The Influence of BI Rate, Inflation, Exchange, JUB, and Dow Jones Index on IHSG on BEI
Abstract
The purpose of this quantitative study is to ascertain how the DJIA, inflation, exchange rate, BI Rate, and currency volume affect the Indonesia Stock Exchange's composite stock price index. The research's data set spans the years 2019 through 2023. Methodologically, F and t-tests are used for hypothesis testing in conjunction with multiple linear regression. Furthermore, the research employs the R2 square, with a significant threshold of 5%. In this study, autocorrelation, multicollinearity, residual normality, and heteroscedasticity tests were employed. The money supply and BI rate have no discernible impact on the IHSG. The Dow Jones index, exchange rates, and inflation all have a big impact on the Jakarta Composite Index.
Downloads
References
Apituley, M. R. (2018). The Effect of Rupiah Exchange Rate and Inflation Rate Towards Composite Stock Price Index in Indonesia Stock Exchange. Russian Journal of Agricultural and Socio-Economic Sciences, 78(6), 53–58. https://doi.org/10.18551/rjoas.2018-06.05
Citra Pratiwi Daulay, S., Soemitra, A., & Arif Lubis, F. (2023). Integration Analysis of the International Sharia Stock Price Index to the Jakarta Islamic Index 2018-2022 Period. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 6(2), 899-909. https://doi.org/10.31538/iijse.v6i2.3661
Devi, S. S. (2021). Pengaruh Inflasi Dan Nilai Tukar/Kurs Terhadap Indeks Harga Saham Gabungan (Ihsg) Yang Terdaftar di Bursa Efek Indonesia (BEI) Pada Masa Pandemi Covid-19 Bulan Januari-Desember Tahun 2020. In JIMEN Jurnal Inovatif Mahasiswa Manajemen (Vol. 1, Issue 2).
Djaelani, A., Saraswati, E., Priyono, A., & Kartiko, A. (2023). Financial Performance and Inflation’s Effects on Indonesia’s National Private Commercial Banks’ Return on Assets. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 6(2), 639-657. https://doi.org/10.31538/iijse.v6i2.3373
Fatkhurrozi, T. (2024). Islamic Capital Market Investment Alternatives Facing the 2024 Election Year. Danadyaksa: Post Modern Economy Journal, 1(2), 148–163. Retrieved from https://e-journal.bustanul-ulum.id/index.php/danadyaksa/article/view/33
Hawiwika, L. (2021). Determinasi Indeks Harga Saham Gabungan: Analisis Pengaruh Bi Rate, Kurs Rupiah Dan Tingkat Inflasi (Literature Review Manajemen Keuangan). Jurnal Ekonomi Manajemen Sistem Informasi.
Hidayat, M. S., Supriyanto, S., & Mazidah, N. (2023). Ethnomethodology Approach in Investment Decision Making in Islamic Capital Market: An Interaction and Social Practice of Market Participants. Majapahit Journal of Islamic Finance and Management, 3(2), 127-147. https://doi.org/10.31538/mjifm.v3i2.42
Hernadi Moorcy, N., Alwi, M., & Yusuf, T. (2021). Pengaruh Inflasi, Suku Bunga, Dan Nilai Tukar Terhadap Indeks Harga Saham Gabungan Di Bursa Efek Indonesia. 12, 2086–1117. https://doi.org/10.36277/geoekonomi
Katmas, E., & Indarningsih, N. (2022). The Effect of BI Interest Rate, Exchange Rate, and Inflation on The Indonesian Sharia Stock Index (ISSI). Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 5(2), 768-782. https://doi.org/10.31538/iijse.v5i2.2144
Komang, N., Tulus Sawitri, A., Darmita, M. Y., & Dwitrayani, M. C. (2023). Pengaruh Inflasi, Suku Bunga, Dan Harga Minyak Dunia Terhadap Indeks Harga Saham Gabungan (Studi pada Bursa Efek Indonesia Periode 2018-2021). In Journal Research of Accounting (JARAC (Vol. 4, Issue 2). www.bi.go.id
Melyani, I., & Esra, A. M. (2021). 3060-Article Text-7142-1-10-20210628.
Munthe, K., & Harefa, C. J. (2020). Pengaruh Variabel Makro Ekonomi Terhadap Harga Saham Dengan Profitabilitas Sebagai Variabel Intervening Pada Perusahaan Manufaktur Di Bursa Efek Indonesia. http://ejournal.ust.ac.id/index.php/JIMB_ekonomi
Musrifah, F., & Mariana, M. (2022). Pengaruh Bagi Hasil, Size, Fdr, Dan Bi 7-Day Repo Rate Terhadap Penghimpunan Dana Pihak Ketiga Bank Umum Syariah Di Indonesia Periode 2014-2019. Jurnal Bina Akuntansi.
