Reaksi Investor Sebelum dan Sesudah Deklarasi Vladimir Putin Tentang Operasi Militer Khusus di Ukraina
Abstract
The war that occurred between Russia and Ukraine had an impact on the world, especially related to security, defense and economic stability. This study aims to see the reaction of investors to Vladimir Putin's declaration regarding a special military operation in Ukraine on 24 February 2022. The research was conducted with 17 samples of plantation sector companies listed on the Indonesian Stock Exchange and using 31 days of observation. The research hypothesis was tested by conducting different tests on stock price and gold variables, as well as stock transaction volume using the Wilcoxon Signed Ranks Test. The results showed that there were differences in stock and gold prices before and after Vladimir Putin's declaration on special military operations in Ukraine, while there were no significant differences in the volume of stock transactions. This happens because investors want to secure their assets in stocks by diverting them to safe heaven instruments, one of which is gold.
Keywords: Investor Reaction; Vladimir Putin; Gold Price; Stock Price
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References
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Asad, M., Tabash, M. I., Sheikh, U. A., Al-Muhanadi, M. M., & Ahmad, Z. (2020). Gold-oil-exchange rate volatility, Bombay stock exchange and global financial contagion 2008: Application of NARDL model with dynamic multipliers for evidences beyond symmetry. Cogent Business and Management, 7(1). https://doi.org/10.1080/23311975.2020.1849889
Beber, A., & Brandt, M. W. (2011). Resolving Macroeconomic Uncertainty in Stock and Bond Markets. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.890379
Cho, D., & Han, H. (2021). The tail behavior of safe haven currencies: A cross-quantilogram analysis. Journal of International Financial Markets, Institutions and Money, 70(xxxx), 101257. https://doi.org/10.1016/j.intfin.2020.101257
Dewi, D. M., Nafi’, M. Z., & Nasrudin, N. (2022). Analisis Peramalan Harga Emas Di Indonesia Pada Masa Pandemi Covid-19 Untuk Investasi. Jurnal Litbang Sukowati : Media Penelitian Dan Pengembangan, 5(2). https://doi.org/10.32630/sukowati.v5i2.235
Dewi, I. G. A. A. O. (2020). Analisis Abnormal Return , Trading Volume Activity Dan Foreign Capital Inflow Sebelum Dan Sesudah Pemilihan Presiden Dan Pemilihan Legislatif Tahun 2019 (Studi Pada Perusahaan Anggota Indeks Kompas100 Di Bursa Efek Indonesia). Jurnal Ilmiah Akuntansi Dan Bisnis, 4(2). https://doi.org/10.38043/jiab.v4i2.2327
Forddanta, D. H. (2022, February 24). Putin Memulai Perang Dunia... IHSG Ambrol Nyaris 2%.
Gunawan, I. (2022, April 18). Gara-gara Perang, Perdagangan Indonesia dengan Rusia dan Ukraina Keok. Bisnis.Com.
Hapsoro, D., & Husain, Z. F. (2019). Does sustainability report moderate the effect of financial performance on investor reaction? Evidence of Indonesian listed firms. International Journal of Business, 24(3).
Jatmiko, D. P., Manahov, V., & Obiosa, N. (2014). Does capital market reaction to non-Economic factors generate abnormal returns? Investment Management and Financial Innovations, 11(4).
Kusnandar, V. B. (2022, March 1). Ini Daftar Barang Impor Indonesia dari Rusia pada 2021. Https://Databoks.Katadata.Co.Id/.
MacKinlay, A. C. (1997). Event Studies in Economics and Finance. Journal of Economic Literature, 35(1).
Magdalena Saragih, E., Sadalia, I., Syahputra Silalahi, A., & Author, C. (2019). The Impact of Presidential Election on Abnormal Return, Trading Volume Activity, Security Return Variability in Banking Industries Listed on the Indonesia Stock Exchange. International Journal of Research & Review (Www.Ijrrjournal.Com) Vol, 6(May).
Media Indonesia. (2022, February 26). Dampak dan Peluang bagi Ekonomi RI. Media Indonesia, 1.
Mediana. (2022, February 25). Lonjakan Harga Minyak Perlu Respon Tepat. Kompas, 1.
Mohanasundari, M., Vidhyapriya, P., Sundharesalingam, P., & Kavitha, P. (2020). An analysis of the relationship between risk and return in the gold market of Asian countries. International Journal of Scientific and Technology Research, 9(3).
