The title of this study is to analyze the effect of cryptocurrency returns and cryptocurrency volume on the stock price indices of Indonesia, Singapore and Thailand. This research was conducted using the panel data regression method by combining cross section data with time series data using Eviews software. This study uses cryptocurrency returns and volumes in a weekly period from 1 January 2018 to 31 December 2021 for 48 weeks for each country with a total of 144 data. The results of this study indicate that cryptocurrency returns have a significant positive effect on the stock price indexes of Indonesia, Singapore, and Thailand. and cryptocurrency volume has a significant positive effect on the stock price indices of Indonesia, Singapore and Thailand.
Non-fungible Token atau NFT telah mengambil perhatian masyarakat umum. Sekarang, publik berlomba-lomba untuk mencari cara untuk menjual dan membeli NFT sebagai bentuk investasi. Fenomena ini memiliki risiko dan peluang. Untuk itu, penelitian hukum ini akan menganalisis NFT dengan regulasi yang telah ada. Penelitian ini menggunakan metode penelitian doktrinal. Penelitian ini difokuskan untuk membahas potensi NFT secara hukum dan apakah hukum nasional siap untuk perubahan ini. Penelitian ini juga menunjukkan adanya pelanggaran kekayaan intelektual (hak cipta) yang selalu diperdebatkan di NFT. Oleh karena itu, masyarakat harus dididik sebelum mencoba mendalami NFT. NFT cenderung menjanjikan tetapi menurut penelitian ini, NFT memiliki beberapa celah yang dapat mengakibatkan masalah hukum seperti penipuan, pencucian uang, dan penghindaran pajak. Maka, pemerintah perlu mengambil tindakan pencegahan dan pengawasan di pasar NFT untuk memastikan keamanan serta tidak terjadinya pelanggaran saat menggunakan platform NFT.
The popularity of Bitcoin increased significantly in 2021. Bitcoin is considered to deliver high returns in a relatively short period, indicating that bitcoin has high volatility. Data with high volatility usually violates the Autoregresstive IntegratedinMovinginAverage (ARIMA)in homoscedasticity assumption. The Autoregressive Conditional Heteroscedasticity (ARCH) and General Autoregressive Conditional Heteroscedasticity (GARCH) model is often used to overcome the problem of heteroscedasticity in thelARIMA model. The ARCH and GARCH models canfbe used to model thefvolatilityfof data. This Research uses ARCH and GARCH models to overcome the heteroscedasticity problem caused by the high volatility of Bitcoin data for the period 30th June 2018 to 30th June 2022. The results of this study suggest that there might be a heteroscedasticity problem in Bitcoin data. The bestffiimodel for Bitcoin data ismiARIMA(1,0,[4])-GARCH(1,1) with an AIC value of -1,4263 at a 95% confidence level
Since it was first founded by Satoshi Nakamoto in 2008, cryptocurrencies have attracted the attention of investors significantly. Until now, many investors have invested their money in cryptocurrencies. This study aims to prove and analyze the effect of volatility, liquidity and world oil price indices on cryptocurrency returns. It also examines whether the occurrence of market efficiency is weak or not. This study aims to prove and analyze weak efficiency market and the impact of liquidity, volatility and the world oil price index on the return of the cryptocurrency market. This study uses quantitative methods and secondary data, so that the number of samples taken are 3 types of cryptocurrencies (Bitcoin, Ethereum and Binance Coin) which are listed on coinmarketcap.com and investing.com, as well as the oil price index taken from investing.com The analytical methods used in this study are series correlation test and runs test as well as multiple linear regression analysis. The results of this study indicate that volatility and liquidity affect the efficiency of the cryptocurrency market while the oil price index has no effect. The results of autocorrelation test on return itself prove that these coins have weak form efficiency. Keywords: Market Efficiency, Cryptocurrency, Liquidity, Oil Price Index, Volatility
One of the government’s duties and functions in the state finance is the management of state revenue as a source of development financing. Efforts to maintain fiscal stability through increased state revenues have not been fully supported by optimal non-tax government revenue or so called locally as PNBP management. This can be seen from PNBP achievement which is still fluctuative and the correlation to the economic growth and the achievement of development indicators have not yet been shown added to the various problems that occurred in 20 years of PNBP management since the enactment of Law Number 20/1997 that demanded the completion of the Draft Law on PNBP Management. This makes this study interesting to be examined. The use of qualitative analysis and descriptive approach are expected to be able to describe the mapping of PNBP management’s problem comprehensively and to present strategic issues in the PNBP Management Bill discussion so that the strengthening of state finances can be achieved through PNBP management revision. The draft law existence on PNBP is also expected to provide legal clarity, legal certainty, legal enforceability and legal effectiveness for central and local government in manifesting decentralization that justify, effective and efficient. Discussion of PNBP’s draft law is to involve local government, which is the one that wil create PNBP and to focus on its mechanism of management.
