Determinan Indeks Harga Saham Gabungan: Perspektif Makroekonomi

Abstract

This research aims to investigate empirically the effect of selected macroeconomic variables, i.e., inflation rate, Bank Indonesia Certificate rate, and the exchange rate on IDR on Indonesia Composite Index at The Indonesia Stock Exchanges (IDX). This paper examines the direct effect of selected macroeconomic variabel on Indonesia Composite Index. The paper employs a regression model analysis. The result indicates that only the exchange rate on IDR significantly effects to Indonesia Composite Index. The inflation rate, and Bank Certificate rate do not effect to Indonesia Composite Index. This research only covers three selected macroeconomic variables. Therefore, further research should examine other potential macroeconomic variables.