Authors :
Musdalifa; Haris Maupa; Andi Ratna Sari Dewi
Volume/Issue :
Volume 7 - 2022, Issue 12 - December
Google Scholar :
https://bit.ly/3IIfn9N
Scribd :
https://bit.ly/3jRB4NH
DOI :
https://doi.org/10.5281/zenodo.7511306
Abstract :
Composite Stock Price Index is one of the
factors that reflects the performance of the capital
market whether it is experiencing an increase (bullish)
or is experiencing a decline (barrish). If a country's
economic condition is good, then the JCI certainly shows
an increasing trend. However, if a country's economic
condition is in a downturn, it will also affect the JCI. In
2020, the JCI experienced a relatively sharp decline.
This happened due to the Covid-19 pandemic and the
reduction in economic activity and triggering the layoffs
of 3.05 million people as of June 2, 2020. The purpose of
this study was to analyze the effect of the Nikkei 225
Index, Hang Seng Index and the Shanghai Composite
Index on Composite Stock Price index on the Indonesia
Stock Exchange. Then to analyze the effect of the
exchange rate in moderating the relationship between
the Nikkei 225 index, the Hang Seng index, and the
Shanghai Composite Index to the composite stock price
index on the Indonesia Stock Exchange for the 2017-
2021 period. To achieve this goal, secondary data was
used which was obtained from the sites
www.investing.com and www.yahoo.finance.com. Data
analysis techniques using descriptive statistical analysis,
classic assumption test, and path analysis (path analysis).
The results of the study found that the Nikkei 225 index
had a positive and significant effect on the USD
exchange rate, the Hang Seng index had a negative and
significant effect on the USD exchange rate, and the
Shanghai index had a positive and significant effect on
the USD exchange rate. Then the Nikkei 225 index has a
positive and significant effect on the JCI, the Hang Seng
index has a negative and significant effect on the JCI,
and the Shanghai index has a positive and significant
effect on the JCI. Then the USD exchange rate has a
negative but significant effect on the JCI. Then from the
mediation test results it was found that the exchange
rate could mediate the effect of the Nikkei 225 index and
the Hangseng index, while the exchange rate could not
mediate the effect of the Shanghai index on the
composite stock price index on the Indonesia Stock
Exchange.
Keywords :
Composite Stock Price Index, Nikkei 225 Index, Hang Seng Index, Shanghai Composite Index, Moderating Variable.
Composite Stock Price Index is one of the
factors that reflects the performance of the capital
market whether it is experiencing an increase (bullish)
or is experiencing a decline (barrish). If a country's
economic condition is good, then the JCI certainly shows
an increasing trend. However, if a country's economic
condition is in a downturn, it will also affect the JCI. In
2020, the JCI experienced a relatively sharp decline.
This happened due to the Covid-19 pandemic and the
reduction in economic activity and triggering the layoffs
of 3.05 million people as of June 2, 2020. The purpose of
this study was to analyze the effect of the Nikkei 225
Index, Hang Seng Index and the Shanghai Composite
Index on Composite Stock Price index on the Indonesia
Stock Exchange. Then to analyze the effect of the
exchange rate in moderating the relationship between
the Nikkei 225 index, the Hang Seng index, and the
Shanghai Composite Index to the composite stock price
index on the Indonesia Stock Exchange for the 2017-
2021 period. To achieve this goal, secondary data was
used which was obtained from the sites
www.investing.com and www.yahoo.finance.com. Data
analysis techniques using descriptive statistical analysis,
classic assumption test, and path analysis (path analysis).
The results of the study found that the Nikkei 225 index
had a positive and significant effect on the USD
exchange rate, the Hang Seng index had a negative and
significant effect on the USD exchange rate, and the
Shanghai index had a positive and significant effect on
the USD exchange rate. Then the Nikkei 225 index has a
positive and significant effect on the JCI, the Hang Seng
index has a negative and significant effect on the JCI,
and the Shanghai index has a positive and significant
effect on the JCI. Then the USD exchange rate has a
negative but significant effect on the JCI. Then from the
mediation test results it was found that the exchange
rate could mediate the effect of the Nikkei 225 index and
the Hangseng index, while the exchange rate could not
mediate the effect of the Shanghai index on the
composite stock price index on the Indonesia Stock
Exchange.
Keywords :
Composite Stock Price Index, Nikkei 225 Index, Hang Seng Index, Shanghai Composite Index, Moderating Variable.
