DO MACROECONOMIC FACTORS AFFECT THE COMPOSITE STOCK PRICE INDEX?

Milka Rositi Sianipar, Alicia Ulina Susilowati, Ayu Bonita Sari Tumangger, Jenti Natalia Silaban, Amin Hou, Rosita Rosita

Abstract


The movement of the stock market index is a barometer of economic growth, and can be used to make investment decisions. Many factors influence the movement of a stock index, particularly from the macroeconomic perspective. This study analyzes the effects of BI rate, exchange rate, and inflation on the Composite Stock Price Index (CSPI). This research is a quantitative descriptive study conducted on food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2018-2022 period. Sixty companies were sampled and analyzed using multiple linear regression tests. Hypothesis testing uses the R2 (coefficient of determination) test, F, and t-tests. The results show that BI and exchange rates have a partially significant effect on CSPI. Inflation did not have a significant effect on the CSPI. However, simultaneous testing showed that the three variables affected the CSPI.


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References


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DOI: https://doi.org/10.37403/sultanist.v12i1.563

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