Date Log
Submitted
11 August 2021
Accepted
21 December 2021
Published
21 December 2021
Covid-19, Inflation, and Interest Rate: Their Influences on the Jakarta Composite Index
Corresponding Author(s) : Dwi Nita Aryani
Jurnal Minds: Manajemen Ide dan Inspirasi,
Vol. 8 No. 2 (2021): December
Abstract
This study aims to determine the effect of inflation, interest rates, and the Covid-19 pandemic condition on the Jakarta Composite Index (JCI) and the difference of the JCI before and after the Large-Scale Social Restrictions (LSSR). Data were collected from January to August 2020. This study evaluates the effect of inflation, interest rate, the Covid-19 Pandemic on the JCI by the t-test and regression, while the Wilcoxon Test tested the JCI before and after LSSR. The results revealed that inflation, interest rates, and the Covid-19 pandemic partially and simultaneously affected the JCI. All shares traded in the Indonesia Stock Exchange indexed by the JCI before LSSR are different from the JCI after LSSR.
Keywords
Covid-19
Index
Inflation
Interest Rate
Large-Scale Social Restrictions
Aryani, D. N., & Maupula, S. W. (2021). Covid-19, Inflation, and Interest Rate: Their Influences on the Jakarta Composite Index. Jurnal Minds: Manajemen Ide Dan Inspirasi, 8(2), 339–354. https://doi.org/10.24252/minds.v8i2.22942
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References
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Akbar, M., Ali, S., & Khan, M. F. (2012). The relationship of stock prices and macroeconomic variables revisited: Evidence from Karachi stock exchange. African Journal of Business Management, 6(4), 1315-1322.
Alam, M., & Uddin, G. S. (2009). Relationship between Interest Rate and Stock Price: Empirical Evidence from Developed and Developing Countries. International Journal of Business and Management Tomorrow, 4(3).
Amin, M. Z., & Herawati, u. D. (2012). Pengaruh Tingkat Inflasi, Suku Bunga Sbi, Nilai Kurs Dollar (USD/IDR), Dan Indeks Dow Jones (DJIA) Terhadap Pergerakan Indeks Harga Saham Gabungan Di Bursa Efek Indonesia (BEI) (Periode 2008-2011). Jurnal Ilmiah Mahasiswa Fakultas Ekonomi dan Bisnis, 1(1).
Amtiran, P. Y., Indiastuti, R., Nidar, S. R., & Masyita, D. (2017). Macroeconomic Factors And Stock Returns In APT Framework. International Journal of Economics and Management Sciences, 11(1).
Arifin, T. M. (2014). Pengaruh Inflasi, Suku Bunga Sbi, Perubahan Kurs, Dan Standard & Poor’s 500 Terhadap Indeks Harga Saham Gabungan (Ihsg). UNY, Yogyakarta.
Atmoko, C. (2020). IHSG melemah, pasar khawatir dampak COVID-19 terhadap ekonomi global. Antaranews. Retrieved from https://www.antaranews.com/berita/1410058/ihsg-melemah-pasar-khawatir-dampak-covid-19-terhadap-ekonomi-global
Bissoon, R., Seetanah, B., Babajee, R. B., Ramdhany, N. G., & Seetah, K. (2016). Monetary Policy Impact on Stock Return: Evidence from Growing Stock Markets. Theoretical Economics Letters, 6(5), 1186-1195.
Brigham, E. F., & Houston, J. F. (2001). Manajemen Keuangan (Vol. 2). Jakarta:: Erlangga.
Eldomiaty, T., Saeed, Y., Hammam, R., & AboulSoud, S. (2020). The associations between stock prices, inflation rates, interest rates are still persistent. Empirical evidence from stock duration model. Journal of Economics, Finance and Administrative Science, 25(49).
Fama, E. F. (1981). Stock Returns, Real Activity, Inflation, and Money. The American Economic Review, 71(4), 545-565.
