The Determinants Of The Composite Stock Price Index (CSPI) On The Indonesia Stock Exchange (IDX) Based On The Straits Times Index (STI), Brent Crude Oil Price, And Exchange Rate Of The US Dollar During The Period Of 2019-2023
DOI:
https://doi.org/10.37385/msej.v6i2.7360Keywords:
Composite Stock Price Index (Ihsg), Straits Times Index (Sti), Brent Crude Oil Prices, Exchange Rate, Capital MarketAbstract
The capital market plays a crucial role in a country's economy, where the Composite Stock Price Index (IHSG) serves as a primary indicator for measuring the performance of the stock market in Indonesia. This study aims to analyze the influence of the Straits Times Index (STI), Brent Crude Oil Prices, and the Exchange Rate of the US Dollar on the IHSG at the Indonesia Stock Exchange (IDX) during the 2019-2023 period. The research employs a quantitative approach with an associative research type. The data used is secondary data obtained from relevant sources. The research sample consists of 60 monthly data points covering the STI, Brent Crude Oil Prices, and the Exchange Rate of the US Dollar. Data analysis is conducted using multiple linear regression with classical assumption tests to ensure the validity of the research model. The results indicate that, simultaneously, the variables STI, Brent Crude Oil Prices, and the Exchange Rate of the US Dollar significantly affect the IHSG. Partially, STI and Brent Crude Oil Prices have a positive and significant impact on the IHSG, while the Exchange Rate of the US Dollar has a negative impact. An increase in STI and Brent Crude Oil Prices drives the IHSG higher, whereas a depreciation of the rupiah against the US dollar contributes to a decline in the IHSG. This study provides insights for investors and relevant stakeholders in understanding the external and internal factors influencing the IHSG and can serve as a reference for investment decision-making.
References
Aisyah, K. M., & Dwiridotjahjono, J. (2024). Pengaruh Faktor Makroekonomi Nasional Terhadap Indeks Harga Saham Gabungan di Bursa Efek Indonesia: Studi Kasus 2018-2022. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(No. 10).
Andriani, S., & Pohan, A. S. (2019). Minat Investasi Saham pada Mahasiswa. Jurnal Ekonomi dan Bisnis Indonesia, 4, 37-44. https://doi.org/10.37673/jebi.v4i1.285
Apriyani, D., & Amna, L. S. (2023). Faktor-Faktor yang Mempengaruhi Pendapatan Asli Daerah di Daerah Sumatera. Jurnal EMT KITA,7(4), 985-997
Arifah, L., Basorudin, M., Majid, M., Choirunnisa, M., & Eltheofany, P. (2020). Studi Empiris Pengaruh Harga Minyak Mentah Dunia Dan Variabel Moneter Terhadap Perekonomian Indonesia Periode 1996-2018. Jurnal Ekonomi-Qu, 10(1), 23. https://doi.org/10.35448/jequ.v10i1.8577
Budi, L. S. (2019, Maret). Analisis Pengaruh Indeks Straits Times Singapore (STI), SET Index Thailand (SETI), KLCI Malaysia (KLSE), PSEI Philipina, dan Kurs Rupiah Terhadap Indeks Harga Saham Gabungan di Bursa Efek Indonesia Tahun 2017. Sains Manajemen dan Kewirausahaan, 3, 27-34.
Bursa Efek Indonesia. (2020). Ikhtisar dan Sejarah Bursa Efek Indonesia (BEI). https://www.idx.co.id/id/tentang-bei/ikhtisar-dan-sejarah-be
Cheng, M., & Reeves, M. (2021). Brent Crude vs. West Texas Intermediate (WTI): The Differences. In Investopedia Journal.
Corporate Finance Institute. (2020). North Sea Brent Crude. https://corporatefinanceinstitute.com/resources/commodities/north-sea-brentcrude
Daffa, M., Salsabila, S., & Yusrina, R. (2023). Struktur dan Pelaku Pasar Modal. El - Mal Jurnal Kajian Ekonomi & Bisnis Islam, 4(4), 1171–1180.
Devi, S. S., & Wibowo, D. (2021). Pengaruh Inflasi dan Nilai Tukar/Kurs Terhadap Indeks Harga Saham Gabungan (IHSG) yang Terdaftar di Bursa Efek Indonesia (BEI) pada Masa Pandemi Covid-19 Bulan Januari-Desember Tahun 2020. Jurnal Inovatif Mahasiswa Manajemen, 1, 139-149.
