Pengaruh Inflation, Interest Rate, dan Exchange Rate terhadap IHSG di Bursa Efek Indonesia pada Tahun 2011-2021

https://doi.org/10.35912/simo.v3i1.1078
Published: May 18, 2022

Abstract:

Purpose: The purpose of this study is to develop a model and research the influence of macroeconomics ranging from inflation, exchange rates and interest rates towards the growth of the IHSG

Research methodology: A total of 132 sample data were used and were collected from 2011 to 2021. Quantitative research methods were used in conjunction with the use of SPSS analysis tool.

Results: The research shows that macroeconomic does indeed have an effect on the IHSG. Inflation didn’t have a significant effect on IHSG, Interest rates was found to have a significant negative effect on the IHSG, The exchange rate was found to have a significant effect on IHSG.

Limitations: The sample data was collected from numerous statistics website, but there appears to be slight numerical inconsistencies between the data presented. As such, the sample data used in the research were collected from only the most credible sources.

Contribution: Can be a reference for future research regarding the same subjects, variables and phenomenon.

Keywords:
1. Inflation
2. Interest Rate
3. Exchange Rate
4. IHSG
5. Macroeconomics
Authors:
1 . Hesniati Hesniati
2 . Andreas Yoshiro Ogawa
3 . Arvin Clarence
4 . Chris Topher
5 . Jerly Engelina
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How to Cite
Hesniati, H., Ogawa, A. Y., Clarence, A., Topher, C., & Engelina, J. (2022). Pengaruh Inflation, Interest Rate, dan Exchange Rate terhadap IHSG di Bursa Efek Indonesia pada Tahun 2011-2021. Studi Ilmu Manajemen Dan Organisasi, 3(1), 261–271. https://doi.org/10.35912/simo.v3i1.1078
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Vol. 3 No. 1 (2022): April
Articles
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References

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    Septiani, D. (2020). The Influence of The Inflation Rate and The Interest Rate of Bank Indonesia Certificates on The Composite Stock Price Index With The Us Dollar Exchange Rate As A Moderating Variable on The Indonesia Stock Exchange. Economics and Accounting Journal, 3(3), 212. https://doi.org/10.32493/eaj.v3i3.y2020.p212-220

