The Effect of Inflation, Exchange, SBI Interest Rate and Dow Jones Index on JCI on IDX 2013 – 2018

Hasanudin Hasanudin

Abstract


This analysis aims to display inflation, exchange rates of currencies, SBI, and the Dow Jones Index on IHSG and IDX from 2013 to 2018. Quantitative testing approaches using the SmartPLS 3 technology and Structural Equation Modeling (SEM) analysis techniques. Inflation has a large positive effect on the JCI. Which indicates that as inflation rises, the JCI value falls. Exchange rates significantly impact the JCI. Therefore, the exchange rate indicator directly affects the path of the high exchange rate, which reduces the JCI figure. The SBI rate has no Impact and negative on JCI. This means JCI would not be affected by the increased number of SBI interest rates. For the Dow Jones Index, the JCI is significantly positive. Which suggests that the Dow Jones index's rise has an effect on the JCI. The Dow Jones Index has the most impact on work motivation, at 0.982, in contrast to the inflation, exchange rate, and SBI interest rate variables against the IHSG of IDX from 2013 to 2018.


Keywords


inflation; exchange rates; SBI interest rates; dow jones index; JCI

Full Text:

PDF

References


A. J. Ademuyiwa and A. A. Adetunji. (2019). Impact of Some Economic Variables on the Real Gross Domestic of Nigeria. Budapest International Research and Critics InstituteJournal (BIRCI-Journal), 12-19.

Amin, M. Z., & Herawati, T. D. (2012). Pengaruh Tingkat Inflasi, Suku Bunga SBI, Nilai Kurs Dollar (USD/IDR), dan Indeks DowJones (DJIA) Terhadap Pergerakan Indeks Harga SahamGabungan Di Bursa Efek Indonesia (BEI)(Periode 2008-2011). Jurnal Skripsi.

Asmara, W. P., & Asmara, I. P. W. P. (2018). Pengaruh Pengaruh Variabel Makro Ekonomi Terhadap Indeks Harga Saham Gabungan. E-Jurnal Manajemen, 7(3), 1397-1425.

Astuti, R., Prihatini, A. E., & Susanta, H. (2013). Analisis Pengaruh Tingkat Suku Bunga (SBI), Nilai Tukar (Kurs) Rupiah, Inflasi, Dan Indeks Bursa Internasional Terhadap IHSG (Studi Pada IHSG Di BEI Periode 2008-2012). Jurnal Ilmu Administrasi Bisnis, 2(4), 136-145.

Ernayani, R. (2015). Pengaruh Kurs Dolar, Indeks Dow Jones Dan Tingkat Suku Bunga SBI Terhadap IHSG (Periode Januari 2005–Januari 2015). JST (Jurnal Sains Terapan), 1(2).

Ganesan, S., & Chiang, Y. (1998). The Inflation-Hedging Characteristics of Real and Financial Assets in Hong Kong. Journal Of Real Estate Portfolio Management, 4(1), 55-67.

Gumilang, R. C. (2014). Pengaruh variabel makro ekonomi, harga emas dan harga minyak dunia terhadap indeks harga saham gabungan (Studi pada Bursa Efek Indonesia Periode 2009-2013). Jurnal Administrasi Bisnis, 14(2).

Kewal, S. S. (2012). Pengaruh Inflasi, Suku Bunga, Kurs, dan Pertumbuhan PDB Terhadap Indeks Harga Saham Gabungan. Jurnal Economia, 8(1), 53-64.

Krisna, A. A. G. A. (2013). Pengaruh Inflasi, Nilai Tukar Rupiah, Suku Bunga SBI pada Indeks Harga Saham Gabungan di BEI. E-Jurnal Akuntansi, 3(2), 421-435.

Kuncoro, M. (2013). Metode Riset untuk Bisnis dan Ekonomi 4th Edition. Jakarta: Erlangga.

Mansur, M. (2005). Pengaruh indeks bursa global terhadap indeks harga saham gabungan (IHSG) pada bursa efek jakarta (BEJ) periode tahun 2000-2002. Sosiohumaniora, 7(3), 203.

Martinelli, I., et al. (2019). Community Economic Development Prospect Based on Wakaf Funds. Budapest International Research and Critics Institute-Journal (BIRCI-Journal, 409-423.

