Pengaruh Pasar Saham Amerika Serikat, Tiongkok dan Indonesia Selama Perang Dagang 2018-2020

Main Article Content

Irene Natalia

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh pasar saham Amerika Serikat, Tiongkok, Indonesia saat perang dagang terbuka antara Amerika Serikat dan Tiongkok yang dimulai 6 Juli 2018. Pasar saham Amerika Serikat (Dow Jones Index), pasar saham Tiongkok (Shanghai Composite Index dan Hang Seng Index), dan pasar saham Indonesia (Jakarta Stock Exchange Index) digunakan untuk merepresentasikan diversifikasi investasi saham antar negara. Pengujian dimulai dengan uji hubungan antara pasar saham dengan uji korelasi untuk mengetahui pergerakan bersama antara indeks saham. Setelah itu, dilakukan uji regresi berganda untuk mengetahui pengaruh pasar saham Amerika Serikat dan pasar saham Tiongkok terhadap pasar saham Indonesia. Periode penelitian dimulai dari 6 Juli 2018 hingga 30 September 2020 (818 hari). Temuan penelitian ini adalah hubungan (pergerakan bersama) antara pasar saham Amerika Serikat-Indonesia dan Tiongkok-Indonesia. Temuan yang lain adalah pasar saham Indonesia dipengaruhi oleh pasar saham Amerika Serikat dan Tiongkok. Temuan empiris berimplikasi kepada keputusan investor domestik dan internasional untuk investasi jangka pendek saat perang dagang terbuka antara Amerika Serikat dan Tiongkok.

Downloads

Download data is not yet available.

Article Details

How to Cite
Natalia, I. (2021). Pengaruh Pasar Saham Amerika Serikat, Tiongkok dan Indonesia Selama Perang Dagang 2018-2020. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 3(2), 95-108. https://doi.org/10.29303/akurasi.v3i2.49

