Sofiatin Nur Afifah, Isnaini Rosyida, Webbyani Kartika Sari
This study aims to analyze the effect of Blockchain technology adoption and corporate transparency on firm value, with audit quality as a moderating variable, in State-Owned Enterprises (SOEs) listed on the Indonesia Stock Exchange for the 2021–2025 period. The study used a quantitative approach with secondary data obtained from annual reports and company financial statements. The sample was determined using a purposive sampling technique, resulting in 13 SOEs with a total of 65 observations. Data analysis was performed using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method through SmartPLS. The results showed that Blockchain technology adoption had a positive and significant effect on firm value (β = 0.287; t = 2.806; p = 0.006), while corporate transparency had no significant effect on firm value (β = 0.020; t = 0.180; p = 0.857). Audit quality also has a positive and significant effect on firm value (β = 0.490; t = 8.187; p < 0.001). As a moderating variable, audit quality is proven to strengthen the influence of Blockchain technology adoption on firm value (β = 0.195; t = 2.744; p = 0.007), but is unable to moderate the relationship between corporate transparency and firm value (β = -0.068; t = 0.955; p = 0.341). These findings indicate that Blockchain implementation supported by high audit quality can increase investor confidence and firm value, while corporate transparency has not been a major factor in increasing firm value in SOEs.
Penelitian ini bertujuan untuk menganalisis perkembangan literatur mengenai pemanfaatan teknologi digital dalam meningkatkan kualitas audit melalui pendekatan bibliometrik. Data penelitian diperoleh dari database Scopus dengan menggunakan kata kunci yang berkaitan dengan audit quality, auditing, dan berbagai teknologi digital. Setelah melalui proses penyaringan berdasarkan periode publikasi, bidang ilmu, jenis dokumen, dan bahasa, diperoleh 435 artikel yang diterbitkan pada periode 2011–2025. Analisis dilakukan menggunakan Biblioshiny pada paket Bibliometrix di R Studio untuk memetakan tren publikasi, sumber publikasi utama, penulis paling berpengaruh, jaringan kolaborasi, serta perkembangan tema penelitian. Hasil penelitian menunjukkan bahwa jumlah publikasi mengalami pertumbuhan yang signifikan dengan dominasi tema artificial intelligence, blockchain, big data analytics, dan machine learning. Journal of Emerging Technologies in Accounting dan International Journal of Accounting Information Systems menjadi sumber publikasi utama, sedangkan Vasarhelyi M.A. merupakan penulis paling berpengaruh dalam bidang ini. Analisis tematik menunjukkan bahwa audit quality masih berada pada kategori emerging themes, yang mengindikasikan perlunya penelitian lebih lanjut mengenai dampak teknologi digital terhadap kualitas audit. Temuan ini memberikan gambaran komprehensif mengenai evolusi penelitian audit berbasis teknologi dan peluang pengembangan penelitian di masa depan.
Penelitian ini bertujuan untuk menganalisis pengaruh harga Bitcoin, Ethereum, indeks S&P 500, dan emas terhadap volatilitas harga Xrp. Xrp sebagai salah satu aset kripto dengan kapitalisasi pasar besar menunjukkan tingkat volatilitas yang tinggi, sehingga penting untuk memahami faktor-faktor eksternal yang memengaruhi pergerakan volatilitasnya. