KETERKAITAN ANTARA HARGA NIKEL, INDEKS HARGA SAHAM DAN KURS PERIODE SEBELUM, SETELAH KEBIJAKAN LARANGAN EKSPOR DAN PERIODE KESELURUHANNYA
Abstract
Hasil penelitian ini bertujuan untuk melihat keterkaitan antara harga nikel, indeks harga saham, dan nilai tukar pada periode sebelum, periode setelah kebijakan larangan ekspor dan periode keseluruhannya. Penelitian ini mengambil sampel data harian periode 1 Januari 2013 hingga 30 April 2021. Periode sampel dibagi menjadi tiga subperiode yaitu periode sebelum kebijakan dari 1 Januari 2013 hingga 31 Desember 2019, Periode setelah kebijakan 1 Januari 2020 hingga 30 April 2021, dan periode keseluruhan dari 1 Januari 2013 hingga 30 April 2021. Masing-masing periode mempunyai total sampel pada periode sebelum 1702, periode setelah 324 sampel, dan periode keseluruhan berjumlah 2026 sampel. Analisis penelitian ini menggunakan VECM. Hasil penelitian ini membuktikan adanya keterkaitan antara variabel tersebut, namun berbeda-beda pada periode sebelum, setelah kebijakan larangan ekspor dan secara keseluruhannya. Hal ini dikarenakan adanya berbagai faktor ekonomi dan waktu serta kondisi global yang kemudian dapat menyebabkan hubungan melemahkan dan menguatkan dari variabel yang satu terhadap variabel lainnya yang mamppu mengubah arah hubungan terutama antara kurs dan IHSG. Penelitian ini juga menemukan bahwa Kurs berperan sebagai saluran transmisi mediasi dari harga nikel ke indeks harga saham.
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Chang, B. H., Bhutto, N. A., Turi, J. A., Hashmi, S. M., & Gohar, R. (2020). Macroeconomic Variables And Stock Indices: An Asymmetric Evidence From Quantile Ardl Model. South Asian Journal Of Business Studies, 10(2), 242–264. Https://Doi.Org/10.1108/Sajbs-09-2019-0161
El-Masry, A. A., & Badr, O. M. (2020). Stock Market Performance And Foreign Exchange Market In Egypt: Does 25th January Revolution Matter? International Journal Of Emerging Markets, 16(6), 1048–1076. Https://Doi.Org/10.1108/Ijoem-11-2017-0477
Fardiansyah, A., Siagian, V., & Sihombing, P. (2018). Determinan Indeks Sektor Pertambangan Di Bei Periode 2012 – 2017. Prosiding Seminar Nasional Cendekiawan, 2, 847–852. Https://Www.Trijurnal.Trisakti.Ac.Id/Index.Php/Semnas/Article/View/3350
Haya Minhaj, I. R. D., & Wahyudi. (2022). Analysis The Effect Of Net Exports And The Exchange Rate On Indonesia’s Foreign Exchange Reserves In 1990-2020. Jurnal Sekuritas (Saham, Ekonomi, Keuangan Dan Investasi), 5(2), 159. Https://Doi.Org/10.32493/Skt.V5i2.12989
Hermanto, & Tjahjadi, E. (2021). Analisis Rasio Profitabilitas, Solvabilitas Terhadap Stockprice Perusahaan Perbankan. Jurnal Ilmiah Mea (Manajemen, Ekonomi, Dan Akuntansi), 5(1), 1124–1135.
Intan Hapsari, P. (2018). Analisis Pengaruh Harga Komoditas Terhadap Pergerakan Jakarta Islamic Index (Jii) Di Bursa Efek Indonesia 2013-2017. Fakultas Ekonomi Dan Bisnis Uin Syarif Hidayatullah, 6(1), 1–8.
Jufang, Z. (2021). Media Sentiment, Government Supervision Strategy, And Stock Price Fluctuation Risk. Discrete Dynamics In Nature And Society, 2021. Https://Doi.Org/10.1155/2021/5532663
Kang, W., Ratti, R. A., & Vespignani, J. (2020). Global Commodity Prices And Global Stock Market Volatility Shocks: Effects Across Countries. Journal Of Asian Economics, 71, 101249. Https://Doi.Org/10.1016/J.Asieco.2020.101249
Khudoykulov, K. (2020). Asset-Pricing Models: A Case Of Indian Capital Market. Cogent Economics And Finance, 8(1), 1–16. Https://Doi.Org/10.1080/23322039.2020.1832732
Lu, L., Lei, Y., Yang, Y., Zheng, H., Wang, W., Meng, Y., Meng, C., & Zha, L. (2023). Assessing Nickel Sector Index Volatility Based On Quantile Regression For Garch And Egarch Models: Evidence From The Chinese Stock Market 2018–2022. Resources Policy, 82, 103563. Https://Doi.Org/10.1016/J.Resourpol.2023.103563
Marselia, P., Vivin, H., & Hendra. (2021). Effect Of Gold Price, Nickel Price, Usedexchange, Dow Jones Industrial Average, And Ftsemalaysia Klcion Sharia Share Price Index (Sharia Idx) On The Ind.Pdf (P. 1). Eco-Buss.
