scholarly journals Faktor-Faktor Yang Mempengaruhi Indeks Harga Saham Gabungan

2019 ◽  
Vol 24 (1) ◽  
pp. 144
Author(s):  
Hendang Tanusdjaja, Augustpaosa Nariman
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Money Supply ◽  
Capital Market ◽  
Stock Price ◽  
Inflation Rate ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Financial Investment ◽  
The Capital Market

The growth of the stock market in Indonesia from the Composite Stock Price Index (CSPI) showed quite fantastic in the last ten years after experiencing a downturn in the 2008 global financial crisis. The stock investment in the capital market is not the only type of financial investment, there is another type, namely Indonesia Bank Certificate (SBI) and money market measured by exchange rates. This study aims to find out how the SBI interest rate, exchange rate, money supply (M2) and inflation affect the JCI in the 2011-2015 periods. By using SPSS V20, it was found that in the period of SBI interest rate, exchange rate, money supply (M2) and inflation rate had no effect on the CSPI. This is due to the level of return on the capital market is greater than the SBI interest rate and exchange rate difference, while the number of transactions on the Indonesia Stock Exchange is still dominated by foreign investors, M2 does not affect the CSPI, and they are generally traders rather than investors, thus the inflation rate affects the company's growth was slightly ignored.

scholarly journals EFFECT OF INFLATION, INTEREST RATE / BI RATE, AND RUPIAH EXCHANGE RATE ON INDONESIAN COMPOSITE INDEX (IDX) AT INDONESIAN STOCK EXCHANGE (ISE)

2018 ◽  
Vol 2 (01) ◽  
pp. 41
Author(s):  
Resista Vikaliana
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Capital Market ◽  
Stock Price ◽  
Structural Equation ◽  
Model Equation ◽  
Stock Exchange ◽  
Composite Index ◽  
Economic Resilience ◽  
Strategic Role

Capital market has a strategic role for strengthening the economic resilience of the country and as an alternative for profitable investment. Capital market has an important role in economics of the country due to the dual functions, economics function and finance. Capital market is a national driving force through its role as a source of financing for the company and alternative for investor to invest. In capital market, Indonesia important role as this index can be used as barometer on the economic health of the country. Macroeconomics factor is high inflation, interest rate, and depreciation of rupiah to dollar, could lower the stock price. The aim of this research is to study the effect of macro economy e.g. inflation, rupiah exchange rate, and interest rate on Indonesian Composite Index (IDX) at Indonesian Stock Exchange (ISE).Method of analysis is carried out using linear regression model equation. Data used in this study is secondary monthly data during the period of 2013-2016. Total number of 36 samples is used. The effect of inflation, interest rate / BI Rate and exchange rate to ISE on model equation is 41.61%. Correlation between variable inflation and interest rate / BI rate is 0.490 quite strong at the same direction. Correlation between inflation and exchange rate is -0,349 which is quite strong but not at the same direction. Correlation between interest rate and exchange rate is 1 which is very strong and at the same direction. From the calculation, calculated F < F table (1.825 < 8,92), which can be concluded that there is no linear correlation between inflation, interest rate / BI Rate and exchange rate to ISE. Structural equation is Y= -0.088 X1 -0.300 X2 + 0,165 X3 + Ɛ.

scholarly journals PENGARUH INFLASI, BUNGA DAN NILAI TUKAR TERHADAP HARGA SAHAM (STUDI PADA : PERUSAHAAN SEKTOR PROPERTI DAN REAL ESTATE TERCATAT BEI)

2015 ◽  
Vol 7 (1) ◽  
pp. 29
Author(s):  
Bambang Susanto
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Real Estate ◽  
Stock Price ◽  
Inflation Rate ◽  
Stock Exchange ◽  
Independent Variables ◽  
Real Estate Sector

