Covid-19 dan Volatilitas Harga Saham Melalui Peran Mediasi Harga Emas
Abstract
This study aims to analyze the effect of Covid-19 which consists of the number of positive cases, the number of deaths, and the number of recoveries on stock price volatility through the mediating role of gold prices. The research population is a retail company listed on the Indonesia Stock Exchange with a research period from April 2020 to June 2021. The research sample was taken using purposive sampling, and analyzed using SEM PLS. The results of the analysis show that the number of positive cases has a significant negative effect on gold prices and the volatility of retail companies' stock prices. The number of deceased has a positive effect on the price of gold and the volatility of the stock price of retail companies. The number of recoveries has a positive effect on gold prices, but has no significant effect on stock price volatility. The mediating role explains that the price of gold has a mediating role on the effect of the number of positive cases and the number of deaths on stock price volatility, but does not have a mediating role on the effect of the number of recoveries on stock price volatility.
Keywords: Covid-19; Gold Prices; Stock Price Volatility; Retail Companies.
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References
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Ozturk, M. B. E., & Cavdar, S. C. (2021). The Contagion of Covid-19 Pandemic on The Volatilities of International Crude Oil Prices, Gold, Exchange Rates and Bitcoin. Journal of Asian Finance, Economics and Business, 8(3), 171–179. https://doi.org/10.13106/jafeb.2021.vol8.no3.0171
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Sihombing, J., Agoes, S., & Santoso, U. (2017). Studi Empiris Terkait Dengan Pengungkapan Sukarela, Kualitas Audit Dan Asimetri Informasi Terhadap Stock Return Pada Perusahaan Manufaktur Yang Terdaftar Pada Bursa Efek Indonesia. Jurnal Akuntansi, 21(1), 1. https://doi.org/10.24912/ja.v21i1.140
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Welley, M. M., Oroh, F. N. S., & Walangitan, M. D. B. (2020). Perbandingan Harga Saham Perusahaan Farmasi BUMN Sebelum Dan Sesudah Pengembangan Vaksin Virus Corona (Covid-19). Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi, 7(3), 571–579.
Widianto, S. (2020). Tren Harga Emas Naik, Produsen Raup Keuntungan. Retrieved April 10, 2021, from Pikiran Rakyat website: https://www.pikiran-rakyat.com/ekonomi/pr-01666307/tren-harga-emas-naik-produsen-raup-keuntungan
Yousef, I., & Shehadeh, E. (2020). The Impact of COVID-19 on Gold Price Volatility. International Journal of Economics and Business Administration, VIII(Issue 4), 353–364. https://doi.org/10.35808/ijeba/592
Akhigbe, A., Borde, S. F., & Madura, J. (1993). Dividend Policy and Signaling by Insurance Companies. The Journal of Risk and Insurance, 60(3), 413–428.
Albulescu, C. T. (2021). COVID-19 and the United States financial markets’ volatility. Finance Research Letters, 38(March 2020), 101699. https://doi.org/10.1016/j.frl.2020.101699
Ambarish, R., John, K., & Williams, J. (1987). American Finance Association Efficient Signalling with Dividends and Investments. The Journal of Finance, 42(2), 321–343.
Angesti, Y. G., & Santioso, L. (2019). Faktor-Faktor Yang Mempengaruhi Volatilitas Harga Saham Perusahaan Manufaktur. Jurnal Ekonomi, 24(1), 46. https://doi.org/10.24912/je.v24i1.450
Anggraeni, D. P., Rosadi, D., Hermansah, H., & Rizal, A. A. (2020). Prediksi Harga Emas Dunia di Masa Pandemi Covid-19 Menggunakan Model ARIMA. Jurnal Aplikasi Statistika & Komputasi Statistik, 12(1), 71. https://doi.org/10.34123/jurnalasks.v12i1.264
Arfaoui, M., & Ben Rejeb, A. (2017). Oil, gold, US dollar and stock market interdependencies: a global analytical insight. European Journal of Management and Business Economics, 26(3), 278–293. https://doi.org/10.1108/EJMBE-10-2017-016
Arshad, M. N., & Yahya, M. H. (2017). Relationship Between Stock Market Returns and Exchangerates in Emerging Stock Markets. Ikonomika, 1(2), 131. https://doi.org/10.24042/febi.v1i2.148
Asquith, P., & Mullins, D. W. (1986). Signalling with Dividends, Stock Repurchases, and Equity Issues. Financial Management, 15(3), 27–44.