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder berbentuk time series. Data yang digunakan meliputi harga Bitcoin, Ethereum, S&P 500, emas, serta harga Xrp yang diperoleh dari sumber terpercaya seperti Investing.com dan Coinglass selama periode pengamatan tertentu. Volatilitas harga Xrp dianalisis menggunakan model Multivariate Generalized Autoregressive Conditional Heteroskedasticity untuk menangkap karakteristik volatilitas yang bersifat time-varying, clustering, serta keterkaitan volatilitas antar aset. Hasil penelitian menunjukkan bahwa harga Bitcoin berpengaruh signifikan terhadap volatilitas harga Xrp, yang mengindikasikan adanya keterkaitan volatilitas yang kuat antara kedua aset kripto tersebut. Sementara itu, harga Ethereum, indeks S&P 500, dan emas tidak menunjukkan pengaruh signifikan terhadap volatilitas harga Xrp. Temuan ini mengindikasikan bahwa volatilitas Xrp lebih sensitif terhadap dinamika pergerakan Bitcoin dibandingkan dengan aset kripto lainnya maupun aset keuangan tradisional. Penelitian ini memberikan implikasi penting bagi investor dan pelaku pasar dalam pengambilan keputusan investasi, khususnya dalam mengelola risiko pada aset kripto. Selain itu, hasil penelitian ini diharapkan dapat menjadi referensi bagi penelitian selanjutnya terkait keterkaitan volatilitas antar aset kripto dan integrasinya dengan pasar keuangan global
Enggar Sukma Kinanthi, Rosa De Lima Dyah Retno Palupi
Ketidakpastian pasar keuangan yang ditandai oleh meningkatnya volatilitas, guncangan global, dan perubahan perilaku investor mendorong perlunya evaluasi kembali peran berbagai aset dalam manajemen portofolio. Penelitian ini bertujuan untuk menganalisis dan mensintesis temuan empiris terkait peran saham, emas, dan Bitcoin dalam menghadapi ketidakpastian pasar keuangan. Analisis dilakukan menggunakan metode kajian literatur melalui perbandingan lintas aset untuk mengevaluasi kesesuaian antara prediksi teori keuangan klasik dengan temuan empiris pasar modern. Hasil kajian menunjukkan bahwa saham secara konsisten diklasifikasikan sebagai aset berisiko dengan volatilitas yang dipengaruhi oleh sentimen dan dinamika pasar, sementara emas relatif mempertahankan perannya sebagai aset lindung nilai meskipun efektivitasnya bersifat kondisional. Bitcoin, yang secara teoritis dipandang sebagai aset spekulatif berisiko tinggi, menunjukkan peran yang lebih kompleks dan kontekstual, berfungsi sebagai instrumen diversifikasi atau lindung nilai dalam kondisi pasar tertentu. Temuan ini menegaskan bahwa fungsi aset dalam portofolio modern tidak bersifat statis, melainkan dinamis dan dipengaruhi oleh ketidakpastian pasar serta perubahan perilaku investor.
Ni Putu Eka Apriyanthi, Civica Moehaimin Dhewanty, Putu Desiana Wulaning Ayu, I Made Riyan Adi Nugroho · 5 authors
Konteks penelitian ini didasari oleh meningkatnya kerentanan keamanan yang signifikan dalam ekosistem decentralized finance (DeFi) dan blockchain, khususnya terkait dengan aktivitas kecurangan yang semakin kompleks dan berbiaya tinggi. Metode deteksi tradisional tidak lagi memadai untuk menangani volume transaksi yang masif serta karakteristik dataset yang menunjukkan ketidakseimbangan kelas. Oleh karena itu, penelitian ini berfokus pada evaluasi dan perbandingan kinerja tiga algoritma machine learning utama Regresi Logistik, Random Forest, dan XGBoost untuk mengidentifikasi secara akurat aktivitas kecurangan dalam transaksi blockchain. Data yang digunakan adalah dataset transaksi Ethereum dari platform Kaggle. Isu ketidakseimbangan kelas dalam data diatasi melalui implementasi metodologi SMOTE (Synthetic Minority Over-sampling Technique). Kinerja setiap model dinilai secara komprehensif menggunakan metrik presisi, recall, F1-score, dan Area Under the Receiver Operating Characteristic Curve (ROC-AUC) pada data pengujian. Hasil penelitian menunjukkan superioritas XGBoost di antara ketiga algoritma, dengan mencapai akurasi 99,46%, presisi 99,69%, recall 97,86%, dan skor ROC-AUC 99,97% (25). Keunggulan ini diperkuat oleh keberhasilan XGBoost dalam meminimalkan false positives, yakni hanya 1 kejadian. Kinerja yang melampaui model Random Forest dan Regresi Logistik ini mengindikasikan bahwa metodologi gradient boosting sangat efektif dalam mendeteksi pola perilaku kecurangan yang rumit. Secara keseluruhan, temuan studi ini memberikan kontribusi yang substansial terhadap pengembangan kerangka kerja deteksi kecurangan yang otonom dan tangguh.
