The Influence of Macroeconomic Variables on Indonesia’s Non-cyclical Sector Stock Price Index Post-COVID-19 Pandemic

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dc.creatorAlwindaru, Syarifudin Putra
dc.creatorLatifah, Afina
dc.creatorIlma, Aldenia Luthfian
dc.creatorNugroho, Rusdi Hidayat
dc.creatorRihidima, Lidya Veronica Christy
dc.date2025-01-30
dc.date.accessioned2025-11-26T13:09:01Z
dc.descriptionPurpose: This study aims to analyze the effect of macroeconomic variables, namely the exchange rate, inflation, Real Sales Index (RSI), and M2, on Indonesia's non-cyclical sector stock price index after the COVID-19 pandemic. Methodology: The study uses multiple linear regression to evaluate the partial and simultaneous effects of the study's selected variables on Indonesia's non-cyclical sector stock price index. Findings: The results show that the exchange rate, inflation, and RSI partially do not have a significant impact, but the M2 broad money supply variable has a significant effect on the stock price index of the non-cyclical sector. These four variables simultaneously significantly influence the non-cyclical sector's stock price index. Implications: The findings indicate that although some of the macroeconomic independent variables' influence on the stock price index of the non-cyclical sector tends to be weak, these variables together influence the movement of the stock price index. Originality: The study provides insights for investors and policymakers on the importance of considering macroeconomic dynamics in managing portfolios and maintaining the stability of the non-cyclical sector. Limitations and directions for future research: The study focuses only on the non-cyclical sector specific to a country, and the data is limited to the post-COVID-19 pandemic, from June 2023 to August 2024. Future research could explore incorporating additional relevant variables and broadening the scope to include a more diverse range of sectors and regions.en-US
dc.formatapplication/pdf
dc.identifierhttps://jafess.com/index.php/home/article/view/77
dc.identifier10.62458/jafess924
dc.identifier.urihttps://cam-ed-oar.com/handle/123456789/49
dc.languageeng
dc.publisherCamEd Business Schoolen-US
dc.relationhttps://jafess.com/index.php/home/article/view/77/61
dc.rightsCopyright (c) 2025 Syarifudin Putra Alwindaru, Syarifudin Putra Alwindaru, Afina Latifah, Aldenia Luthfian Ilma, Rusdi Hidayat Nugroho, Lidya Veronica Christy Rihidimaen-US
dc.rightshttps://creativecommons.org/licenses/by/4.0en-US
dc.sourceJournal of Accounting, Finance, Economics, and Social Sciences; Vol. 9 No. 2 (2024); 47-56en-US
dc.source2708-6178
dc.source2708-616X
dc.subjectExchange rateen-US
dc.subjectInflationen-US
dc.subjectReal Sales Indexen-US
dc.subjectM2 broad money supplyen-US
dc.subjectNon-cyclical sectoren-US
dc.titleThe Influence of Macroeconomic Variables on Indonesia’s Non-cyclical Sector Stock Price Index Post-COVID-19 Pandemicen-US
dc.typeinfo:eu-repo/semantics/article
dc.typeinfo:eu-repo/semantics/publishedVersion

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Journal of Accounting, Finance, Economics, and Social Sciences