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All Journal JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi) Aptisi Transactions on Management
Gracia Shinta S. Ugut
Universitas Pelita Harapan
Computer Science & IT Decision Sciences, Operations Research & Management

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The Effect of Foreign Country Indexes, Macroeconomics, and Commodities on the Indonesian Stock Exchange Valentino Budhidharma; Roy Sembel; Gracia Shinta S. Ugut; Edison Hulu
JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi). Vol 9 No 2 (2022): JMBI UNSRAT Volume 9 Nomor 2
Publisher : FEB Universitas Sam Ratulangi Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35794/jmbi.v9i2.42302

Abstract

The purpose of this paper is to study the effect of the foreign country indexes, macroeconomics, and world commodity prices on the Composite Stock Price Index (IHSG) in Indonesia. The foreign indexes are the US Dow Jones (DJI), the Singapore Straits Time Index (STI), the Japanese Nikkei (N225), and the Hong Kong Hang Seng Index (HSI). The macroeconomics factors are the currency exchange rate (USDIDR) and inflation rate (INFLATION). The commodities are crude oil prices (OIL) and world gold prices (GOLD). The estimation model is a multiple linear regression analysis[VB1] . The results show that USDIDR has a significant negative effect, while STI has a significant positive effect.
Equity and Government Bond Relationship in Indonesia During Covid Pandemic Gracia Shinta S. Ugut; Liza Handoko; Kristina Vaher
APTISI Transactions on Management (ATM) Vol 10 No 2 (2026): ATM (APTISI Transactions on Management: May)
Publisher : Pandawan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33050/tf8nn721

Abstract

This study extends prior Covid-19 finance literature by examining the dynamic relationship between Indonesian equity returns and sovereign benchmark bond returns using daily data across two pandemic waves. Unlike previous studies focusing primarily on developed markets or conventional flight-to-safety behavior, this study provides evidence that government bonds in emerging markets may temporarily exhibit equity-like risk characteristics during pandemic-induced fiscal stress. Specifically, the findings show that equity market performance is positively correlated with government bond returns in Indonesia during the two waves of the Covid 19, as opposed to the findings from previous studies when there were financial crises, and also the results show negative correlation between the government bond return and the spread of the Credit Default Swap. Furthermore, this study examines the impact of the Covid pandemic to the local Indonesian long-term and medium-term benchmark bonds after applying the international risk factor variable to the model. The results show shifting investors’ attention from the international risk factors to the local risk factors in both medium and long tenor of the bonds during the pandemic period. Overall, this study highlights how pandemic-induced fiscal uncertainty alters stockbond dynamics in emerging markets and challenges conventional safe-haven assumptions regarding sovereign bonds.
Co-Authors Hulu, Edison Kristina Vaher Liza Handoko Roy Sembel Valentino Budhidharma