BibTex Citation Data :
@article{JBS14379, author = {ASRI WAHYUNI}, title = {ANALISIS PERBANDINGAN KINERJA INVESTASI EMAS DAN INVESTASI SAHAM SELAMA MASA INFLASI 1994 - 2013}, journal = {JURNAL BISNIS STRATEGI}, volume = {23}, number = {2}, year = {2014}, keywords = {Key Words : gold returns, stock market returns, inflation, VAR}, abstract = { Abstract This purpose of this research is to analyze the causal relationship between gold return and stock market return as well as the influence of the two variables and the effect of inflation as a macroeconomic variable to gold return and stock market return. This research was conducted to determine the best investment choice between gold investments dan stock investments during time of inflation from 1994 – 2013. During the research period occurs phenomenon in which relationships between variables are not in accordance with the theories that have been proposed. This is upported by the differences in the results of several previous researches. This study is done by using the monthly data of gold price, JCI and inflation end of each month during the period January 1994 – December 2013. Methods of analysis used in this study using VAR estimation model by using the optimal lag test, stationary test, Johansen cointegration test, Granger causality test, IRF and analysis of VD. This results of this research showed no causal relationship between gold returns and stock market returns. Based on the estimated VAR models it is known that in the short term gold returns have no effect on stock market returns and vice versa as well as the inflation variable does not affect the return of gold and stock market returns. Johansen cointegration test results show there is a long – term relationship between the three variables. IRF analysis results indicate that stock market return is convergent and has no effect permanently. These results were confirmed by the results analysis of VD which shows that the gold returns reached stability in the fifth period after the shock is given, while the stock market returns in the sixth period. It can be concluded that the movement that occurs in gold investment does not cause movement of the stock investment and they do not have a relationship of mutual influence and variable inflation has not effect on them. In the end, it is known that gold investment is the best option compared to stock investment during times of inflation. }, issn = {2580-1171}, pages = {128--150} doi = {10.14710/jbs.23.2.128-150}, url = {https://ejournal.undip.ac.id/index.php/jbs/article/view/14379} }
Refworks Citation Data :
Abstract
This purpose of this research is to analyze the causal relationship between gold return and stock market return as well as the influence of the two variables and the effect of inflation as a macroeconomic variable to gold return and stock market return. This research was conducted to determine the best investment choice between gold investments dan stock investments during time of inflation from 1994 – 2013. During the research period occurs phenomenon in which relationships between variables are not in accordance with the theories that have been proposed. This is upported by the differences in the results of several previous researches.
This study is done by using the monthly data of gold price, JCI and inflation end of each month during the period January 1994 – December 2013. Methods of analysis used in this study using VAR estimation model by using the optimal lag test, stationary test, Johansen cointegration test, Granger causality test, IRF and analysis of VD.
This results of this research showed no causal relationship between gold returns and stock market returns. Based on the estimated VAR models it is known that in the short term gold returns have no effect on stock market returns and vice versa as well as the inflation variable does not affect the return of gold and stock market returns. Johansen cointegration test results show there is a long – term relationship between the three variables. IRF analysis results indicate that stock market return is convergent and has no effect permanently. These results were confirmed by the results analysis of VD which shows that the gold returns reached stability in the fifth period after the shock is given, while the stock market returns in the sixth period. It can be concluded that the movement that occurs in gold investment does not cause movement of the stock investment and they do not have a relationship of mutual influence and variable inflation has not effect on them. In the end, it is known that gold investment is the best option compared to stock investment during times of inflation.
Article Metrics:
Last update:
Last update: 2025-04-24 01:58:05
Author(s) Rights
In order for Diponegoro International Journal of Business (DIJB) to publish and disseminate research articles, we need publishing rights (transferred from author(s) to publisher). This is determined by a publishing agreement between the author(s) and DIJB. This agreement deals with the transfer or license of the copyright of publishing to DIJB, while authors still retain significant rights to use and share their own published articles. DIJB supports the need for authors to share, disseminate and maximize the impact of their research and these rights, in any databases.
As an author, you have rights to a large range of uses of your article, including use by your employing institute or company. These Author rights can be exercised without the need to obtain specific permission. Authors publishing in DIJB has wide rights to use their works for teaching and scholarly purposes without needing to seek permission, including:
use for classroom teaching by Author or Author's institution and presentation at a meeting or conference and distributing copies to attendees; use for internal training by the author's company; distribution to colleagues for their research use; use in a subsequent compilation of the author's works; inclusion in a thesis or dissertation; reuse of portions or extracts from the article in other works (with full acknowledgement of final article); preparation of derivative works (other than commercial purposes) (with full acknowledgement of final article); voluntary posting on open web sites operated by author or author’s institution for scholarly purposes, (but it should follow the open-access license of Creative Common CC-by-SA License).
Authors/readers/third parties can copy and redistribute the material in any medium or format, as well as remix, transform, and build upon the material for any purpose, even commercially, but they must give appropriate credit (the name of the creator and attribution parties (authors detail information), a copyright notice, an open-access license notice, a disclaimer notice, and a link to the material) and provide a link to the license.
Authors/readers/third parties can read, print and download, redistribute or republish the article (e.g. display in a repository), translate the article, download for text and data mining purposes, re-use portions or extracts from the article in other works, sell or re-use for commercial purposes, remix, transform, or build upon the material, they must distribute their contributions under the same license as the original Creative Commons Attribution-ShareAlike (CC BY-SA).
Copyright Transfer Agreement for Publishing (Publishing Right)
The authors submitting a manuscript do so on the understanding that if accepted for publication, the copyright for publishing (publishing right) of the article shall be assigned/transferred to the Department of Management, Faculty of Economics and Business, Universitas Diponegoro as the publisher of DIJB.
Upon acceptance of an article, authors will be asked to complete a 'Copyright Transfer Agreement for Publishing (CTAP)'. An e-mail will be sent to the Corresponding Author confirming receipt of the manuscript together with a CTAP form by the online version of this agreement.
DIJB, the publisher, and the editorial board make every effort to ensure that no wrong or misleading data, opinions or statements be published in the journal. In any way, the contents of the articles and advertisements published in DIJB are sole and exclusive responsibility of their respective authors and advertisers.
Remember, even though we ask for a transfer of copyright for publishing (CTAP), our journal Author(s) retain (or are granted back) significant scholarly rights as mentioned before.
The Copyright Transfer Agreement for Publishing (CTAP) Form can be downloaded here
View statistics This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