Geetha, C., Mohidin, R., Chandran, V. V., & Chong, V. (2011). The Relationship Between Inflation And Stock Market: Evidence From Malaysia, United States And China. International Journal of Economics and Management Sciences, 1(2).
Gursida, H. (2018). The Influence Of Inflation Rate, Interest Rate, And Money Supply On Share Price LQ45. Sinergi : Jurnal Ilmiah Ilmu Manajemen, 8(1).
Hong, H., Bian, Z., & Lee, C.-C. (2021). COVID-19 and instability of stock market performance: evidence from the U.S. Financial Innovation, 7(1), 12. doi: 10.1186/s40854-021-00229-1
Jefry, & Djazuli, A. (2020). The Effect of Inflation, Interest Rates and Exchange Rates on Stock Prices of Manufacturing Companies in Basic and Chemical Industrial Sectors on the Indonesia Stock Exchange (IDX). International Journal of Business, Management & Economics Research, 1(1).
Junaedi, D., & Salistia, F. (2020). Dampak Pandemi Covid-19 terhadap Pasar Modal di Indonesia Studi Kasus Indeks Saham Komposit (IHSG). Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 2(2).
Kaur, M. (2017). An Impact Of Inflation And Exchange Rate On Stock Returns: Evidence From India. Scholarly Research Journal for Interdisciplinary Studies, 4(37).
Khalwaty, T. (2000). Inflasi dan Solusinya. Jakarta: Gramedia Pustaka Utama.
Khan, K., Zhao, H., Zhang, H., Yang, H., Shah, M. H., & Jahanger, A. (2020). The Impact of COVID-19 Pandemic on Stock Markets: An Empirical Analysis of World Major Stock Indices. The Journal of Asian Finance, Economics and Business, 7(7).
Krisna, A. A. G. A. (2013). Pengaruh Inflasi, Nilai Tukar Rupiah, Suku Bunga SBI Pada Indeks Harga Saham Gabungan Di BEI. E-Jurnal Akuntansi, 3(2), 421-435.
Krisna, A. A. G. A., & Wirawati, N. G. P. (2013). Pengaruh Inflasi, Nilai Tukar Rupiah, Suku Bunga Sbi Pada Indeks Harga Saham Gabungan Di BEI. E-Jurnal Akuntansi, 3(2), 421-435.
Panda, C. (2008). Do Interest Rates Matter for Stock Markets? Economic and Political Weekly, 43(17), 107-115.
Puspitasari, I. (2019, 30/12/2019). Siap-siap January Effect, Ini Saham yang Bisa Diperhatikan, Kompas. Retrieved from https://money.kompas.com/read/2019/12/30/071000226/siap-siap-january-effect-ini-saham-yang-bisa-diperhatikan?page=all
Rahmayani, D., & Oktavilia, S. (2020). Does the Covid-19 Pandemic Affect the Stock Market in Indonesia? Jurnal Ilmu Sosial dan Ilmu Politik, 24(1).
Setiawan, S. A. (2020). Impact of Inflation on Stock Market Performance in Pakistan. The Indonesian Journal of Development Planning, IV(1).
Spence, M. (1973). Job Market Signaling. Quarterly Journal of Economics, 87(3), 355-374.
Suhadak, S., & Suciany, A. D. (2021). Brief Technical Note: The Influence of Exchange Rates on Inflation, Interest Rates and the Composite Stock Price Index: Indonesia 2015 - 2018 Australasian Accounting, Business and Finance Journal, 14(1).
Sukamto, S. W. (2016). Pengaruh Inflasi, Suku Bunga, Dan Nilai Tukar Rupiah Terhadap Indeks Harga Saham Gabungan (IHSG) Di Bursa Efek Indonesia. Manajemen Bisnis, 6(2).