Mohd Nasir, F. Z., Wan Zakaria, W. M. F., Musa, M. H., Burhanuddin1, M. A., & Ong, M. H. A. (2018). Economic forces on gold price in Malaysia. E-Academia Journal, 7(2).
Musialkowska, I., Kliber, A., Świerczyńska, K., & Marszałek, P. (2020). Looking for a safe-haven in a crisis-driven Venezuela: The Caracas stock exchange vs gold, oil and bitcoin. Transforming Government: People, Process and Policy, 14(3), 475–494. https://doi.org/10.1108/TG-01-2020-0009
Nguyen, Q. N., Bedoui, R., Majdoub, N., Guesmi, K., & Chevallier, J. (2020). Hedging and safe-haven characteristics of Gold against currencies: An investigation based on multivariate dynamic copula theory. Resources Policy, 68(June 2019), 101766. https://doi.org/10.1016/j.resourpol.2020.101766
Nida, D. R. P. P., Yoga, I. G. A. P., & Adityawarman, I. M. G. (2020). Analisis Reaksi Pasar Modal Terhadap Peristiwa Pemilu Serentak Tahun 2019. WICAKSANA: Jurnal Lingkungan Dan Pembangunan, 4(1). https://doi.org/10.22225/wicaksana.4.1.1813.64-73
Pameswari, I. A. N., & Wirakusuma, M. G. (2018). Analisis Reaksi Pasar Modal Pada Peristiwa Pemilihan Gubernur Dki Jakarta Tahun 2017. E-Jurnal Akuntansi, 944. https://doi.org/10.24843/eja.2018.v22.i02.p05
Permana, S. H. (2022). Dampak Perang Rusia - Ukraina Terhadap Perekonomian Indonesia. INFO Singkat, XIV(5), 19–24.
Prabowo, H. (2022, February 18). Perilaku Investor dan Analisa Berita Perang. Investor.Id.
Pristiandaru, D. L. (2022, February 26). Daftar Barang Ekspor antara Indonesia dan Ukraina. Kompas.Com.
Putri, A. B., & Suhadak. (2019). Uji Beda Ekspor Dan Impor Indonesia Sebelum Dan Sesudah Terjadi Perang Dagang Amerika Serikat Dan China (Studi pada Badan Pusat Statistik Periode September 2017- September 2018). Jurnal Administrasi Bisnis (JAB), 71(1).
Putri, E., & Nurwulandari, A. (2020). Analisis Reaksi Pasar Modal Bagi Perusahaan Dalam Indeks Idx30 Terhadap Kemenangan Donald Trump Pada Pemilihan Presiden Amerika Serikat. Oikonomia: Jurnal Manajemen, 15(2). https://doi.org/10.47313/oikonomia.v15i2.752
Rahayu, S. E. (2021). Analisis Perkembangan Neraca Perdagangan Indonesia Sebelum dan Sesudah Perang Dagang Amerika Serikat-China. Seminar of Social Sciences Engineering and Humaniora.
Samsul, M. (2015). Pasar Modal dan Manajemen Portofolio. Erlangga.
Sapkota, S. P. (2019). Impact of Stock Market-specific and Macro-economic Variables on Stock Return. Contemporary Research: An Interdisciplinary Academic Journal, 3(1). https://doi.org/10.3126/craiaj.v3i1.27491
Soenarso, S. A. (2022, February 24). IHSG Merosot Akibat Konflik Rusia-Ukraina, Bagaimana Investor Sebaiknya Bersikap? https://stocksetup.kontan.co.id/news/ihsg-merosot-akibat-konflik-rusia-ukraina-bagaimana-investor-sebaiknya-bersikap
Sugiarto, A. (2022, March 17). Efek Domino Perang Rusia-Ukraina. Https://Investor.Id/Opinion/287046/Efek-Domino-Perang-Rusiaukraina.
tass.com. (2022, February). Decision taken on denazification, demilitarization of Ukraine — Putin.
Tronzano, M. (2020). Safe-Haven Assets, Financial Crises, and Macroeconomic Variables: Evidence from the Last Two Decades (2000–2018). Journal of Risk and Financial Management, 13(3), 40. https://doi.org/10.3390/jrfm13030040
Published
2023-03-26
How to Cite
WICAKSONO, Crescentiano Agung.
Reaksi Investor Sebelum dan Sesudah Deklarasi Vladimir Putin Tentang Operasi Militer Khusus di Ukraina.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 3, p. 677-689, mar. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/97844>. Date accessed: 19 apr. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i03.p07.
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