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Raden Rustam Hidayat
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PENERAPAN METODE CAPITAL ASSET PRICING MODEL (CAPM) UNTUK PENETAPAN KELOMPOK SAHAM EFISIEN (Studi Pada Saham – Saham Perusahaan yang Terdaftar di Indeks LQ-45 Periode 2012 – 2015) Arinda Sasmita Rahma; Raden Rustam Hidayat; Devi Farah Azizah
Jurnal Administrasi Bisnis Vol 37, No 2 (2016): AGUSTUS
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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The purpose of this research was to determine the performance of stocks of companies listed in LQ 45 during the period 2012-2015 based on returns and risks to classify the company's shares in an efficient and inefficient group based on the (Capital Asset Pricing Model (CAPM). Based on 22 sample of company’s shares, this research showed that stocks were efficient had actual return (Ri)>Expected return [E(Ri)]. In 2012 there were 14 stocks of companies that are efficient, in 2013 there were three stocks of companies that are efficient, year in 2014 there were 10 stocks of companies that are efficient, and in 2015 there were two stocks companies efficiently. Stock prices were included in a group of stocks efficient, would increase and causing high actual return. Therefore investors should invest in a group of stocks efficiently. Keywords : Investment, Risk, Expected rate of Return, Risk Free rate ABSTRAK Tujuan penelitian ini adalah mengetahui kinerja saham perusahaan yang terdaftar dalam Indeks LQ 45 selama periode 2012 – 2015 berdasarkan tingkat pengembalian saham dan risiko serta mengelompokkan saham perusahaan dalam kelompok saham efisien dan tidak efisien berdasarkan metode (Capital Asset Pricing Model (CAPM). Berdasarkan 22 saham perusahaan yang menjadi sampel, hasil penelitian menunjukan bahwa Saham yang efisien merupakan saham yang memiliki nilai return aktual individu (Ri) > tingkat pengembalian yang diharapkan [E(Ri)]. Pada tahun 2012 terdapat 14 saham perusahaan yang efisien, tahun 2013 terdapat 3 saham perusahaan yang efisien, tahun 2014 terdapat 10 saham perusahaan yang efisien, dan tahun 2015 terdapat 2 saham perusahaan yang efisien. Harga saham – saham yang termasuk dalam kelompok saham efisien, akan mengalami kenaikan sehingga terjadi return aktual yang tinggi. Dengan demikian sebaiknya investor melakukan investasi pada kelompok saham yang efisien. Kata kunci : Investasi, Kinerja saham, Tingkat Pengembalian yang diharapkan, Risiko
ANALISIS KINERJA INVESTASI SAHAM DENGAN METODE SHARPE MODEL DI BEBERAPA BURSA EFEK ASEAN (Studi Pasar Modal Pada Filipina, Indonesia, Malaysia, Singapura, Dan Thailand Tahun 2012 – 2015) Alif Richky Akbar; Raden Rustam Hidayat; Sri Sulasmiyati
Jurnal Administrasi Bisnis Vol 50, No 6 (2017): SEPTEMBER
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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The performance of the stock exchanges can be measured by using various methods, one of which uses Sharpe model with returns and Risks from the Philippines, Indonesia, Malaysia, Singapore and Thailand stock exchanges. The type of research used is descriptive with quantitative approach. The research used is calculate return and stock exchange risk. While when the next analysis is to calculate the performance of the stock exchange. This study uses secondary data types with polling data. Polling data is a combination of time series data and cross section data for the period of 2012 - 2015. Based on the calculation of return, Indonesia is positioned to 3 with the highest return in ASEAN. While Based on Risk calculation, Indonesia is positioned 4th with the lowest risk in ASEAN. The performance calculation results