Pengambilan keputusan memiliki peran penting dalam perilaku keuangan terutama terkait perilaku investor didasarkan pada berbagai bias psikologis, perilaku, volatilitas pasar dan peluang untuk memaksimalkan keuntungan. Investor seringkali bertindak secara tidak rasional dalam pengambilan keputusan suatu investasi terutama investor muda milenial yang lebih mengincar keuntungan dari volatilitas harga. Penelitian ini bertujuan menguji atau merumuskan hipotesis yang mempengaruhi pengambilan keputusan investor dari behavioral finance yang terdiri dari overconfidence, gambler’s fallacy, mental accounting, disposition effect, dan hindsight terhadap investment decision. Selain itu, studi ini juga menganalisa peran Risk perceptions sebagai variabel mediasi antara Overconfidence terhadap investment decision. Dengan menggunakan Teknik convenience sampling, didapatkan jumlah responden sebanyak 452 investor sebagai responden. Metode analisis data yang digunakan adalah Partial Least Squares – Structural Equation Modelling (PLS-SEM). Hasil penelitian menunjukkan bahwa gambler’s fallacy dan mental accounting berpengaruh signifikan terhadap investment decision. Lebih lanjut, studi ini juga membuktikan hubungan signifikan antara overconfidence terhadap investment decision dengan risk perceptions sebagai variabel mediasi.
Waluyo Jati, Rachmawaty Rachmawaty, Holiawati Holiawati, Iman Syatoto
Indonesia has had the critical issue of economic growth in the last ten years which the trend of economic growth was declining year by year, in 2011 GDP growth YoY was 6.5% then declined become 5% in 2019 (before Covid-19 pandemic) and worst in Pandemic Era become -5.3%. This research aims to provide an understanding of the effect of short term and long term of Financial Innovation, Stock Market and Cryptocurrency on Indonesia's economic growth using the Vector Error Correction Model (VECM) method. The methode was chosen based on Stationary Analysis and Cointegration Test. It is shown that the data was non-Stationary and the result of Cointegration Test there was a conintegration at 0.05 level. Enrich with the analysis in Impulse Response and Variance Decomposition to obtain the fluctuated economic growth impacted by those variables on a monthly basis, which previous researchers have not researched. The results showed that the correlation of the Stock Market, Financial Innovation and Cryptocurrency to Indonesia's economic growth, in the long run, all the variables give a positive correlation. Still, in the short-run, only the stock market and economic growth give a positive correlation. The result of the long and short run of VECM is supported by Impulse response and variance decomposition that stock market has the most significant impact to economic growth
Penelitian ini bertujuan untuk menguji secara komperhensif faktor-faktor yang mempengaruhi keputusan investasi cryptocurrency pada kaum milenial di kota Denpasar. Data dikumpulkan dengan menggunakan instrumen kuisioner berbasis web google form yang melibatkan 100 responden investor milenial yang aktif berinvestasi jual beli cryptocurrency di kota Denpasar. Data diolah dan dianalisis menggunakan aplikasi software SmartPLS3. Hasil penelitian menunjukkan financial experience dan overconfidence tidak berpengaruh terhadap keputusan investasi cryptocurrency. Hanya risk tolerance yang berpengaruh terhadap keputusan investasi cryptocurrency. Temuan lain juga menunjukkan bahwa overconfidence dan risk tolerance tidak mampu memediasi hubungan antara financial experience terhadap keputusan investasi cryptocurrency. Adanya penelitian ini berimplikasi pada tingkat wawasan dan kesadaran akan tingkat risiko investasi yang dimiliki oleh investor, sehingga keputusan yang diambil dapat lebih efektif, mengingat cryptocurrency merupakan investasi yang bersifat high risk. Penelitian ini menawarkan model empiris yang menjelaskan faktor yang mempengaruhi keputusan investasi cryptocurrency pada kaum milenial dengan menggunakan model penelitian yang menggabungkan faktor psikologis dan demografis yang menggunakan dua variabel mediasi pada investasi cryptocurrency, sehingga penelitian ini penting dilakukan guna menambah kontribusi pada kajian literatur. Kata kunci: financial experience, overconfidence, risk tolerance, keputusan investasi cryptocurrency, cryptocurrency, milenial