Abstract. This research to find out the correlation between Inflation rate, Exchange Rate, and Interest Rate to Stock Price of Property and Real Estate Sector listed on Indonesia Stock Exchange. The result of the research is F calculate 2,167 while F table 1,53125, it can be concluded that all independent variables in this research influence the dependent variable simultantly. As for the partial test obtained the result that Inflation did not significantly affect the stock price of property sector and real estate in the year of observation. While the variable of interest rate and exchange rate have a significant effect.Keywords. Inflation; interest rate; exchange rate; stock price.Abstrak. Investor perlu  mengetahui kemampuan perusahaan dan prospek perusahaan Penelitian ini dilakukan untuk mengetahui hubungan antara tingkat Inflasi, Nilai Tukar dan  Tingkar Bunga terhadap Harga Saham sektor Properti dan Real Astate yang terdaftar di Bursa Efek Indonesia. Hubungan yang dicari dalam penelitian ini adalah hubungan yang  bersifat  parsial (Uji t) maupun simultan (Uji F)antara Tingkat Inflasi, Nilai Tukar, Tingkat bunga terhadap harga saham. . Hasil penelitian  diperoleh F hitung sebesar 2,167 sedangkan F tabel sebesar 1,53125 ,maka dapat disimpulkan bahwa seluruh variabel Independen dalam penelitian ini secara bersama-sama mempengaruhi variabel Dependen. Sedangkan untuk uji parsial diperoleh hasil bahwa Inflasi tidak berpengaruh secara signifikan terhadap harga saham sektor properti dan real astate pada tahun pengamatan. Sedangkan variabel Tingkat bunga dan Nilai Tukar berpengaruh signifikan.Kata Kunci. Inflasi; tingkat bunga; nilai tukar; harga saham.

scholarly journals FAKTOR MAKRO EKONOMI DAN INDEKS HARGA SAHAM GABUNGAN

2017 ◽  
Vol 16 (1) ◽  
pp. 1
Author(s):  
Rohmad Fuad Armansyah
Keyword(s):  
Interest Rates ◽  
Money Supply ◽  
Capital Market ◽  
Stock Price ◽  
Price Index ◽  
Stock Exchange ◽  
Composite Index ◽  
Stock Price Index ◽  
The Interest Rate ◽  
The Capital Market

ABSTRACTrequired in the economic development of a country. Indonesia’s capital markets that began operating government took steps to make the capital market as a distributor of funds and investments equivalentto bank and non-bank institutions. Stock price of the capital market are closely related to several factors, which may consist of a factor derived from the company’s internal and external. This study tried to examine the factors that affect stock price index focuses on macro economic factors. In this study the authors wanted to determine the effect of the money supply, interest rates on deposits, and dollar exchange rates simultaneously and partially on the Composite Index in Indonesian capital market. Besides that, the authors also wanted to know that among the factors mentioned above, there are some factors dominantly affecting the Composite Stock Price Index. The approach used in this study is quantitative approach, because the existing data in the form of numbers are arranged in a list. The analysis method used in this study is the method of statistical analysis by multiple linear regression using SPSS version 16. Population and sample used in this study are all companies listed on the Indonesian stock exchange by looking at the composite stock price index. The results of this study indicate that the interest rate of deposits, money supply, and the dollar exchange rate which  change and development of the Composite Stock Price Index and the money supply, are dominant Composite Stock Price Index.

scholarly journals ANALISIS PENGARUH LEVERAGE, PROFITABILITAS, SUKU BUNGA, JUMLAH UANG BEREDAR DAN KURS TERHADAP IHSG

2020 ◽  
Vol 25 (2) ◽  
pp. 86-100
Author(s):  
Agrianti Komalasari ◽  
Husni Bagus Kananda ◽  
Chara Pratami Tidespania Tubarad
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Money Supply ◽  
Stock Price ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Factors Affecting ◽  
Negative Effect ◽  
Study Case ◽  
Positive Effect

This study aims to determine the effect of leverage, profitability, interest rate, money supply, exchange rate against JCI using study case in minning company listed in Indonesia Stock Exchange (IDX) in the period 2013 until 2018. This study is done because seing that there is many factors affecting stock price at the IDX and wants to prove this factors empirically. This study is tested using classic assumption test and hypothesis test. The result shows that leverage, profitability, money supply, exchange rate has a positive effect on IHSG. Interest rate has a negative effect on IHSG.

