The Effect of Exchange Rate, Interest Rate, Inflation and World Oil Prices on Composite Index
DOI:
https://doi.org/10.47747/icbem.v1i1.1268Abstract
This study aims to analyze the influence of macro economy between composite stock prices index. The dependent variable in this study was represented by the composite stock price index, while the independent variables consist of exchange rate, interest rate, inflation and oil price. The sampling used in this research observation period were 6 years during 2010-2015, then the data was analyzed by Multiple Linear Regression Test. The results of this study indicate that there were three variables that affect the composite stock price index, it’s a exchange rate, interest rate and oil prices, while inflation have no effect on composite stock price index. Anova test result indicates exchange rate, interest rate, inflation and oil price simultaneously influence the composite stock price index. The test result show that these variables have significant positive impact on stock prices, i.e 0,000.
References
Alwi, Z. Iskandar, 2003. Capital Market Theory and Application. First Edition. Jakarta: Pancur Siwah Foundation, Jakarta
Aziz, Musdalifah and Mirtanti, Sri. 2015. Fundamental Investment Management, Technical, Investor Behavior and Stock Returns.Yogyakarta: Deepublish
Bodi, Kane, Marcus. 2014. Portfolio and Investment Management. 9th Edition Book 2. South Jakarta: Fourth Edition
Dewanto, Agung. 2014. The Effect of Inflation, World Oil Prices, and the Dow Jones Industrial Average on the Manufacturing Sector Stock Price Index in Companies listed on the IDX for the 2007-2010 Period. Thesis (SE). State University of Yogyakarta
Eko, A (2015). Capital Market Continues to Grow in Five Years[Online].Available From: http://marketeers.com/article/ pasar- capital-continues-growing-in-last-five-years.html [Accessed: 06 February 2016]
Fahmi, Irham. 2011. Analysis Financial Performance Analysis.Bandung: Alfabeta
Hasibuan, Ali Fikri. 2009. The Effect of Currency Exchange Rate and Global Stock Price Index on the movement of JCI. Thesis (M.Si). University of North Sumatra
Husnan, Suad. 2001. Fundamentals of Portfolio Theory & Securities Analysis. Yogyakarta: UPP AMP YKPN
Joesoef, Jose Rizal. 2008. Money Market and Foreign Exchange Market. Jogjakarta: Salemba Empat
Cashmere. 2002. Banks and Other Financial Institutions. Revised Edition, Jakarta: PT Raja Grafindo Persada
Sulbahri Madjir and Kamsrin Sa'i, 2013. Guidelines for Thesis Writing. Palembang: Unsri Press
Martalena, Maya Malinda. 2011. Introduction to Capital Markets. Yogyakarta: ANDI
Maryanne, Donna Menina, D. 2009.
The Effect of Rupiah Exchange Rate, SBI Interest Rate, Stock Trading Volume, Inflation and Beta Shares on Stock Prices. Thesis (MM).Diponegoro University
Santoso, Singgih. 2014. Parametric Stastics Concepts and Applications with SPSS. Revise d Edition. Jakarta: PT Elex Media Komputindo.
Sunariyah, 2006, Introduction to Capital Market Knowledge, Fifth Edition. Yogyakarta: UPP STIM YKPN.
Suyanto.2007. Analysis of the Value of the Money Exchange Rate, Interest Rates and Inflation on the Return of Property Sector Shares Listed on the Jakarta Stock Exchange in 2001- 2005. Thesis (MM). Diponegoro University.
Tandelilin, Eduardus. 2001. Investment Analysis and Portfolio Management. Yogyakarta: BPFE
Thobarry, Achmad Ath. 2009. Analysis of the Effect of Exchange Rate, Interest Rate, Inflation Rate and GDP Growth on Property Sector Stock Price Index. Thesis (MM). Diponegoro University
Wachowicz Jr. John M. 2013. Principles of Financial Management. South Jakarta: South Jakarta.
Witjaksono, Ardian Agung. 2010. Analysis of the Effect of SBI Interest Rate, World Oil Price, World Gold Price, Rupiah Exchange Rate, Nikkei Index and Dow Jones Index on JCI. Thesis (MM). Diponegoro University
www.finnce.yahoo.com. accessed on January 19, 2016
www.bi.go.id. Accessed at date January 19, 2016
www.bps.go.id accessed on January 19, 2016.
www.economagic.com accessed on January 21, 2016
