BUKTI KORESPONDENSI DETERMINANTS OF INDONESIA COMPOSITE INDEX

Mahirun, Mahirun BUKTI KORESPONDENSI DETERMINANTS OF INDONESIA COMPOSITE INDEX. Other. Montenegrin Journal of Economics (MNJE).

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Abstract

This study aims to test and analyze the effect of gross domestic product on the Indonesia Composite Index by including the variables of money supply, inflation, Bank Indonesia interest rate, and exchange rate. The data used is quarterly data of each variable and comes from the Indonesian economic report and Indonesia stock exchange for the period 2008 to 2022. Testing the independent variables on the dependent variable is done using multiple linear regression test tool. The main findings of our research are gross domestic product and money supply are proven to have a positive and significant effect on the Indonesia Composite Index. Inflation and exchange rate are not proven to have an effect on the Indonesia Composite Index, because they have a positive but insignificant effect, this is the same as the Bank Indonesia interest rate which is not proven to have an effect, because even though the direction is negative, it has no significant effect on the Indonesia composite index. Keywords: Indonesia Composite Index, gross domestic product, money supply, inflation, Bank Indonesia interest rate, exchange rate JEL Classification: G1, G3, E2, E4, E5, E6

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