Pengaruh Variabel Makro Ekonomi Terhadap Harga Saham Gabungan Di BEI Tahun 2018-2021

Abstract

The aim of this study is to determine the short and long term effects of macroeconomic variables on the Composite Stock Price. In this study, the variables of exchange rates, interest rates, inflation, world oil prices, and world gold prices are used as independent variables; and using the Composite Stock Price as the dependent variable. The data uses time series data in the form of monthly period since 2018-2021. This study uses Error Correction Model (ECM) method with Eviews 9. In this study, the analytical techniques used are: stationarity test, degree of integration test, cointegration test, ECM test, and classical assumption test. The results of this study indicate that in the short term, the exchange rate has a significant negative effect on the Composite Stock Price, interest rates have an insignificant negative effect, inflation has an insignificant negative effect, world oil prices have a significant positive effect and gold prices have an insignificant positive effect. Meanwhile, in the long term, the exchange rate has a significant negative effect, interest rates have a not significant positive effect, inflation has an insignificant negative effect, world oil prices have a significant positive effect, and world gold prices have an insignificant negative effect.