References

Abidin, S. Z., & Banchit, A. (2019). Causality and cointegration of stock markets within The Asian Growth Triangle. Proceeding 23rd International Congress on Modelling and Simulation, December, 498–504. https://doi.org/10.36334/modsim.2019.e1.abidin
Artini, L. G. S., Aryati, N. T., Lestari, P. V., Darmayanti, N. P. A., & Sudiartha, G. M. (2017). Analisis fundamental makro dan integrasi pasar saham dunia dengan Bursa Efek Indonesia. Matrik : Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan, 11(2), 128–135. https://doi.org/10.24843/matrik:jmbk.2017.v11.i02.p03
Bekiros, S. D. (2014). Contagion, decoupling and the spillover effects of the US financial crisis: Evidence from the BRIC markets. International Review of Financial Analysis, 33, 58–69. https://doi.org/10.1016/j.irfa.2013.07.007
Bhunia, A., & Yaman, D. (2017). Is there a causal relationship between financial markets in Asia and the US? The Lahore Journal of Economics, 22(1), 71–90. http://lahoreschollofeconomics.edu.pk/EconomicsJournal/Journals/Volume 22/Issue 1/04.pdf
China Briefing. (2020). The US-China Trade War: A Timeline. https://www.china-briefing.com/news/the-us-china-trade-war-a-timeline/
Dajcman, S. (2012). The dynamics of return co-movement and spillovers between the Czech and European Stock Markets in the period 1997–2010. Czech Journal of Economics and Finance (Finance a Uver), 62(4), 368–390. http://journal.fsv.cuni.cz/storage/1254_368-390---dajcman.pdf
Engle, R. F., & Granger, C. W. J. (1987). Cointegration and error correction: representation, estimation, and testing. Econometrica, 55(2), 251–276. https://doi.org/10.2307/1913236
Eun, C. S., & Resnick, B. G. (2017). International Financial Management (7th ed., Vol. 110, Issue 9). McGraw-Hill.
Eun, C. S., & Shim, S. (1989). International transmission of stock market movements. The Journal of Financial and Quantitative Analysis (Vol. 24, Issue 2, pp. 241–256). https://doi.org/10.2307/2330774
Forbes. (2020, May 13). GLOBAL 2000: The World’s Largest Public Companies. https://www.forbes.com/global2000/#3e25064a335d
Granger, C. W. J., Huang, B. N., & Yang, C. W. (2000). A bivariate causality between stock prices and exchange rates: Evidence from recent Asianflu. The Quarterly Review of Economics and Finance, 40(3), 337–354. https://doi.org/10.1016/s1062-9769(00)00042-9
Gujarati, D. N. (2004). Basic Econometrics (4th ed.). McGraw-Hill.
Hadi, S. (2018). Keterkaitan pasar modal di Amerika Serikat, Indonesia dan Korea Selatan. Jurnal Inovasi Ekonomi, 3(01), 19–22. https://doi.org/10.22219/jiko.v3i01.5526
Halim,J., & Marcories.(2011).Analisis pengaruh pergerakan bursa internasional terhadap pergerakan bursa Indonesia. Journal of Applied Finance and Accounting, 3(2),181-203.
Institute for Security & Development Policy. (2020, January). Snapshot of the U.S.-China Trade War. January, 1–15. https://isdp.eu/content/uploads/2020/01/Trade-War-backgrounder-January-2020.pdf
Irmalis, A., & Hadi, F. (2020). Analisis kointegrasi Bursa Efek Indonesia, Malaysia dan Singapura: Pendekatan Pair-Case dan Multivariate. Jurnal Manajemen Dan Kewirausahaan, 8(1), 12–21. https://doi.org/10.26905/jmdk.v8i1.3538
Jusuf, A. A. A. (2008). Pengaruh Indeks Dow Jones, Indeks Hang Seng, Indeks Nikkei, dan Indeks Straits Times terhadap Indeks Harga Saham Gabungan. Jurnal Kewirausahaan, 2(2), 1–6.
Karim, B. A., & Karim, Z. A. (2012). Integration of ASEAN-5 stock markets: A revisit. Asian Academy of Management Journal of Accounting and Finance, 8(2), 21–41.
Kenourgios, D., & Samitas, A. (2011). Equity market integration in emerging Balkan markets. Research in International Business and Finance, 25, 296–307. https://doi.org/10.1016/j.ribaf.2011.02.004
Khan, T. A. (2011). Cointegration of International Stock Markets: An investigation of diversification opportunities. Undergraduate Economic Review, 8(1), Article 7. http://digitalcommons.iwu.edu/uer/vol8/iss1/7
Madyan, M., Adila, H., & Firdausi, N. A. (2019). Keterkaitan antar Bursa Efek Dunia (Studi Kasus Pada Bursa Efek Negara Maju Dan Negara Berkembang). Journal of Chemical Information and Modeling, 12(1), 85–97. http://repository.unair.ac.id/91109/1/Moh. Madyan-Karya Ilmiah-012_Keterkaitan Antar Bursa Efek Dunia.pdf
Mansur, M. (2005). Pengaruh Indeks Bursa Global terhadap Indeks Harga Saham Gabungan pada Bursa Efek Jakarta (BEJ) periode Tahun 2000-2002. Sosiohumaniora, 7(3), 203–219. https://core.ac.uk/download/pdf/295384852.pdf
McDonald, J. (2020, January 18). China’s 2019 Economic Growth Weakens Amid Trade War. https://apnews.com/article/98772d1afb1330eec7fd5ba117108ff7#:~:text=The world’s second-largest economy,6%25 over a year earlier
Nachrowi, D. N., & Usman, H. (2006). Ekonometrika. Lembaga Penerbit Fakultas Ekonomi Universitas lndonesia.
Oktarianisa, S. (2019). Hong Kong Babak Belur, China Siapkan Shenzen Jadi Pengganti CNBC.pdf. https://www.cnbcindonesia.com/news/20190819145102-4-93006/hong-kong-babak-belur-china-siapkan-shenzen-jadi-pengganti
Omay, T., & Iren, P. (2019). Behavior of foreign investors in the Malaysian stock market in times of crisis: A nonlinear approach. Journal of Asian Economics, 60, 85–100. https://doi.org/10.1016/j.asieco.2018.11.002
Sugiyanto, S., & Sudarwan, S. (2016). Model kointegrasi Pasar Modal Indonesia dengan Pasar Modal Regional. Jurnal Ekonomi Universitas Esa Unggul, 991–1003. https://www.neliti.com/publications/78069/model-kointegrasi-pasar-modal-indonesia-dengan-pasar-modal-regional
Syllignakis, M. N., & Kouretas, G. P. (2011). Dynamic correlation analysis of financial contagion: Evidence from the Central and Eastern European markets. International Review of Economics and Finance, 20(4), 717–732. https://doi.org/10.1016/j.iref.2011.01.006
Utama, I. W. A. B., & Artini, L. G. S. (2015). Pengaruh Indeks Bursa Dunia pada Indeks Harga Saham Gabungan Bursa Efek Indonesia. Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan, 9(1), 65–73.
Výrost, T., Lyócsa, Š., & Baumöhl, E. (2015). Granger causality Stock Market Networks: Temporal proximity and preferential attachment. Physica A: Statistical Mechanics and Its Applications, 427, 262–276. https://doi.org/10.1016/j.physa.2015.02.017
Wang, L. (2014). Who moves East Asian stock markets? The role of the 2007-2009 global financial crisis. Journal of International Financial Markets, Institutions and Money, 28(1), 182–203. https://doi.org/10.1016/j.intfin.2013.11.003
Wikipedia. (2020). Hong Kong. https://id.wikipedia.org/wiki/Hong_Kong
Wooldridge, J. M. (2013). Introductory Econometrics A Modern Approach (5th ed.). Cengange Learning.
Abstract viewed = 1646 times
PDF downloaded = 749 times