THE INFLUENCE OF MACROECONOMIC AND GLOBAL FACTORS ON THE COMPOSITE STOCK PRICE INDEX (CSPI) IN INDONESIA STOCK EXCHANGE (IDX) FOR THE PERIOD 2013-2017

Abstract

The Composite Stock Price Index (CSPI) is an index used by investors as a
reference in looking at the development conditions of the capital market in Indonesia.
This research aims to explain the effect of macroeconomic factors (Gross Domestic
Product, SBI interest rate, RER, Money Supply) and Global (World Oil Prices) on the
Composite Stock Price Index (CSPI) in the Indonesia Stock Exchange for the period
2013-2017. The sample used in this research is a saturated sample where all members
of the population are sampled. The analytical method used in this research is multiple
linear regression analysis with the help of the SPSS program to explain the impact
of independent variables on the dependent variable. The research used quarterly data
from 2013-2017 for each research variable. The results of the research show that all
independent variables simultaneously have a significant effect on CSPI. Partially, RER
has a significant negative effect on the CSPI, Gross Domestic Product and the Amount
of Money Supply has a negative not significant effect on the CSPI. SBI interest rates and
World Oil Prices have a positive not significant effect on the CSPI.