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The effect of macroeconomic factors on the Jakarta composite index in Indonesia 2013-2020 period

Suhono Suhono, Nugraha Nugraha, Disman Disman, Maya Sari & Raden Aditya Kristamtomo Putra

This study examines the influence of macroeconomic factors on stock prices in Indonesia in the range of 2013 to 2020. The macroeconomic factors in question are inflation, interest rates, exchange rates, money supply, world oil prices, and the population. The sampling technique used is a saturated sample so that the entire population is used as the unit of analysis. The use of data then focuses more on secondary data obtained through the Indonesia Stock Exchange (IDX). In the process, data analysis is carried out through time-series data regression analysis using Eviews 9. Software. This study then shows the results that the macroeconomic factors used have a partial effect on stock prices. The significant effect is shown by inflation and world oil prices, while the insignificant effect is shown by interest rates, exchange rates, and the money supply. This study also shows that the five macroeconomic factors together have a significant and simultaneous influence on stock prices.

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