Thobarry, A. A. (2009). Analisis pengaruh nilai tukar, suku bunga, laju inflasi dan pertumbuhan gdp terhadap indeks harga saham sektor properti (kajian empiris pada Bursa Efek Indonesia periode pengamatan tahun 2000-2008 ). (Pasca Sarjana), Universitas Diponegoro, Semarang
Thomas, V. F. (2020). Bagaimana Pandemi COVID-19 Mengganggu Pola Inflasi Indonesia 2020, Tirto.id. Retrieved from https://tirto.id/fVqL
Umi, M., & Ayi, R. (2017). Analisis Pengaruh Nilai Tukar, Tingkat Suku Bunga Dan Inflasi Terhadap Indeks Harga Saham Studi Kasus Pada Perusahaan Properti yang Terdaftar di Bursa Efek Indonesia. JRMSI - Jurnal Riset Manajemen Sains Indonesia, 4(1).
Zulfa, A., & Tan, J. (2009). Analisis Pengaruh Inflasi Dan Bunga Sbi Terhadap IHSG di BEI. Journal Dinamika Ekonomi & Bisnis, 6(2).
References
Akbar, M., Ali, S., & Khan, M. F. (2012). The relationship of stock prices and macroeconomic variables revisited: Evidence from Karachi stock exchange. African Journal of Business Management, 6(4), 1315-1322.
Alam, M., & Uddin, G. S. (2009). Relationship between Interest Rate and Stock Price: Empirical Evidence from Developed and Developing Countries. International Journal of Business and Management Tomorrow, 4(3).
Amin, M. Z., & Herawati, u. D. (2012). Pengaruh Tingkat Inflasi, Suku Bunga Sbi, Nilai Kurs Dollar (USD/IDR), Dan Indeks Dow Jones (DJIA) Terhadap Pergerakan Indeks Harga Saham Gabungan Di Bursa Efek Indonesia (BEI) (Periode 2008-2011). Jurnal Ilmiah Mahasiswa Fakultas Ekonomi dan Bisnis, 1(1).
Amtiran, P. Y., Indiastuti, R., Nidar, S. R., & Masyita, D. (2017). Macroeconomic Factors And Stock Returns In APT Framework. International Journal of Economics and Management Sciences, 11(1).
Arifin, T. M. (2014). Pengaruh Inflasi, Suku Bunga Sbi, Perubahan Kurs, Dan Standard & Poor’s 500 Terhadap Indeks Harga Saham Gabungan (Ihsg). UNY, Yogyakarta.
Atmoko, C. (2020). IHSG melemah, pasar khawatir dampak COVID-19 terhadap ekonomi global. Antaranews. Retrieved from https://www.antaranews.com/berita/1410058/ihsg-melemah-pasar-khawatir-dampak-covid-19-terhadap-ekonomi-global
Bissoon, R., Seetanah, B., Babajee, R. B., Ramdhany, N. G., & Seetah, K. (2016). Monetary Policy Impact on Stock Return: Evidence from Growing Stock Markets. Theoretical Economics Letters, 6(5), 1186-1195.
Brigham, E. F., & Houston, J. F. (2001). Manajemen Keuangan (Vol. 2). Jakarta:: Erlangga.
Eldomiaty, T., Saeed, Y., Hammam, R., & AboulSoud, S. (2020). The associations between stock prices, inflation rates, interest rates are still persistent. Empirical evidence from stock duration model. Journal of Economics, Finance and Administrative Science, 25(49).
Fama, E. F. (1981). Stock Returns, Real Activity, Inflation, and Money. The American Economic Review, 71(4), 545-565.
Geetha, C., Mohidin, R., Chandran, V. V., & Chong, V. (2011). The Relationship Between Inflation And Stock Market: Evidence From Malaysia, United States And China. International Journal of Economics and Management Sciences, 1(2).
Gursida, H. (2018). The Influence Of Inflation Rate, Interest Rate, And Money Supply On Share Price LQ45. Sinergi : Jurnal Ilmiah Ilmu Manajemen, 8(1).