show that Indonesia is in the 2nd position with the best performance in ASEAN. Keywords: Value of ASEAN Stock Exchange, ASEAN Stock Exchange Risk, ASEAN Stock Exchange Performance, ASEAN, Indonesia, Malaysia, Singapore, Philippines, Thailand. ABSTRAK Kinerja bursa efek bisa diukur dengan menggukan berbagai cara, salah satunya menggunakan Sharpe model dengan berdasar return dan Risiko dari Indeks gabungan bursa efek negara Filipina, Indonesia, Malaysia, Singapura, dan Thailand. Jenis penelitian yang digunakan yaitu deskriptif dengan pendekatan kuantitatif. penelitian yang digunakan yaitu menghitung return dan risiko bursa efek. Sedangkan analisis selanjutnya adalah menghitung kinerja dari bursa efek. Penelitian ini menggunakan sekunder dengan jenis data Polling data. Polling data merupakan kombinasi data time series dan data cross section periode tahun 2012 – 2015. Berdasarkan perhitungan return, Indonesia berada diposisi ke 3 dengan return tertinggi di ASEAN. Sedangkan Berdasarkan perhitungan Risiko, Indonesia berada diposisi ke 4 dengan risiko terendah di ASEAN. Hasil perhitungan kinerja menunjukkan bahwa Indonesia berada di posisi ke 2 dengan kinerja terbaik di ASEAN. Kata Kunci : Nilai Return bursa efek ASEAN, Nilai Risiko bursa efek ASEAN, Kinerja bursa efek ASEAN, ASEAN, Indonesia, Malaysia, Singapura, Filipina, Thailand
EVALUASI PENGENDALIAN INTERN ATAS SISTEM AKUNTANSI PENGADAAN TEBU DAN PENGELUARAN KAS (Studi Kasus Pada PT. Perkebunan Nusantara X Pabrik Gula Meritjan Kediri) Nur Rohmah; Siti Ragil Handayani; Raden Rustam Hidayat
Jurnal Administrasi Bisnis Vol 54, No 1 (2018): JANUARI
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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Abstract

The purpose of this research is to find out the application of the accounting systems of procurement sugar cane and cash disbursements the one at PT. Perkebunan Nusantara X Meritjan Kediri Sugar Factory as well as evaluating the extent to which the effectiveness of the accounting systems of procurement sugar cane and cash disbursements in support of internal control applied by PT. Perkebunan Nusantara X Meritjan Kediri Sugar Factory.The type of research used in this study is a descriptive research with the case study approach. The Data used in this research is the primary data and secondary data obtained from the interviews and documentation activities.Based on the analysis and interpretation of data in the evaluation of internal control over the accounting systems procurement of sugar cane of cash disbursements  still rated less well, There is still a double funcation that results in unhealthy practices conducted by related functions, this is document is used only made in duplicate one and have not yet completed supporting documents. Some of that weakness is less supporting in internal control, then the company needs to improve the system that has been done so far. The necessary improvements is with the separating functions that should not be double funcations. Keywords : Accounting Systems, Internal Control, Effectiveness ABSTRAK Tujuan dari  penelitian ini adalah untuk mengetahui penerapan sistem akuntansi pembelian tebu dan pengeluaran kas yang terdapat pada  PT. Perkebunan Nusantara X Pabrik Gula Meritjan Kediri serta mengevaluasi sejauh mana efektifitas sistem akuntansi pembelian tebu dan pengeluaran kas dalam mendukung pengendalian intern yang diterapkan oleh PT. Perkebunan Nusantara X Pabrik Gula Meritjan Kediri.Jenis penelitian yang digunakan dalam penelitian ini adalah penelitian deskriptif dengan pendekatan studi kasus. Data yang digunakan dalam penelitian ini adalah data primer dan data sekunder yang diperoleh dari kegiatan wawancara dan dokumentasi.Berdasarkan