THE IMPACT OF MACRO FACTORS ON COMPOSITE STOCK PRICE INDEX (CSPI) IN INDONESIA STOCK EXCHANGE (IDX) PERIOD 2014-2018
DOI:
https://doi.org/10.38035/dijefa.v1i1.205Keywords:
Dollar Exchange Rate, Yuan Exchange Rate, Dowjones Index, Shanghai Index, WTI.Abstract
This study aims to determine the effect of the BI rate, the dollar exchange rate, the yuan exchange rate, the Dow Jones index, the Shanghai index and world oil prices on the composite stock price index (CSPI). The data used is the period from January 2014 to December 2018 with the multiple regression analysis method. The results showed that the BI rate, Dollar Exchange, Yuan Exchange, Dow Jones, SSE Composite Index and WTI were able to explain the 91.8% effect on CSPI and the remaining 8.2% explained by other variables not examined. T test results show that partially BI interest rates, the yuan and Shanghai exchange rates do not have a significant effect on CSPI. While the dollar exchange rate, Dow Jones Index and world crude oil prices have a significant influence on the composite stock price index (CSPI) with coefficients respectively - 0.41705, +0.21245 and -7.86373. The independent variable that has the most dominant influence on CSPI is Crude Oil (WTI).
References
Amin, Muhammad Zuhdi. (2012).“Pengaruh Tingkat Inflasi, Suku Bunga SBI, Nilai Kurs Dollar (USD/IDR), Dan Indeks Dow Jones (DJIA) terhadap Pergerakan Indeks Harga Saham Gabungan Di Bursa Efek Indonesia (BEI)”. Jurnal Faculty Economic and Bisnis Universitas Brawijaya, hal. 1-17.
Anggoro, Tri susilo. (2011). “Pengaruh Inflasi, Kurs dan Suku Bunga SBI terhadap Indeks Harga Saham Gabungan (IHSG) di BEI”. Skripsi. Fakultas Ekonomi, Universitas Sebelas Maret. Surakarta.
Anonim. (2018). Minyak Bumi Brent (Brent Crude) dan WTI (West Texas Intermediate Crude). [Online] Available: http://primaplastindo.co.id/minyak-brent-wti/ (October 27, 2019).
_________. (2018). Indeks Harga Saham. Bursa Efek Indonesia. Jakarta. [Online] Available: https://www.idx.co.id/produk/indeks/ (May 31, 2019)
_________. (2019). BI 7-day (Reverse) Repo Rate. Bank Indonesia. Jakarta. [Online] Available: https://www.bi.go.id/id/moneter/bi-7day-RR/data/Contents/Default.aspx (May 31, 2019)
_________. (2019). Pengertian dan Fungsi BI Rate dan BI 7-Day (Reverse) Repo Rate. [Online] Available:https://www.simulasikredit.com/pengertian-dan-fungsi-bi-rate-dan-bi-7-day-reverse-repo-rate/ (May 31, 2019)
_________. (2018). Mengenal Teori signaling dalam struktur modal. [Online] Available: https://www.jurnal.id/id/blog/2018-mengenal-teori-signaling-dalam-struktur-modal/ (July 20, 2019)
_________. (2019). Indeks Komposit SSE. [Online] Available: https://id.wikipedia.org/wiki/Indeks_Komposit_SSE. (November 27, 2019).
_________. (2019). BI Naikkan Suku Bunga Acuan 6 Kali di 2018, dari 4,5% Jadi 6%. [Online] Available: https://economy.okezone.com/read/2018/12/20/20/1994005/bi-naikkan-suku-bunga-acuan-6-kali-di-2018-dari-4-5-jadi-6. (November 28, 2019).
Astuti, Rini; Joyce Lapian, dan Paulina Van Rate. (2016). “Pengaruh Faktor Makro Ekonomi Terhadap Indeks Harga Saham Gabungan (IHSG) Di Bursa Efek Indonesia (BEI) Periode 2006-2015”. Jurnal Berkala Ilmiah Efisiensi, Vol. 16, No. 02, hal 399-406.
Djamaluddin, Said., Diny Rahmawati., dan HapziAli. (2017). “The Influence of Fundamental Factors Micro and Macro to Return Expected Through The Intervening Corporate Value in The Listed Real Estate Sectorr in Bei Periode 2011-2014”. International Journal of Business Management.Vol. 6, Issue 2, hal. 14-22.
Djamaluddin, Said., Muhammad Rizki., dan Apollo. (2018). ”Analysis of the Influence of Macro Economic Factors against JCI Return in Indonesia Stock Exchange”. International Journal of Innovative Research and Development (IJIRD). Vol. 7, issue 2, hal. 208-217.
