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All Journal Didaktik : Jurnal Ilmiah PGSD STKIP Subang Journal of Accounting Management Business and International Research
Gustina Natalia Togatorop
Universitas Negeri Medan
Economics, Econometrics & Finance Education

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ANALISIS HUBUNGAN PERGERAKAN IHSG TERHADAP HARGA SAHAM PERUSAHAAN LQ45 DI BURSA EFEK INDONESIA TAHUN 2015–2024 Gustina Natalia Togatorop; Erdiana Br Manik; Tria Indah Syahrani Lubis; Putri Kemala Dewi Lubis
Didaktik : Jurnal Ilmiah PGSD STKIP Subang Vol. 12 No. 02 (2026): Volume 12 No. 2, Juni 2026 Publish
Publisher : STKIP Subang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36989/didaktik.v12i02.14652

Abstract

This study aims to analyze the relationship between the movement of the Jakarta Composite Index (JCI) and the stock prices of LQ45 constituent companies on the Indonesia Stock Exchange during the 2015–2024 period. A quantitative associative approach was employed using panel data regression on 20 firms selected through purposive sampling based on their consistent inclusion in the LQ45 index for at least seven years. The data comprised monthly closing prices of the JCI and individual stock returns, with the BI-7DRR interest rate and IDR/USD exchange rate as control variables, yielding 3,380 panel observations. Analyses included Pearson correlation, Common Effect Model (CEM) estimation, and per-company beta coefficients. Aggregately, no significant relationship was found between JCI returns and LQ45 stock returns (r = 0.029; p = 0.096; F = 0.924; p = 0.428), leading to acceptance of the null hypothesis. However, per-company analysis revealed that banking stocks BBRI, BMRI, BBCA, and BBNI exhibited significant positive correlations (r = 0.267–0.312) with beta coefficients above 1.0 (1.187–1.421), whereas energy stocks such as ADRO and PTBA showed the weakest, non-significant correlations. The interest rate and exchange rate control variables had no direct significant effect. The findings indicate that the JCI–LQ45 relationship is sector-specific; investors may leverage the high-beta characteristics of banking stocks for momentum strategies in bullish phases and the low-beta nature of energy stocks for defensive positioning in bearish markets.
Dampak Fluktuasi Harga Internasional terhadap Ekspor Minyak Sawit Indonesia Dhea Yurike Silaban; Gustina Natalia Togatorop; May Sartika; Dilli Salsa Fira; Dwi Susanti
Journal Of Accounting Management Business And International Research Vol. 5 No. 1 (2026): April 2026
Publisher : CV. Rayyan Dwi Bharata

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.57235/jambuair.v5i1.7310

Abstract

Penelitian ini menganalisis dampak fluktuasi harga internasional terhadap ekspor minyak sawit Indonesia dengan menggunakan data panel dari sepuluh negara tujuan utama periode 2014–2023. Metode analisis Fixed Effect Model (FEM) diterapkan untuk mengestimasi pengaruh harga internasional CPO, nilai tukar Rupiah/USD, dan PDB negara tujuan terhadap volume ekspor. Hasil penelitian menunjukkan bahwa harga internasional CPO berpengaruh negatif dan signifikan terhadap volume ekspor, di mana kenaikan harga justru menurunkan ekspor. Demikian pula, depresiasi nilai tukar Rupiah (peningkatan Kurs USD/IDR) berpengaruh negatif signifikan, bertentangan dengan ekspektasi teoritis, diduga akibat ketergantungan impor input produksi. Sementara itu, PDB negara tujuan berpengaruh positif signifikan, mencerminkan peran permintaan global. Penelitian ini menyimpulkan bahwa diperlukan pendekatan kebijakan holistik, termasuk stabilisasi pendapatan, pengurangan ketergantungan impor input, dan penguatan hubungan dagang dengan negara berpertumbuhan tinggi, untuk meningkatkan ketahanan ekspor minyak sawit Indonesia terhadap volatilitas global.
Co-Authors Dhea Yurike Silaban Dilli Salsa Fira Dwi Susanti Erdiana Br Manik May Sartika Putri Kemala Dewi Lubis Tria Indah Syahrani Lubis