This study aims to find out, analyze and explain the influence of free variables, namely Experienced regret, Risk tolarance, Illusion Off Control, and Financial literacy on variables bound by investment decisions. The sample of this study was 145 respondents domiciled in Karawang, this research was included in quantitative research and data collection methods using questionnaires with the Probality Sampling sampling technique using the Purposive Sampling method. In this study, it utilized SPSS 22 for Data Validity Test, Classical Assumption Test, and Hypothesis Test. The results of the T statistical test showed that Eperienced regret had a significantly significant negative effect on investment decisions. Risk Tolarance has a partial and positive effect on investment decisions. Illusion Off control partial signific and positive towards investing decisions . Financial Literacy has a partial and positive effect on investment decisions while the F test results show that the variables Eperienced regret, Risk Tolarance Illusion Off Control, and Financial Literacy have a significant effect on investment decisions. The value of the influence of the variables Eperienced regret, Risk Tolarance Illusion Off Control, and Financial Literacy was 57.3% while the remaining 42.7% was influenced by variables that were not studied in this study. It is known that these variables affect a person in investing, therefore the Tokocrypto company does not only educate about the fundamentals of an asset but educates about financial psychology factors as well.
Naufal Dwinanda Narra Putra, Robiyanto Robiyanto, Hans Hananto Andreas
This study was conducted to analyze the performance of the portfolio formed with different asset classes. The instrument used is the consumption sector index with 5 cryptocurrencies. Does the formed portfolio have a better performance than the portfolio that is only formed from the consumption sector index. The type of data in this study uses secondary data in the form of a daily frequency time series with a research period from January 2019 to January 2021. The data in this study used quantitative data. Portfolio performance measurement in this study was measured using the ratio of Sharpe, Treynor, Jensen, Sortino, and Omega. Based on the results of the study, it shows that the performance of the consumption sector index portfolio that is hedged with cryptocurrency produces a higher rate of return in the period during the pandemic than in the period before the pandemic. However, there is 1 crypto that produces negative values in each ratio and research period, namely Tether. Overall, the results of this study can be concluded that adding cryptocurrency to the formation of a portfolio will get a better portfolio performance<em>.</em>
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 aim of this study is to investigate the effect of regret-aversion bias and overconfidence on millennial investors' cryptocurrency investment decisions. The population in this study are people from Sumatra, Java, and Nusa Tenggara (Bali) who have invested in or only know about cryptocurrencies. For the sampling technique of this study using the Objective Sampling method for a population of 35 people. The method used in this study is a quantitative method using primers which were analyzed by Path Analysis using the Smart Pls 3.0 program. The results obtained in this study indicate that regret-avoidance bias has no significant effect on investment decision making, while overconfidence has a significant effect on investment decision making.