analisa dan intepretasi data dalam evaluasi pengendalian intern atas sistem akuntansi pembelian tebu atas pengeluaran kas masih dinilai kurang baik, yaitu masih terdapat perangkapan fungsi yang mengakibatkan praktik-praktik yang tidak sehat yang dilakukan oleh fungsi terkait, dokumen yang digunakan hanya dibuat rangkap satu dan belum disertai dokumen pendukung yang lengkap. Beberapa kelemahan tersebut kurang mendukung dalam pengendalian intern, maka perusahaan perlu memperbaiki sistem yang telah dilakukan selama ini. Perbaikan yang diperlukan adalah dengan memisahakan fungsi yang tidak boleh dirangkap dan melengkapi catatan akuntansi yang digunakan oleh perusahaan. Kata Kunci :Sistem Akuntansi, Pengendalian Intern, Efektifitas  
THE INFLUENCE OF MACROECONOMIC FACTORS ON STOCK MARKET INDEX (Study on LQ45 Index for August 2011–July 2016) Magda Saracindy Firdiana; Raden Rustam Hidayat; Sri Sulasmiyati
Jurnal Administrasi Bisnis Vol 46, No 1 (2017): MEI
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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Penelitian ini bertujuan untuk mengamati pengaruh simultan dan parsial factor ekonomi makro yang diantaranya adalah harga minyak dunia, nilai tukar, tingkat inflasi dan tingkat suku bunga terhadap indeks LQ45. Penelitiаn ini menggunаkаn explаnаtory reseаrch dengаn pendekаtаn kuаntitаtif, dengаn 60 jumlаh sаmpel selаmа 10 periode indeks LQ45 pаdа Аgustus 2011 – Juli 2016. Dаtа yаng digunаkаn аdаlаh dаtа sekunder dengаn tipe dаtа time series. Аnаlisа yаng digunаkаn dаlаm penelitiаn ini аdаlаh аnаlisis deskriptif, inferensiаl stаtistik dаn regresi lineаr bergаndа. Hаsil penelitiаn menunjukkаn bаhwа 1) Vаriаbel ekonomi mаkro hаrgа minyаk duniа, nilаi tukаr, tingkаt inflаsi dаn tingkаt suku bungа memiliki pengаruh signifikаn secаrа simultаn terhаdаp indeks hаrgа sаhаm, indeks LQ45; 2) Vаriаbel hаrgа minyаk duniа tidаk memiliki pengаruh secаrа pаrsiаl terhаdаp indeks LQ45; 3) Vаriаbel nilаi tukаr memiliki pengаruh positif dаn signifikаn secаrа pаrsiаl terhаdаp indeks LQ45; 4) Vаriаbel tingkаt inflаsi tidаk memiliki pengаruh secаrа pаrsiаl terhаdаp indeks LQ45; 5) Vаriаbel tingkаt suku bungа memiliki pengаruh negаtive dаn signifikаn secаrа pаrsiаl terhаdаp indeks LQ45. Kata Kunci: Indeks LQ45, Harga Minyak Dunia, Nilai Tukar, Tingkat Inflasi, Tingkat Suku Bunga ABSTRАCT This research aims to observe the simultaneous and partial effect of macroeconomic factors which are world oil price, exchange rate, inflation rate and interest rate on LQ45 index. This reseаrch uses explаnаtory reseаrch аnd quantitative approach with the totаl of 60 samples for 10 periods of LQ45 index from Аugust 2011-July 2016. The dаtа collection method is using documentаtion with secondary time series dаtа. The аnаlysis method for this reseаrch is using descriptive аnаlysis, inferentiаl stаtistics аnd multiple lineаr regression. The results show thаt 1) The world oil price, exchаnge rаte, inflаtion rаte аnd interest rаte vаriаbles hаve а significаnt effect on LQ45 index simultаneously; 2) The vаriаble world oil price hаs no significаnt effect on LQ45 index pаrtiаlly; 3) The vаriаble exchаnge rаte hаs а positive аnd significаnt effect on LQ45 index pаrtiаlly; 4) The vаriаble level of inflаtion rаte hаs no significаnt effect on LQ45 index pаrtiаlly; 5) The vаriаble interest rаte hаs а negаtive аnd significаnt effect on LQ45 index pаrtiаlly. Keyword: LQ45 Index, World Oil Price, Exchange Rate, Inflation Rate, Interest Rаte
ANALISIS KEPUTUSAN INVESTASI BERDASARKAN PENILAIAN HARGA SAHAM (Studi Menggunakan Analisis Fundamental dengan Pendekatan Price Earing Ratio (PER) Pada Saham Sektor Pertambangan yang Listing di BEI Periode 2012-2014) Artika Ayu Aprilia; Siti Ragil Handayani; Raden Rustam Hidayat
