Email this article 
Investing in Indonesia during the pandemic covid-19, it is safe?
Abstract
This study aims to prove the safety of investment in Indonesia during the covid-19 pandemic. By analyzes the dynamic correlation between gold, Composite Supply Price Index (CSPI), LQ45, and Sharia supply (JII) as a reference investment instrument that is a haven investment and has hedging during the COVID-19 pandemic in Indonesia. The sampling technique used is Saturated Sample. This research data is gold closing price data, closing (CSPI), and Closing Jakarta Islamic index (JII). The research period used during the COVID-19 pandemic is March 11, 2020, to December 31, 2020. This research method uses the Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) model with gold research results, CSPI, LQ 45. JII is a very safe asset. It is used as Asset Safe Haven and hedging to reduce investor losses or minimize the risk from investing, especially when there is market uncertainty or economist pressure during the Covid-19 Pandemic.
Keywords
Full Text:
PDFReferences
Agustin, Isnaini Nuzula. 2021. “How Does the Impact of the COVID-19 Pandemic on Indonesia ’ s Islamic Stock Returns ?†JEMA: Jurnal Ilmiah Bidang Akuntansi Dan Manajemen 18(1):21–35.
Batten, Jonathan Andrew, and Brian M. Lucey. 2010. “Volatility in the Gold Futures Market.†Applied Economics Letters 17(2):187–90.
Billah, Nanda Anisa, Deny Dwi Hartomo. 2018. “LINDUNG NILAI DAN SAFE HAVEN PADA INVESTASI DI INDONESIA.†Jurnal Bisnis Dan Manajemen 18(2):67–86.
Chkili, Walid. 2016. “Dynamic Correlations and Hedging Effectiveness between Gold and Stock Markets: Evidence for BRICS Countries.†Research International Business and Finance 38:22–34.
Ciner, Cetin, Constantin Gurdgiev, and Brian M. Lucey. 2013. “HeHedges and Safe Havens : An Examination of Stocks , Bonds , Gold , Oil and Exchange Rates Department of Economics and Finance University of North Carolina at Wilmington University of Dublin , Trinity College Institute for International Integration Studi.†International Review of Financial Analysis 29:1–27.
Coudert, Virginie. 2011. “Gold and Financial Assets: Are There Any Safe Havens in Bear Markets?†Economic Bulletin 31(2):1613–22.
Engle, R. 2002. “Dynamic Conditional Correlation Dynamic Conditional Correlation : A Simple Class of Multivariate Generalized Autoregressive Conditional Heteroskedasticity Models.†Journal of Business & Economic Statistics 23(3):339–50.
Febriyanto. 2018. “KEPUTUSAN DIVERSIFIKASI PORTOFOLIO INVESTASI DIERA MEA.†Jurnal Fidusia 1(2):64–83.
Graha, I.M.D & Darmayanti, N. P. A. 2016. “Analisis Portofolio Optimal Perusahaan Yang Terdaftar Di Lq 45 Bursa Efek Indonesia.†E-Jurnal Manajemen Unud 5(January 2010):928–55.
Herwany, Aldrin, Erie Febrian, Mokhamad Anwar, and Ardi Gunardi. 2021. “The Influence of the COVID-19 Pandemic on Stock Market Returns in Indonesia Stock Exchange.†Journal of Asian Finance, Economics and Business 8(3):39–47.
ida musialkowska, agata Kliber, Katarzyna Swierczynska. 2020. “Looking for a Safe-Haven in a Crisis-Driven Venezuela.†14(3):475–94.
Juanda & Junaidi. 2012. Ekonomika Deret Waktu Teori Dan Aplikasi. Bogor: IPB Press.
Levent Sumer, Beliz Ozorhon. 2020. “Investing in Gold or REIT Index in Turkey: Evidence from Global Financial Crisis, 2018 Turkish Currency Crisis and COVID-19 Crisis.†Journal of European Real Estate Research ahead.
