Pengaruh Inflasi, Perubahan Kurs dan Tingkat Suku Bunga Terhadap Indeks Harga Saham Gabungan di Bursa Efek Indonesia Pada Tahun 2015-2019

Abstract

The purpose of this study is to examine, identify and explain the effect of Indonesia's macroeconomics namely Inflation, Changes in Exchange Rates and Interest Rates on the Composite Stock Price Index (IHSG) on the Indonesia Stock Exchange (IDX). The research period used is from 2015 to 2019. The data used in this study are secondary data obtained from the websites www.bi.go.id and www.idx.co.id namely BI Exchange Rate Reports, BI Interest Rates, BI and JCI inflation.

The results of this study indicate that inflation has a significant negative effect on the JCI, this is indicated by the t-count distribution of -2.007 > t table 2.003 with a significant level of 0.049 <0.05, the exchange rate has no effect and is not significant on the JCI, this is indicated by the distribution t count is 0.730 < t table 2.003 with a significant level of 0.468 > 0.05 and interest rates have a negative effect on the JCI, this is indicated by the t-count distribution of -6.365 > t table 2.003 with a significant level of 0.000 < 0.05.

The conclusions of this study indicate that inflation and interest rates have a significant negative effect on the Composite Stock Price Index (JCI), so the hypothesis is accepted and the rupiah exchange rate has no significant effect on the Stock Price Index (JCI), so the hypothesis is rejected