Fadilla, A. S., & Purnamasari, A. (2021). Pengaruh Inflasi Terhadap Pertumbuhan Ekonomi Indonesia. Ekonomica Sharia: Jurnal Pemikiran dan Pengembangan Ekonomi Syariah, 7, 17-22. https://doi.org/10.36908/esha.v7i1.268
Farley, A. (2022). Understanding the Correlation Between Oil and Currency. https://www.investopedia.com/articles/forex/092415/oil-currenciesunderstanding-the ir-correlation.asp
Fitri, K. (2022). Pengaruh Tingkat Inflasi, Nilai Tukar (Kurs) dan Suku Bunga Terhadap IHSG di Bursa Efek Indonesia Periode 2016-2020. Economics, Accounting and Business Journal, 2.
Herlianto, D., & Hafizh, L. (2020, Maret). Jurnal Inovasi Bisnis dan Manajemen Indonesia. Pengaruh Indeks Dow Jones, Nikkei225, Shanghai Stock Exchange, Dan Straits Times Index Singapore Terhadap Indeks Harga Saham Gabungan (IHSG) Di Bursa Efek Indonesia (BEI), 3, 211-229. https://inobis.org/ojs/index.php/jurnal-inobis/article/view/133/110
Lestari, E. (2021). Tingkat Suku Bunga Sbi, Tingkat Inflasi Dan Indeks Harga Saham Gabungan (Ihsg) Di Bursa Efek Indonesia (Bei). Jurnal Eksekutif, 18(2), 99–110. https://doi.org/10.60031/jeksekutif.v18i2.286
Liberto, D. (2023). What Is Crude Oil, and Why Is It Important to Investors? https://www.investopedia.com/terms/c/crude-oil.asp
Malkan, Kurniawan, I., Nurdin, & Noval. (2021). Pengaruh Pengetahuan Tentang Pasar Modal Syariah Terhadap Minat Investasi Saham Di Pasar Modal Syariah. Jurnal Ilmu Perbankan Dan Keuangan Syariah, 3(1), 57–73. https://doi.org/10.24239/jipsya.v3i1.39.57-78
Novrianda, H., Shar, A., & Nogroho, D. S. (2020). Analisis Faktor-Faktor Yang Mempengaruhi Keputusan Investor Untuk Bertransaksi di BEI (Studi Pada Masyarakat Bengkulu). The Manager Review, Vol.2, No.1, 1–14.
Octavia, S. B. (2022). Pengaruh Kurs Rupiah, Harga Emas Dunia dan Harga Minyak Dunia Terhadap Indeks Harga Saham Gabungan. SIMBA: Seminar Inovasi Manajemen Bisnis dan Akuntansi 4, 4.
Octovian, R., & Mardiati, D. (2021). Pengaruh Suku Bunga, Inflasi Dan Nilai Tukar Rupiah Terhadap Harga Saham Di Sektor Telekomunikasi Yang Tercatat Di Bursa Efek Indonesia Periode 2015-2020. Jurnal Neraca Peradaban, 1(3), 205–213. https://doi.org/10.55182/jnp.v1i3.59
Padilah, T. N., & Adam, R. I. (2019). Analisis Regresi Linier Berganda Dalam Estimasi Produktivitas Tanaman Padi di Kabupaten Karawang. Jurnal Pendidikan Matematika dan Matematika, 5, 117-127.
Paningrum, S. E. D. (2022). Buku referensi investasi pasar modal.
Permata, C. P., & Ghoni, M. A. (2019, Desember). Peranan Pasar Modal Dalam Perekonomian Negara Indonesia. Jurnal AkunStie (JAS), 5(No. 2), 50-61.
Prahesti, S. D., & Paramita, R. A. S. (2020). Pengaruh Indeks SSEC, N225, STI, dan Faktor Makroekonomi Terhadap IHSG. Jurnal Ilmu Manajemen, 8, 878-893.
Prasada, M. D., & Pangestuti, I. D. (2022). Analisis Pengaruh Harga Minyak Mentah Dunia, Harga Batubara, Harga Emas, Inflasi, dan Nilai Tukar Terhadap IHSG. Diponegoro Journal of Management, 11(No.6).
Pratama, A. W., Wijayanto, A., & Purbawati, D. (2022). Pengaruh Motivasi dan Pengetahuan Investasi Saham Terhadap Keputusan Berinvestasi Saham di Bursa Efek Indonesia Selama Pandemi Covid-19. Jurnal Ilmu Administrasi Bisnis, 11, 710-721. https://doi.org/10.14710/jiab.2022.36015
Priyanda, R., Agustina, T. S., Ariantini, N. S., Rusmayani, N. G. A. L., Aslindar, D. A., Ningsih, K. P., Wulandari, S., Putranto, P., & Yuniati, I. (2022). Metodologi Penelitian Kuantitatif. Pradina Pustaka. https://books.google.co.id/books?id=B5t1EAAAQBAJ
Rante, A., & Hasanudin. (2024, June 2). The Impact of STI, N225, and DJI Indices on IHSG with IDX30 Index as the Mediating Variable: A Study of the Indonesia Stock Exchange from 2012 to 2023. International Journal Economics Development Research, 5, 1085-1094.