Jurnal Administrasi Bisnis Vol 32, No 1 (2016): MARET
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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The purpose of this research is to assess and determine the reasonableness stock prices of mining companies listed in BEI for 2012-2014 period by Price Earning Ratio approach to determine the right investment decisions in the shares of mining companies based approach to Price Earning Ratio. The research use descriptive research with quantitative approach. The popullation in this study are all mining companies listed on the Indonesia Stock Exchange 2012-2014. Fundamental analysis is analysis that primarily used to assess fairness of share price in the future based on fundamental factors such as the company's EPS, DPS, ROE, DPR PER. The intrinsic value of the stock is true value contained in stock. If the values ​​contained the shares is greater than market price those shares include shares undervalued, if the value contained in bigger shares of market price of its then the shares are classified as stock is overvalued, and if value contained in these shares is equal to market price then the shares are classified  shares corectly valued. In all of these studies show that mining stocks in the research sample undervalued condition that intrinsic value is greater than market price and right investment decisions to buy the shares. Keywords: Fundamental Analysis, Price Earning Ratio, Intrinsic Value, EPS, DPS ABSTRAK Penelitian ini bertujuan untuk menilai dan mengetahui kewajaran harga saham perusahaan pertambangan yang listing di Bursa Efek Indonesia periode 2012-2014 jika dinilai dengan pendekatan Price Earning Ratio menentukan keputusan investasi yang tepat pada saham perusahaan pertambangan berdasarkan pendekatan Price Earning Ratio.Penelitian ini menggunakan jenis penelitian deskriptif dengan pendekatan kuantitatif. Populasi pada penelitian ini adalah seluruh perusahaan pertambangan yang listing di Bursa Efek Indonesia periode 2012-2014. Analisis fundamental merupakan suatu analisis yang diguanakan untuk menilai kewajaran harga saham di masa mendatang berdasarkan pada faktor-faktor fundamental perusahaan seperti ROE,EPS,DPS,ROE,DPR, dan PER. Nilai intrinsik saham merupakan nilai sesungguhnya yang terkandung dalam suatu saham. Jika nilai intrinsic suatu saham lebih besar dari market pricenya maka saham tersebut termasuk saham undervalued, jika nilai intrinsic saham lebih kecil dari market price nya maka saham tersebut tergolong saham overvalued, dan jika nilai intrinsic saham sama dengan market price nya maka saham tersebut tergolong saham corectly valued. Pada penelitian ini menunjukan semua saham sektor pertambangan yang dijadikan sampel penelitian berada dalam kondisi undervalued yaitu nilai intrinsiknya lebih besar dari market price nya dan keputusan investasi yang tepat adalah membeli saham tersebut. Kata Kunci: Analisis Fundamental, Price Earning Ratio, Nilai Intrinsik, EPS, DPS
THE COMPARISON BETWEEN FAMA-FRENCH THREE FACTORS MODEL (FF3FM) AND CAPITAL ASSET PRICING MODEL (CAPM) AS INVESTING DECISION ON EFFICIENT SHARE (Study of LQ45 Listed In Indonesian Stock Exchange Periods of July 2010 – June 2014) Sutan Indra Hanif; . Suhadak; Raden Rustam Hidayat
Jurnal Administrasi Bisnis Vol 28, No 1 (2015): NOVEMBER