This study aimed to analyze the effect the financial ability of Semarang City in order to support the implementation of regional autonomy, base on Semarang Budget Realization Reported the period of 2009 -2013. A descriptive comparative analysis used to measure the performance of regional financial management and the independence level of Semarang, consist of Regional Financial Independence Ratio, Degree of Decentralization Ratio, Local Native Income (PAD), effectiveness Ratio, and the Harmony Expenditure Ratio. Based on the analysis that has been obtained, the following results: from the analysis of the ratio of the degree of decentralization can be explained that the average ratio of the degree of decentralization is 25,87% of which is in the internal level of level 25%-50%, means already have a good ability to finance region development. Average Regional Financial Capabilities (KKD) ratio is 37.79% which is in the interval 25 % -50 % means that central government intervention has begun to decrease, because the region is considered a little more able to implement region autonomy. From the analysis of PAD effectiveness is more than 100%, it can be concluded that the overall performance of local financial management and the degree of independence of Semarang area continued to improve. It can be seen from some of the financial performance ratio is the ratio of the area of financial independence, the ratio of degrees decentralization, effectiveness ratio and the ratio continues to increase harmony and good effect on the autonomy of the region
Afdillah Nur Aisyah Sinaga, Purnama Ramadhani Silalahi
Behavioral finance menyebabkan perilaku investor yang irasional dalam pengambilan keputusannya. Dalam behavioral finance terdapat adanya bias yang berpengaruh keputusan investasi, contohnya regret aversion bias dan overcinfidence. Penelitian ini bertujuan untuk menganalisis pengaruh regret aversion bias dan overconfidence terhadap pengambilan keputusan investasi pada investor generasi z di Indonesia. Teknik pengumpulan data menggunakan survei kuesioner secara online. Data yang telah terkumpul berasal dari responden generasi z yang memiliki pengalaman berinvestasi cryptocurrency. Teknik sampling yang digunakan pada penelitian ini adalah Teknik slovin. Analisis dilakukan melalui dua tahapan yaitu pengujian model pengukuran dan pengujian model struktural. Uji statistik untuk penelitian ini didukung dengan penggunaan aplikasi smartPLS 3. Penelitian ini menunjukkan bahwa regret aversion bias dan overconfidence berpengaruh secara signifikan terhadap pengambilan keputusan investasi cryptocurrency pada investor generasi z di Indonesia.
Sebelum mengambil keputusan dalam melakukan investasi, seorang investor harus mengetahui analisis teknikal. Penelitian ini bertujuan untuk mengetahui perbedaan keakuratan dan nilai return yang dihasilkan pada cryptocurrency periode 2019 – 2020 dengan menggunakan analisis teknikal. Jenis penelitian ini menggunakan pendekatan kuantitatif dengan metode komparatif. Sampel penelitian ini menggunakan purposive sampling, sehingga diperoleh 2 jenis cryptocurrency yang diperdagangkan pada platform Indodax. Teknik analisis data penelitian ini menggunakan platform Indodax untuk menganalisa harga dan dibantu dengan Microsoft Excel. Hipotesis dalam penelitian ini menggunakan uji beda Kruskal-Wallis dengan bantuan software SPSS 25. Hasil dari penelitian ini menunjukkan bahwa analisis teknikal moving average, bollinger band, dan rekative strength index baik dalam keakuratan ataupun nilai return yang hasilkan memiliki perbedaan secara signifikan pada cryptocurrency periode 2019 – 2020 dari segi statistik. Hal ini terjadi karena parameter yang digunakan setiap indikator analisis teknikal berbeda serta terjadinya covid-19 yang telah diumumkan sebagai global poandemic.
This study aims to determine the effect of Cryptocurrency, Intellectual Capital, Rupiah Exchange Rate, Leverage, and Return On Assets on stock prices. The objects of this research are banking companies listed on the IDX from June 2019 to March 2021. The sampling technique uses secondary data sources, namely data obtained or collected by researchers from various existing sources. The number of samples used as many as 46 banking companies. The analytical method used is the classical assumption test and multiple regression test.
