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All Journal Agrointek International Journal of Multidisciplinary Research and Literature (IJOMRAL) Journal of Social And Economics Research International Journal of Science and Environment
Sianipar, Makmur
Universitas Tama Jagakarsa, Jakarta Selatan, Indonesia
Agriculture, Biological Sciences & Forestry Humanities Biochemistry, Genetics & Molecular Biology Chemical Engineering, Chemistry & Bioengineering Chemistry Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Mathematics Physics Social Sciences Other

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PENERAPAN INTREPRETATIVE STRUCTURAL MODELING(ISM) DALAM PENENTUAN ELEMEN PELAKU DALAM PENGEMBANGAN KELEMBAGAAN SISTEM BAGI HASIL PETANI KOPI DAN AGROINDUSTRI KOPI Makmur Sianipar
AGROINTEK Vol 6, No 1 (2012)
Publisher : Agroindustrial Technology, University of Trunojoyo Madura

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21107/agrointek.v6i1.1948

Abstract

Coffee farmer and agroindustry facebankcruptcy riskif they operate separately. This research aim to designa key actor in profit sharing institutional development. There are ten actor in coffee value chain resulted by Interpretative Structural Modelling (ISM)methode, consisted of facilitator, coffee agroindustry, local government, intermediary, financial institution, farmer organization, RD,central government, eksportir and coffee farmer
THEORETICAL MODEL EVALUATION OF STOCK PRICE AND EXCHANGE RATE RELATIONSHIPS IN BRICS COUNTRIES Sianipar, Makmur; Indrayono, Yohanes; Sasongko, Hendro
International Journal of Multidisciplinary Research and Literature Vol. 4 No. 4 (2025): INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY RESEARCH AND LITERATURE
Publisher : Yayasan Education and Social Center

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53067/ijomral.v4i4.354

Abstract

This study investigates the theoretical and empirical relationships between stock prices and exchange rates within the BRICS countries (Brazil, Russia, India, China, South Africa, and Indonesia), particularly focusing on Indonesia following its official inclusion in BRICS on January 6, 2025. Using a daily time series dataset from June 2023 to May 2025, this research applies the Granger Causality Test to evaluate the direction of causality between capital and foreign exchange markets. The study is grounded in four major theoretical frameworks: flow-oriented, stock-oriented, portfolio balance, and asset market models. The analysis reveals a heterogeneous structure of interdependence across BRICS countries, encompassing both unidirectional and bidirectional causalities. Notably, Indonesia’s capital market (JSX) demonstrates predictive influence over the domestic exchange rate (IDR), supporting the stock-oriented hypothesis. Moreover, the South African Rand (ZAR) exhibits dominant influence across multiple BRICS markets, while China’s Yuan (CNY) significantly affects the South African stock index, confirming China’s pivotal economic role. The study also identifies feedback loops between several country pairs, indicating strong financial integration and information transmission. This research contributes to the literature by incorporating daily data analysis and exploring the impact of Indonesia’s BRICS membership, an area previously underexplored. It offers theoretical enrichment by mapping empirical findings onto established models and provides policy insights for enhancing macro-financial coordination and volatility risk management among BRICS nations.
Short-Run Relationships Between Indonesia’s Capital Market And BRICS Countries Using Granger Causality Makmur Sianipar; Yohanes Indrayono; Hendro Sasongko
International Journal of Science and Environment (IJSE) Vol. 5 No. 2 (2025): May 2025
Publisher : CV. Inara in Colaboration with www.stie-sampit.ac.id

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.51601/ijse.v5i2.117

Abstract

This study investigates the short-term causal relationships between Indonesia’s capital market and the stock markets of BRICS countries, Brazil, Russia, India, China, and South Africa, using the Granger Causality Test on daily data from June 2023 to May 2025. Following Indonesia’s formal membership in BRICS in January 2025, understanding these financial linkages becomes increasingly vital for portfolio diversification, risk management, and macroeconomic policy. The analysis reveals significant short-term causal interactions, particularly between the Jakarta Stock Exchange (JSX) and markets such as FTSEJSE (South Africa), BOVESPA (Brazil), MOEX (Russia), and SHANGHAI (China). South Africa emerges as a central transmitter of volatility, while Indonesia demonstrates both influence and sensitivity to BRICS markets. The findings highlight asymmetric integration within BRICS, indicating that while some markets exert predictive influence, others remain relatively independent in the short term. This research contributes to the literature by focusing on Indonesia’s strategic role post-membership and offering practical insights for investors and policymakers. Recommendations include enhancing real-time cross-country market surveillance and further research incorporating macroeconomic variables and nonlinear models to assess long-term integration. The study underlines the growing interdependence among emerging markets in an era of intensified globalization.
LONG-RUN AND SHORT-RUN DYNAMICS OF CRUDE PALM OIL (CPO), WORLD CRUDE OIL (WTI), AND COAL PRICES ON THE INDONESIAN COMPOSITE INDEX (IHSG) Siana Ria; Makmur Sianipar
Journal of Social and Economics Research Vol 8 No 2 (2026): JSER, December 2026
Publisher : Ikatan Dosen Menulis

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54783/jser.v8i2.1633

Abstract

This study analyzes the long-run and short-run dynamic relationships between Crude Palm Oil (CPO) prices, West Texas Intermediate (WTI) crude oil prices, and coal prices on the Indonesian Composite Index (IHSG). The researcher applies an explanatory quantitative design using weekly secondary time-series data from 2024 to 2026. The Autoregressive Distributed Lag (ARDL) Bounds Testing approach and Error Correction Model (ECM) process natural logarithm transformed data following unit root tests that confirm stationarity at first difference I(1). Bounds Testing results prove the existence of cointegration among variables at the 10 percent significance level. In the long run, CPO and WTI prices exert statistically significant negative impacts on the IHSG. Increases in CPO and WTI prices depress domestic stock market performance through higher operational cost transmissions and systematic risk sentiment accumulation. Conversely, coal prices demonstrate a positive but statistically insignificant effect on the IHSG due to sectoral offsetting mechanisms across listed firms. The Error Correction Term (ECT) coefficient of -0.075 confirms a relatively slow speed of adjustment at 7.54 percent per week toward long-run equilibrium. This empirical finding highlights weak-form market inefficiency within the Indonesia Stock Exchange in absorbing global commodity market shocks instantly. Capital market regulators and portfolio managers must actively monitor these commodity risk transmissions to formulate market stabilization policies and design adaptive investment portfolio diversification strategies.
Co-Authors Hendro Sasongko Hendro Sasongko Indrayono, Yohanes Siana Ria Yohanes Indrayono