Cross-border merger and acquisition activities in Asia: the role of macroeconomic factors

2018 ◽  
Vol 35 (2) ◽  
pp. 307-329 ◽  
Author(s):  
Yusnidah Ibrahim ◽  
Jimoh Olajide Raji
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Money Supply ◽  
Inflation Rate ◽  
Merger And Acquisition ◽  
The Philippines ◽  
Macroeconomic Factors ◽  
Content Type ◽  
Cross Border ◽  
Asean Countries

Purpose This paper aims to examine the influence of key macroeconomic factors on the inward and outward acquisition activities of six ASEAN (ASEAN: Association of Southeast Asian Nations) countries, namely, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, over the 1996-2015 period. Design/methodology/approach The study uses alternative panel data methods, including pooled mean group, mean group and dynamic fixed-effect estimators. Findings The results indicate that gross domestic product (GDP), interest rate, exchange rate, money supply and inflation rate are the most important macroeconomic factors explaining the trends of cross-border mergers and acquisition outflows of the ASEAN-6 countries. Specifically, GDP, money supply and inflation rate have significant positive relationships with acquisition outflows, while interest rate and exchange rate exert significant negative influence. On the other hand, the authors find four significant macroeconomic factors explaining the trends of the inward acquisitions. Essentially, GDP, money supply and inflation rate have significant positive impacts on inward acquisitions, while the impact of exchange rate is negatively significant. Research limitations/implications Unavailability of data limits this study to pool six sample countries from ASEAN, instead of ten representative member countries. Practical implications The results of this study can signal to firms or investors, involving in cross-border mergers and acquisitions, where to direct foreign resources flows. Moreover, having the knowledge about the relative levels of market size and other macroeconomic factors in both home and host countries can be of great importance for investment decision. Therefore, policymakers of ASEAN countries should make appropriate macroeconomic policies that can stimulate inward and outward acquisitions. Originality/value The main contribution of this paper is that it is the first to present the analysis of macroeconomic influences on the trends of inward and outward merger and acquisition activities in six ASEAN countries.

The Effect of Macroeconomic Conditions on the Performance of Vietnamese Stock Market

2021 ◽  
Vol 8 (12) ◽  
pp. 73-82
Author(s):  
Hien-Ly Pham ◽  
Ching-Chung Lin ◽  
Shih-Ju Chan
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Stock Market ◽  
Inflation Rate ◽  
Stock Exchange ◽  
Global Supply Chain ◽  
Gold Price ◽  
Monthly Data ◽  
Macroeconomic Conditions ◽  
The Impact

Vietnam plays an important role in the global supply chain. As one of important emerging markets, many studies have focused on Vietnam-related issues. Vietnam established two stock markets in 2000s. The market performance becomes one of interesting issues to explore. This study is to investigate the impact of macroeconomic variables, including inflation rate, exchange rate, interest rate, imports, exports, and gold price, on Ho Chi Minh stock market. The study period is from July 2000 to October 2014. Using the monthly data collected from Vietnam General Statistic Office, IMF International Financial Statistics, and Ho Chi Minh stock exchange, the empirical findings of our regression model show that there exists a positive relationship for imports and gold price, while the relationships for exchange rate and interest rate are negative. No significant relationship has been found for the variables of inflation rate and exports.

scholarly journals Capital Market Determinants and Market Capitalization in Nigeria

2019 ◽  
Vol 11 (1) ◽  
pp. 462
Author(s):  
Cordelia Onyinyechi Omodero
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Capital Market ◽  
Positive Impact ◽  
Harmful Effect ◽  
National Development ◽  
Secondary Data ◽  
Economic Indicators ◽  
Market Capitalization ◽  
The Capital Market

