Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks Harga Saham Gabungan di Bursa Efek Jakarta Periode 1990-2003
Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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ABSTRACT
The capital market is basically a market where various longterm financial
instruments is bought and sold. This instrument can be eitherin the form ofequity
or debt. The capital market facilitated transaction of financial instrument such as
stocks, bonds, warrants, rights, convertible bonds, and various derivatives such as
option.
The objective of this study is to analyze the influences of several macro
economics variable such as foreign exchange rate, inflation rate, SBIinterestrate,
Gross Domestic Product (GOP), and exporton changes ofComposite StockPrice
Indexin period 1990 until 2003. As we knowthat macroeconomics condition has
a strong influence on changes of Composite Stock Price Index beside others
factor like politic and law condition for example. Basic to economic theory,
several hypothesis was made as follow:
1. Foreign exchange rate has positive influence on changes of Composite
StockPriceIndex.
2. Inflation rate has negative influence on changes of Composite StockPrice
Index.
3. SBI Interest rate has negative influence on changes of Composite Stock
Price Index.
4. Gross Domestic Product has positive influence on changes of Composite
StockPrice Index.
5. Exporthas positive influence on changes of Composite StockPrice Index.
The data employed is secondary data which collected from monthly or
_annually report published by Bank Indonesia and Badan Pusat Statistik. Multiple
regression with Ordinary Least Square (OLS) method was used to analyzed the
data, and the results as follow:
1. Foreign exchange rate has positive influence on changes of Composite
StockPrice Index.
2. Inflation rate has positive influence on changes of Composite StockPrice
Index.
_
3. SBI Interest rate has negative influence on changes of Composite Stock
Price Index.
4. Gross Domestic Product has positive influence on changes of Composite
StockPrice Index.
5. Export has negative influence on changes ofComposite StockPrice Index.
6. Partially, none of the independent variable has a significant influence on
changes of Composite StockPrice Index.
7. Collectively, all independent variable has no significant influence on
changes of Composite StockPrice Index.
iv
Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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ABSTRACT
The capital market is basically a market where various longterm financial
instruments is bought and sold. This instrument can be eitherin the form ofequity
or debt. The capital market facilitated transaction of financial instrument such as
stocks, bonds, warrants, rights, convertible bonds, and various derivatives such as
option.
The objective of this study is to analyze the influences of several macro
economics variable such as foreign exchange rate, inflation rate, SBIinterestrate,
Gross Domestic Product (GOP), and exporton changes ofComposite StockPrice
Indexin period 1990 until 2003. As we knowthat macroeconomics condition has
a strong influence on changes of Composite Stock Price Index beside others
factor like politic and law condition for example. Basic to economic theory,
several hypothesis was made as follow:
1. Foreign exchange rate has positive influence on changes of Composite
StockPriceIndex.
2. Inflation rate has negative influence on changes of Composite StockPrice
Index.
3. SBI Interest rate has negative influence on changes of Composite Stock
Price Index.
4. Gross Domestic Product has positive influence on changes of Composite
StockPrice Index.
5. Exporthas positive influence on changes of Composite StockPrice Index.
The data employed is secondary data which collected from monthly or
_annually report published by Bank Indonesia and Badan Pusat Statistik. Multiple
regression with Ordinary Least Square (OLS) method was used to analyzed the
data, and the results as follow:
1. Foreign exchange rate has positive influence on changes of Composite
StockPrice Index.
2. Inflation rate has positive influence on changes of Composite StockPrice
Index.
_
3. SBI Interest rate has negative influence on changes of Composite Stock
Price Index.
4. Gross Domestic Product has positive influence on changes of Composite
StockPrice Index.
5. Export has negative influence on changes ofComposite StockPrice Index.
6. Partially, none of the independent variable has a significant influence on
changes of Composite StockPrice Index.
7. Collectively, all independent variable has no significant influence on
changes of Composite StockPrice Index.
iv
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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Darwin Anggiat Hasian Marbun : Analisis Pengaruh Variabel Ekonomi Makro Terhadap Perubahan Indeks..., 2004.
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