Hong, H., Bian, Z., & Lee, C.-C. (2021). COVID-19 and instability of stock market performance: evidence from the U.S. Financial Innovation, 7(1), 12. doi: 10.1186/s40854-021-00229-1
Jefry, & Djazuli, A. (2020). The Effect of Inflation, Interest Rates and Exchange Rates on Stock Prices of Manufacturing Companies in Basic and Chemical Industrial Sectors on the Indonesia Stock Exchange (IDX). International Journal of Business, Management & Economics Research, 1(1).
Junaedi, D., & Salistia, F. (2020). Dampak Pandemi Covid-19 terhadap Pasar Modal di Indonesia Studi Kasus Indeks Saham Komposit (IHSG). Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 2(2).
Kaur, M. (2017). An Impact Of Inflation And Exchange Rate On Stock Returns: Evidence From India. Scholarly Research Journal for Interdisciplinary Studies, 4(37).
Khalwaty, T. (2000). Inflasi dan Solusinya. Jakarta: Gramedia Pustaka Utama.
Khan, K., Zhao, H., Zhang, H., Yang, H., Shah, M. H., & Jahanger, A. (2020). The Impact of COVID-19 Pandemic on Stock Markets: An Empirical Analysis of World Major Stock Indices. The Journal of Asian Finance, Economics and Business, 7(7).
Krisna, A. A. G. A. (2013). Pengaruh Inflasi, Nilai Tukar Rupiah, Suku Bunga SBI Pada Indeks Harga Saham Gabungan Di BEI. E-Jurnal Akuntansi, 3(2), 421-435.
Krisna, A. A. G. A., & Wirawati, N. G. P. (2013). Pengaruh Inflasi, Nilai Tukar Rupiah, Suku Bunga Sbi Pada Indeks Harga Saham Gabungan Di BEI. E-Jurnal Akuntansi, 3(2), 421-435.
Panda, C. (2008). Do Interest Rates Matter for Stock Markets? Economic and Political Weekly, 43(17), 107-115.
Puspitasari, I. (2019, 30/12/2019). Siap-siap January Effect, Ini Saham yang Bisa Diperhatikan, Kompas. Retrieved from https://money.kompas.com/read/2019/12/30/071000226/siap-siap-january-effect-ini-saham-yang-bisa-diperhatikan?page=all
Rahmayani, D., & Oktavilia, S. (2020). Does the Covid-19 Pandemic Affect the Stock Market in Indonesia? Jurnal Ilmu Sosial dan Ilmu Politik, 24(1).
Setiawan, S. A. (2020). Impact of Inflation on Stock Market Performance in Pakistan. The Indonesian Journal of Development Planning, IV(1).
Spence, M. (1973). Job Market Signaling. Quarterly Journal of Economics, 87(3), 355-374.
Suhadak, S., & Suciany, A. D. (2021). Brief Technical Note: The Influence of Exchange Rates on Inflation, Interest Rates and the Composite Stock Price Index: Indonesia 2015 - 2018 Australasian Accounting, Business and Finance Journal, 14(1).
Sukamto, S. W. (2016). Pengaruh Inflasi, Suku Bunga, Dan Nilai Tukar Rupiah Terhadap Indeks Harga Saham Gabungan (IHSG) Di Bursa Efek Indonesia. Manajemen Bisnis, 6(2).
Thobarry, A. A. (2009). Analisis pengaruh nilai tukar, suku bunga, laju inflasi dan pertumbuhan gdp terhadap indeks harga saham sektor properti (kajian empiris pada Bursa Efek Indonesia periode pengamatan tahun 2000-2008 ). (Pasca Sarjana), Universitas Diponegoro, Semarang
Thomas, V. F. (2020). Bagaimana Pandemi COVID-19 Mengganggu Pola Inflasi Indonesia 2020, Tirto.id. Retrieved from https://tirto.id/fVqL
Umi, M., & Ayi, R. (2017). Analisis Pengaruh Nilai Tukar, Tingkat Suku Bunga Dan Inflasi Terhadap Indeks Harga Saham Studi Kasus Pada Perusahaan Properti yang Terdaftar di Bursa Efek Indonesia. JRMSI - Jurnal Riset Manajemen Sains Indonesia, 4(1).
