Gold VS Bond: What Is the Safe Haven for the Indonesian and Malaysian Capital Market?

  • Robiyanto Robiyanto Satya Wacana Christian University
Keywords: Safe Haven, Hedge, Gold, Indonesia Corporate Bond, Indonesia Government Bond, Malaysia Corporate Bond, Malaysia Government Bond

Abstract

This study scrutinizes the potency of gold and bonds as safe haven assets for the Indonesian and Malaysian capital markets, because some previous studies have been undertaken in established market settings. The research period for this study was from June 2008 to September 2016. The quantile regression technique was used to analyze the data. The results of this study indicated that gold did not have a role as a safe haven for the Indonesian capital market, but did have a role as the safe haven for the Malaysian capital market. This study also found that Indonesian government bonds, Malaysian government bonds, and Malaysian corporate bonds could not act as safe haven assets. In contrast, corporate bonds in Indonesia had the potency to perform the function of a safe haven for stocks on the Indonesian Stock Exchange. 

Author Biography

Robiyanto Robiyanto, Satya Wacana Christian University

Author Scopus ID: https://scholar.google.co.id/citations?user=JRTUapMAAAAJ&hl=en

ROBIYANTO, Robiyanto, earned his Master of Management in Finance (2000) and Ph.D. in Finance (2015) from the Faculty of Economics and Business of Diponegoro University (FEB UNDIP), Semarang, Indonesia. His first degree in Management (1998) was earned from the Faculty of Economics and Business of Satya Wacana Christian University (FEB UKSW), Salatiga, Indonesia. He holds an Investment Manager Representative license from the Indonesia Financial Services Authority (previously Indonesian Capital Market and Financial Institution Supervisory Agency). He is a lecturer at the Faculty of Economics and Business of Satya Wacana Christian University, Salatiga, Indonesia. He is active as an academic researcher. He has written articles published in several journals such as Gadjah Mada International Journal of Business, Kasetsart Journal of Social Sciences, Business: Theory and Practice, International Journal of Business and Society, Economic Journal of Emerging Markets, etc. His researches have been presented in several international dan national conferences. His research interests are capital market, commodity market, market efficiency, behavioral finance, corporate governance, and portfolio management. Contact: Robiyanto, Faculty of Economics and Business Satya Wacana Christian University, Jl. Diponegoro No. 52-60, Salatiga (50711), Jawa Tengah, Indonesia, email: robiyanto@staff.uksw.edu.

References

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Published
2018-12-30
How to Cite
Robiyanto, R. (2018). Gold VS Bond: What Is the Safe Haven for the Indonesian and Malaysian Capital Market?. Gadjah Mada International Journal of Business, 20(3), 277-302. Retrieved from https://jurnal.ugm.ac.id/v3/gamaijb/article/view/15638
Issue
Vol 20 No 3 (2018): September-December
Section
Articles

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Gadjah Mada International Journal of Business by Master of Business Administration, Faculty Economics and Business, Universitas Gadjah Mada is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.