Pengaruh Variabel Makroekonomi Dan Harga Saham Asing Terhadap Indeks Harga Saham Gabungan

Abstract

This study aimed to analyze the effect of macroeconomic variables and foreign stock price on Jakarta Composite Index (JCI) in Indonesia Stock Exchange covering the data period from January 2008 to December 2015. The methodology applied initially used the standard time series techniques, Vector Autoregression (VAR). The result showed that JCI are influenced with the selected macroeconomic and foreign stock price. Increasing in industrial production index and inflation will increase JCI, but exchange rate (Rp/USD) will decreases it. Money supply (M2) and interest rate is found insignificant on JCI. Strait Times Index, Philippines Stock Exchange Index and Dow Jones Industrial Average are found positively and significantly influenced JCI. However, Nikkei 225 and Shanghai Composite Index negatively and significantly influenced JCI. Kuala Lumpur Composite Index and stock Exchange of Thailand insignificant influenced JCI. Our finding suggest that JCI can be influence by macroeconomic variables and stock price in develop country and countries that are in the same region.

Effect of Exchange Rate and Global Index in Five Countries Against Cspi

“…= 0962 > 0.05, it can be deduced to accept H0 and reject Ha3 which means United States Dollar variable is insignificant effect on the CSPI. The results of this study contradict the research conducted by Bella & Ari (2018), R. Safiroh Febrina, et al (2018), Fatus All Anati, et al (2018), Winda Wulandaeri, et al (2019, Sulaeman & Erwin (2017) who showed that the United States Dollar was negatively and significantly effect in the CSPI. As well as research done by Murtini & Septivanie (2016), Armelia & Yudhinanto (2018), H. Medyawati & M. Yunanto (2016) which shows that the United States Dollar has a positive and significant effect on the CSPI.…”

“…This research is in line with the research conducted by Sulaeman & Erwin (2017), R. Safiroh Febrina, et al (2018), Fatus All Anati, et al (2018), Armelia & Yudhinanto (2018) which shows that the Dow Jones Industrial Average has a positive and significant impact on the CSPI.…”

“…The results of this research in line with the research conducted by Riskin Hidayat (2016), Dyah & Nadia (2017) which shows that the Nikkei 225 Tokyo has a positive and significant effect on the CSPI. As well as opposed the research conducted by R. Safiroh Febrina, et al (2018), Fatus All Anati, et al (2018), Winda Wulandaeri, et al (2019 which suggests that Nikkei 225 Tokyo significantly negatively affect the CSPI, and other research suggests that the Nikkei 225 Tokyo is insignificant to the CSPI by H. Medyawati & M. Yunanto (2016) for negative influence and research of Sulaeman & Erwin (2017) for a positive influence.…”

“…Results of research conducted by Murtini & Septivanie (2016) which showed that Japannese Yen positive and significant impact on CSPI, research Bella & Ari (2018), R. Safiroh Febrina, et al (2018), Fatus All Anati, et al (2018) Contagion Effect Theory embraced the theory which states that a country's economic conditions will affect the economy of other countries. This is supported by research conducted by Budi Priyono (2019) which stated that the Shanghai Stock Exchange Composite positive and significant impact on CSPI, research Bella & Ari (2018) which states Straits Times Index a significant negative effect on CSPI, R. Safiroh research Febrina et al (2018) which states Straits Times Index and the Dow Jones Industrial Average positive and significant impact on CSPI, and the Nikkei 225 Tokyo and Shanghai Stock Exchange Composite significant negative effect on CSPI, and various other studies that support the occurrence of influence between the index of one country to other countries.…”

Pengaruh Risiko, Return, dan Perekonomian Indonesia Terhadap Keputusan Berinvestasi Saat Covid-19

“…Dalam hal investasi saham saat Covid-19, responden cenderung yakin dengan pemerintah dan track record Indonesia dalam mengatasi berbagai permasalahan ekonomi sehingga responden cenderung tidak memperdulikan dan menghiraukan kondisi perekonomian Indonesia saat ini. Hal ini berbanding terbalik dengan penelitian Febrina (2018) yang mengatakan respon investor dipengaruhi oleh makroekonomi sebagai faktor dominan di Bursa Efek Indonesia.…”