Penelitian ini bertujuan untuk menganalisis dan membandingkan kinerja investasi Bitcoin, Ethereum, emas, dan Indeks LQ45 selama periode 2020-2024 dilihat dari sisi return, risiko, dan rasio Sharpe. Data yang digunakan merupakan harga penutupan bulanan yang diperoleh dari situs resmi investing.com. Metode analisis yang digunakan yaitu uji ANOVA dilanjutkan dengan uji lanjut post-hoc Tamhane’s T2 dan Tukey HSD. Hasil penelitian menunjukkan bahwa secara agregat terdapat perbedaan return antar instrumen, namun perbedaan tersebut tidak signifikan secara statistik pada uji post-hoc. Risiko merupakan pembeda utama dalam perbandingan keempat instrumen, dengan Ethereum sebagai aset paling berisiko, disusul oleh Bitcoin, Indeks LQ45, dan emas sebagai aset paling stabil. Pada rasio Sharpe, hanya terdapat perbedaan antara aset Bitcoin dan Ethereum dengan Indeks LQ45, di mana Bitcoin dan Ethereum menunjukkan efisiensi kinerja lebih baik dalam menghasilkan return terhadap risiko dibanding Indeks LQ45.
I Made Ardita, Ni Made Suci, Fridayana Yudiaatmaja
Penelitian ini dilatarbelakangi oleh dinamika harga Bitcoin yang dipengaruhi oleh tiga peristiwa utama, yaitu halving, persetujuan Exchange-Traded Fund (ETF) Bitcoin, dan adopsi institusional. Ketiga faktor tersebut dianggap membentuk mekanisme penawaran permintaan serta memengaruhi stabilitas pasar aset digital. Penelitian ini bertujuan menganalisis pengaruh halving, ETF Bitcoin, dan adopsi institusional terhadap tren harga Bitcoin. Jenis penelitian yang digunakan adalah deskriptif kuantitatif, dengan subjek berupa data historis harga Bitcoin, termasuk periode halving, peristiwa ETF, dan momen adopsi institusional. Data dikumpulkan melalui dokumentasi, studi pustaka, dan pemanfaatan data sekunder dari platform keuangan dan laporan institusi. Instrumen penelitian berupa data log return harian yang kemudian diuji melalui serangkaian uji asumsi klasik (normalitas, homoskedastisitas, heteroskedastisitas). Analisis data menggunakan Analysis of Variance (ANOVA) dan uji pengaruh parsial simultan. Hasil penelitian menunjukkan bahwa halving berpengaruh signifikan terhadap perubahan harga Bitcoin, mencerminkan efek kelangkaan pasokan. Sebaliknya, adopsi institusional dan ETF Bitcoin tidak menunjukkan pengaruh signifikan secara statistik, namun tetap memberikan kontribusi struktural dalam meningkatkan stabilitas dan legitimasi pasar. Secara simultan, ketiga faktor tersebut membentuk pola yang saling melengkapi dalam memengaruhi dinamika harga Bitcoin. Penelitian ini menyimpulkan bahwa analisis siklus halving, tren adopsi institusional, dan perkembangan ETF penting digunakan sebagai dasar pengambilan keputusan investasi serta penyusunan kebijakan yang mendukung ekosistem aset digital yang berkelanjutan.
The relevance of the study is determined by the need for in-depth study and systematization of innovative decision-making methods that Web3 technologies offer to the modern business environment. In the context of global digital transformation, traditional approaches to management and finance are proving insufficient to ensure the competitiveness and sustainable development of organizations. The purpose of this article is to analyze Web3 tools, in particular blockchain, asset tokenization, decentralized finance (DeFi), and decentralized autonomous organizations (DAOs), as a basis for forming new, more transparent, secure, and effective methods and models for management decision-making. The paper applies a comprehensive methodology that includes a systematic analysis of the functional capabilities of Web3 technologies and a structural-logical approach to classifying their impact on corporate governance and financial management. The use of case studies has made it possible to illustrate the practical aspects of integrating these tools into the activities of large companies. The results confirm that Web3 is not only a technological trend but also a new paradigm that provides managers with qualitatively different tools. It has been established that blockchain creates a foundation for trust and data security; tokenization and DeFi radically increase the flexibility and liquidity of financial management; and DAOs transform corporate governance into a collective and inclusive process. In addition, the integration of AI agents into routine operations allows managers to effectively refocus their attention on strategic planning. The practical value of the article lies in providing organizations with clear recommendations for implementing Web3 technologies: from the need to start with pilot projects to test systems and processes to the mandatory investment in the development of internal competencies. The materials in the article can serve as a basis for developing innovative strategies that will help business organizations minimize technical and regulatory risks and secure leadership in today's digital market.
