Macroeconomic and Global Composite Indexes that Affect JCI Performance
DOI:
https://doi.org/10.61841/axjjxa19Keywords:
Macro Economics, Global Composite IndexesAbstract
The purpose of this study is to determine the effect of macroeconomic and global composite indexes on the performance of the Indonesia Stock Index (JCI) for the period 2018-2019 using a monthly observation period. The research method used is verification analysis. In this study, the dependent variable is the JCI performance, while the independent variable consists of macroeconomic elements, such as inflation, exchange rates, Bank Indonesia (BI) interest rates, and the money supply (M2), and also a global composite index consisting of the Dow Jones index and the Shanghai Composite Index (SSEC). Data used is secondary data, published by Bank Indonesia, and financial reports that are reported to the Indonesia Stock Exchange. The population in this study is macroeconomic conditions in Indonesia and in the global composite period in January 2018-September 2019 that consists of 147 data points. The results showed that simultaneously inflation, exchange rate, BI rate, M2, Dow Jones Index, and SSEC had a significant effect on JCI with as much influence (72.63%). The results of this study also showed that partially exchange rates, M2 and SSEC, affect JCI, while inflation, the BI rate, and Dow Jones have no effect on JCI. Suggestions for this research are that the government and investors always pay attention to macroeconomic conditions in Indonesia and always monitor economic conditions in the world. Suggestions for other researchers are to increase the time period of the study and to add other macroeconomic variables and a global composite index.
Downloads
References
[1] Bank Indonesia. Laporan Triwulanan Bank Indonesia. Berbagai Edisi.
[2] Bank Indonesia. Statistik Ekonomi Keuangan Indonesia. Berbagai Edisi.
[3] Christa, R., & Pratomo, W. A. (2013). Analisis Pengaruh Indeks Harga Saham di Bursa Global terhadap Indeks Harga Saham Gabungan di BEI. Jurnal Ekonomi dan Keuangan, 1(8).
[4] Darmadji, Tjiptono dan Fakhrudin (2012). Pasar Modal Di Indonesia.Edisi Ketiga. Jakarta: Salemba Empat.
[5] Habsari, A. (2014). Pengaruh Indeks Harga Saham Regional Asia dan Nilai Tukar Mata Uang terhadap Indeks Harga Saham Gabungan (IHSG) di Bursa Efek Indonesia (Periode 2009-2013). Jurnal Ilmiah.
[6] Lestari, T., Widarno, B., & Harimurti, F. (2016). Pengaruh Nilai Tukar dan Harga Emas terhadap Indeks Harga Saham Gabungan di Bursa Efek Indonesia (Pasca Setahun Pelantikan Presiden). Jurnal Akuntansi dan Sistem Teknologi Informasi, 12(2).
[7] Martalena, dan Malinda. 2011. Pengantar Pasar Modal. Edisi Pertama. Yogyakarta : Andi.
[8] Murtadho, M. (2016). Pengaruh Suku Bunga Terhadap Nilai Tukar Serta Pengaruhnya Terhadap Indeks Harga Saham (Studi Kasus Indonesia, China dan Australia). Jurnal Manajemen Kinerja, 2(2).
[9] Murtini, U., & Septivanie, C. (2016). SENSITIVITAS DOLLAR, YUAN, YEN DAN SBI TERHADAP IHSG. Jurnal Riset Akuntansi dan Keuangan, 12(2), 131-140.
[10] Syahyunan, (2015), Manajemen Keuangan 1, Edisi ketiga, USU press
[11] Sihombing, P. (2014). Pengaruh Indeks Saham Global dan Kondisi Makro Indonesia Terhadap Indeks Harga Saham Gabungan Bursa Efek Indonesia. Media Ekonomi, 22(2), 133-150.
[12] Syahyunan, (2015), Manajemen Keuangan 1, Edisi ketiga, USU press
[13] Tarigan, R. D. (2015). Pengaruh Indeks Harga Saham Global Terhadap Indeks Harga Saham Gabungan (IHSG) Studi Pada Bursa Efek Indonesia (BEI) Periode 2011-2014. Jurnal Administrasi Bisnis, 24(1).
[14] www.indonesia-investments.com
[15] www.wordbank.org
[16] www.idx.co.id
Downloads
Published
Issue
Section
License
Copyright (c) 2020 AUTHOR
This work is licensed under a Creative Commons Attribution 4.0 International License.
You are free to:
- Share — copy and redistribute the material in any medium or format for any purpose, even commercially.
- Adapt — remix, transform, and build upon the material for any purpose, even commercially.
- The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution — You must give appropriate credit , provide a link to the license, and indicate if changes were made . You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation .
No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
