PENGARUH INFLASI, SUKU BUNGA, KURS, DAN PERTUMBUHAN PDB TERHADAP INDEKS HARGA SAHAM GABUNGAN

Suramaya Suci Kewal

202 citations0/0 files storedJurnal Economia

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Market Dynamics and Volatility Monetary Policy and Economic Impact Financial Markets and Investment Strategies

Abstract

Abstract: The Effect of Inflation, interest rate, exchange rate, and GDP growth Toward Indonesia Composite Index. This research aims to investigate empirically the effect of selected macroeconomic variables, i.e., inflation rate, Bank Indonesia Certificate rate, the exchange rate on IDR, and GDP growth on Indonesia Composite Index at The Indonesia Stock Exchanges (IDX). This paper examines the direct effect of selected macroeconomic variabel on Indonesia Composite Index. The paper employs a regression model analysis. The result indicates that only the exchange rate on IDR significantly effects to Indonesia Composite Index. The inflation rate, Bank Certificate rate, and GDP growth do not effect to Indonesia Composite Index. This research only covers four selected macroeconomic variables. Therefore, further research should examine other potential macroeconomic variables. Keywords: macroeconomic variables, Indonesia Composite Index Abstrak: Pengaruh Inflasi, Suku Bunga, Kurs, dan Pertumbuhan PDB Terhadap Indeks Harga Saham Gabungan. Penelitian ini bertujuan untuk meneliti secara empiris pengaruh variabel-variabel makroekonomi, yaitu : tingkat inflasi, suku bunga sertifikat Bank Indonesia, kurs, dan tingkat pertumbuhan GDP terhadap IHSG di Bursa Efek Indonesia. Teknik analisis yang digunakan adalah regresi berganda. Hasil penelitian menemukan bahwa hanya kurs yang berpengaruh secara signifikan terhadap IHSG, sedangkan tingkat inflasi, suku bunga SBI dan pertumbuhan PDB tidak berpengaruh terhadap IHSG. Penelitian ini hanya menggunakan empat variabel makroekonomi, sehingga penelitian selanjutnya perlu menemukan variabel makroekonomi lain yang diduga berpengaruh terhadap IHSG. Kata kunci : variabel makroekonomi, IHSG.

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References

2010Portofolio dan Investasi: Teori dan Aplikasi 2000A bivariate causality between stock prices and exchange rates: evidence from recent Asianflu☆2002Stock market and macroeconomic fundamental dynamic interactions: ASEAN-5 countries 1999Causal relations among stock returns and macroeconomic variables in a small, open economy

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