The relevance of the study is determined by the need for in-depth study and systematization of innovative decision-making methods that Web3 technologies offer to the modern business environment. In the context of global digital transformation, traditional approaches to management and finance are proving insufficient to ensure the competitiveness and sustainable development of organizations. The purpose of this article is to analyze Web3 tools, in particular blockchain, asset tokenization, decentralized finance (DeFi), and decentralized autonomous organizations (DAOs), as a basis for forming new, more transparent, secure, and effective methods and models for management decision-making. The paper applies a comprehensive methodology that includes a systematic analysis of the functional capabilities of Web3 technologies and a structural-logical approach to classifying their impact on corporate governance and financial management. The use of case studies has made it possible to illustrate the practical aspects of integrating these tools into the activities of large companies. The results confirm that Web3 is not only a technological trend but also a new paradigm that provides managers with qualitatively different tools. It has been established that blockchain creates a foundation for trust and data security; tokenization and DeFi radically increase the flexibility and liquidity of financial management; and DAOs transform corporate governance into a collective and inclusive process. In addition, the integration of AI agents into routine operations allows managers to effectively refocus their attention on strategic planning. The practical value of the article lies in providing organizations with clear recommendations for implementing Web3 technologies: from the need to start with pilot projects to test systems and processes to the mandatory investment in the development of internal competencies. The materials in the article can serve as a basis for developing innovative strategies that will help business organizations minimize technical and regulatory risks and secure leadership in today's digital market.
Zulfikar Gutama, Suhita Whini Setyahuni, Maria Safitri, Diana Puspitasari
Introduction: This study examines the roles of gold and Bitcoin as safe-haven assets amid global financial uncertainties from 2014 to 2025. While gold is traditionally viewed as a stable asset during market turmoil, Bitcoin's highly volatile and speculative nature challenges its role as a safe-haven. The purpose is to compare the stability and effectiveness of these assets in preserving investment value during crises.Methods: This quantitative research uses 136 monthly return data points of gold and Bitcoin. Analytical methods include independent sample t-tests for comparing average returns and Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) models to assess volatility and dynamic correlations.Results: Findings reveal gold as a more stable and reliable safe-haven with consistently lower volatility and steadier returns. Bitcoin shows significantly higher volatility and fluctuating dynamic correlations with gold, indicating its speculative behavior. The t-test confirms a significant difference in average returns, while no strong causal relationship exists between the two assets. These results suggest gold is preferable for conservative investors, whereas Bitcoin serves better as a high-risk diversification instrument. Keywords: Bitcoin, Gold, DCC-GARCH, Safe Haven Asset, Investment Asset
Research Aims: This study aims to examine the influence of narrative, fundamental, and technical analysis on the probability of successful cryptocurrency trading in Indonesia during the 2021-2023 period. The objective is to develop a predictive model that synthesizes all three analyses to improve trading decisions in the context of Indonesia’s volatile cryptocurrency market. Design/methodology/approach: The study adopts a quantitative approach to data collection and analysis, employing statistical models to assess the impact of narrative, fundamental, and technical analysis on cryptocurrency trading success. By integrating these three analytical methods, the research aims to offer a more comprehensive understanding of how each factor contributes to trading decisions and success rates. Research Findings: The results indicate that fundamental analysis made the largest contribution to predicting successful cryptocurrency trading (23.92%), followed by narrative analysis and technical analysis, both contributing 17.94%. Among the variables analyzed, Decentralized Finance (DeFi) and Tokenomic Project were found to have the highest probability of success, at 94.20% and 90.70%, respectively. Theoretical Contribution/Originality: This research contributes to the existing literature by offering a comprehensive framework for improving cryptocurrency trading performance. The study emphasizes the integration of narrative, fundamental, and technical analyses in dealing with high market volatility and inconsistent regulation, providing valuable insights for traders, policymakers, and academic scholars. Keywords: Cryptocurrency, Trading, Narrative Analysis, Fundamental Analysis, Technical Analysis