Ernayani, Rihfenti. (2015). “Pengaruh Kurs Dolar, Indeks Dow Jones Dan Tingkat Suku Bunga SBI Terhadap IHSG”.Jurnal Sains Terapan, No.2, Vol. 1, Hal 108-114.
Ghozali, Imam dan Dwi Ratmono. (2017). Analisisn Multivariat dan Ekonometrika teori,konsep dan Aplikas dengan Eviews 10. Edisi 2. Fakultas ekonomi dan Bisnis Universitas Diponegoro. Semarang.
Gujarati, Damodar dan Sumarno, Zain. (2003). Ekometrika Dasar. Jakarta: Erlangga.
Kewal, Suramaya Suci (2012). “Pengaruh Inflasi, Suku Bunga, Kurs, dan Pertumbuhan PDB terhadap Indeks Harga Saham Gabungan”. Jurnal Economia, Vol. 8, No. 1, hal. 53-64.
Kurnianto, Adi. (2015). Teori asimetri informasi. https://superkurnia.wordpress.com/2015/09/11/teori-asimetri-informasi/ (20 juli 2019)
Puspita, Shindi. (2019). [Online] Available: https://www.academia.edu/35296500/ARBITRAGE PRICING THEORY APT (July 20, 2019).
Setiawan, Sakina Rakhma Diah. (2018). China Masih Jadi Mitra Dagang Utama Indonesia. [Online] Available:https://ekonomi.kompas.com/read/2018/02/15/150506126/china-masih-jadi-mitra-dagang-utama-indonesia (July 1, 2019).
Tarigan, Razaq Dastanta., Suhadak., dan Topowijono. (2015). “Pengaruh Indeks Harga Saham Global Terhadap Indeks Harga Saham Gabungan (Ihsg) Studi Pada Bursa Efek Indonesia (Bei) Periode 2011-2014”. Jurnal Administrasi Bisnis (JAB). Vol. 24, No. 1.
Triyono. (2008). “Analisis Perubahan Kurs Rupiah terhadap Dollar Amerika”. Jurnal Ekonomi Pembangunan, Vol. 9, No. 2, hal. 156 – 167.
Winarno, Wing Wahyu. (2017). Analisa Ekonometrika dan Statistika dengan Eviews. Edisi 5. Unit Penerbit dan Percetakan STIM YKPN. Yogyakarta.
Witjaksono, Ardian Agung. (2010). “Analisis Pengaruh Tingkat Suku Bunga SBI, Harga Minyak Dunia, Harga Emas Dunia, Kurs Rupiah, Indeks Nikkei 225, dan Indeks Dow Jones terhadap IHSG”. Tesis. Program Studi Magister Manajemen, Program Pascasarjana. Universitas Diponegoro. Semarang.
Yugo, Galuh. (2019). [Online] Available: http://galuhyugounipma.blogspot.com/2017/12/v-behaviorurldefaultvmlo.html (July 20, 2019).
Anggoro, Tri susilo. (2011). “Pengaruh Inflasi, Kurs dan Suku Bunga SBI terhadap Indeks Harga Saham Gabungan (IHSG) di BEI”. Skripsi. Fakultas Ekonomi, Universitas Sebelas Maret. Surakarta.
Anonim. (2018). Minyak Bumi Brent (Brent Crude) dan WTI (West Texas Intermediate Crude). [Online] Available: http://primaplastindo.co.id/minyak-brent-wti/ (October 27, 2019).
_________. (2018). Indeks Harga Saham. Bursa Efek Indonesia. Jakarta. [Online] Available: https://www.idx.co.id/produk/indeks/ (May 31, 2019)
_________. (2019). BI 7-day (Reverse) Repo Rate. Bank Indonesia. Jakarta. [Online] Available: https://www.bi.go.id/id/moneter/bi-7day-RR/data/Contents/Default.aspx (May 31, 2019)
_________. (2019). Pengertian dan Fungsi BI Rate dan BI 7-Day (Reverse) Repo Rate. [Online] Available:https://www.simulasikredit.com/pengertian-dan-fungsi-bi-rate-dan-bi-7-day-reverse-repo-rate/ (May 31, 2019)
_________. (2018). Mengenal Teori signaling dalam struktur modal. [Online] Available: https://www.jurnal.id/id/blog/2018-mengenal-teori-signaling-dalam-struktur-modal/ (July 20, 2019)
_________. (2019). Indeks Komposit SSE. [Online] Available: https://id.wikipedia.org/wiki/Indeks_Komposit_SSE. (November 27, 2019).