Ranto, S. R. (2019). Pengaruh Jangka Pendek Dan Jangka Panjang Variabel Makro Ekonomi Terhadap Ihsg Di Bursa Efek Indonesia Dengan Pendekatan Error Correction Model (ECM). Jurnal Derivat: Jurnal Matematika Dan Pendidikan Matematika, 6(1), 12–24. https://doi.org/10.31316/j.derivat.v6i1.332
Rofi'i, Y. U. (2023). Pengaruh Indeks Harga Konsumen, Jumlah Uang Beredar, Produk Domestik Bruto, Suku Bunga, dan Neraca Pembayaran Terhadap Nilai Tukar Rupiah. Jurnal Ekonomi dan Manajemen Teknologi (EMT), 7, 1139-1148. https://doi.org/10.35870/emt.v7i4.1568
Sambuari, I. B., Saerang, I. S., & Maramis, J. B. (2020). Reaksi Pasar Modal Terhadap Peristiwa Virus Corona (Covid-19) pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia. Jurnal Manajemen Bisnis dan Inovasi, 7, 407-415.
https://doi.org/10.35794/jmbi.v7i3.30668
Santosa, P. I. (2021). Metode Penelitian Kuantitatif. Andi Offset.
Silalahi, E., & Sihombing, R. (2021). Pengaruh Faktor Makro Ekonomi Terhadap Pergerakan Indeks Harga Saham Gabungan (Ihsg) Di Bursa Efek Indonesia Periode 2017-2020. Jurnal Riset Akuntansi & Keuangan, 7(2),139–152. https://doi.org/10.54367/jrak.v7i2.1361
Singh, K., & Sandeep. (2022, January 22). Brent at 7-year high: how are economy, markets and investors impacted? Indiana Express. https://indianexpress.com/article/explained/brent-at-7-year-high-how-areeconomy-ma rkets-and-investors-impacted-7734298/
Sugiyono, D. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan Tindakan
Susanto, P. C., Arini, D. U., Yuntina, L., Panatap, J., Soehaditama, & Nuraeni. (2024). Konsep Penelitian Kuantitatif: Populasi, Sampel, dan Analisis Data (Sebuah Tinjauan Pustaka). Jurnal Ilmu Multidisiplin, 3, 1-12. https://doi.org/10.38035/jim.v3i1.504
Sutandi, Wibowo, S., Sutisna, N., Fung, T. S., & Januardi, L. (2021). Pengaruh Inflasi, Nilai Tukar (Kurs) Rupiah Dan Tingkat Suku Bunga Terhadap Indeks Harga Saham Gabungan (IHSG) Di Bursa Efek Indonesia (Bei) Periode 2016 -2020. Jurnal Ilmiah Akuntansi dan Teknologi, 13.
Syahrizal, H., & Jailani, M. S. (2023). Jenis-Jenis Penelitian Dalam Penelitian Kuantitatif dan Kualitatif. Jurnal Pendidikan, Sosial & Humaniora, 1, 13-23. https://doi.org/10.61104/jq.v1i1.49
U.S Energy Information and Administration. (2023). What countries are the top producers nd consumers of oil? International Energy Statistics. https://www.eia.gov/tools/faqs/faq.php?id=709&t=6
Widodo, A., & Fadillah, T. S. (2022). Pengaruh Inflasi, Bi Rate Dan Kurs Terhadap Indeks Harga Saham Gabungan. Pengaruh Inflasi, Bi Rate Dan Kurs Terhadap Indeks Harga Saham Gabungan, 2(4), 1–14
Yubiharto, Mauliyah, S., & Rudianti, W. (2021, Juli). Faktor Makro Ekonomi Terhadap Indeks Harga Saham Gabungan (IHSG) di Bursa Efek Indonesia Periode 2015-2019. MEDIKONIS: Jurnal Media Komunikasi dan Bisnis, 12(No.2), 42-53.
Zhang, & Hamori, S. (2021). Crude oil market and stock markets during the COVID-19 pandemic: Evidence from the US, Japan, and Germany. National Library of Medicine, 31. https://doi.org/10.1016/j.irfa.2021.101702
Template