Penelitian ini bertujuan untuk m embandingkan kinerja i nstrumen investasi Bitcoin, Ethereum, dan Indeks Harga Saham Gabungan (IHSG) selama periode 2021–2024 dengan menggunakan tiga indikator utama: return, risiko, dan indeks Sharpe. Penelitian ini menggunakan pendekatan kuantitatif deskriptif dengan metode analisis statistik ANOVA untuk menguji perbedaan signifikan antar ketiga aset.Hasil penelitian menunjukkan bahwa tidak terdapat perbedaan signifikan dalam return antara Bitcoin, Ethereum, dan IHSG. Namun, terdapat perbedaan signifikan dalam hal risiko, di mana Ethereum memiliki tingkat volatilitas tertinggi, diikuti oleh Bitcoin dan IHSG. Demikian pula, perbedaan signifikan juga ditemukan pada indeks Sharpe, dengan Ethereum dan Bitcoin memiliki efisiensi risiko-return yang lebih tinggi dibanding IHSG, meskipun keduanya tidak berbeda signifikan satu sama lain.Analisis menunjukkan bahwa Ethereum merupakan aset yang paling efisien berdasarkan rasio return terhadap risiko, disusul Bitcoin, dan terakhir IHSG. Dari segi likuiditas, aset kripto unggul secara global, namun IHSG lebih stabil dan memiliki dasar valuasi yang lebih terukur. Oleh karena itu, pilihan investasi perlu disesuaikan dengan profil risiko dan tujuan investor.
The main goal of this research is to examine how well blockchain technology functions to prevent financial fraud. The purpose of this study is to determine whether blockchain technology can effectively combat financial fraud, a type of white-collar crime that is dramatically increasing throughout the world. With this concern, this project aimed to identify the effectiveness of blockchain technology in preventing financial fraud among public listed companies in Malaysia. Since there are only a few studies have analysed various factors that influence financial fraud, this study intends to achieve the aim of the study which is to figure out the level of influence that the factors identified as independent variables on the dependent variable, financial fraud. The primary method is used by the researcher to acquire the data. The three factors examined in this study—immutability, consensus method, and distributed ledger technology—all have a major impact on financial fraud. The data was acquired from staff of public listed companies in Malaysia. Statistical Package of the Social Sciences (SPSS) is used to analyze the correlations between the three factors and all of the factors were shown to have a substantial link with financial fraud in Malaysian public listed companies. This study's findings suggest that individuals and businesses should be aware of the threats of financial theft that exist all around them and the value of having key tools that are resistant to phishing scams. The investigation raises awareness of the application of blockchain technology among customers as well as companies to prevent financial fraud.
Ratna Juwita*, Dewi Melinia Ramadhani, Anis Wahyu Intan Maris
This study examines the determinants of cryptocurrency returns, namely Trading Volume, Price Volatility, and Market Capitalization. This study uses Bitcoin, Ethereum, Tether, USD Coin, and BNB, which are the Top 5 largest Cryptocurrency Market Capitalizations in 2022. The testing method used in this study is a panel data regression analysis. The results of this study prove that Trading Volume and Price Volatility have a significant and positive effect on Cryptocurrency Returns. In contrast, Market Capitalization does not substantially impact Cryptocurrency Returns. If investors want to earn high returns, then it is advisable to choose cryptocurrencies with high trading volume and high price volatility. But keep in mind, with high price volatility can also mean a greater risk of the coin. Keywords: Cryptocurrency; Trading Volume; Price Volatility; Market Capitalization; Return Abstrak Penelitian ini bertujuan untuk menguji berbagai factor penentu imbal hasil cryptocurrency yaitu Volume Perdagangan, Volatilitas Harga dan Market Capitalization. Studi ini menggunakan Bitcoin, Ethereum, Tether, USD Coin, dan BNB yang merupakan Top 5 Market Capitalization Cryptocurrency terbesar tahun 2022. Metode pengujian yang dilakukan dalam penelitian ini yaitu uji analisis regresi data panel. Hasil dari penelitian ini membuktikan bahwa Volume Perdagangan dan Volatilitas Harga berpengaruh signifikan dan positif terhadap Return Cryptocurrency, sedangkan Market Capitalization tidak memiliki pengaruh yang signifikan terhadap Return Cryptocurrency. Jika investor ingin mendapatkan return yang tinngi, maka disarankan untuk memilih cryptocurrency yang memiliki Volume Perdagangan dan Volatilitas Harga yang tinggi. Namun yang perlu diingat adalah, dengan tingginya Volatilitas Harga berarti pula tingginya risiko koin crypto tersebut. Kata Kunci: Mata uang kripto; Volume Perdagangan; Volatilitas Harga; Kapitalisasi pasar; Pengembalian
The banking sector is a sector that is sensitive to information that occurs in a country or the world. However, banking shares are a long-term investment choice because it is believed that institutions and the state have an important function for the whole community, and of course, the government is the supervisor to keep a bank from experiencing operational failure. By using advanced technology, it is a signal that banking improves intellectual capital factor with strong skills and infrastructure to face the digitalization era. However, in the era of banking digitalization, conditions of future uncertainty and the emergence of digital currencies existence can survive the development of the capital market. This study aims to analyze how far the influence of internal aspects such as intellectual capital and capital structure and external such as geopolitical events and digital currency has on banking stock returns in 2016–2020. The results of this study are that capital structure and cryptocurrencies affect stock returns. This shows that investors consider healthy bank conditions and good capital management and also investors tend to diversify their portfolios by including bitcoin in promising investments even though the risks are considered high.