_________. (2019). BI Naikkan Suku Bunga Acuan 6 Kali di 2018, dari 4,5% Jadi 6%. [Online] Available: https://economy.okezone.com/read/2018/12/20/20/1994005/bi-naikkan-suku-bunga-acuan-6-kali-di-2018-dari-4-5-jadi-6. (November 28, 2019).
Astuti, Rini; Joyce Lapian, dan Paulina Van Rate. (2016). “Pengaruh Faktor Makro Ekonomi Terhadap Indeks Harga Saham Gabungan (IHSG) Di Bursa Efek Indonesia (BEI) Periode 2006-2015”. Jurnal Berkala Ilmiah Efisiensi, Vol. 16, No. 02, hal 399-406.
Djamaluddin, Said., Diny Rahmawati., dan HapziAli. (2017). “The Influence of Fundamental Factors Micro and Macro to Return Expected Through The Intervening Corporate Value in The Listed Real Estate Sectorr in Bei Periode 2011-2014”. International Journal of Business Management.Vol. 6, Issue 2, hal. 14-22.
Djamaluddin, Said., Muhammad Rizki., dan Apollo. (2018). ”Analysis of the Influence of Macro Economic Factors against JCI Return in Indonesia Stock Exchange”. International Journal of Innovative Research and Development (IJIRD). Vol. 7, issue 2, hal. 208-217.
Ernayani, Rihfenti. (2015). “Pengaruh Kurs Dolar, Indeks Dow Jones Dan Tingkat Suku Bunga SBI Terhadap IHSG”.Jurnal Sains Terapan, No.2, Vol. 1, Hal 108-114.
Ghozali, Imam dan Dwi Ratmono. (2017). Analisisn Multivariat dan Ekonometrika teori,konsep dan Aplikas dengan Eviews 10. Edisi 2. Fakultas ekonomi dan Bisnis Universitas Diponegoro. Semarang.
Gujarati, Damodar dan Sumarno, Zain. (2003). Ekometrika Dasar. Jakarta: Erlangga.
Kewal, Suramaya Suci (2012). “Pengaruh Inflasi, Suku Bunga, Kurs, dan Pertumbuhan PDB terhadap Indeks Harga Saham Gabungan”. Jurnal Economia, Vol. 8, No. 1, hal. 53-64.
Kurnianto, Adi. (2015). Teori asimetri informasi. https://superkurnia.wordpress.com/2015/09/11/teori-asimetri-informasi/ (20 juli 2019)
Puspita, Shindi. (2019). [Online] Available: https://www.academia.edu/35296500/ARBITRAGE PRICING THEORY APT (July 20, 2019).
Setiawan, Sakina Rakhma Diah. (2018). China Masih Jadi Mitra Dagang Utama Indonesia. [Online] Available:https://ekonomi.kompas.com/read/2018/02/15/150506126/china-masih-jadi-mitra-dagang-utama-indonesia (July 1, 2019).
Tarigan, Razaq Dastanta., Suhadak., dan Topowijono. (2015). “Pengaruh Indeks Harga Saham Global Terhadap Indeks Harga Saham Gabungan (Ihsg) Studi Pada Bursa Efek Indonesia (Bei) Periode 2011-2014”. Jurnal Administrasi Bisnis (JAB). Vol. 24, No. 1.
Triyono. (2008). “Analisis Perubahan Kurs Rupiah terhadap Dollar Amerika”. Jurnal Ekonomi Pembangunan, Vol. 9, No. 2, hal. 156 – 167.
Winarno, Wing Wahyu. (2017). Analisa Ekonometrika dan Statistika dengan Eviews. Edisi 5. Unit Penerbit dan Percetakan STIM YKPN. Yogyakarta.
Witjaksono, Ardian Agung. (2010). “Analisis Pengaruh Tingkat Suku Bunga SBI, Harga Minyak Dunia, Harga Emas Dunia, Kurs Rupiah, Indeks Nikkei 225, dan Indeks Dow Jones terhadap IHSG”. Tesis. Program Studi Magister Manajemen, Program Pascasarjana. Universitas Diponegoro. Semarang.
Yugo, Galuh. (2019). [Online] Available: http://galuhyugounipma.blogspot.com/2017/12/v-behaviorurldefaultvmlo.html (July 20, 2019).
Downloads
Published
2020-03-26
Issue
Section
Articles
License
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Dinasti International Journal of Economics, Finance & Accounting (DIJEFA).