Baek, S., Mohanty, S. K., & Glambosky, M. (2020). COVID-19 and stock market volatility: An industry level analysis. Finance Research Letters, 37(July), 101748. https://doi.org/10.1016/j.frl.2020.101748
Bahrini, R., & Filfilan, A. (2020). Impact of the novel coronavirus on stock market returns: evidence from GCC countries. Quantitative Finance and Economics, 4(4), 640–652. https://doi.org/10.3934/qfe.2020029
Bar-Yosef, S., & Livnat, J. (1984). Auditor Selection: An Incentive-Signalling Approach. Accounting and Business Research, 14(56), 301–309.
Bhuyan, A. K., & Dash, A. K. (2020). A dynamic causality analysis between gold price movements and stock market returns: Evidence from India. Journal of Management Research and Analysis, 5(2), 117–124. https://doi.org/10.18231/2394-2770.2018.0019
Darmayanti, N., Mildawati, T., & Dwi Susilowati, F. (2021). Dampak Covid-19 Terhadap Perubahan Harga Dan Return Saham. EKUITAS (Jurnal Ekonomi Dan Keuangan), 4(4), 462–480. https://doi.org/10.24034/j25485024.y2020.v4.i4.4624
Ellahi, N., & Ahmad, N. (2021). Investigating the Impact of COVID 19 Outbreak on Stock Market Returns : Evidence from Pakistan. Ijicc.Net, 15(5), 1–9. Retrieved from https://www.ijicc.net/images/Vol_15/Iss_5/15468_Ellahi_2021_E1_R.pdf
Fitri, A. N. (2020). Ini Masalah Yang Dihadapi Industri Ritel Di Tengah Pandemi Covid-19. Retrieved May 19, 2021, from Kontan.co.id website: https://industri.kontan.co.id/news/ini-masalah-yang-dihadapi-industri-ritel-di-tengah-pandemi-covid-19
Guler, D. (2020). the Impact of the Exchange Rate Volatility on the Stock Return Volatility in Turkey. Eurasian Journal of Business and Management, 8(2), 106–123. https://doi.org/10.15604/ejbm.2020.08.02.005
Hansory, M. F., & Dharmayanti, D. (2014). Pengaruh Experience Quality Terhadap Customer Loyalty Dengan Perceived Value Dan Brand Image Sebagai Variabel Intervening Di De Soematra 1910 Surabaya. Jurnal Manajemen Pemasaran, 8(2), 70–79. https://doi.org/10.9744/pemasaran.8.2.70-8
Hardiyan, Y. (2020). Kenapa 2 Saham Ritel ini Melesat? Retrieved May 19, 2021, from Big Alpha website: https://bigalpha.id/news/kenapa-2-saham-ritel-ini-melesat
Hegedüš, P. (2021). Covid-19 on the Video Gaming Market Stock Prices. University of Twente.
Ibrahim, I., Kamaludin, K., & Sundarasen, S. (2020). COVID-19, Government Response, and Market Volatility: Evidence from the Asia-Pacific Developed and Developing Markets. Economies, 8(4), 105. https://doi.org/10.3390/economies8040105
Intan, K. (2020). Ini Rekomendasi Dan Target Harga Saham Matahari Departement Store (LPPF). Retrieved May 19, 2021, from Kontan.co.id website: https://investasi.kontan.co.id/news/ini-rekomendasi-dan-target-harga-saham-matahari-departement-store-lppf
Komite Penanganan Covid-19 dan Pemulihan Ekonomi Nasional. (2021). Situasi Virus Covid-19 di Indonesia. Retrieved April 10, 2021, from Kementerian Kesehatan website: https://covid19.go.id/
Machmuddah, Z., Utomo, S. D., Suhartono, E., Ali, S., & Ghulam, W. A. (2020). Stock market reaction to COVID-19: Evidence in customer goods sector with the implication for open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 1–13. https://doi.org/10.3390/joitmc6040099
Mahardhika, L. A. (2020). Pandemi Covid-19. Retrieved April 10, 2021, from Bisnis website: https://market.bisnis.com/read/20201021/7/1307899/pandemi-covid-19-jumlah-investor-ritel-di-asean-melonjak
Millah, S. (2020). Strategi Investasi di Tengah Pandemi Virus Corona. Retrieved July 25, 2021, from Bisnis website: https://finansial.bisnis.com/read/20200329/55/1219348/strategi-investasi-di-tengah-pandemi-virus-corona