Nidianti, E., & Wijayanto, E. (n.d.). Analisis Pengaruh Kurs, Bi Rate Dan Inflasi Terhadap Ihsg Di Bei Periode 2014-2017. 2019.
Nurhaliza, S. (2021). Teori Portofolio Markowitz: Risiko Dianggap Masalah Oleh Investor. https://www.idxchannel.com/economics/teori-portofolio-markowitz-risiko-dianggapmasalah-oleh-investor
Paryudi, P. (2021). Pengaruh Nilai Tukar, Suku Bunga dan Inflasi terhadap Indeks Harga Saham Gabungan. Jurnal Ilmiah Manajemen Kesatuan, 9(2), 11–20. https://doi.org/10.37641/jimkes.v9i2.448
Priyono, A., & Kartiko, A. (2021). The Effect of Covid-19, Rupiah Exchange Rate, and Inflation on the Indonesia Sharia Stock Index during the Covid-19 Pandemic. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 4(1), 313-336. https://doi.org/10.31538/iijse.v4i1.1654
Putu Wahyu Putra Asmara, I., & Agung Gede Suarjaya, A. (2018). Pengaruh Variabel Makro Ekonomi Terhadap Indeks Harga Saham Gabungan. 7(3), 1397–1425. https://doi.org/10.24843/EJMUNUD.2018.v7.i03.p010
Ratnasari, Q., Muljaningsih, S., & Asmara, K. (2021). Pengaruh Faktor Makro Ekonomi terhadap Indeks Harga Saham Gabungan Di Bursa Efek Indonesia (Periode 2010-2019). Jurnal Syntax Admiration, 2(6), 1134–1148. https://doi.org/10.46799/jsa.v2i6.254
Saranga, M. (2020). Pengaruh Inflasi Terhadap Indeks Harga Saham Gabungan Di Bursa Efek Indnesia The Effect Of Inflation On The Composite Stock Price Index In Indonesia Stock Exchange Mardayani Saranga.
Savira, & Rikha, I. H. (2021). Analisis Pengaruh Tingkat Suku Bunga, Inflasi, Nilai Tukar Rupiah Dan Indeks Harga Saham Dow Jones Terhadap Indeks Harga Saham Gabungan (Ihsg) Di Bursa Efek Indonesia (Bei). Jurnal Ilmu Dan Riset Manajemen.
Silalahi, E., & Sihombing, R. (2021). Pengaruh Faktor Makro Ekonomi Terhadap Pergerakan Indeks Harga Saham Gabungan (IHSG) Di Bursa Efek Indonesia Periode 2017-2020. 7(2), 139–152. www.idx.co.id,
Sisilia, M., Hulu, L. R., Cuary, S. S., & Ginting, S. (2020). Analysis of the Effect of the BI Rate, Inflation and Exchange Rates on the Composite Stock Price Index (Study on the Indonesia Stock Exchange (IDX) for the 2014-2018 period). In Jurnal Mantik (Vol. 4, Issue 2). https://iocscience.org/ejournal/index.php/mantik
Sugiyanto, E., & Sarialam, M. (2022a). Pengaruh Variabel Makro Ekonomi, Indeks Dow Jones Industrial Average (DJIA), Kospi dan Harga Minyak Dunia Terhadap Indeks Harga Saham Gabungan (IHSG) Di Bursa Efek Indonesia Tahun 2016-2020. https://journal.unimma.ac.id
Sugiyanto, E., & Sarialam, M. (2022b). The 5 th Business and Economics Conference in Utilization of Modern Technology Pengaruh Variabel Makro Ekonomi, Indeks Dow Jones Industrial Average (DJIA), Kospi dan Harga Minyak Dunia Terhadap Indeks Harga Saham Gabungan (IHSG) Di Bursa Efek Indonesia Tahun 2016-2020. https://journal.unimma.ac.id
Wanitasari, W., Alamsyah, L., & Mukhlisuddin, A. (2021). The Effect of Growth Level, Asset Structure, Liquidity and Profitability on Capital Structure. Majapahit Journal of Islamic Finance and Management, 1(1), 75-99. https://doi.org/10.31538/mjifm.v1i1.6
Wulandari, D., Puspitasari, N., & Mufidah, A. (2020). Pengaruh Inflasi, Dan Suku Bunga Terhadap Indeks Harga Saham Gabungan di Bursa Efek Negara-Negara ASEAN. In Jurnal Ekonomi (Vol. 16, Issue 1).
Zahriyah, A., & Lutfiyanto, M. A. (2023). Analysis of the Influence of Inflation Fluctuations, BI Rate, Money Supply, and Exchange Rate on the Composite Stock Price Index of the Indonesian Stock Exchange in the. www.bi.go.id
Copyright (c) 2024 Deva Tara Aulya, Maulidyah Indira Hasmarini
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
