PENGARUH VARIABEL MAKROEKONOMI SERTA KEUANGAN TERHADAP PASAR SAHAM DI ASEAN-5

Dhea Rahmadani Putri, Taufiq C. Dawood, Nashrillah Nashrillah, Muhammad Abrar, Rustam Effendi, Zia Thahira, Naswatun Zikra

Abstract


Abstract: This research was conducted with the aim of finding out the influence of government debt, development of the banking sector and foreign direct investment on the development of the stock market in ASEAN-5 in 1960-2022. The method used in this research is the ARDL (Auto Regressive Distributed Lag) panel using panel data. The results of this research show that in the short term all independent variables have no effect on the development of the stock market in ASEAN-5. In the long term, the results show that the government debt variable has a positive and significant relationship with the development of the stock market in ASEAN-5. Then the variables of banking sector development and foreign direct investment have a negative and significant relationship to stock market development in ASEAN-5. Based on the long-run estimation results, it can be concluded that government debt, development of the banking sector and direct foreign investment have a significant influence on the development of the stock market in ASEAN-5. Therefore, this condition requires the government and stakeholders to be able to create well-regulated and transparent regulations regarding government debt, banking sector development and foreign direct investment so that they tend to attract more foreign investors which of course can support growth stock market.


Keywords


Pasar Saham, Makroekonomi, Sektor Keuangan, Penanaman Modal Asing Langsung (FDI)

Full Text:

PDF

References


Dawood, T. C. (2018). Foreign Interest Rate , Monetary Policy and Bank Credit. Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi Dan Pembangunan, 19(2), 138–155. https://doi.org/10.23917/jep.v19i2.5244

Dawood, T. C., Alwi, A., Effendi, R., & Abrar, M. (2022). The Effect of the International Bank Lending Channel and Exchange Rate on Islamic Bank Credit: Empirical Findings from Indonesia. Industrial Engineering & Management Systems, 21(2), 168–182.

Fitriyanto, N., Ardiansyah, M., & Ghafur, M. (2021). Dinamika Hubungan Foreign Direct Investment (FDI), Makroekonomi dan Return Indeks Saham Syariah di Empat Negara Asean. An-Nisbah: Jurnal Ekonomi Syariah, 8(2), 322–365.

Ho, S. Y., & Iyke, B. N. (2017). Determinants of stock market development: a review of the literature. Studies in Economics and Finance. 34(1), 143–164.

Ho, S. Y., & Odhiambo, N. M. (2018). Analysing the macroeconomic drivers of stock market development in the Philippines. Cogent Economics & Finance. 6(1).

Kurniasih, E. P. (2020). Perkembangan investasi asing di negara ASEAN. In Seminar Akademik Tahunan Ilmu Ekonomi Dan Studi Pembangunan. 362–370.

Laloan, E. E. T., Nainggolan, N., & Hatidja, D. (2023). Penerapan Autoregressive Distributed Lag (ARDL) Dalam Memodelkan Pengaruh Lama Sekolah Dan Tingkat Pengangguran Terbuka Terhadap Kemiskinan di Kota Manado. D’Cartesian, 12(2), 35–40.

Machtra, C., Majid, M. S. A., & Dawood, T. C. (2023). Does Foreign Interest Rate Determine Islamic Stock Prices? Amwaluna : Jurnal Ekonomi Dan Keuangan Syariah, 7(1), 1–10.

Maulana, A., Dawood, T. C., & Zulham, T. (2021). Asymmetrical Exchange Rates Effect on Indonesia’s Trade Balance in Tourism. Jurnal Ekonomi Dan Kebijakan (JEJAK), 14(1), 102-122.

Murni, S. (2015). Analisis Faktor Makroekonomi Terhadap Kinerja Pasar Saham Di Beberapa Negara-Negara Asia. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 3(3).

Nurmalinda, F., & Dawood, T. C. (2022). The Effect OF Exchange Rate, Short-term Debt, Inflation, and FDI on Foreign Reserves in ASEAN-5 Countries. In Regional Economic Development, Information Technology, and Sustainable Business: Current Issues and Recent Challenges (pp. 173–188). Jejak Pustaka.

Syafril, K., & Dewi, A. S. (2021). ANALISIS KOINTEGRASI BURSA SAHAM CINA DAN BURSA SAHAM ASEAN 5. Jurnal Ilmiah Akuntansi Dan Keuangan, 4(3), 638–650.

Verazulianti, V., Dawood, T. C., & Zulham, T. (2021). How important are health and education in boosting sub-national economic growth?. Journal of Socioeconomics and Development, 4(1), 33-45.

Widjajanto, T., Sutrisno, S., & Anita, T. (2020). Analisis Pengaruh Foreign Direct Invesment (FDI), Suku Bunga dan Nilai Tukar Rupiah Terhadap Expor Total Indonesia. Sosio E-Kons, 12(02), 184–194.




DOI: https://doi.org/10.24815/ekapi.v11i2.43954

Article Metrics

Abstract view : 10 times
PDF - 11 times

Refbacks

  • There are currently no refbacks.


Copyright (c) 2025 Jurnal Ekonomi dan Kebijakan Publik Indonesia

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

LOGO JURNAL EKAPI

Creative Commons License

is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.