PURPOSE - This study analyzes the influence of macroeconomic variables and global stock indices on the IHSG during 2017–2023. The research is motivated by IHSG fluctuations amid changes in inflation, interest rates, exchange rates, and global market dynamics, reflecting investor responses to both domestic and international economic conditions. Prior studies have produced inconsistent results, highlighting the need for further investigation.

METHODOLOGY - This research applies a quantitative approach using secondary monthly data from January 2017 to December 2023, totaling 84 observations. The independent variables consist of inflation, interest rates, exchange rates, the Hang Seng Index, and the Nikkei 225 Index, while the IHSG serves as the dependent variable. Data analysis includes classical assumption tests, multiple linear regression, model feasibility testing, and partial hypothesis testing using the t-test.

FINDING - The findings reveal that inflation and the Nikkei 225 Index have a positive and significant effect on the IHSG, whereas the exchange rate has a negative and significant impact. Interest rates and the Hang Seng Index show positive and negative relationships, respectively, but are not statistically significant. These results suggest that domestic price stability and Japan’s economic conditions significantly influence the Indonesian stock market, while exchange rate volatility tends to weaken IHSG performance

Journal Article

Anggraeni, S. (2022). Pengaruh tingkat inflasi, nilai tukar rupiah dan harga minyak dunia terhadap IHSG di BEI periode 2019–2021.

Mahirun, M. (2024). Determinants of Indonesia composite index, 18(4).

Melyani, I., & Esra, M. A. (2021). Pengaruh inflasi, suku bunga, dan nilai tukar terhadap indeks harga saham gabungan periode 2016–2018.

Slaihin, A. (2021). Pengaruh pasar saham global dan variabel makroekonomi terhadap pasar saham Indonesia

Journal Article with DOI (Digital Object Identifier)

Gojali, D. I., Juniwati, E. H., & Pratiwi, L. N. (2021). Pengaruh jumlah uang beredar arti sempit (M1), BI rate, inflasi, dan kurs terhadap IHSG di Bursa Efek Indonesia. Indonesian Journal of Economics and Management, 1(3), 561–577. https://doi.org/10.35313/ijem.v1i3.3019

Hasnawi, M. I., Eka, A. P. B., Nafiah, Z., Dulame, I. M., & Tahirs, J. P. (2023). Analisis pengaruh kurs rupiah dan tingkat inflasi terhadap indeks harga saham gabungan: Literature review manajemen keuangan. Journal of Economic, Business and Accounting (COSTING), 7(1), 2488–2494. https://doi.org/10.31539/costing.v7i1.6111

Iman, S., Mawardi, I., & Sarker, M. A. R. (2020). Analysis of international index on Indonesian sharia stock index. Journal of Islamic Economics and Business, 6(1), 60–75. https://doi.org/10.20473/jebis.v6i1.10961

Kananda, H. B., Komalasari, A., & Tubarad, C. P. T. (2020). Analisis pengaruh leverage, profitabilitas, suku bunga, jumlah uang beredar dan kurs terhadap IHSG. https://doi.org/10.23960/jak.v25i2.254

Monica, N. C., & Munandar, A. (2024). Moderasi pandemi COVID-19 pada pengaruh inflasi, kurs dan suku bunga terhadap IHSG. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 8(1), 957–973. https://doi.org/10.31955/mea.v8i1.3289

Satoto, E. B. (2024). Determinants Of Mining Company Value Level In Indonesia Stock Exchange. Jurnal Manajemen, 28(01), 107–130.

Setiawan, K., & Mulyani, E. (2020). Pengaruh perubahan nilai tukar rupiah, tingkat inflasi, dan indeks bursa internasional terhadap IHSG di Bursa Efek Indonesia. Jurnal Ecogen, 3(1), 7–18. https://doi.org/10.24036/jmpe.v3i1.8482

Setyawan, I. R., Rorlen, & Ekadjaja, M. (2021). Kointegrasi Bursa Efek Indonesia dengan bursa efek. Jurnal Muara Ilmu Ekonomi dan Bisnis, 5(2), 335–347.

Waryati, S. Y., & Solaiman, A. (2022). Pengaruh lingkungan makroekonomi terhadap indeks harga saham gabungan di Bursa Efek Indonesia. Coopetition: Jurnal Ilmiah Manajemen, 13(2), 299–308.

Journal Article without DOI

Darmawan, I., Siregar, H., Hakim, D. B., & Manurung, A. H. (2020). The effect of crude oil price shocks on Indonesia stock market performance.

Darmawan, S., & Haq, M. S. S. (2022). Analisis pengaruh makroekonomi, indeks saham global, harga emas dunia dan harga minyak dunia terhadap indeks harga saham gabungan (IHSG).

Khair, M., Yeni, F., & Wijaya, R. A. (2024). Pengaruh suku bunga, inflasi, dan nilai tukar rupiah terhadap IHSG dengan profitabilitas sebagai variabel moderasi. Jurnal Manajemen dan Keuangan, 13(1), 1–20.