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INVESTASIGATION OF FACTORS DETERMINT THE INDONESIA COMPOSITE STOCK PRICE INDEX PERIOD 2014:1 – 2019:12

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Author: 
*Lilies Setiartiti and Della Kartikasari
Country: 
Indonesia
Volume & Issue: 
Volume 04, Issue 05, May 2022
Page No: 
2670-2676
Abstract: 

This study aims to analyze the effect of economic growth, interest rates, exchange rates, world oil prices and the Dow Jones index, on the Composite Stock Price Index in the Indonesia Stock Exchange (JCI), in the short and the long term. The data used are monthly data for the period 2014:1 - 2019:12 sourced from the Indonesia Stock Exchange (BEI), Investing.com, Bank Indonesia (BI) and the World Bank. The estimation tool used is the Error Correction Model (ECM). The results show that in the short and the long term, the effect of economic growth and the interest rate are insignificant on JCI. The exchange rate and world oil prices have a negative and significant effect on the JCI, while the Dow Jones index has a positive and significant effect on the JCI movement.

KeyWords: 
Economic Growth, Interest Rate, Exchange Rate, World Oil Prices, Dow Jones Index, Error Correction Model (ECM).