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All Journal Proceedings of Annual International Conference Syiah Kuala University - Social Sciences Chapter Jurnal Ilmiah Mahasiswa Ekonomi Pembangunan Jurnal Ekonomi dan Kebijakan Publik Indonesia Jurnal Bisnis Dan Kajian Strategi Manajemen International Journal of Educational Review, Law And Social Sciences (IJERLAS) International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Jurnal Pengabdian Bakti Akademisi
Cut Zakia Rizki
Universitas Syiah Kuala
Religion Humanities Economics, Econometrics & Finance Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Social Sciences Other

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THE EFFECT OF BI RATE, EXCHANGE RATE, AND WORLD OIL PRICES ON GREEN INVESTMENT IN INDONESIA Yulia Risma; Weri; Miksalmina; Talbani Farlian; Cut Zakia Rizki; Fakhruddin
International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS) Vol. 6 No. 4 (2026): August
Publisher : CV. Radja Publika

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Abstract

This study examines how monetary policy and external shocks influence green investment in Indonesia, proxied by the SRI-KEHATI Index. Drawing on the perspective of asset pricing theory, macroeconomic variables are treated as systematic factors affecting sustainable stock performance. Using monthly data from 2007-2024 and an ARDL approach, the results reveal distinct short-run and long-run dynamics. In the short run, higher interest rates and exchange rate depreciation significantly reduce green investment, while global oil prices initially exert a positive influence before turning negative in subsequent periods. In the long run, exchange rates and global oil prices have a positive and significant effect on green investment, whereas interest rates are not statistically significant. These findings indicate that green investment is more responsive to external factors than domestic monetary policy over longer horizons. This study contributes to the limited empirical evidence on green finance in emerging markets by jointly examining monetary and external determinants within a unified framework. The results highlight the importance of exchange rate stability and energy transition strategies in supporting the development of sustainable financial markets in Indonesia.
Co-Authors Adila Ghaida Rizha Al Amin Alfikranta Atanta Alifa Fitria Alwan Sara Andi Maulana Aris Maulana Armayanti Armayanti Asri Diana Azka Rizkina Azka Rizkina Cut Risya Varlitya Diana Sapha Faiz Muhammad Bariq Lubis Fakhruddin Fakhrurrazi Fakhrurrazi Fathur Rahman Ferayanti Ferayanti Fitrah Afandi ZT Fitriyani Fitriyani Fraya Nabila Gita Mustika Prawita Hafizal Islami Irmalis, Amsal M. Ridha Siregar MIFTAHUL JANNAH Miksalmina Muhammad Abrar Muhammad Dhiyauddin Muhammad Fadhil Muhammad Hafit Muhammad Ilhamsyah Siregar muhammad irfan Nur Aidar Putri Bintusi Syathi Putri Bintusy Syathi, Putri Bintusy Rahmat Erija Fajri Raisa Fajri Rauzatul Jannah Rezki Maulana Rizki Mulya Rustam Effendi Salmin Dengo Siti Amborowati Siti Laiya Maharani Sri Sukma Wahyuni Syahlan Gifarri T. Iqbal Safriza N Talbani Farlian Taufiq Carnegie Dawood Taufq Carnegie Dawood Wahyu Hidayat Weri Yulia Risma Zalfa Ronna