The Effects of Inflation, Interest Rates and Exchange Rates on Composite Stock Price Index During the Covid-19 Pandemic

Ifa Nurmasari; Siti Nur'aidawati

doi:10.33753/mandiri.v5i2.178

Ifa Nurmasari Universitas Pamulang
Siti Nur'aidawati Universitas Pamulang

DOI: https://doi.org/10.33753/mandiri.v5i2.178

Keywords: Inflation, Interest Rates, Exchange Rates, IDX Composit Index, Covid-19

Abstract

The COVID-19 pandemic that hit Indonesia and even the world, caused changes in various sectors and decline in the Indonesian economy. To improve the economy, it is necessary to increase investment. This research aims to find out how the influence of inflation, bank interest rates and currency rates on Composite Stock Price Index both partially and simultaneously at the time of the covid-19 pandemic. The research method used in this study is quantitative descriptive, which discusses the problems faced that describe the state of a country expressed in numbers. The data used in this study is secondary data. It was taken during the covid-19 period from March 2020 to July 2021. The analytical methods are used multiple linear regression, classical assumption test, hypothesis test, and determination coefficient test. The novelty of this research is to use macroeconomic data during the COVID-19 pandemic. The results showed that simultaneously, inflation, bank interest rates, and currency rates had a significant effect on Composite Stock Price Index. Inflation, bank interest rates, and currency rates exert a 94.9% effect on Composite Stock Price Index. The remaining 5.1% was affected by other factors not used in the study. Partially, inflation is positive and significant to Composite Stock Price Index. Bank interest rates and currency rates negatively and significantly affect Composite Stock Price Index.

Downloads

Download data is not yet available.

References

Apa Itu Inflasi. (n.d.). https://www.bi.go.id/id/fungsi-utama/moneter/inflasi/Default.aspx.

Astuti, R., Lapian, J., Rate, P. Van, Manajemen, J., Bisnis, E., & Ratulangi, U. S. (2016). Pengaruh Faktor Makro Ekonomi Terhadap Indeks Harga Saham Gabungan (Ihsg) Di Bursa Efek Indonesia (Bei) Periode 2006-2015. Jurnal Berkala Ilmiah Efisiensi, 16(2), 399–406.

Boediono. (2014). Ekonomi Internasional - Pengantar Ilmu Ekonom (3 (Ed.)). BPFE UGM.

BPS. (n.d.). Retrieved November 10, 2020, from http://www.bps.go.id/BPS. (n.d.). No Title. Retrieved November 10, 2020, from http://www.bps.go.id/.

Dewi, I. P. (2020). PENGARUH INFLASI, KURS, DAN HARGA MINYAK DUNIA TERHADAP INDEKS HARGA SAHAM GABUNGAN DI BURSA EFEK INDONESIA. Jurnal Ilmu Manajemen, 17(1), 10–19.

Hady, H. (2016). Manajemen Keuangan Internasional. Mitra Wacana Media.

Harsono, A. R., & Wonokinasih, S. (2018). Pengaruh Inflasi, Suku Bunga, Dan Nilai Tukar Rupiah Terhadap INdeks Harga Saham Gabungan (Studi pada Bursa Efek Indonesia Periode 2009-2013 ). Jurnal Administrasi Bisnis, 60(2), 102–110.

Husnul, H. M., Hidayat, R. R., & Sulasmiyati, S. (2017). Analisis pengaruh inflasi, kurs (IDR/USD), Produk Domestik Bruto dan harga emas dunia terhadap Indeks Harga Saham Gabungan. Jurnal Administrasi Bisnis, 53(1), 66–74. http://administrasibisnis.studentjournal.ub.ac.id/index.php/jab/article/view/2183.

Melyani, I., & Esra, M. A. (2021). Pengaruh Inflasi, Suku Bunga Dan Nilai Tukar Rupiah Terhadap Return Saham. Jurnal Ilmiah Manajemen Dan Bisnis, 6(1), 50. https://doi.org/10.31851/neraca.v5i1.5630.

Ni Wayan Sri Asih, & Akbar, M. (2016). Analisis Pengaruh Inflasi, Suku Bunga, Nilai Tukar (Kurs) Dan Pertumbuhan Produk Domestik Bruto (Pdb) Terhadap Indeks Harga Saham Gabungan (Ihsg) Studi Kasus Pada Perusahaan Properti Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Manajemen Dan Akuntansi, 17(1), 43–52.

Ningsih, M. M., & Waspada, I. (2018). PENGARUH BI RATE DAN INFLASI TERHADAP INDEKS HARGA SAHAM GABUNGAN (Studi Pada Indeks Properti, Real Estate, Dan Building Construction, di BEI Periode 2013 - 2017). Jurnal MANAJERIAL, 17(2), 247. https://doi.org/10.17509/manajerial.v17i2.11664.

Nurmasari, I. (2020). Dampak Covid-19 Terhadap Perubahan Harga Saham dan Volume Transaksi (Studi Kasus Pada PT. Ramayana Lestari Sentosa, Tbk.). Jurnal SEKURITAS (Saham, Ekonomi, Keuangan Dan Investasi), 3(3), 230. https://doi.org/10.32493/skt.v3i3.5022.

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(05), 20–30.

Saputra, A. (2019). Pengaruh Nilai Tukar, Suku Bunga Dan Inflasi Terhadap Indeks Harga Saham Gabungan Di Bursa Efek Indonesia. Journal of Islamic Economic and Banking, 2(2), 1–15.

Sari, W. I. (2019). Analisis Pengaruh Inflasi, Suku Bunga SBI, Nilai Tukar Terhadap Return LQ 45 dan Dampaknya Terhadap Indeks Harga Saham Gabungan (IHSG) di Bursa Efek Indonesia (BEI). Jurnal SEKURITAS (Saham, Ekonomi, Keuangan Dan Investasi), 3(1), 65. https://doi.org/10.32493/skt.v3i1.3263.

Sartika, U. (2017). Pengaruh Inflasi, Tingkat Suku Bunga, Kurs, Harga Minyak Dunia Dan Harga Emas Dunia Terhadap Ihsg Dan Jii Di Bursa Efek Indonesia. BALANCE Jurnal Akuntansi Dan Bisnis, 2(2), 285. https://doi.org/10.32502/jab.v2i2.1180.

Sukirno, S. (2015). Makroekonomi Teori Pengantar Edisi Ketiga. PT Raja Grafindo Persada.

Tammu, R. G. (2020). Pengaruh Inflasi dan Suku Bunga Bank Indonesia Terhadap Indeks Harga Saham Gabungan ( IHSG ) Periode 2014 – 2018. Jurnal Of Economic, Management, And Accounting, 3(1), 62–66.

Zuhri, S., Hufron, M., & Mustapita, A. F. (2019). Pengaruh Inflasi, kurs, dan BI Rate terhadap Indeks Harga Saham Gabungan Bursa Efek Indonesia (BEI) Periode 2014 – 2018. E-Jurnal Riset Manajemen, 41–55.