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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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Respon Jangka Pendek Pasar Saham Indonesia terhadap Wabah Pandemi Covid-19 Kristiana Oktavia; Robiyanto Robiyanto; Harijono Harijono
AFRE (Accounting and Financial Review) Vol 5, No 2 (2022): July 2022
Publisher : Postgraduate Program Merdeka University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/afr.v5i2.7601

Abstract

The Indonesian stock market's response to the pandemic Covid-19 outbreak uses the event study method with abnormal return technical tools. This study aims to determine the stock market response to Covid-19, namely responding significantly negative and not because many stocks in other countries were affected by Covid-19. This event study method had carried out observations from 12 days before the announcement to 30 days after the announcement of Covid-19. The results of the data show that the data has no significant effect before and after the announcement by t-statistical analysis. In the significance test with daily observation data, the average abnormal return has no significant effect  before the announcement. Then, after the announcement, the average normal return on the 5th, 8th, 15th, 17th and 26th day responded significantly negative, although not entirely. The results of this study indicate that the response of the Indonesian stock market is significantly negative due to the Covid-19 outbreakDOI: https://doi.org/10.26905/afr.v5i2.7601
EFISIENSI PASAR MODAL BENTUK KUAT DI INDONESIA SELAMA PANDEMI COVID-19 Farrel Tegar Giovanni; Robiyanto Robiyanto; Harijono Harijono
Management & Accounting Expose Vol 5, No 2 (2022)
Publisher : Universitas Sahid

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36441/mae.v5i2.790

Abstract

Tujuan dari penelitian ini untuk menganalisis tingkat efisiensi pasar modal bentuk kuat di Indonesia dengan melakukan perbandingan antara kinerja pasar saham dengan kinerja reksa dana saham. Jenis data pada penelitian ini adalah data kuantitatif yaitu data sekunder dalam bentuk harian pada tahun 2021. Metode yang digunakan adalah Jensen Index, Sharpe Index, Treynor Ratio, Information Ratio dan Sortino Ratio. Hasil penelitian menunjukkan bahwa pasar modal Indonesia tidak berada pada efisiensi dalam bentuk kuat. Maka implikasi managerial yang akan berinvestasi disarankan untuk memilih Reksa Dana Saham karena berpotensi memiliki kinerja yang lebih baik dibandingkan pasar saham secara umum.
PERAN EMAS SEBAGAI SAFE HAVEN UNTUK EIDO DAN IHSG PADA PERIODE SEBELUM DAN SELAMA PANDEMI COVID-19 Kezia Viona Sugiyanto; Robiyanto Robiyanto
Management & Accounting Expose Vol 5, No 2 (2022)
Publisher : Universitas Sahid

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36441/mae.v5i2.789

Abstract

Penelitian ini mengkaji potensi emas dapat berfungsi sebagai aset haven untuk EIDO dan IHSG. Penelitian ini bertujuan untuk menganalisis bagi para investor agar dapat memutuskan investasi yang menguntungkan dalam jangka waktu sebelum dan selama pandemi COVID-19, dan bagaimana peran emas dapat menjadi safe haven bagi EIDO dan IHSG. Data yang digunakan dalam penelitian ini adalah data sekunder dari indeks saham EIDO dan IHSG penutupan harian yang bersumber dari yahoo finance dan data harga emas penutupan harian di pasar internasional selama periode Januari 2018 – Desember 2021. Analisis data dilakukan dengan menggunakan QREG dan OLS untuk dapat melihat potensi emas dapat berfungsi sebagai safe haven. Hasil penelitian ini menunjukkan bahwa emas tidak dapat berperan sebagai safe haven bagi EIDO dan IHSG, namun emas dapat berperan sebagai diversifikasi bagi IHSG. Sehingga para investor disarankan ketika kondisi pasar modal sedang tidak mengalami kepastian, sebaiknya memilih alternatif lain selain emas sebagai bahan portofolio.  
PENGARUH UKURAN DAN LEVERAGE TERHADAP MANAJEMEN LABA DENGAN CSR SEBAGAI VARIABEL INTERVENING Venina Cindy Kusumawati; Robiyanto Robiyanto
Equilibria Pendidikan : Jurnal Ilmiah Pendidikan Ekonomi Vol 6, No 1 (2021): May 2021
Publisher : Universitas PGRI Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26877/ep.v6i1.7234

