the effect of VIX, exchange rate, and economic growth to the integration of ASEAN capital market and United States capital market. The data was collected from secondary data in the form of VIX quarterly data, exchange rate, economic growth, ASEAN capital market such as Indonesia (JKSE), Singapore (STI), Philippines (PSEi), Thailand (SETi), Malaysia (KLCI), and United States capital market (DJIA) during the first quarter from 2005 to third quarter 2020. Further, the data was analyze by using DCC GARCH method was used to see the dynamic correlation between ASEAN capital market and US capital market. Hence, GARCH method to examine the effect of changes in VIX, exchange rate, and economic growth for ASEAN capital market and US capital market. The result showed a positive dynamic correlation between ASEAN capital market and US capital market, the presence of VIX and exchange rate has significant effect for ASEAN capital market and US capital market, while economic growth only has significant effect to the integration of STI.

Pengujian Integrasi Pasar Modal di Kawasan Asia Sebelum dan Selama Pandemi Covid-19 Anisha Cahyaningrum; Robiyanto Robiyanto
Jurnal Akuntansi Keuangan dan Bisnis Vol 14 No 2 (2021): Jurnal AKuntansi Keuangan dan Bisnis
Publisher : Politeknik Caltex Riau

The occurrence of the Covid-19 pandemic has caused a slowdown in a country's economy, creating new global risks. This can affect the world's capital markets. Previous research has discussed a lot about capital market integration. The current condition of the Covid-19 pandemic has shaken the world's capital markets, but there has been no research on capital market integration related to this condition. So it is necessary to research capital market integration before and during Covid-19. The analytical tool used in this research is OGARCH (Orthogonal Generalized Autoregressive Conditional Heteroscedasticity) to determine the degree of integration. The data used in this study are daily closing data for HSI, Nikkei 225, Nifty 50, STI, SSEC, and IHSG during the period before the Covid-19 pandemic (September-December 2019), and the period during the Covid-19 pandemic (March-June 2020). After conducting the research, it was found that the capital market understudy was not fully integrated in the two periods. This study also found that the JCI became more segmented during the Covid-19 pandemic after the Nifty 50 which was always segmented in both periods.

Weak Form Efficiency of Cryptocurrency and Precious Metal Market in the Midst of Covid-19 Pandemic Dilla Andharini; Robiyanto Robiyanto; Harijono Harijono
Jurnal Akuntansi Keuangan dan Bisnis Vol 15 No 1 (2022): Jurnal Akuntansi Keuangan dan Bisnis
Publisher : Politeknik Caltex Riau

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35143/jakb.v15i1.5329

Precious metals and cryptocurrencies are one of the most preferred investment instruments during the Covid-19 pandemic. There are three types of market efficiency, weak form efficiency, semi-strong, and strong form efficiency; this is disclosed in the efficient market hypothesis proposed by Fama in several of his works. Efficient or inefficient market can be seen from the returns obtained by the market participants, market participants will get a reasonable return if they are in an efficient market. This study aims to determine whether the precious metals and cryptocurrency markets are efficient in the weak form. Run test and Augmented Dickey-Fuller test are used to determine the randomness of price movements (random walk). The more random the price, the more efficient it will be in the weak form. The period used in this study is January 1, 2019 to June 30, 2021. The results of this study are the price of precious metals runs randomly during the Covid-19 pandemic, which means that the precious metal market is efficient in a weak form. Meanwhile, the results of the cryptocurrency return test show that the cryptocurrency market is inefficient in the weak form during the Covid-19 pandemic.

THE MEDIATING ROLE OF DEBT AND DIVIDEND POLICY ON THE EFFECT PROFITABILITY TOWARD STOCK PRICE Akhmadi Akhmadi; Nurohman Nurohman; Robiyanto Robiyanto
Jurnal Manajemen dan Kewirausahaan Vol. 22 No. 1 (2020): MARCH 2020
Publisher : Management Study Program, Faculty of Business and Economics, Petra Christian University

This study aimed to obtain an empirical explanation of the role of debt policy and dividend policy as variables mediating the influence of profitability on stock prices. This study used six mining companies listed on the Indonesia Stock Exchange (IDX) during the period of 2012–2016 as samples, hence there were 30 observational data. The sampling technique in this study was purposive sampling. This study found that profitability had a positive effect on stock prices, but the increasing profitability would not necessarily reduce the debt policy. The increasing profitability did not significantly increase the dividend policy, however, increasing dividend policy would increase the stock prices. The results also proved that debt and dividend policy did not mediate the influence of return on equity on the stock prices.

BOND AS A SAFE HAVEN DURING MARKET CRASH: EXAMINATION OF COVID-19 PANDEMIC IN ASEAN-5 Gabriela Elvina Dwiastuti Siahaan; Robiyanto Robiyanto
Jurnal Manajemen dan Kewirausahaan Vol. 23 No. 1 (2021): MARCH 2021
Publisher : Management Study Program, Faculty of Business and Economics, Petra Christian University

The central aim of this paper is to examine the effectiveness of corporate bonds and government bonds against the stock price fluctuation in ASEAN-5 countries (Indonesia, Malaysia, Philippines, Thailand and Singapore). Highlighting an important event of COVID-19, we investigate whether bonds provide protection by utilizing Q-REG method. The noteworthy finding is that bonds consistently act as a hedge for Malaysia and Philippines, while regarded as a diversifier for Indonesia’s capital market. However, this study observed that corporate bonds successfully become a strong safe haven for Thailand and Singapore capital market. Similar result was also found for Singapore government bonds which provides a valuable return during the pandemic of COVID-19.

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

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.

EXCHANGE RATE, GOLD PRICE, AND STOCK PRICE CORRELATION IN ASEAN-5: EVIDENCE FROM COVID-19 ERA Vicho Dwindra Arisandhi; Robiyanto Robiyanto
Jurnal Manajemen dan Kewirausahaan Vol. 24 No. 1 (2022): MARCH 2022
Publisher : Management Study Program, Faculty of Business and Economics, Petra Christian University

ASEAN-5 (Indonesia, Singapore, Malaysia, Philippines, and Thailand) were the pillars of economies in the Southeast Asia. This study aimed to examine the dynamic correlation of exchange rate and gold price on stock price in ASEAN-5 countries during COVID-19 pandemic. This study used Asymmetric DCC-GARCH model and employed daily data from March 2020 to August 2021. For all cases, the findings showed the degree of correlations were similar to each other. Furthermore, the result revealed that exchange rate and gold price had weak correlations on stock price. During the pandemic, negative correlation confirmed the exchange rate was a better alternative asset than gold which was positively correlated with stock prices. The ASEAN-5 market participants should hereby evaluated their investment risk and strategy.

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

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