ANALISIS PENGARUH HARGA EMAS, HARGA MINYAK DAN PERGERAKAN KURS TERHADAP RETURN SAHAM PT ANEKA TAMBANG (ANTAM) INDONESIA DI ERA PANDEMI COVID-19
DOI:
https://doi.org/10.25170/jrema.v2i1.5206Keywords:
Gold Price, Oil Price, Exchange Rate, Stock Returns, Covid-19 Pandemic, InvestmentAbstract
This research aims to analyze the impact of gold prices, oil prices, and the exchange rate (IDR/USD) on the stock returns of PT Aneka Tambang (ANTAM) Indonesia during the Covid-19 pandemic period, focusing on both short-term and long-term periods. Using daily time series secondary data from March 2, 2020-March 2, 2022, the analytical methods employed are Auto Regressive Distributed Lag (ARDL) and error correction model (ECM) using Eviews 13 software. The research findings indicate that an increase in gold prices has a positive and significant impact on ANTM stock returns in both periods. Conversely, oil prices only affects ANTM stock returns in the short term during this period, while exchange rate has a significant positive impact in the short term but doesn’t influence in the long term.
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