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All Journal Jurnal Bisnis dan Manajemen Jurnal Administrasi Bisnis EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Jurnal Kajian Akuntansi Journal of Economic, Bussines and Accounting (COSTING) JURNAL LENTERA BISNIS Jurnal Inovasi Masyarakat Jurnal Akuntansi dan Keuangan Jurnal Inspirasi Binsis dan Manajemen Inkubis: Jurnal Ekonomi dan Bisnis International Journal of Management, Entrepreneurship, Social Science and Humanities (IJMESH) PERMANA : Jurnal Perpajakan, Manajemen, dan Akuntansi Moneta : Journal of Economics and Finance
Esi Fitriani Komara
Universitas Jenderal Achmad Yani
Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Energy Industrial & Manufacturing Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Market Reaction to Information Signals: Evidence from the Indonesian Stock Market Esi Fitriani Komara; Intan Permata Dewi
Inkubis : Jurnal Ekonomi dan Bisnis Vol. 8 No. 2 (2026): INKUBIS Jurnal Ekonomi Dan Bisnis
Publisher : Politeknik Siber Cerdika Internasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59261/inkubis.v8i2.212

Abstract

Background: The capital market is involved in the allocation of funds and the reflection of economic information. However, in emerging markets such as Indonesia, responses to macroeconomic signals are not consistently observed due to information asymmetry, investor heterogeneity, and high economic uncertainty. Objective: This study aims to analyze the impact of interest rates, inflation, and exchange rates on market returns and to describe the response to macroeconomic signals in the Indonesian stock market. Methods: This study uses monthly time-series data from the Indonesia Stock Exchange, Bank Indonesia, and the Central Statistics Agency from 2016 to 2025. Multiple linear regression analysis is used to examine the relationships among the variables. Results: Results show that exchange rates have a negative and significant impact on market returns, while interest rates and inflation have no significant impact on market returns. These findings suggest that external macroeconomic factors, especially currency fluctuations, have a greater impact on stock market reactions than domestic financial variables. Conclusion: This study concludes that among the three macroeconomic information signals analyzed, exchange rates have the most dominant and statistically significant impact on market returns in Indonesia. These findings highlight that market responses in emerging markets are context-dependent and shaped by prevailing macroeconomic conditions and investor risk perceptions.
Do Macroeconomic Factors Matter for Indonesia’s Stock Market? Evidence from the Jakarta Composite Index Anisa Eka Fitria; Esi Fitriani Komara
International Journal of Management, Entrepreneurship, Social Science and Humanities Vol. 10 No. 1 (2026): July - December Volume
Publisher : Research Synergy Foundation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31098/ijmesh.v10i1.4142

Abstract

The Jakarta Composite Index (JCI) is an important indicator of Indonesia’s capital market performance and is sensitive to domestic and global macroeconomic changes. This study analyzes the effects of the BI Rate, Fed Rate, Rupiah exchange rate, inflation, and Gross Domestic Product (GDP) on the JCI during 2020–2024, covering the COVID-19 crisis and post-pandemic recovery. Using a quantitative explanatory approach, this study employs 60 monthly time-series observations collected from Bank Indonesia, the Federal Reserve, Statistics Indonesia, and the Indonesia Stock Exchange. All variables are modeled in their original observed levels to capture direct macroeconomic transmission to stock market performance. Multiple linear regression is used to test both partial and simultaneous effects. The results show that the Rupiah exchange rate has a significant negative effect on the JCI, while GDP has a significant positive effect. In contrast, the BI Rate, Fed Rate, and inflation do not show significant partial effects. Simultaneously, all variables jointly affect the JCI, with an adjusted R² of 47.9%. These findings indicate that during crisis and recovery periods, the Indonesian stock market responds more strongly to exchange rate stability and economic growth than to short-term monetary policy movements.
Pengaruh Roa, Sales Growth, dan Current Ratio terhadap Financial Distress dengan Firm Size sebagai Pemoderasi: Pendekatan Regresi Data Panel Wike Oktavia; Esi Fitriani Komara
AKUA: Jurnal Akuntansi dan Keuangan Vol. 4 No. 4 (2025): Oktober 2025
Publisher : Yayasan Pendidikan Penelitian Pengabdian Algero

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54259/akua.v4i4.5420

Abstract

The main focus of this research is to identify and analyze the effects of ROA, sales growth, and current ratio on financial distress, as well as the role of firm size as a moderator. The analysis was conducted on business entities classified under the apparel and luxury goods subsector from 2019 to 2023, with the requirement that they be listed on the Indonesia Stock Exchange (IDX). This study employed quantitative methods, including descriptive analysis and associative relationships, with data obtained through documentation techniques by accessing information from the IDX's official website at www.idx.co.id. This research adopted panel data regression techniques with interaction testing using moderated regression analysis (MRA) assisted by EViews 12 software. A total of 12 companies were selected as sample units in this study, with 60 observations obtained through the application of purposive sampling techniques. Empirical findings reveal that ROA and current ratio can influence financial distress with a negative relationship, but sales growth has no impact. The three independent variables simultaneously contribute to financial distress. Meanwhile, firm size only reinforces the effect of return on assets on financial distress but fails to act as a moderator in the relationship between sales growth or current ratio to financial distress.
Firm Value in The SRI-KEHATI Index : Audit Committees, Independent Commissioners, Corporate Social Responsibility, Investment Opportunity Set, and Firm Size Aulia Wilianti; Esi Fitriani Komara
Moneta : Journal of Economics and Finance Vol. 4 No. 3 (2026): July 2026
Publisher : Indonesian Scientific Publication

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61978/moneta.v4i3.1365

Abstract

Among the companies included in the SRI-KEHATI index, this study looks at the impact of audit committees, independent boards of commissioners, firm size, corporate social responsibility, investment opportunity sets, and firm value from 2020 to 2024. In this study, ten firms that were part of the SRI-KEHATI index from 2020 to 2024 are examined. Secondary data is sourced from company and Indonesia Stock Exchange publications, including annual reports, sustainability reports, and financial reports. We employed panel-data regression with a Random-Effects Model and conducted Chow and Hausman tests to determine which model was the most reliable and appropriate for drawing conclusions. Using a random-effects panel regression, the number of audit committee members is negatively associated with Tobin’s Q. The proportions of independent commissioners, CSR disclosure, and IOS are not statistically significant. In contrast, firm size is positively associated with Tobin’s Q. These findings suggest that firm size demonstrates a stronger association with firm value than the CSR, IOS and corporate governance proxies used in this study. This study provides new evidence that, within sustainability-screened firms in the SRI-KEHATI Index, corporate governance and CSR mechanisms function more as baseline requirements than as value-enhancing signals, making firm size the dominant determinant of market-based firm value. The findings of this study should be useful for management, investors, and future research on the topic of sustainability-based corporate value.
Co-Authors Alfitaria Alfath Nuur Andri Irawan Anisa Eka Fitria Aulia Wilianti Eka Yulianti Ferikawita M. Sembiring Hariyadi Triwahyu Putra Ifan Wicaksana Siregar Intan Permata Dewi Jihan Nibras Salamah Muhammad Hanif Muhsinin Muhammad Hanif Muhsinin Rahardianto Rahardianto Risma Yulia Citra Rosmini Ramli Wike Oktavia