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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This research aims to analyze the implementation of Fama-French Three Factors Model (FF3FM) method in Indonesia than Capital Asset Pricing Model (CAPM) , and it is not about determining the best method between CAPM and FF3FM. The research concern about the companies listed in Indonesian Stock Exchange (IDX), whose include in LQ45 period July 2010 - June 2014. The type of research in this undergraduate thesis is descriptive using quantitative approach. The collecting data method in this research is documentary, with the data of shares of the companies listed in Indonesian Stock Exchange (IDX) period July 2010 – June 2014 which include in LQ45 as population. The sampling done using purposive sampling, and generates 22 samples from 45 populations. The results show that the implementation of CAPM method generates 13 efficient shares and 9 inefficient sahres; while FF3FM generates 20 efficient shares and only 2 include in inefficient shares. In the end, the analysis shows that the FF3FM is the development of CAPM that can be seen on their same trend of SML. The main differences of CAPM and FF3FM are SMB and HML which are owned by FF3FM formula. Key Words : FF3FM, CAPM, LQ45, Share, Efficient, Inefficient
PENGARUH MEKANISME GOOD CORPORATE GOVERNANCE TERHADAP PROFITABILITAS PERUSAHAAN (Studi pada Perusahaan Makanan dan Minuman Tahun 2011-2014) Nurul Septiana; Raden Rustam Hidayat; Sri Sulasmiyati
Jurnal Administrasi Bisnis Vol 38, No 2 (2016): SEPTEMBER
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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This research focus on the influence of Good Corporate Governance (GCG) mechanism towards the profitability of food and beverage industries in Indonesia. The type of this research is explanatory research with quantitative approach. Independent Board of Commissioners, Board of Directors, and institutional ownership are chosen as GCG mechanism in this research. Rate of return on equity (ROE) are used as profitability ratio. This study uses secondary data of food and beverage companies in 2011-2014 which are downloaded from the official website of Indonesia Stock Exchange (BEI).Those secondary data analyzed by using multiple linear regression analysis. The results of this study indicate that the Board of Independent Commissioners, Directors, and institutional ownership simultaneously has significant effect on ROE. Partially, the Board of Directors have a significant effect on ROE. On the other hand, the regression coefficient indicates that the independent board and institutional ownership has a positive but not significant to ROE. Keywords: Good Corporate Governance Mechanism, independent board, board of directors, institutional ownership, return on equity. ABSTRAK Penelitian ini menyoroti mengenai pengaruh mekanisme Good Corporate Governance (GCG) terhadap profitabilitas industri makanan dan minuman di Indonesia. Jenis penelitian ini adalah explanatory research dengan pendekatan kuantitatif. Mekanisme GCG yang digunakan dalam penelitian ini, yaitu Dewan Komisaris Independen, Direksi, dan kepemilikan institusional. Rasio profitabilitas yang digunakan dalam penelitian ini, yaitu menggunakan tingkat return on equity (ROE). Penelitian ini menggunakan data sekunder perusahaan makanan dan minuman tahun 2011-2014 yang diperoleh melalui website resmi Bursa Efek Indonesia (BEI). Metode analisis data yang digunakan adalah analisis regresi linear berganda. Hasil penelitian ini menunjukkan bahwa Dewan Komisaris Independen, Direksi, dan kepemilikan institusional secara simultan berpengaruh signifikan terhadap ROE. Secara parsial, Dewan Direksi memiliki pengaruh signifikan terhadap ROE. Di sisi lain, koefisien regresi menunjukkan bahwa dewan komisaris independen dan kepemilikan institusional memiliki nilai positif tetapi tidak signifikan terhadap ROE. Kata kunci: Mekanisme Good Corporate Governance, dewan komisaris independen, dewan direksi, kepemilikan institusional, return on equity.