 Based on the analysis conducted, it can be concluded that this study meets the requirements of the classical assumption test. Hypothesis testing using the t test shows that Cryptocurrency has no effect on stock prices before the Covid-19 Pandemic, and has a significant effect on stock prices during the Covid-19 Pandemic. Intellectual Capital has a significant positive effect on stock prices before Covid-19, and has no effect on stock prices during the Covid-19 Pandemic. Leverage has no effect on stock prices before and during the Covid-19 Pandemic. The Rupiah Exchange Rate has no effect on stock prices before and during the Covid-19 Pandemic. has a significant positive effect on stock prices before and during the Covid-19 Pandemic.
Fakultas Ekonomi dan Bisnis, Universitas Sumatera Utara, Medan, Mutia Fitri Chania, Oyami Sara, Fakultas Ekonomi dan Bisnis, Universitas Sumatera Utara, Medan · 6 authors
Abstract Purpose: This research aims to analyze the risk and return of investing in ethereum and LQ45 shares and to see the difference between LQ45 stock prices and ethereum prices before and after the announcement of the Covid-19 pandemic in Indonesia. Research Methodology: The research method uses the Kruskall-Wallis test and the Paired Sample t-test. Results: The results show the level of the return on ethereum and LQ45 shares did not have a significant difference, while the level of the risk between ethereum and LQ45 shares have a significant difference. For the price of Ethereum and LQ45 shares, there was a significant difference between before and after the Covid-19 pandemic was announced in Indonesia. The average price of ethereum and LQ45 shares decreased compared to before the announcement of the Covid-19 pandemic in Indonesia. Limitations: This research was conducted without including the risk-free rate in the calculation of stock risk. Contribution: This research is expected to be a reference for investors in viewed and analyzed investment opportunities based on risk and return during Covid-19.
Universitas Ahmad Dahlan, Indonesia, Lestari Sukarniati, Nurul Azizah Az zakiyyah, Universitas Ahmad Dahlan, Indonesia
Region financial independence indicates the ability of a government to finance its activities, the cost of development, and services to people concerning decentralization purposes. The objective of the research is to identify the level of financial independence of each regency and city in DIY Province, in which each promotes different potency. The quantitative method is employed in this research by using secondary data. Furthermore, the data are analyzed using the Panel Data method. The result demonstrates that in general the financial management in DIY Province is considered fair and resulted in the quite high financial condition index value.
Investor menempatkan dananya di pasar modal dan cryptocurrency. Penelitian ini mengkaji hubungan pergerakan harga cryptocurrency dengan Indeks Harga Saham Sektoral di 9 sektor industri dengan menggunakan pendekatan dinamis seperti DCC-GARCH. Tujuan penelitian untuk mengetahui korelasi dinamis pergerakan harga Bitcoin dengan 9 sektor industri pada Indeks Sektoral di Bursa Efek Indonesia (BEI). Penelitian dilakukan dengan pendekatan kuantitatif, berdasarkan data sekunder yang bersumber dari data harga penutupan harian cryptocurrency (Bitcoin). Hasil penelitian menemukan terdapat korelasi positif antara harga cryptocurrency (Bitcoin) dengan Sektor Pertambangan, Sektor Pertanian, Sektor Industri Kimia Dasar, Sektor Aneka, Sektor Properti Real Estate, Sektor Keuangan, Sektor Infrastruktur, Transportasi dan Utilitas serta Sektor Investasi, Jasa dan Perdagangan.
Cryptocurrency or virtual currency is a form of investment that has developed since 2010. Today, there are more than 2,000 types of crypto currencies worldwide. Cryptocurrency research in Indonesia is still focused on the legal status and legal status of cryptocurrency investments. This quantitative descriptive study aims to describe the returns and risks of investing in crypto currencies. Descriptive analysis by calculating risk measures and using the heteroscedastic model GARCH (1,1) was carried out on the return data of 15 crypto currencies that had the greatest value. Information was obtained that investing in most crypto currencies resulted in higher returns than investing in foreign currencies or the stock market. On the other hand, Crypto currencies have a higher risk of loss and volatility clustering or heteroscedasticity. Further research is needed to uncover the characteristics of Crypto currency returns and their performance in the form of a portfolio.
