Journal orientasi bisnis dan entrepeneurship
Vol 4, No 1 (2023): JUNI 2023

The Effect of Macroeconomic Indicators, Crude Oil Prices, and the Dow Jones Index on the Jakarta Composite Index

Perdana Wahyu Santosa (Program Master of Management YARSI University (Scopus ID: 54685033300))
Salsabila Roselli (Program Master of Management YARSI University)

Article Info

Publish Date
28 Jun 2023


This research aims to analyze the influence of macroeconomic factors, such as  Exchange Rate, BI Rate, Inflation, Gross Domestic Product, Crude Oil Price, and Dow Jones Industrial Average Index (DJIA) on the Jakarta Composite Index (JCI) for the 2014-2018 period. The analytical method used is the Error Correction Model (ECM) with a significant level of 5% with E-views 10 software. The results of partial research show that in the short and long term, the Exchange Rate and Oil Price significantly negatively affect the JCI and BI Rate in the short term and have a significant negative relationship with the JCI, inflation, and Gross Domestic Product a negative and insignificant relationship with the JCI and the Dow Jones Index in the short and long term has a significant positive relationship with the JCI. The simultaneous research results show that the Exchange Rate, BI Rate, Inflation, Gross Domestic Product, Oil Price, and the DJIA simultaneously significantly influence the dependent variable, namely JCI. According to the Islamic review, activities related to Exchange Rate, BI Rate, Inflation, GDP, Crude Oil Prices, the Dow Jones Index, and the JCI are allowed. However, they must comply with Islamic law and regulations.

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Journal Info





Economics, Econometrics & Finance Other


JOBS adalah Jurnal Orientasi Bisnis dan Entrepreneurship secara periodik yaitu dua kali setahun pada bulan Februari dan Agustus oleh Fakultas Ekonomi dan Bisnis Universitas YARSI. JOBS memuat hasil riset baik berupa penelitian terapan, konsep, ataupun deskriptif. Artikel yang dimuat merupakan hasil ...