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  2. Ahmad, F. (2021). Analisis Pengaruh Makroekonomi, Komoditas Dunia, dan Indeks Dunia terhadap Indeks Harga Saham Gabungan (IHSG) pada Periode 2014-2019. Jurnal Ilmu Manajemen, 9(1), 295. https://doi.org/10.26740/jim.v9n1.p295-310
  3. Aryani, D. N., & Maupula, S. W. (2021). Covid-19, Inflation, and Interest Rate: Their Influences on the Jakarta Composite Index. Jurnal Minds: Manajemen Ide dan Inspirasi, 8(2), 339–354. https://doi.org/10.24252/minds.v8i2.22942
  4. Hasanudin. (2021). The Effect of Inflation, Exchange Rate, BI Rate and Dow Jones Index to Indonesia Composite Index in Indonesia Stock Exchange on the Year 2013-2018. International Journal of Science and Society, 3(3), 50–60. https://doi.org/10.54783/ijsoc.v3i3.353
  5. Herlina, D., & Romadhona, A. (2021). Price Analysis Between Commodity Groups of Inflation in Banten Province From 2008 to 2018. International Journal of Financial, Accounting, and Management, 2(4), 235–271. https://doi.org/10.35912/ijfam.v2i4.447
  6. Kurniawan. (2014). Hubungan Kausalitas BI Rate, Inflasi, Nilai Tukar dan Indeks Harga Saham Gabungan (IHSG) di Bursa Efek Indonesia. Jurnal Akuntansi Dan Keuangan (JAKA), 1(1), 1–9.
  7. Mufidah, F., Susyanti, J., & Slamet, A. R. (2018). Pengaruh Volume Perdagangan Saham, Tingkat Inflasi, Suku Bunga, Kurs, Tax Rate Terhadap Indeks Harga Saham Gabungan (IHSG). E – Jurnal Riset Manajemen Prodi Manajemen, 46–59.
  8. Mulyani, E., & Akbari, F. (2019). The Effect of Macroeconomics and Global Commodity Prices on Mining Index on Indonesia Stock Exchange for The Period of August 2016 - February 2019. Advances in Economics, Business and Management Research, 97, 58–65. https://doi.org/10.2991/piceeba-19.2019.7
  9. Nellawati, S. O., & Isbanah, Y. (2019). Analisis Pengaruh Faktor Internal Dan Faktor Eksternal Terhadap Pergerakan Indeks Harga Saham Gabungan (IHSG) di Bursa Efek Indonesia Periode 2012–2016. Jurnal Ilmu Manajemen, 7(1), 113–123. https://jurnalmahasiswa.unesa.ac.id/index.php/jim/article/view/25167
  10. Nidianti, E., & Wijayanto, E. (2019). Analisis Pengaruh Kurs, BI Rate Dan Inflasi Terhadap Ihsg Di Bei Periode 2014-2017. Keunis Majalah Ilmiah, 7(1), 64. https://doi.org/10.32497/keunis.v7i1.1533
  11. Nugraha, N. M., Herlambang, D., Nugraha, D. N. S., & Amalia, S. (2020). The Influence of Macroeconomic Factors on the Volatility of Composite Price Stock Index: A Study on the Indonesia Stock Exchange. International Journal of Psychosocial Rehabilitation, 24(1), 2507–2513.
  12. Nurmasari, I., & Nur’aidawati, S. (2021). The Effects of Inflation, Interest Rates and Exchange Rates on Composite Stock Price Index During the Covid-19 Pandemic. Jurnal Mandiri?: Ilmu Pengetahuan, Seni, Dan Teknologi, 5(2), 77–85. https://doi.org/10.33753/mandiri.v5i2.178
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  15. Qudus, A. D. (2020). Analisis Pengaruh Nilai Tukar, Suku Bunga, Inflasi, dan Pertumbuhan PDB Terhadap Indeks Harga Saham Sektor Industri Barang Konsumsi di Bursa Efek Indonesia (BEI). Sekolah Tinggi Ilmu Ekonomi PERBANAS Surabaya, 151–156.
  16. Rizky, I. A., Amin, M., & Mawardi, C. M. (2019). Pengaruh Nilai Tukar, Suku Bunga SBI, Inflasi dan Pertumbuhan GDP terhadap Pergerakan IHSG di Bursa Efek Indonesia. E-Jra, 08(01), 1–13.
  17. Rosalyn, A. M. (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
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  19. Safitri, R. B., Setyowati, T., & Rachman, N. Y. (2021). The Effect of Inflation, Interest Rate and Rupiah Exchange Rate on JCI in Food and Beverage Manufacturing Companies Registered on The Indonesian Stock (IDX). Majalah Ilmiah Bijak, 18(1), 128–143. http://ojs.stiami.ac.id/index.php/bijak/article/view/1294
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  24. Shiddiq, A., Niswatin, R. K., & Farida, I. N. (2018). Ahmad Shiddiq Analisa Kepuasan Konsumen Menggunakan Klasifikasi Decision Tree Di Restoran Dapur Solo (Cabang Kediri). Generation Journal, 2(1), 9. https://doi.org/10.29407/gj.v2i1.12051
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  26. Sukmawati, K., Al-Azizah, U. S., & Daulay, Y. (2021). The Effect of Exchange Rate and Interest Rate on the Jakarta Composite Index During the Covid-19 Pandemic. International Journal of Economic and Business Applied, 2(1), 16–26. https://ijeba.makarioz.org/index.php/ijeba/article/download/67/46
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  28. Tanjung, H., Siregar, H., Sembel, R., & Nurmalina, R. (2014). Factors Affecting the Volatility of the Jakarta Composite Index before and after the Merger of Two Stock and Bond Markets in Indonesia. Asian Social Science, 10(22), 91–99. https://doi.org/10.5539/ass.v10n22p91
  29. Yogaswari, D. D., Nugroho, A. B., & Astuti, N. C. (2012). The Effect of Macroeconomic Variables on Stock Price Volatility: Evidence from Jakarta Composite Index, Agriculture, and Basic Industry. International Proceedings of Economics Development and Research, 46(1), 48–52. https://doi.org/10.7763/IPEDR
  30. Yuliani, R., Sutisna, D., Oktaviani, D., & Fatihat, G. G. (2020). Macroeconomic And Net Foreign Factors That Affect The Composite Stock Price Index. International Journal of Psychosocial Rehabilitation, 24(07), 6891–6898.