• Evamelia Evamelia Alumni Unika Atma Jaya
  • Yunia Panjaitan Universitas Katolik Indonesia Atma Jaya
Keywords: Financial statement fraud, financial target, financial stability, external pressure, rationalization


The purpose of this research to identify the role of gold and government bonds role as safe haven in Indonesian capital market during 2014-2018. In this study we analyze the influence of stock on gold and government return on bear market conditions, using quantile regression. The quantile regression method was used to analyze the data.  The result if this study indicated that gold and government bonds cannot play a safe haven consistently throughout the study period due to political conditions, government policies and psychological factors (doubt) from investors. For the following research, researchers should examine more deeply about the factors that influence the loss of the role of safe haven in both investment instruments.


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BALANCE: Jurnal Akuntansi, Auditing dan Keuangan, Vol.16 No.2 2019, Avamelia, Yunia Panjaitan
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