Home Ownership Dynamics: Analysis of The Impact of Gold, Bonds and Stocks on Property Investment Moderated by Loan Interest Rates
Keywords:
Gold, Bonds, Stocks, Property Investment, Loan Interest Rates
Abstract
The purpose of this study is to examine how shares, bonds, and gold affect real estate investment, which is influenced by loan interest rates. In this study, the data type used is quantitative. Secondary data in the form of residential property price index data, bonds, stocks, loan interest rates and gold prices were sourced from Bank Indonesia. On a monthly basis, sampling employed a time series data method. Multiple linear regression is the data analysis technique employed in this study, which makes use of the E-views software. The study's findings indicate that gold has little bearing on real estate investments. Bonds have an impact on real estate investing. This demonstrates how interest rates or the inclination to invest in real estate can be impacted by an increase in bonds. Increase in shares can influence the interest or tendency to invest in property. Loan interest rates cannot moderate the influence of gold on property investment. Loan interest rates can moderate the effect of bonds on property investment. The results of this research show that there is a negative correlation, meaning that loan interest rates can weaken the influence of bonds on property investment. Loan interest rates can moderate the influence of shares on property investment. The results of this research show that there is a negative correlation, meaning that loan interest rates can weaken the influence of shares on property investment.
References
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Kraiwanit, T. (2021). A multiplier of e-consumption: The study of the developing economy. Journal of Governance & Regulation, 10(3), 85–92. https://doi.org/10.22495/jgrv10i3art7
Kumar, P. (2017). Impact of earning per share and price earnings ratio on market price of share: A study on auto sector in India. International Journal of Research-GRANTHAALAYAH, 5(2), 113–118. https://doi.org/10.29121/granthaalayah.v5.i2.2017.1710
Le, T. H., & Chang, Y. (2011). "Dynamic relationships between the price of oil, gold and financial variables in Japan: A bounds testing approach." Energy Economics, 33(5), 980-985.
Liang, Y., & McIntosh, W. (1998). "REIT style and performance." Journal of Real Estate Portfolio Management, 4(1), 69-78.
Marashdeh, Z., Alomari, M. W., Aleqab, M. M., &Alqatamin, R. M. (2021). Board characteristics and firm performance: The case of Jordanian non-financial institutions. Journal of Governance & Regulation, 10(3), 150–159. https://doi.org/10.22495/jgrv10i3art13
McKay, D. R., & Peters, D. A. (2019). Bond Basics and the Yield Curve. PlastSurg (Oakv), 27(1):83-85. doi: 10.1177/2292550319830964
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Pradnyawati, S. O., &Widhiastuti, N. L. P. (2022). Financial Factors and Bond Ratings. Accounting Profession Journal, 4(1), 19-27.
Pose, Andres Rodríguez., &Storper, Michael. (2019). Housing, urban growth and inequalities: The limits to deregulation and upzoning in reducing economic and spatial inequality.International Journal of Economics.Volume 57 Issue 2.
Sazonov, Victor &Nikolaev, Dmitry. (2013). Theoretical aspects of investment demand for gold. Investment Management and Financial Innovations, 10(4-1).
Shahwan, Y., Hamza, M., Lubad, H. K., &Khresat, O. M. (2023). Social responsibility accounting and financial performance during COVID-19: A survey of the firms listed in Amman Stock Exchange. Journal of Governance & Regulation, 12(1), 93–99. https://doi.org/10.22495/jgrv12i1art9
Sondakh, Patricia. (2022). Definition of Bonds. Available at SSRN: https://ssrn.com/abstract=4161372
Spahija, Fidane. (2016). Analysis of The Main Theories Of Interest Rates. International Journal of Economics, Commerce, and Management, Vol. IV, No. 6, pp. 643-658.
Sugiharti, H., & Maula, K. A. (2019). The influence of financial literacy on students' financial management behavior. Accounting: Journal of Accounting and Finance, 4(2), 804-818.
Sulong, S., Saleem, Q., & Ahmed, Z. (2018). The role of stock market development in influencing the firms performance: A study based on Pakistan stock market. International Journal of Economics and Finance, 10(12), 104. https://doi.org/10.5539/ijef.v10n12p104
Thanapaet, W., Sutthisai, W., Soonthorn, S., Saiyaros, R., &Boonruan, S. (2023). Provincial government agency public services: An analysis of their internal competency, internal and external environment factors. Journal of Governance & Regulation, 12(2), 136–146. https://doi.org/10.22495/jgrv12i2art12
Tran, O & Nguyen, H. (2022). The interdependence of gold, US dollar and stock market in the context of COVID-19 pandemic: an insight into analysis in Asia and Europe. Journal of Cogent Economics & Finance.
Tyas, S. H. Y. (2022). Systematic Literature Review: Development of Gold Price Forecasting Methods. Journal of Informatics and Communication Technology, 4(1), 31-39.
