Integrasi Pasar Saham Indonesia Dengan Pasar Saham Asia

Gunawan, Didik; Cahyadi, Willy Anugrah

doi:10.37194/jpmb.v1i2.27

Cited by 7 publications

(6 citation statements)

References 11 publications

(12 reference statements)

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“…This will make Generation Z appear to do everything in their power to achieve their desires by following trends, even though they are unaware of them (Gupta & Shrivastava, 2022). This is reflected in research conducted by (Gunawan et al, 2011), which state that investors in Indonesia behave irrationally in making investment decisions, mainly when a crisis occurs.…”

Section: Introductionmentioning

confidence: 99%

The impact of overconfidence and herding bias on stock investment decisions mediated by risk perception

Wibowo

Indrawati

Aisjah

2023

IJRBS

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This study examines the impact of overconfidence bias, herding bias, and risk perception on stock investment decisions. This study uses explanatory research with a quantitative approach. The population in this study is the Generation Z Society, the generation born between 1997-2012 in Malang City who invests in the capital market. The sampling technique used in the study was purposive sampling. Data collection was used through surveys using questionnaires, and the use of Likert scales to test instruments. The data were analyzed using Structural Equation Model Partial Least Square (SEM-PLS) modeling. The results of this study indicate that overconfidence bias and herding bias contained in investors can reduce the quality of investment decisions. In addition, overconfidence bias and herding bias can also reduce investors' risk perception. The perception of risk in investors can influence investment decisions and increase the benefits of the investment process. Risk perception can mediate between overconfidence bias and herding bias on investment decisions. The results of this study suggest that investors should minimize the formation of bias when making investment decisions and diversify their portfolios to minimize risk.

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Section: Introductionmentioning

confidence: 99%

The impact of overconfidence and herding bias on stock investment decisions mediated by risk perception

Wibowo

Indrawati

Aisjah

2023

IJRBS

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“…𝑒 # is an (𝑛 𝑥 1) vector of error terms. Augmented Dickey Fuller (ADF) test is used to examine whether the data is stationary [11]. The granger causality test [12] is also used to test causality among ASEAN-5 stock markets in term of return of composite index.…”

Section: Var Modelmentioning

confidence: 99%

Causality Effect Among ASEAN-5 Stock Markets in COVID-19 Pandemic: VAR Model Approach

Fatah,

Jody,

Budiasih

2023

ENTHUSIASTIC

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Financial globalization increase integration degree of capital flow. However, the global shock could impact many countries, either positive and negative. COVID-19 pandemic is one of the shock that affect world including ASEAN-5. This paper apply the Vector Autoregressive (VAR) model to identify the linkage among ASEAN-5 stock markets during the COVID-19 pandemic and it is used because of no spesific theory behind it. The data used in this paper is the weekly return of the composite index of ASEAN-5 stock markets from 11 March 2020 to 29 December 2021. This paper finds that there is a linkage among ASEAN-5 stock markets indicated by decreasing price index consecutive. Therefore, the implication of this paper is that the investors have to switch the investment instrument from stock to other instrument carefully. Once the negative impact begins to taper off, investors could do international stock investment.

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“…Furthermore, capital markets are fully integrated if investors are free to diversify internationally and have an impact on the equilibrium pricing (quantity of products demanded equal to quantity offered) of those securities in the context of world markets. The integration of the Indonesian capital market with other countries has resulted in Indonesia becoming one of the countries that can feel if there are shocks that occur in foreign capital markets (Gunawan & Cahyadi, 2019).…”

Section: Integrationmentioning

confidence: 99%

Islamic Capital Market Integration in 5 ASEAN Countries in the Covid-19 Era

Romadhon

Mutmainah

2023

JESTT

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The purpose of this study was to analyze the short-term and long-term relationship between the Islamic capital markets of 5 selected countries in the Covid-19 era. This study used a quantitative approach using weekly secondary data from January 2020 to December 2022. The data analysis model used Vector Auto Regression (VAR) analysis. The results of this study show that in the short term, variants in the capital market will change due to shocks in other ASEAN Islamic capital markets, but short-term deviations in the Islamic capital market will adjust in the long term. meanwhile, in the long run, Islamic capital markets in ASEAN countries that were tested, have integrated despite the occurrence of a health crisis that also has an impact on the financial crisis. This provides an opportunity for investors to mitigate risks and increase profit margins, especially in Islamic stock exchanges in ASEAN countries. On the other hand, this research allows investors to reformulate a more diversified portfolio after the Covid-19 pandemic. Keywords: Integration, Islamic Capital Market, ASEAN, Covid 19 ABSTRAK Tujuan dari penelitian ini adalah untuk menganalisis hubungan jangka pendek dan jangka panjang antara pasar modal syariah 5 negara terpilih di era Covid-19. Penelitian ini menggunakan pendekatan kuantitatif dengan menggunakan data sekunder mingguan januari 2020 sampai dengan desember 2022. Model analisis data menggunakan analisis Vector Auto Regression (VAR). Hasil penelitian ini menunjukkan bahwa dalam jangka pendek, varian di pasar modal akan berubah karena guncangan di pasar modal syariah ASEAN lainnya, namun penyimpangan jangka pendek di pasar modal syariah akan menyesuaikan dalam jangka panjang. sementara dalam jangka panjang, pasar modal syariah di negara-negara ASEAN yang teruji, memiliki integrasi meskipun terjadi krisis kesehatan yang juga berdampak pada krisis keuangan. Hal ini memberikan suatu kesempatan bagi para investor untuk memitigasi risiko dan memperbesar margin keuntungan terutama di bursa saham syariah negara ASEAN. Disisi lain, dengan adanya penelitian ini memungkinkan membantu para investor untuk merumuskan kembali portofolio yang lebih terdiversifikasi setelah terjadinya pandemi covid-19. Kata Kunci: Integrasi, Pasar Modal Syariah, ASEAN, Covid 19 REFERENCES Abd. Majid, M. S. (2018). Who Co-Moves The Islamic Stock Market of Indonesia -The US, The UK, or Japan? Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 10(2), 267–284. doi:10.15408/aiq.v10i2.7288 Abdul Karim, B., & Abdul-Rahman, A. (2020). Market integration in asean-5: Evidence of Islamic and conventional stock markets. Polish Journal of Management Studies, 21(1), 186–198. doi:10.17512/pjms.2020.21.1.14 Abdulkarim, F. M., Akinlaso, M. I., Hamid, B. A., & Ali, H. S. (2020). The nexus between oil price and Islamic stock markets in Africa: A wavelet and Multivariate-GARCH approach. 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Integrasi Pasar Saham Indonesia Dengan Pasar Saham Asia

Cited by 7 publications

References 11 publications

The impact of overconfidence and herding bias on stock investment decisions mediated by risk perception

The impact of overconfidence and herding bias on stock investment decisions mediated by risk perception

Causality Effect Among ASEAN-5 Stock Markets in COVID-19 Pandemic: VAR Model Approach

Islamic Capital Market Integration in 5 ASEAN Countries in the Covid-19 Era

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