Capital market plays a crucial role in a country’s national development and economic capacity building. However, there are economic forces that determine the success of a capital market development in every nation. This study investigates the role of these economic indicators in determining the capital market performance in Nigeria using secondary data covering a period from 1998 to 2018. These data have been sourced from the World Bank Development Indicators, International Monetary Fund and CBN Statistical Bulletin, 2018 edition. The results from the regression analysis indicate that exchange rate and inflation rate have immaterial undesirable consequence on capital market capitalization (CMC) while the interest rate exerts a weighty harmful effect on CMC. The study also provides evidence that the gross domestic product (GDP) has a substantial positive impact on CMC. The study among others suggests that the growth of the economy should be sustained in order to keep boosting the capital market. However, the economic indicators such as inflation, interest rate and exchange rate should be kept under strict control by the relevant authorities in the country.

scholarly journals Macroeconomic Dynamics and the Manufacturing Output in Nigeria

2018 ◽  
Vol 9 (2) ◽  
pp. 43-54 ◽  
Author(s):  
Adegbemi Babatunde Onakoya
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Money Supply ◽  
Inflation Rate ◽  
Manufacturing Sector ◽  
Percent Level ◽  
Negative Relationship ◽  
Preliminary Evaluation ◽  
Macroeconomic Factors ◽  
The Impact

AbstractThis paper examined the impact of the changes in the macroeconomic factors on the output of the manufacturing sector in Nigeria from 1981 to 2015. Preliminary evaluation of the data was conducted using both descriptive statistics and stationarity evaluation. The test indicated that not all the variables are normal. The occurrence of order integration at first level difference necessitated the deployment of the Johansen cointegration test. The findings revealed no short run association among manufacturing output and each of GDP, exchange rate, broad money supply and unemployment rate. Negative relationship existed amongst inflation rate, interest rate, exchange rate, broad money supply on one hand, and manufacturing output. The inflation rate and interest rate, were statistically insignificant. However, significant and positive relationship existed between GDP of the previous year and unemployment on the one hand and manufacturing output on the other, at 5 percent level. The results showed that manufacturing was a veritable engine of economic growth. The post estimation tests showed presence of serial correlation but evidence of heteroscedasticity existed which, made the model inefficient, but its estimator is still unbiased. The study recommended the harmonization of both fiscal and monetary policies for the attainment of macroeconomic stability and avoidance of rapid policy summersaults.

Macroeconomic Variables and Retained Earnings of Quoted Manufacturing Firms in Nigeria: A Time Variant Study

2018 ◽  
Vol 3 (1) ◽  
pp. 33-47
Author(s):  
Ngozi G. Iheduru ◽  
Charles U. Okoro
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Money Supply ◽  
Inflation Rate ◽  
Positive Impact ◽  
Retention Rate ◽  
Manufacturing Firms ◽  
Oil Price ◽  
Negative Effect ◽  
Retained Earnings

This study examined external factors that determine retained earnings of quoted manufacturing firms in Nigeria. Annual time series data were sourced from Central Bank of Nigerian Statistical Bulletin, and Annual Reports of the selected manufacturing firms, the study modeled retained earnings the function of money supply, exchange rate, oil price, inflation rate and interest rate. The ordinary Least Square method was employed with multiple regression model based on Statistical Package for Social Sciences version (22.0). The Durbin-Watson statistics show the presence of multiple serial autocorrelation.The result shows collinearity that corresponds with the Eigen value condition index and variance constants are less than the required number, while the variance inflation factors indicate the absence of auto-correlation.It was found that Oil price have positive impact on retention rate of the selected manufacturing firms while exchange rate and interest rate have negative impact on the dependent variable. It was also found that   money supply have negative effect on dividend payout rate while inflation rate have positive impact on retention rate. From the findings we conclude that oil price, interest rate, exchange rate and money supply have no significant relationship with dividend policy while inflation rate have significant relationship with dividend policy of the selected quoted manufacturing firms. We recommend the need for the manufacturing firms to formulate policies that leverage the negative effect of macroeconomic variables on retained earnings of the manufacturing firms and interest rate should properly be defined in the Nigerian financial market that is either full deregulated or regulated to determine the market rate of return, investment and the profitability of manufacturing firms. The operational efficiency of Nigerian capital market and the financial environment should be deepened, existing laws that does not encourage profitable investment should be changed and new laws enacted to enhance investment that will affect the profitability of manufacturing firms positively.

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