The Influence Of Macroeconomies On Indonesian Stock Market Index With Exchange Rate As Intermediate Variable

Hidayat, Rohmat (2017) The Influence Of Macroeconomies On Indonesian Stock Market Index With Exchange Rate As Intermediate Variable. Magister thesis, Universitas Brawijaya.



English Abstract

Background of this research is that Indonesia has an improvement in economy at last previous years. Indonesia gets any achievement in economy performance, such as include in G20. Many economic factors as gross domestic product (GDP), interest rate, world oil price and world gold price influence on exchange rate and stock market price. The indicators of increasing economy can be looked at the stock market price and also the stability of the exchange rate. The data was taken from 2005 to 2013 periods quarterly. The data analysis uses path analysis and the exchange rate become intermediate variable. The analysis using AMOS software and Sobel calculator to figure out the result. The result of the study is the variables of economic growth have positive significant effect to exchange rate with estimate value of 0.554. The interest rate has no significant value of 0.382 and estimate value of 0.03 on the exchange rate. The world oil price and world gold price have negative significant value to the exchange rate, with estimate value of -0.43 and -0.088. This foreign factor has negative effect because both of them are the commodity from Indonesia. If their price goes up, the revenue for Indonesia also increase and make the exchange rate appreciate. The variables of economic growth and world oil price have positive significant effect to the stock market price. They have estimate value of 1.107 and 0.448, it means when the GDP and world oil price increase then the stock market price also increase at that period. Interest rate has negative significant value to stock market price with estimate value -0.414. The variable of world gold price has no significant effect to stock market price and has negative relationship, because the gold is the other investment object beside stock market. Exchange rate has negative significant effect to stock price with estimate value of -1.06.

Item Type: Thesis (Magister)
Identification Number: TES/339/HID/t/2017/041710802
Subjects: 300 Social sciences > 339 Macroeconomics and related topics
Divisions: S2/S3 > Magister Administrasi Bisnis, Fakultas Ilmu Administrasi
Depositing User: Nur Cholis
Date Deposited: 15 May 2018 02:02
Last Modified: 26 Nov 2021 06:09
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