The Effect of BI Rate, USD to IDR Exchange Rates, and Gold Price on Stock Returns Listed in The SRI KEHATI Index for The Period January to December 2018
Oktavian Yodha Utama (a*), Siti Puryandani (b)
STIE Bank BPD Jawa Tengah
Jalan Pemuda No.4A, Kauman, Kec. Semarang Tengah, Kota Semarang, Jawa Tengah 50139
Abstract
This study aims to determine the effect of BI rate, USD to IDR exchange rates, and gold price on stock returns listed in the SRI KEHATI Index for the period January to December 2018. Based on the type of data, this research is quantitative research. The population in this research is all companies listed in the Indonesia Stock Exchange. The sample is determined by using purposive sampling method with criteria such as companies that had entered to the SRI KEHATI index from January to December 2018, companies that entered to the SRI KEHATI index respectively from January to December 2018, companies that reported the 2018 monthly financial report, companies that were not suspended by the IDX during the study period so that obtained a sample of 23 companies with total data is 268. The data sources used in this study were obtained from the monthly statistics of the Indonesia Stock Exchange in 2018. The analysis tool in this study is the classic assumption test, multiple regression analysis, and hypothesis testing by using the SPSS program (Statistical Package for Social Science) 21. The results show that the BI rate has a significant positive effect on stock returns, the USD to IDR exchange rate has a significant negative effect on stock returns, and gold price does not have a significant effect on stock returns.
Keywords: Stock Returns, BI Rate, USD to IDR Exchange Rate, Gold Price, SRI KEHATI Index.
Topic: Economics