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All Journal Jurnal Akuntansi dan Pajak Jurnal Kajian Akuntansi Journal of Economic, Bussines and Accounting (COSTING) Indonesian Journal of Business Analytics (IJBA) Asian Journal of Management Analytics INJURITY: Journal of Interdisciplinary Studies Jurnal Indonesia Sosial Teknologi Jurnal Ekonomi, Teknologi dan Bisnis IIJSE
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Universitas Swadaya Gunung Jati
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The Effect of Rate of Money Supply (M2), Interest Rates and Exchange Rates on the Composite Stock Price Index (JCI) Handreana Rheymanda Setiawan; Moh Yudi Mahadianto; Mardi Mardi
Asian Journal of Management Analytics Vol. 5 No. 3 (2026): July 2026
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ajma.v5i3.16562

Abstract

This study analyzes the influence of the Rate of Money Supply (M2), BI interest rates, and exchange rates on the Jakarta Composite Index (JCI) on the Indonesia Stock Exchange for the 2020–2024 period. Applying a descriptive quantitative approach through multiple linear regression analysis, this study processes secondary data in the form of 60 monthly observations obtained from the official websites of the Central Statistics Agency (BPS) and the Indonesia Stock Exchange (IDX). The results of the partial test (t-test) indicate that the rate of money supply (M2) and interest rates have a positive and significant effect on the JCI, indicating that increased economic liquidity can encourage investment activity in the capital market. In contrast, the Rupiah exchange rate has a negative and significant effect on the JCI, where exchange rate depreciation tends to suppress stock market performance.
Co-Authors Amelia Febrianti Ardelia Septi Fadhilah Deni Deni Gita Syafira Setiady Handreana Rheymanda Setiawan Irwan Sutirman Wahdiat Itah Miftahul Ulum Lili Triana Moh Yudi Mahadianto Nanda Diana Nisrina Qurrotul ’Aini Otto Fajarianto Putri Novia Rahmawati Rendi Herdiyanto Rina Destiana Shandrina Agustin Rahayu Wahyudi Pratama Yoga Aditya Yudi Aryanto