Abstract The study investigates the implications of companies' adoption of blockchain technology on accounting information quality. Based on a sample of 33,242 firm‐year observations from A‐share companies listed on China's stock exchanges in 2007–2019, we find evidence that blockchain technology adoption significantly improves accounting information quality. Further, additional tests demonstrate that the mechanism of blockchain exerting its positive effect include strengthening corporate governance and realising synergies with large audit firms, while cross‐sectional tests show that its positive effect on accounting information quality is attenuated if the company is in an industry with high IT development or has experienced an audit firm change. Economic consequence tests show that the adoption of blockchain is conducive to companies' financing behaviour, as well as to overall firm value. Consequently, our results suggest the positive effect of blockchain technology on accounting information quality.
Selçuk Kendirli, Ergenoğlu, Sevim, Şenol, Fatma Yıldız
Virtual currency movements, which have intensified recently, are in relation to many macroeconomic variables. The decentralized nature of the cryptocurrency market does not eliminate the variables that affect the market. Macro and microeconomic events and variables affect the cryptocurrency market. The cryptocurrency market can also interact with and affect other markets and variables. Indices, which are the indicator indices of the markets, are important in terms of examining the relationship between the markets. The index, which is the indicator of the cryptocurrency market and includes 30 cryptocurrencies, is called the Cryptocurrencies Index (CCi30). The aim of the study is to examine the relationship between the CCi30 index, BIST 100, and Nasdaq Indices. In the study conducted using Granger Causality Analysis, data between the years 2015-2022 were used. According to the analysis result; It was concluded that CCi30 and Nasdaq indices affect each other in a bidirectional way.
Since public sector reform initiatives, public accountability and transparency have advanced democracy and good governance on managing state finances. State financial management mechanism involves regional policies and fiscal decentralization trend in the devolution of responsibility for empowerment from central to local units of governments, but the governance face challenges to effectively manage and control the use of public funds that best meet citizen’s needs. This study determines the effect of public accountability and transparency on the management of state finances in Indonesia, as well as the extent to which public accountability and transparency affect the management of state finances. Based on a descriptive quantitative case-oriented research approach, 60 survey interviews are collected and analyzed with multiple linear regression analysis techniques. This study concludes that Public Accountability partially has a significant effect on the Financial Management Mechanism. On the other hand, partially public transparency has no significant effect on the State Financial Management Mechanism. Cumulatively, some aspects of Public Accountability and Transparency have a significant effect on the State Financial Management Mechanism. If unaccountability in decentralised administrative model prevails, problem of ineffective policy output may persist to impair sustainable finance and public values for good governance in times of covid-19 crisis related society.
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.
IFRS as the current accounting and reporting framework does not consider cryptoassets, so the IFRS Interpretation Committee discusses how the IFRS Standards apply to cryptoasset holdings and proactively provides guidance on potentially transformative issues. In its publication, the IFRS Interpretation Committee in 2019 explained about: Intangible Assets, Financial Asset, Cash, Inventory. “Currency (cash) is a financial asset because it represents a medium of exchange and is therefore the basis on which all transactions are measured and recognized in financial statements. Cryptocurrencies can be classified into several categories namely, inventory; cash and investment.
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.
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.