Pengaruh Faktor Eksternal Dan Internal Terhadap Gerakan Index Harga Saham Komposit (IHSG) Di Bursa Efek Indonesia Pada Periode 2009-2015

Abstract

Capital markets have an important role in the economy of a country. Composite Stock Price Index (CSPI) is one of the main indicators that reflect the performance of the capital market in Indonesia. That is because the index reached the stock price movement of all securities listed in the Indonesia Stock Exchange (IDX). However, assessing the condition of the capital markets can not be separated from the overall assessment of macro-economic situation. This study aims to examine the influence of external factors such as, Indexes of Foreign Stock Exchange (Dow Jones and Hang Seng) and world oil prices, as well as internal factors such as interest rate (BI rate), inflation, exchange rates of the rupiah against the US dollar, and the growth of GDP, against the movement of the Composite Stock Price Index (CSPI) in Indonesia Stock Exchange (BEI) on the period 2009-2015. This study uses a quantitative approach with the multiple linear regression analysis technique. The results of this study indicate that the Dow Jones index, world oil prices and interest rates, negatively influence the CSPI movement. Meanwhile, the Hang Seng index, inflation, exchange rates of the rupiah against the US dollar and the GDP growth positively influence the CSPI movement. The Dow Jones index and the Hang Seng index have a significant effect to the CSPI movement. Meanwhile, world oil prices, interest rates, inflation, exchange rates of the rupiah against the US dollar, and GDP growth have no significant effect to CSPI movement.