Zulfa, A., & Tan, J. (2009). Analisis Pengaruh Inflasi Dan Bunga Sbi Terhadap IHSG di BEI. Journal Dinamika Ekonomi & Bisnis, 6(2).
Alam, M., & Uddin, G. S. (2009). Relationship between Interest Rate and Stock Price: Empirical Evidence from Developed and Developing Countries. International Journal of Business and Management Tomorrow, 4(3).
Amin, M. Z., & Herawati, u. D. (2012). Pengaruh Tingkat Inflasi, Suku Bunga Sbi, Nilai Kurs Dollar (USD/IDR), Dan Indeks Dow Jones (DJIA) Terhadap Pergerakan Indeks Harga Saham Gabungan Di Bursa Efek Indonesia (BEI) (Periode 2008-2011). Jurnal Ilmiah Mahasiswa Fakultas Ekonomi dan Bisnis, 1(1).
Amtiran, P. Y., Indiastuti, R., Nidar, S. R., & Masyita, D. (2017). Macroeconomic Factors And Stock Returns In APT Framework. International Journal of Economics and Management Sciences, 11(1).
Arifin, T. M. (2014). Pengaruh Inflasi, Suku Bunga Sbi, Perubahan Kurs, Dan Standard & Poor’s 500 Terhadap Indeks Harga Saham Gabungan (Ihsg). UNY, Yogyakarta.
Atmoko, C. (2020). IHSG melemah, pasar khawatir dampak COVID-19 terhadap ekonomi global. Antaranews. Retrieved from https://www.antaranews.com/berita/1410058/ihsg-melemah-pasar-khawatir-dampak-covid-19-terhadap-ekonomi-global
Bissoon, R., Seetanah, B., Babajee, R. B., Ramdhany, N. G., & Seetah, K. (2016). Monetary Policy Impact on Stock Return: Evidence from Growing Stock Markets. Theoretical Economics Letters, 6(5), 1186-1195.
Brigham, E. F., & Houston, J. F. (2001). Manajemen Keuangan (Vol. 2). Jakarta:: Erlangga.
Eldomiaty, T., Saeed, Y., Hammam, R., & AboulSoud, S. (2020). The associations between stock prices, inflation rates, interest rates are still persistent. Empirical evidence from stock duration model. Journal of Economics, Finance and Administrative Science, 25(49).
Fama, E. F. (1981). Stock Returns, Real Activity, Inflation, and Money. The American Economic Review, 71(4), 545-565.
Geetha, C., Mohidin, R., Chandran, V. V., & Chong, V. (2011). The Relationship Between Inflation And Stock Market: Evidence From Malaysia, United States And China. International Journal of Economics and Management Sciences, 1(2).
Gursida, H. (2018). The Influence Of Inflation Rate, Interest Rate, And Money Supply On Share Price LQ45. Sinergi : Jurnal Ilmiah Ilmu Manajemen, 8(1).
Hong, H., Bian, Z., & Lee, C.-C. (2021). COVID-19 and instability of stock market performance: evidence from the U.S. Financial Innovation, 7(1), 12. doi: 10.1186/s40854-021-00229-1
Jefry, & Djazuli, A. (2020). The Effect of Inflation, Interest Rates and Exchange Rates on Stock Prices of Manufacturing Companies in Basic and Chemical Industrial Sectors on the Indonesia Stock Exchange (IDX). International Journal of Business, Management & Economics Research, 1(1).