The purpose of this research to test the cryptocurrency, gold and bonds as safe haven assets to Indonesian capital market. The data used in this study is the daily closing data of cryptocurrency, gold (GOLDIDR) and the Indonesian Government Bond Index (IGBI) during the period on August 2015 to December 2018 obtained from Investing, Yahoo Finance, and Spindices. The analysis of the data is used Ordinary Least Square (OLS) and Quantile Regression (QREG). The results found that ethereum can be a safe haven. While bitcoin, ripple, gold, and the Indonesian Government Bond Index (IGBI) cannot be a safe haven for the Indonesian capital market.
Marganda Saut Parulian Sihombing, Jubaedah Nawir, Sri Mulyantini
Abstrak Tujuan dari penelitian ini adalah untuk mengetahui dan menganalisis pengaruh Cryptocurrency, Nilai Tukar dan Real Asset terhadap Harga Saham pada Perbankan Indonesia yang terdaftar di Bursa Efek Indonesia periode 2016- 2018. Penelitian ini menggunakan metode kuantitatif dengan desain explanatory research. Populasi dalam penelitian ini adalah seluruh perusahaan perbankan yang listed di Bursa Efek Indonesia yang berjumlah 43 perusahaan perbankan. Penarikan jumlah sampel menggunakan metode probability sampling dengan teknik simple random sampling, dan berdasarkan rumus slovin jumlah minimum yang di jadikan sampel sebanyak 39 perusahaan. Teknikoanalisispdata menggunakan analisisyregresii lineariberganda dengan menggunakan program Eviews 7.Hasil hipotesis menunjukkan bahwa Cryptocurrency berpengaruh positif terhadap Harga Saham. Nilai Tukar Rupiah berpengaruh positif terhadap Harga Saham. Harga Emas berpengaruh positif terhadap Harga Saham. Untuk itu disarankan kepada calon investor yang ingin membeli saham agar terlebih dahulu melihat kondisi pasar saham berdasarkan analisa makro ekonomi seperti cryptocurrency, nilai tukar rupiah dan harga emas dunia, karena ketiga faktor ini terbukti dapat mempengaruhi naik turunnya harga saham sektor perbankan.
The consequence of the implementation of regional autonomy is that the regions must have their own abilities to implement government affairs and regional development. There is some research on the financial performance of the area but is still done in a partial autonomic region only. This research compares the financial performance between the autonomic regions of the expansion and the parent area. Based on this, study aims to compare the financial performance of the parent regency and the expanded district. In this study financial performance is measured based on Regional Financial Independence (KKD) rastio, Fiscal Decentralization Degree (DDF) ratio and the Regional Financial Effectiveness Ratio (EKD). Overall, secondary data are used, namely the realization of Regional Original Revenues (PAD), PAD targets, Balancing Funds, Loan Funds, and Regional Expenditures. To answer the research problem, the data is processed using ratio analysis. The results showed that the Regional Financial Performance measured by the ratio of KKD and DDF in the parent regency was still higher than the KKD and DDF in the expanded districts. Both the parent district and the expanded districts of KKD and DDF are included in the Instructive category. The role of the central government is still very dominant in regional financing. In general, the expanded district EKD ratio was very effective while the parent district EKD ratio was generally included in the quite effective category. The financial performance of the regional results is better than the parent region due to the existence of autonomous regions to promote maximum income sources.
The aims of this study to know the determinant that affect bitcoin prices and how bitcoin prices response to the shock from GDP (Gross Domestic Product), inflation, exchange rate, JCI (Jakarta Composite Index. The method that was used in this research was quantitative analysis, with data analysis tools Vector Error Correction Model (VECM). Data used in this research was secondary data taken from Bank Indonesia, Bitcoincharts, and Yahoo Finance. The results of this study showed that (1) inflation in short term and in long term has negative significant effect on bitcoin prices, exchange rate in long term has positive significant effect on bitcoin price. In short term and in the long term GDP and JCI do not have significant effect on bitcoin prices (2) The results of IRF shows bitcoin prices respond negatively shock from GDP and exchange rate, while shock from inflation and JCI responded posifively by bitcoin prices.