Impact of Fluctuating BI 7-Day Reverse Repo Rate Movement on Jakarta Composite Index Value: Date-Regular Frequency Data
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Aug 26, 2024
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Abstract
A study was conducted to explore the impact of fluctuating BI 7-Day Reverse Repo Rate (BI7DRR) movements on the value of Jakarta Composite Index (JCI) in the Indonesian capital market using statistical techniques, focusing on understanding existing knowledge gaps. Through experiments using Date-Regular Frequency data type in linear regression analysis for the period of January 2023 (2023M01) to December 2023 (2023M12). The data has passed the normality, heteroscedasticity, and autocorrelation tests, this study showed that there's a pretty big impact of BI7DRR on JCI, especially when it comes to the fluctuating movement. The results of the analysis show that the volatile movement of BI7DRR has a measurable impact on the value of JCI, reinforced and supported by the results of previous studies whose results can strengthen the findings with a positive constant regression coefficient and supportive hypothesis test results. The results obtained are expected to provide valuable insights for investors, market analysts, and especially policy makers on how the fluctuating movement of BI7DRR can affect the dynamics of the stock market in Indonesia, especially the value of JCI in order to maintain a sustainable economy.
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References
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Djamaluddin, S., Ardoni, R., & Herawati, A. (2020). THE IMPACT OF MACRO FACTORS ON COMPOSITE STOCK PRICE INDEX (CSPI) IN INDONESIA STOCK EXCHANGE (IDX) PERIOD 2014-2018. … of Economics, Finance & …. https://dinastipub.org/DIJEFA/article/view/205
Dwi Suciany, A. (2020). 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 Special Issue), 105–120. https://doi.org/10.14453/aabfj.v14i1.11
Faudina, N. A., & Sriyono, S. (2023). Exchange Rates, Interest Rates (BI Rate), World Gold Prices, and the Dow Jones Index to the Composite Stock Price Index (JCI). Indonesian Journal of Innovation Studies. https://ijins.umsida.ac.id/index.php/ijins/article/view/769
Huda, M., Afif, M., Lesmana, M., & ... (2023). The Determinants of the Net Asset Value of Sharia Mutual Funds in Indonesia. Proceedings of …. https://ejournal.unida.gontor.ac.id/index.php/FICCOMSS/article/view/10887
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Kurani, R., Mas’ud, M., & Hamid, S. (2023). Pengaruh Suku Bunga, Nilai Tukar, Dan Kebijakan Dividen Terhadap Return Saham Pada Perusahaan Yang Terdaftar Di Jakarta Islamic Index (JII). Innovative: Journal Of Social …. http://j-innovative.org/index.php/Innovative/article/view/3696
Puspitasari, O. R., Mahreza, M. F., & ... (2023). Determinants of Macroeconomic Factors on the Performance of Money Market Sharia Mutual Funds in 2018-2022. Journal of Islamic …. https://ejournal.unida.gontor.ac.id/index.php/JIEP/article/view/10546
Rahmadonna, D. A., & Astuti, T. D. (2023). Pengaruh EPS, Suku Bunga, Tingkat Inflasi Terhadap Harga Saham Perusahaan Perbankan di BEI. Ekonomi, Keuangan, Investasi …. http://ejurnal.seminar-id.com/index.php/ekuitas/article/view/4476
Restuti, D. P., & Cahya, B. T. (2023). Analisis Return Reksa Dana Syariah Berdasarkan Domestic Macroeconomics dan Foreign Macroeconomics. Jurnal Manajemen Dan Keuangan. https://www.ejurnalunsam.id/index.php/jmk/article/view/6066
Sasono, H., & Said, N. (2023). Analisis Pengaruh Variabel Makro Terhadap IHSG di Indonesia Periode 2010 Sampai 2021. Lokawati: Jurnal Penelitian Manajemen Dan …. https://journal.arimbi.or.id/index.php/Lokawati/article/view/124
Sasono, H., & Syukri, A. (2023). Analisis Variabel Makro yang Mempengaruhi IHSG. Maisyatuna. https://journal.staidenpasar.ac.id/index.php/mt/article/view/201
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach. john wiley & sons.
Siregar, R. P., Tanjung, A. A., & Syafii, M. S. (2023). Analysis of monetary policy mechanism in Indonesia through interest rate channels on the stock market. Jurnal Mantik. https://www.ejournal.iocscience.org/index.php/mantik/article/view/4066
Sudjono, S. (2023). The Effect of Interest Rate, Exchange Rate, Amount of Money Supply, World Oil Price and Singapore Stock Index on the Jakarta Composite Index for August 2016 …. International Journal of Innovative …. https://repository.mercubuana.ac.id/86221/
Sugiyono, S. (2013). Metode Penelitian Kualitatif . bandung: Alfabeta. Google Scholar Alfabeta.
Tindaon, A., Rotinsulu, T. O., & ... (2023). The Influence of Deposit Interest Rates, BI 7 Day Reverse Repo Rate and Inflation on the Composite Stock Price Index in BEI during the 2020-2022 Pandemic. Formosa Journal of …. https://journal.formosapublisher.org/index.php/fjas/article/view/7100
Tripuspitorini, F. A., Setiawan, S., & ... (2023). Sharia Stocks in Times of Crisis: A Study on the Influence of Macroeconomic Factors during the Covid-19 Pandemic. In Indonesian Journal of …. jurnal.polban.ac.id. https://jurnal.polban.ac.id/ojs-3.1.2/ijem/article/download/5662/3479
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Widyanti, L., & Hidayati, A. N. (2023). THE INFLUENCE OF MACROECONOMIC VARIABLES ON THE INDONESIAN SHARIA STOCK INDEX PERIOD 2018–2022. I-Finance: A …. https://openrecruitment.radenfatah.ac.id/index.php/I-Finance/article/view/19404
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