PENGARUH NILAI TUKAR, BI RATE, TINGKAT INFLASI, DAN PERTUMBUHAN EKONOMI TERHADAP INDEKS HARGA SAHAM GABUNGAN (Studi Pada Indeks Harga Saham Gabungan Di BEI Periode Juli 2005-Juni 2015) Rindra Kumalasari; Raden Rustam Hidayat; Devi Farah Azizah
Jurnal Administrasi Bisnis Vol 34, No 1 (2016): MEI
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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The aim of this study was to determine the effect of macro-economic conditions which including the exchange rate, BI rate, inflation and economic growth of the composite stock price index.Stock was one of investment in the capital market the most attractive to investors.This study had used explanatory research with quantitative approach. Determination of the sample was based on time series data quarterly period July 2005 – June 2015 by using saturation sampling method, which resulted 40 as number of samples. This study also had chosen multiple linear regression as attempts to analyze data. The simultaneous test (F test) resulted that the exchange rate, BI rate, inflation and economic growth simultaneously had given significant effect on the stock price index. Meanwhile, the partial test (t test) had indicated that the exchange rate variable and BI rate significantly influenced the stock price index. In contrast, rate of inflation and economic growth had not showed significant effect on the stock price index. The conclusion based on this research was stock investors should be more considerate on the economic conditions such as covering the exchange rate, BI rate, inflation and economic growth before finalized their investment decisions in order to reach the maximum benefit. Keywords: Capital Markets, Investment, Macroeconomics ABSTRAK Penelitian ini bertujuan untuk mengetahui pengaruh kondisi ekonomi makro yang meliputi nilai tukar, BI rate, tingkat inflasi, dan pertumbuhan ekonomi terhadap indeks harga saham gabungan. Saham merupakan salah satu investasi di pasar modal yang paling diminati investor. Penelitian eksplanatori dengan pendekatan kuantitatif digunakan dalam penelitian ini. Penentuan sampel berdasarkan data time series triwulan periode Juli 2005-Juni 2015 dengan menggunakan metode sampling jenuh, yaitu sebanyak 40 sampel. Penelitian ini menggunakan metode analisis regresi linear berganda. Hasil uji simultan (uji F), menunjukkan bahwa nilai tukar, BI rate, tingkat inflasi, dan pertumbuhan ekonomi secara simultan berpengaruh signifikan terhadap indeks harga saham gabungan. Sedangkan hasil uji parsial (uji t), menunjukkan bahwa variabel nilai tukar dan BI rate berpengaruh signifikan terhadap indeks harga saham gabungan. Sebaliknya, variabel tingkat inflasi dan pertumbuhan ekonomi secara parsial berpengaruh tidak signifikan terhadap indeks harga saham gabungan. Berdasarkan hasil penelitian, investor saham selayaknya memperhatikan kondisi ekonomi seperti meliputi nilai tukar, BI rate, tingkat inflasi, dan pertumbuhan ekonomi sebelum menetapkan keputusan investasinya, sehingga investor saham mengambil keputusan yang tepat untuk mendapatkan keuntungan yang maksimal. Kata Kunci: Pasar Modal, Investasi, Ekonomi Makro
FUNDMENTAL ANALYSIS FOR STOCK PRICE VALUATION BY USING PRICE EARNINGS RATIO METHOD (Study at Mining Companies Listed on Indonesian Stock Exchange Year 2011-2013) Rovi Wahyuningtyas; . Suhadak; Raden Rustam Hidayat
Jurnal Administrasi Bisnis Vol 28, No 1 (2015): NOVEMBER
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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The research was conducted based on the misprice on the investment of stock. The misprice of investment on stock can be reduced with evaluate the reasonable of stock price by using fundamental analysis. The fundamental analysis that used in this research is Price Earnings Ratio (PER) method. The PER method aim to know the reasonableness of stock price with compare the intrinsic value of stock and the stock market price. The research is descriptive quantitative method. The research takes the sample on mining industry listed on Indonesian Stock Exchange period 2011-2013. Based on the analysis by using PER method, the result of the research shows that the stock of ANTM, PTBA, and TINS in 2011 until 2013 is undervalued, thus the investment decision is purchase the stock. Whereas, estimating the stock position in 2014 is overvalued. Therefore the investment decision is sell the stock. Stock of RUIS in 2011 and in 2014 estimated is overvalued thus the investment decision is sell the stock. Meanwhile, in 2012 until 2013 the stock of RUIS is undervalued and the investment decision is purchase the stock. Keywords: Fundamental Analysis, Intrinsic Value, Price Earnings Ratio.
