Covid-19 dan Volatilitas Harga Saham Melalui Peran Mediasi Harga Emas

Abstract

This study aims to analyze the effect of Covid-19 which consists of the number of positive cases, the number of deaths, and the number of recoveries on stock price volatility through the mediating role of gold prices. The research population is a retail company listed on the Indonesia Stock Exchange with a research period from April 2020 to June 2021. The research sample was taken using purposive sampling, and analyzed using SEM PLS. The results of the analysis show that the number of positive cases has a significant negative effect on gold prices and the volatility of retail companies' stock prices. The number of deceased has a positive effect on the price of gold and the volatility of the stock price of retail companies. The number of recoveries has a positive effect on gold prices, but has no significant effect on stock price volatility. The mediating role explains that the price of gold has a mediating role on the effect of the number of positive cases and the number of deaths on stock price volatility, but does not have a mediating role on the effect of the number of recoveries on stock price volatility.
 Keywords: Covid-19; Gold Prices; Stock Price Volatility; Retail Companies.

The effect of the gold index and NIKKEI on the Indonesian market index

“…Specifically, this result also indicates that the gold index has a positive impact on the IHSG in the period of January to May 2022 and vice versa has a negative impact in the period of June to December 2021. The results of this study for the period of June to December 2021 consistently support Sarwindah et al (2022) especially in cases during the Covid-19 pandemic. In addition, the result of this study for period of January to May 2022 consistently support the finding of Zifi and Arfan (2021) where the gold prices have a positive and significant effect on the IHSG.…”

“…There is some evidence that explains the impact of the world gold index on market indices in Indonesia. Sarwindah et al (2022) find that gold prices had a significant negative effect on stock price volatility, especially in retail companies during the Covid-19 pandemic for the period April 2020 to June 2021. This result indicates that the market index in Indonesia also experienced a negative impact due to an increase in world gold prices.…”