Junaedi, D., & Salistia, F. (2020). Dampak Pandemi Covid-19 terhadap Pasar Modal di Indonesia Studi Kasus Indeks Saham Komposit (IHSG). Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 2(2).
Kaur, M. (2017). An Impact Of Inflation And Exchange Rate On Stock Returns: Evidence From India. Scholarly Research Journal for Interdisciplinary Studies, 4(37).
Khalwaty, T. (2000). Inflasi dan Solusinya. Jakarta: Gramedia Pustaka Utama.
Khan, K., Zhao, H., Zhang, H., Yang, H., Shah, M. H., & Jahanger, A. (2020). The Impact of COVID-19 Pandemic on Stock Markets: An Empirical Analysis of World Major Stock Indices. The Journal of Asian Finance, Economics and Business, 7(7).
Krisna, A. A. G. A. (2013). Pengaruh Inflasi, Nilai Tukar Rupiah, Suku Bunga SBI Pada Indeks Harga Saham Gabungan Di BEI. E-Jurnal Akuntansi, 3(2), 421-435.
Krisna, A. A. G. A., & Wirawati, N. G. P. (2013). Pengaruh Inflasi, Nilai Tukar Rupiah, Suku Bunga Sbi Pada Indeks Harga Saham Gabungan Di BEI. E-Jurnal Akuntansi, 3(2), 421-435.
Panda, C. (2008). Do Interest Rates Matter for Stock Markets? Economic and Political Weekly, 43(17), 107-115.
Puspitasari, I. (2019, 30/12/2019). Siap-siap January Effect, Ini Saham yang Bisa Diperhatikan, Kompas. Retrieved from https://money.kompas.com/read/2019/12/30/071000226/siap-siap-january-effect-ini-saham-yang-bisa-diperhatikan?page=all
Rahmayani, D., & Oktavilia, S. (2020). Does the Covid-19 Pandemic Affect the Stock Market in Indonesia? Jurnal Ilmu Sosial dan Ilmu Politik, 24(1).
Setiawan, S. A. (2020). Impact of Inflation on Stock Market Performance in Pakistan. The Indonesian Journal of Development Planning, IV(1).
Spence, M. (1973). Job Market Signaling. Quarterly Journal of Economics, 87(3), 355-374.
Suhadak, S., & Suciany, A. D. (2021). Brief Technical Note: The Influence of Exchange Rates on Inflation, Interest Rates and the Composite Stock Price Index: Indonesia 2015 - 2018 Australasian Accounting, Business and Finance Journal, 14(1).
Sukamto, S. W. (2016). Pengaruh Inflasi, Suku Bunga, Dan Nilai Tukar Rupiah Terhadap Indeks Harga Saham Gabungan (IHSG) Di Bursa Efek Indonesia. Manajemen Bisnis, 6(2).
Thobarry, A. A. (2009). Analisis pengaruh nilai tukar, suku bunga, laju inflasi dan pertumbuhan gdp terhadap indeks harga saham sektor properti (kajian empiris pada Bursa Efek Indonesia periode pengamatan tahun 2000-2008 ). (Pasca Sarjana), Universitas Diponegoro, Semarang
Thomas, V. F. (2020). Bagaimana Pandemi COVID-19 Mengganggu Pola Inflasi Indonesia 2020, Tirto.id. Retrieved from https://tirto.id/fVqL
Umi, M., & Ayi, R. (2017). Analisis Pengaruh Nilai Tukar, Tingkat Suku Bunga Dan Inflasi Terhadap Indeks Harga Saham Studi Kasus Pada Perusahaan Properti yang Terdaftar di Bursa Efek Indonesia. JRMSI - Jurnal Riset Manajemen Sains Indonesia, 4(1).
Zulfa, A., & Tan, J. (2009). Analisis Pengaruh Inflasi Dan Bunga Sbi Terhadap IHSG di BEI. Journal Dinamika Ekonomi & Bisnis, 6(2).