PENGARUH HARGA MINYAK MENTAH DUNIA, INFLASI, SUKU BUNGA (CENTRAL BANK RATE), DAN NILAI TUKAR (KURS) TERHADAP INDEKS HARGA SAHAM SEKTOR PERTAMBANGAN DI ASEAN (Studi pada Indonesia, Singapura, dan Thailand Periode Juli 2013 – Desember 2015) Noel Pardede; Raden Rustam Hidayat; Sri Sulasmiyati
Jurnal Administrasi Bisnis Vol 39, No 1 (2016): OKTOBER
Publisher : Fakultas Ilmu Administrasi Universitas Brawijaya

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Abstract

This research is to explain the influence of crude oil price, inflation, interest rate (central bank rate), and exchange rate towards mining stock indices in ASEAN period of July 2013 to December 2015. All data was analyse with multiple linier regression technique regards on classical assumption to obtain BLUE (Best Linier Unbiased Estimation). The results show that crude oil price, inflation, interest rate (central bank rate), and exchange rate does have simultaneously relation towards mining stock indices in Indonesia and Singapore. Crude oil price and exchange rate does have partially relation towards mining stock indices both in Indonesia and Singapore, meanwhile in Thailand only exchange rate which have partially relation towards mining stock indices in Thailand. Keywords: crude oil price, inflation, interest rate (central bank rate), exchange rate, mining stock indices, ASEAN ABSTRAK Penelitian ini bertujuan untuk menjelaskan pengaruh harga minyak mentah dunia, inflasi, suku bunga (central bank rate), dan nilai tukar (kurs) terhadap indeks harga saham sektor pertambangan di ASEAN dengan periode Juli 2013 – Desember 2015. Seluruh data dianalisis menggunakan teknik penelitian analisis regresi linier berganda dengan uji asumsi klasik untuk mendapatkan hasil BLUE (Best Linier Unbiased Estimation). Hasil penelitian menunjukkan bahwa harga minyak mentah dunia, inflasi, suku bunga (central bank rate), dan nilai tukar (kurs) berpengaruh simultan terhadap indeks harga saham sektor pertambangan di Indonesia dan Singapura. Harga minyak mentah dunia dan nilai tukar (kurs) berpengaruh parsial terhadap indeks harga saham sektor pertambangan di Indonesia dan Singapura, sedangkan di Thailand hanya nilai tukar (kurs) yang berpengaruh parsial terhadap indeks harga saham sektor pertambangan di Thailand. Kata Kunci: harga minyak mentah dunia, inflasi, suku bunga (central bank rate), nilai tukar (kurs), indeks harga saham sektor pertambangan, ASEAN
Co-Authors . Dwiatmanto . Liliana . Moch. Dzulkirom AR. . Qur’anitasari . Suhadak Alif Richky Akbar Alvis Yudawanto Amirul Akbar Indra Ananda Indra Firmana Anti Suryani Ari Darmawan Arih Kurnia Mauladan Arinda Sasmita Rahma Artika Ayu Aprilia Ayu Trieesnaning Rahmawati Devi Farah Azizah Dian Rahmawati Ahmad Putri Diestra Perdana Eryando Brilliand Dwi Afif Septiawan Dwiatmanto Dwiatmanto Fandi Wijaya Habib Muhammad Husnul Helvera Nise Ika Kholifatul Mar’ah Ismik Kurniaty H. Jevi Enggawati Kennya Novya Putri Nugroho Magda Saracindy Firdiana Mardiana Putra Maria Goretti Wi Endang N.P. Mei Cyntia Sabrina Tambunan Mike Widia Wati Moch. Dzulkirom A.R Moch. Dzulkirom AR Muhammad Saifi Mujahidah Azzahroh Neni Nufitasari Ni Putu Erlin Arista Dewi Nila Firdausi Nuzula Nina Filayati Noel Pardede Nur Rohmah Nurbayitillah Khatami Nurul Septiana Putri Sri Kasinta Purba Rindra Kumalasari Rizka Devi Agustin Rizqi Arfian Dewantoro Rovi Wahyuningtyas Rully Herlinasari Shochihatuz Zainia Fauzi SITI MUDAWAMAH Siti Ragil Handayani Sri Sulasmiyati Sugeng Abidin Suhadak Suhadak Sutan Indra Hanif Tantri Widya Sari Topowijono Topowijono Tri Ratna Adiningrum Vivin Ulfathu Choiriyah Wulan Angka Sari Zazid Bustomi Zendra Tri Aristama