Wibowo, H., Feriska, Y., Nurdin, A. L., Apriliano, D. D., & Yunus, M. (2021). Feasibility Study of Property Investment for GriyaSengon Indah 3 Housing Development in Sengon Village, Tanjung District. Infratech Building Journal, 2(1), 49-55.
Yulfiswandi, Y., Kho, C., Valentina, C., Lim, M. A., Jenny, J., & Aurellia, A. (2023). The Importance of Financial Planning and Management for the Future. NUSANTARA, 10(4), 1908-1914.
Alafif, Hamdin Ahmed. (2023). Interest Rate and Some of Its Applications. Journal of Applied Mathematics and Physics, Vol. 11, No.6.
Al-Matari, E. M., Mgammal, M. H., Senan, N. A. M., Kamardin, H., &Alruwaili, T. F. (2023). Fintech and financial sector performance in Saudi Arabia: An empirical study. Journal of Governance & Regulation, 12(2), 43–65. https://doi.org/10.22495/jgrv12i2art5
Al-Rimawi, M. A., &Kaddumi, T. A. (2021). Factors affecting stock market index volatility: Empirical study. Journal of Governance & Regulation, 10(3), 169–176. https://doi.org/10.22495/jgrv10i3art15
Alshammari, A. A., Altarturi, B., & Saiti, B. (2020). The impact of exchange rate, oil price and gold price on the Kuwaiti stock market: a wavelet analysis. The European Journal of Comparative Economics, 17(1), 31-54.
Antwi, I. F., Carvalho, C., & Carmo, C. (2021). Corporate governance and firm performance in the emerging market: A review of the empirical literature. Journal of Governance & Regulation, 10(1), 96-111. https://doi.org/10.22495/jgrv10i1art10
Bansal, M., Ali, A., & Choudhary, B. (2021). Real earnings management and stock returns: moderating role of cross-sectional effects. Asian Journal of Accounting Research, Volume 6, Issue 3.
Bisnis.com. (2021). Sluggish Property & Real Estate Sector, What Stocks Are Still OK?. Retrieved from https://market.bisnis.com/read/20210530/189/1399424/sektor-properti-real-estat-loyo-saham-apa-yang-masih-oke
Bisnis.com. (2022). The growth of the property sector is considered important for Indonesia's GDP. Retrieved from https://ekonomi.bisnis.com/read/20220729/47/1560827/pertumbuhan-sektor-properti-dinilai-penting-terhadap-pdb-indonesia
Burton M. (2003). The Efficient Market Hypothesis and its Critics. Journal of Economic Perspectives, Vol. 17, No. 1, pp. 59-82.
Choudhry, T., Syed, S., & Hassan, S. S. (2015). Relationship between gold and stock markets during the global financial crisis: Evidence from nonlinear causality tests. International Review of Financial Analysis, 269.
Dahal, R. K., Ghimire, B., Rai, B., & Shahi, B. J. (2023). Customer’s perspective on non-financial performance metrics of telecommunication companies: The emerging market case. Journal of Governance & Regulation, 12(2), 8–18. https://doi.org/10.22495/jgrv12i2art1
Eichler, Ryan. (2024). What Are Shares? How They Compare to Stocks. Retrieved on https://www.investopedia.com/terms/s/shares.asp
Fadilah, K., &Fazizah, A. (2023). The Influence of Gold Price Fluctuations, Promotions, and Investment Risks on Public Interest in Gold Savings Products. JurnalEkonomi, Bisnis Dan Manajemen, 2(3), 164-175.
Fera, P., & Salzillo, G. (2021). Earnings quality and the cost of debt for SMEs under severe information asymmetry. Journal of Governance & Regulation, 10(3), 128–139. https://doi.org/10.22495/jgrv10i3art11
Hepsen, A. & Vatansever, M. (2012). Relationship between Residential Property Price Index and Macroeconomic Indicators in Dubai Housing Market. International Journal of Strategic Property Management, 16(1), 71-84.
Ho, S. Y., &Iyke, B. N. (2017). Determinants of stock market development: A review of the literature. Studies in Economics and Finance, 34(1), 143–164. https://doi.org/10.1108/SEF-05-2016-0111
Inesencia, A. (2020). Factors that Influence the Purchase of a Luxury Apartment, The Stature Jakarta. JurnalManajemenBisnis Dan Kewirausahaan, 4(6), 303-308.
Kaklauskas, A.; Zavadskas, E. K. (2009). Theories of investment in property: use of information, knowledge and intelligent technologies. Economics for the modern built environment. London: Taylor & Francis. ISBN 9780415454247, p. 249-268.
Kameel, T., Al Hajaya, N., & Alqudah, M. A. (2023). The bargain purchase option: Should it be more than an option? Journal of Governance & Regulation, 12(1), 68–74. https://doi.org/10.22495/jgrv12i1art6
Katadata.co,id. (2022). Real Estate Sector Grows 2.78% in 2021. Retrieved from https://databoks.katadata.co.id/datapublish/2022/03/10/sektor-real-estate-tumbuh-278-pada-2021
Kotha, K. K., & Sahu, B. (2016). Macroeconomic factors and the Indian Stock Market: Exploring long and short run relationships. International Journal of Economics and Financial Issues, 6(3), 1081–1091.