Narayan, P. K., Devpura, N., & Wang, H. (2020). Japanese Currency And Stock Market—What Happened During The Covid-19 Pandemic? Economic Analysis And Policy, 68, 191–198. Https://Doi.Org/10.1016/J.Eap.2020.09.014
Nugraha, D. P., & Putera, A. K. (2021). Analisa Harga Komoditas Dunia Pada Indeks Harga Saham Sektor Pertambangan Di Indonesia. Focus, 2(1), 48–60. Https://Doi.Org/10.37010/Fcs.V2i1.297
Prastyo, E. W. Z., & Sertiartiti, L. (2018). Analisis Determinasi Harga Komoditas Pertambangan Terhadap Indeks Mining Di Ihsg (Indeks Harga Saham Gabungan) Periode Januari 2016 - Agustus 2017. Journal Of Economics Research And Social Sciences, 2(1), 13–22.
Rakotoarisoa, A., & Jocelyn, L. (2019). Production De Nickel Et Taux De Change A Madagascar. Hal Open Science.
Ren, X., Chen, Q., Xing, J., Zhang, Y., Ge, J., Cui, B., & Wang, L. (2021). Analysis Of Global Supply And Demand Situation Of Nickel Sulfate From 2021 To 2035 2021—2035.Pdf (P. 30). China Mining Magazine. Https://Doi.Org/10.12075/J.Issn.1004-4051.2021.09.027
Sapto Jumono, A. (2009). Mencari Model Prediksi Indeks Harga Saham Gabungan (Ihsg) Berdasarkan Pergerakan Indeks Harga Minyak Dunia, Harga Saham Global, Dan Variabel Ekonomi Makro Domestik Di Bursa Efek Idonesia (Bei).
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Spence, M. (1973). Job Market Signaling. Quarterly Journal Of Economics, 87, 281–306. Https://Doi.Org/10.1016/B978-0-12-214850-7.50025-5
Suherman, I., & Saleh, R. (2018). Supply Chain Analysis For Indonesian Nickel. Indonesian Mining Journal, 21(1), 59–76. Https://Doi.Org/10.30556/Imj.Vol21.No1.2018.246
Sun, X., Fang, W., Gao, X., An, S., Liu, S., & Wu, T. (2021). Time-Varying Causality Inference Of Different Nickel Markets Based On The Convergent Cross Mapping Method. Resources Policy, 74, 102385. Https://Doi.Org/10.1016/J.Resourpol.2021.102385
Tabash, M. I., Babar, Z., Sheikh, U. A., Khan, A. A., & Anagreh, S. (2022). The Linkage Between Oil Price, Stock Market Indices, And Exchange Rate Before, During, And After Covid-19: Empirical Insights Of Pakistan. Cogent Economics And Finance, 10(1). Https://Doi.Org/10.1080/23322039.2022.2129366
Venditti, F., & Veronese, G. F. (2020). Global Financial Markets And Oil Price Shocks In Real Time. Ssrn Electronic Journal, 2472. Https://Doi.Org/10.2139/Ssrn.3577551
Von Auer, L., & Shumskikh, A. (2022). Substitution Bias In The Measurement Of Import And Export Price Indices: Causes And Correction. Journal Of Official Statistics, 38(1), 107–126. Https://Doi.Org/10.2478/Jos-2022-0006
Zhang, L., Wang, C., & Yao, H. (2021). Information Contagion And Stock Price Crash Risk. Mathematical Problems In Engineering, 2021. Https://Doi.Org/10.1155/2021/8891338
Zheng, S., Zhou, X., Zhao, P., Xing, W., Han, Y., Hao, H., & Luo, W. (2022). Impact Of Countries’ Role On Trade Prices From A Nickel Chain Perspective: Based On Complex Network And Panel Regression Analysis. Resources Policy, 78, 102930. Https://Doi.Org/10.1016/J.Resourpol.2022.102930
Zhu, M., Zhang, H., Xing, W., Zhou, X., Wang, L., & Sun, H. (2023). Research On Price Transmission In Chinese Mining Stock Market: Based On Industry. Resources Policy, 83, 103727. Https://Doi.Org/10.1016/J.Resourpol.2023.103727
Published
2023-09-06
How to Cite
Yenny, Y., & Wahyudi, I. (2023). KETERKAITAN ANTARA HARGA NIKEL, INDEKS HARGA SAHAM DAN KURS PERIODE SEBELUM, SETELAH KEBIJAKAN LARANGAN EKSPOR DAN PERIODE KESELURUHANNYA. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 7(3), 155-180. https://doi.org/10.31955/mea.v7i3.3322
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