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh ukuran dan leverage terhadap manajemen laba dengan CSR sebagai variabel intervening. Manajemen laba sebagai variabel dependen diukur dengan discretionary accruals. Ukuran, leverage dan CSR (Corporate Social Responsibility) sebagai variabel independen. Ukuran diukur dengan kapitalisasi pasar, leverage diukur dengan debt to equity ratio. Sedangkan Corporate Social Responsibility diukur menggunakan indeks dari penelitian Tong (2017) yang mengacu pada Global Reporting Initiative (GRI) G4. Data pada penelitian ini diperoleh dari laporan tahunan perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia periode 2015-2019. Analisis yang digunakan adalah regresi variabel intervensi yang diolah menggunakan Smart PLS. Hasil dari penelitian ini adalah ukuran dan CSR berpengaruh positif terhadap manajemen laba sedangkan leverage tidak berpengaruh. Ukuran dan leverage berpengaruh positif terhadap Corporate Social Responsibility. Ukuran perusahaan berpengaruh negatif pada manajemen laba melalui pengungkapan Corporate Social Responsibility, dan leverage berpengaruh positif terhadap manajemen laba melalui pengungkapan Corporate Social Responsibility.
Determinants of United States - Indonesia Equity Market’s Dynamic Correlation: The Role of Commodities and Exchange Rate’s Volatilities Robiyanto Robiyanto; Essy Indah Pangesti; Harijono Harijono; Budi Frensidy
Media Ekonomi dan Manajemen Vol 38, No 2 (2023): July 2023
Publisher : Fakultas Ekonomika dan Bisnis UNTAG Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56444/mem.v38i2.3595

Abstract

This study aims to analyze the effect of oil price volatility, gold price volatility and exchange rate volatility on the dynamic relationship between Indonesian and United States capital market. The data used in this study are daily closing prices of oil, gold and exchange rates (USD/IDR) as well as Indonesian capital market (JKSE) and United States capital market (DJIA) composite indices during period of January 2005 to October 2020. This study uses DCC-GARCH method to calculate the dynamic correlation between two capital markets and GARCH with the GED parameter to analyze oil volatility, gold volatility and exchange rate volatility on the integration of Indonesian capital market and United States capital market. The results of this study show positive and strong results on the integration of Indonesian and United States capital markets, thus proving that the movements of Indonesian market and American market tend to be strong and mutually influence the two capital markets. Moreover, the oil, gold and exchange rates volatilities have a negative effect on the integration of the Indonesia capital market and the US capital market. This finding implies investors should take oil, gold and exchange rates volatilities in their investment consideration.
Peranan Emas Dan Crypto Hedge Fund Dalam Meningkatkan Kinerja Indeks Portofolio Indeks Saham LQ45, JII, High Dividend, Dan Sri-Kehati Jenifer Christiani Bowa; Robiyanto Robiyanto
Magisma: Jurnal Ilmiah Ekonomi dan Bisnis Vol 11 No 2 (2023): 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.v11i2.328

Abstract

This research was conducted to determine the role of gold and crypto hedge funds in improving the performance of stock index portfolios. The stock index portfolio used consists of the LQ45, JII, High Dividend, and SRI-KEHATI indices. The purpose of this study is to analyze the role of gold and crypto hedge funds in improving the performance of stock index portfolios for the 2019-2021 period rather than investing in portfolios made up of stock indexes only. This study uses the Naive method and measures portfolio performance based on the Sharpe Index, Treynor Index, Jensen Index, Sortino Ratio, and Omega Ratio. This study concludes that the formation of a portfolio with the role of gold and crypto hedge funds can improve the performance of stock indexes using the calculation results of the Naive Diversification model in the period January 1 2019 to December 30 2021. In general it is found that portfolios formed with gold and crypto hedge funds as value better hedged than a portfolio formed without a hedge
Weak Market Efficiency for Technology Stocks During The COVID-19 Pandemic Ullanchiang Meillenia Tumbal; Robiyanto Robiyanto; Harijono Harijono
AJAR Vol 6 No 02 (2023): 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.v6i02.428

Abstract

Many studies related to capital market efficiency have been carried out, but currently there is a lack of research on weak forms of market efficiency in other financial markets such as the technology market. The purpose of this study is to analyze the efficiency of the weak form of the market for technology stocks during the Covid-19Pandemic. The data used in this study is data on daily closing prices for technology stocks from 2020-2022 from the Indonesia Stock Exchange. This data is obtained from Yahoo Finance Technology. The analytical tool used is the Runs Test followed by the Augmented Dickey-Fuller and Correlogram for Robustness Checking. The results of this study state that there are several technology stocks that are included in the efficient form in a weak form, which means that the prices of these stocks during the Covid-19 Pandemic are random walk, so that technical analysis cannot be applied in analyzing several technology stocks, namely EMTK, MTDL and LUCK. The results of this study suggest that investors in trading EMTK, MTDL and LUCK shares do not use technical analysis.
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.
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.
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