Lie, Sui An, Mmed Sook, Wai Wong, Mbbs Loong, and Tat Wong. 2020. “Practical Considerations for Performing Regional Anesthesia : Lessons Learned from the COVID-19 Pandemic ´ Rations Pratiques Pour Lare ´ Alisation de l ’ Anesthe Conside ´ Gionale : Les Lec ´ Es de La Pande ´ Mie de COVID-19 Re ¸ Ons Tire.†Canadian Journal of Anesthesia/Journal Canadien d’anesthésie 67(7):885–92.
Merton, Robert C., and Zvi Bodie. 2005. “Design of Financial Systems: Towards a Synthesis of Function and Structure.†The World of Risk Management 3(1):1–27.
Muhammad Rizky Prima Sakti, Mansur Masih, Buerhan Saiti. 2018. “Unveiling the Diversification Benefits of Islamic Equities and Commodities.†Emeraldinsight 1–22:1–22.
Muhammad, Sholeh. 2014. “Emas Sebagai Instrumen Investasi Yang Aman Pada Saat Instrumen Keuangan Mengalami Peningkatan Resiko.†Jurnal Akuntansi Unesa 2, 2:1–20.
Mukhibad, Hasan, and Ahmad Nurkhin. 2020. “The Mechanism of Corporate Governance, Financial Performance, and Social Performance in Baitul Maal Wat Tamwil (Bmt).†3(1):1–17.
Mulyono. 2015. “ANALISA KORELASI RETURN INDEKS – INDEKS SAHAM TERHADAP INDEKS HARGA SAHAM GABUNGAN PADA BURSA EFEK INDONESIA.†Binus Bisnis Review 6(2):330–39.
Nugroho, Bayu Adi, and Andreas Lako. 2020. “Safe Haven and Performance of Extension-Markowitz Portfolio on Indonesian Ethical Investments Safe Haven and Performance of Extension-Markowitz Portfolio on Indonesian Ethical Investments.†Internasional Journal of Ekonomi Policy in Emerging Economic (januari):1–20.
Reilly, Frank K. and Keith C. Brow. 2003. “Investment Analysis and Portfolio Management.†Dryden Press 7.
Rezeki, F. A. S., and E. Pitaloka. 2020. “Faktor-Faktor Yang Mendorong Keputusan Investasi Saham Di Masa Pandemic.†Prosiding Seminar Nasional Terapan Riset Inovatif (SENTRINOV) 6(2):131–38.
Robiyanto, Robiyanto. 2018a. “DCC-GARCH Application in Formulating Dynamic Portfolio between Stocks in the Indonesia Stock Exchange with Gold.†Indonesian Capital Market Review 10(1):13–23.
Robiyanto, Robiyanto. 2018b. “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.†20(1):45–52.
Shakil, Mohammad Hassan, Is’haq Muhammad Mustapha, Mashiyat Tasnia, and Buerhan Saiti. 2017. “Is Gold a Hedge or a Safe Haven? An Application of ARDL Approach.†Journal of Economics, Finance and Administrative Science 23(44):60–76.
Sugiyono. 2011. Metode Penelitian Kuantitatif, Kualitatif Dan R&D.
Sugiyono. 2014. “Populasi Dan Sampel.†Metode Penelitian Kuantitatif, Kualitatif Dan R&D 291(292).
Tambunan, Diana. 2020. “Investasi Saham Di Masa Pandemi COVID-19.†Widya Cipta: Jurnal Sekretari Dan Manajemen 4(2):117–23.
Tandelilin E. 2010. Portofolio Dan Investasi: Teori Dan Aplikasi. Kanisius.
Trisnowati, Y., & Muditomo, A. 2021. “COVID-19 and Stock Market Reaction in Indonesia.†Journal of Accounting and Investment 22(1):23–36.
DOI: https://doi.org/10.30872/jinv.v18i3.11089
Refbacks
- There are currently no refbacks.
Copyright (c) 2022 Tuti Zakiyah, Wahyuni Windasari
Editorial Address
INOVASI: Jurnal ekonomi, keuangan dan manajemen
Faculty of Economics and Business, Mulawarman University
Jl. Tanah Grogot No.1 Samarinda Kalimantan Timur 75119
Email: jakt.feb.unmul@gmail.com
StatCounter: INOVASI: Jurnal ekonomi, keuangan dan manajemen