Kraiwanit, T. (2021). A multiplier of e-consumption: The study of the developing economy. Journal of Governance & Regulation, 10(3), 85–92. https://doi.org/10.22495/jgrv10i3art7
Kumar, P. (2017). Impact of earning per share and price earnings ratio on market price of share: A study on auto sector in India. International Journal of Research-GRANTHAALAYAH, 5(2), 113–118. https://doi.org/10.29121/granthaalayah.v5.i2.2017.1710
Le, T. H., & Chang, Y. (2011). "Dynamic relationships between the price of oil, gold and financial variables in Japan: A bounds testing approach." Energy Economics, 33(5), 980-985.
Liang, Y., & McIntosh, W. (1998). "REIT style and performance." Journal of Real Estate Portfolio Management, 4(1), 69-78.
Marashdeh, Z., Alomari, M. W., Aleqab, M. M., &Alqatamin, R. M. (2021). Board characteristics and firm performance: The case of Jordanian non-financial institutions. Journal of Governance & Regulation, 10(3), 150–159. https://doi.org/10.22495/jgrv10i3art13
McKay, D. R., & Peters, D. A. (2019). Bond Basics and the Yield Curve. PlastSurg (Oakv), 27(1):83-85. doi: 10.1177/2292550319830964
Moropane, I. V., Nenzhelele, T. E., & Tshabalala, B. D. (2023). Information ethics enforcement challenges in the real estate industry: A study of the emerging economy. Journal of Governance & Regulation, 12(3), 61–71. https://doi.org/10.22495/jgrv12i3art7
Ocbc.id. (2021). Reviewing the Bond Market Potential in 2022. Retrieved from https://www.ocbc.id/id/article/2021/12/08/meninjau-potensi-pasar-obligasi-di-tahun-2022
Pradnyawati, S. O., &Widhiastuti, N. L. P. (2022). Financial Factors and Bond Ratings. Accounting Profession Journal, 4(1), 19-27.
Pose, Andres Rodríguez., &Storper, Michael. (2019). Housing, urban growth and inequalities: The limits to deregulation and upzoning in reducing economic and spatial inequality.International Journal of Economics.Volume 57 Issue 2.
Sazonov, Victor &Nikolaev, Dmitry. (2013). Theoretical aspects of investment demand for gold. Investment Management and Financial Innovations, 10(4-1).
Shahwan, Y., Hamza, M., Lubad, H. K., &Khresat, O. M. (2023). Social responsibility accounting and financial performance during COVID-19: A survey of the firms listed in Amman Stock Exchange. Journal of Governance & Regulation, 12(1), 93–99. https://doi.org/10.22495/jgrv12i1art9
Sondakh, Patricia. (2022). Definition of Bonds. Available at SSRN: https://ssrn.com/abstract=4161372
Spahija, Fidane. (2016). Analysis of The Main Theories Of Interest Rates. International Journal of Economics, Commerce, and Management, Vol. IV, No. 6, pp. 643-658.
Sugiharti, H., & Maula, K. A. (2019). The influence of financial literacy on students' financial management behavior. Accounting: Journal of Accounting and Finance, 4(2), 804-818.
Sulong, S., Saleem, Q., & Ahmed, Z. (2018). The role of stock market development in influencing the firms performance: A study based on Pakistan stock market. International Journal of Economics and Finance, 10(12), 104. https://doi.org/10.5539/ijef.v10n12p104
Thanapaet, W., Sutthisai, W., Soonthorn, S., Saiyaros, R., &Boonruan, S. (2023). Provincial government agency public services: An analysis of their internal competency, internal and external environment factors. Journal of Governance & Regulation, 12(2), 136–146. https://doi.org/10.22495/jgrv12i2art12
Tran, O & Nguyen, H. (2022). The interdependence of gold, US dollar and stock market in the context of COVID-19 pandemic: an insight into analysis in Asia and Europe. Journal of Cogent Economics & Finance.
Tyas, S. H. Y. (2022). Systematic Literature Review: Development of Gold Price Forecasting Methods. Journal of Informatics and Communication Technology, 4(1), 31-39.
Wibowo, H., Feriska, Y., Nurdin, A. L., Apriliano, D. D., & Yunus, M. (2021). Feasibility Study of Property Investment for GriyaSengon Indah 3 Housing Development in Sengon Village, Tanjung District. Infratech Building Journal, 2(1), 49-55.
Yulfiswandi, Y., Kho, C., Valentina, C., Lim, M. A., Jenny, J., & Aurellia, A. (2023). The Importance of Financial Planning and Management for the Future. NUSANTARA, 10(4), 1908-1914.
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2024-08-01
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