Mulyana, R. N. (2021). Sektor ritel menjadi segmen usaha yang terperosok cukup dalam akibat pandemi. Retrieved May 15, 2021, from Kontan.co.id website: https://newssetup.kontan.co.id/news/sektor-ritel-menjadi-segmen-usaha-yang-terperosok-cukup-dalam-akibat-pandemi?page=all
Nugroho, A. D., & Robiyanto, R. (2021). Determinant of Indonesian Stock Market’s Volatility During the Covid-19 Pandemic. Jurnal Keuangan Dan Perbankan, 25(1), 1–20. https://doi.org/10.26905/jkdp.v25i1.4980
Ozturk, M. B. E., & Cavdar, S. C. (2021). The Contagion of Covid-19 Pandemic on The Volatilities of International Crude Oil Prices, Gold, Exchange Rates and Bitcoin. Journal of Asian Finance, Economics and Business, 8(3), 171–179. https://doi.org/10.13106/jafeb.2021.vol8.no3.0171
Pinandhita, V. (2021). Update Vaksinasi COVID-19 Per 31 Maret 2021: Penerima Dosis 1 Tembus 8 Juta! Retrieved July 25, 2021, from Detik.com website: https://health.detik.com/berita-detikhealth/d-5515660/update-vaksinasi-covid-19-per-31-maret-2021-penerima-dosis-1-tembus-8-juta
Pransuamitra, P. A. (2020). Naik 12% Lebih, Harga Emas Q2 Bakal Termoncer dalam 4 Tahun. Retrieved April 10, 2021, from CNBC Indonesia website: https://www.cnbcindonesia.com/market/20200630191644-17-169225/naik-12-lebih-harga-emas-q2-bakal-termoncer-dalam-4-tahun
Putra, T. (2020). Alamak! Penjualan Ritel Jeblok, 5 Saham Peritel Babak Belur. Retrieved July 25, 2021, from CNBC Indonesia website: https://www.cnbcindonesia.com/market/20200909131658-17-185527/alamak-penjualan-ritel-jeblok-5-saham-peritel-babak-belur
Robiyanto, R. (2018). the Effect of Gold Price Changes, Usd/Idr Exchange Rate Changes and Bank Indonesia (Bi) Rate on Jakarta Composite Index (Jci)’S Return and Jakarta Islamic Index (Jii)’S Return. Jurnal Manajemen Dan Kewirausahaan, 20(1), 45. https://doi.org/10.9744/jmk.20.1.45-52
Sihombing, J., Agoes, S., & Santoso, U. (2017). Studi Empiris Terkait Dengan Pengungkapan Sukarela, Kualitas Audit Dan Asimetri Informasi Terhadap Stock Return Pada Perusahaan Manufaktur Yang Terdaftar Pada Bursa Efek Indonesia. Jurnal Akuntansi, 21(1), 1. https://doi.org/10.24912/ja.v21i1.140
Sugianto, D. (2021). Harga Emas Turun Terus, Waktu yang Tepat Buat Nyerok? Retrieved July 25, 2021, from Detik.com website: https://finance.detik.com/berita-ekonomi-bisnis/d-5530670/harga-emas-turun-terus-waktu-yang-tepat-buat-nyerok/1
Welley, M. M., Oroh, F. N. S., & Walangitan, M. D. B. (2020). Perbandingan Harga Saham Perusahaan Farmasi BUMN Sebelum Dan Sesudah Pengembangan Vaksin Virus Corona (Covid-19). Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi, 7(3), 571–579.
Widianto, S. (2020). Tren Harga Emas Naik, Produsen Raup Keuntungan. Retrieved April 10, 2021, from Pikiran Rakyat website: https://www.pikiran-rakyat.com/ekonomi/pr-01666307/tren-harga-emas-naik-produsen-raup-keuntungan
Yousef, I., & Shehadeh, E. (2020). The Impact of COVID-19 on Gold Price Volatility. International Journal of Economics and Business Administration, VIII(Issue 4), 353–364. https://doi.org/10.35808/ijeba/592
Published
2022-04-26
How to Cite
SARWINDAH, Sarwindah; HIDAYAT, Widi; MURNI, Siti Asiah.
Covid-19 dan Volatilitas Harga Saham Melalui Peran Mediasi Harga Emas.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 4, p. 1002-1019, apr. 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/77923>. Date accessed: 04 dec. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i04.p13.
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