Contents of the volume

2021, Volume 74 - Issue 1

ISSN: 2499-8265
RSS feed citation: At RePEc
Publication date: 17 February 2021


Emmanuel Wiafe, Lucy Anning

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Indra Darmawan, Dedi Budiman Hakim, Adler Haymans Manurung, Hermanto Siregar

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Ahmad Alawadhi, Sheikha Al-Fulaij, Nadia Al-Musallam, Wafa Awadh, Nadeem A. Burney, Ayele Gelan

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Goodness C. Aye

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Chien- Hui Lee , Jen-Yao Lee, Leonard F.S. Wang

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Amedeo Amato

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Genoa Chamber of Commerce
Economia Internazionale / International Economics

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Corresponding author

Indra DARMAWAN, School of Business, IPB University, Bogor, Indonesia and Indonesia Banking School, Jakarta, Indonesia


Dedi Budiman HAKIM, School of Business, IPB University, Bogor, Indonesia and Faculty of Economics and Management, IPB University, Bogor, Indonesia

Adler Haymans MANURUNG, School of Business, IPB University, Bogor, Indonesia and Faculty of Economics and Management, IPB University, Bogor, Indonesia

Hermanto SIREGAR, School of Business, IPB University, Bogor, Indonesia and Faculty of Economics and Management, IPB University, Bogor, Indonesia

Crude Oil Price Movements and Stock Trading Activity: Evidence from Indonesia




Stock trading activity reflects the dynamic of a stock market performance and become an important indicator in its development. This study observes the effects of the crude oil price movements on Indonesia stock trading activities, measured by the Jakarta composite index (JCI), stock volume transactions (VolT), stock value transactions (ValT) and stock market capitalization (MCap). A VECM approach was used to observe its effects and concludes that the crude oil price movements have significant effects on those indicators. Impulse responses functions (IRF) analysis shows that those indicators have significant responses to the crude oil price movements, and variance decomposition (FEVD) analysis shows that crude oil price movements contribute to the variability of Indonesia stock trading activities.

JEL classification

C58, F65, G12, Q43


Crude Oil Price Movement, Stock Trading Activity, Time Series Analysis, VECM


  1. Introduction
  2. Literature review
  3. Data and methodology
  4. Results
  5. Conclusion and suggestions


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