Maurina, Y. (2015). Pengaruh Tingkat Inflasi, Kurs Rupiah dan Tingkat Suku Bunga BI Rate Terhadap IHSG (Studi Pada Bursa Efek Indonesia Periode 2010-2014). Jurnal Administrasi Bisnis, 27(2).

Najand, M., & Prather, L. J. (1999). The Risk Level Discriminatory Power of Mutual Fund Investment Objectives: Additional Evidence. Journal of Financial Markets, 2(3), 307-328.

Samsul, M. (2006). Pasar Modal dan Manajemen Portofolio. Jakarta: Erlangga.

Saputra, A. (2019). Pengaruh Nilai Tukar, Suku Bunga, Dan Inflasi Terhadap Indeks Harga Saham Gabungan Di Bursa Efek Indonesia. Khozana: Journal of Islamic Economic and Banking, 1-15.

Sunardi, N., & Ula, L. N. R. (2017). Pengaruh BI Rate, Inflasi Dan Kurs Terhadap Indeks Harga Saham Gabungan (IHSG). Jurnal Sekuritas: Saham, Ekonomi, Keuangan dan Investasi, 1(2), 27-41.

Sunariyah. (2003). Pengantar Pengetahuan Pasar Modal, Volume 2, 6th Edition. Jakarta: Erlangga.

Syarofi, F. H., & Muharam, H. (2014). Analisis Pengaruh Suku Bunga Sbi, Kurs Rupiah/Us $, Harga Minyak Dunia, Harga Emas Dunia, Djia, Nikkei 225 dan Hang Seng Index Terhadap Ihsg Dengan Metode Garch-M (Periode Januari 2003–Mei 2013) (Doctoral dissertation, Fakultas Ekonomika dan Bisnis).

Tamara, S. F., & Djazuli, A. (2012). Pengaruh Dow Jones Industrial Average, Deutscher Aktienindex, Shanghai Stock Exchange Composite Index, dan Straits Times Index Terhadap Indeks Harga Saham Gabungan di Bursa Efek Indonesia (Periode 2010–2012). Jurnal Ilmiah Mahasiswa FEB, 1(2).

Tambunan, A. P. (2008). Menilai Harga Wajar Saham. Elex Media Komputindo.

Taufiq, M., & Kefi, B. S. (2015). Pengaruh Inflasi, BI Rate Dan Kurs Terhadap Indeks Harga Saham Gabungan. Jurnal Ekonomi Manajemen Akuntansi, 22(38).

Thobarry, A. A. (2009). Analisis Pengaruh Nilai Tukar, Suku Bunga, Laju Inflasi Dan Pertumbuhan GDP Terhadap Indeks Harga Saham Sektor Properti (Kajian Empiris Pada Bursa Efek Indonesia Periode Pengamatan Tahun 2000-2008) (Doctoral dissertation, PROGRAM PASCA SARJANA UNIVERSITAS DIPONEGORO).

Witjaksono, A. A. (2010). Analisis Pengaruh Tingkat Suku Bunga SBI, Harga Minyak Dunia, Harga Emas Dunia, Kurs Rupiah, Indeks Nikkei 225, dan Indeks Dow Jones terhadap IHSG (studi kasus pada IHSG di BEI selama periode 2000-2009) (Doctoral dissertation, UNIVERSITAS DIPONEGORO).

Wollie, G. (2018). The Relationship between Inflation and Economic Growth in Ethiopia. Budapest International Research and Critics Institute-Journal (BIRCI-Journal). P. 264-271.

Yanuar, A. Y. (2012). Dampak Variabel Internal dan Eksternal Terhadap Indeks Harga Saham Gabungan (IHSG) di Indonesia. Jurnal Ilmiah Mahasiswa FEB, 1(2).

Zabidi, I. I., & Haryono, N. A. (2018). Pengaruh Inflasi, Kurs, Suku Bunga Sbi, Dow Jones, Dan Nikkei 225 Terhadap Indeks Harga Saham Gabungan Pada Bursa Efek Indonesia Periode 2012-2016. Jurnal Ilmu Manajemen (JIM), 6(4).




DOI: https://doi.org/10.33258/birci.v4i2.1896

Article Metrics

Abstract view : 19 times
PDF - 8 times

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.