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All Journal Journal of Management and Leadership Journal of Trends Economics and Accounting Research
Azis R, Abdul
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Dow Jones Industrial Average as a Moderator in the Relationship Between Macroeconomic Variables and the JCI Dwijaya, I Kadek Bellyoni; Azis R, Abdul
Journal of Trends Economics and Accounting Research Vol 5 No 4 (2025): June 2025
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/jtear.v5i4.1886

Abstract

The purpose of this study is to determine and analyze the effect of macroeconomic variables including Money Supply, BI Rate, Inflation on the Composite Stock Price Index moderated by the Dow Jones Industrial Average Index. Using monthly data for the period 2013 – 2022 as many as 120 observations through a quantitative approach with the Fit model test analysis technique using the Smart-PLS application. The findings show that the Money Supply variable has a negative and insignificant effect, the BI Rate variable has an insignificant effect, Inflation and the Dow Jones Industrial Average have a positive and significant effect on the Composite Stock Price Index. The Dow Jones Industrial Average Index is able to moderate all macroeconomic variables on the Composite Stock Price Index on the Indonesia Stock Exchange. The strength of the United States stock market has a significant impact on the stock prices of developing countries, one of which is Indonesia, meaning that Indonesia's economic conditions are still dependent on developed countries, namely the United States in the long-term period. The reliance on global markets suggests that Indonesian policymakers and investors must carefully track international market trends, especially in the United States, when developing strategies and making investment decisions. The reliance on global markets suggests that Indonesian policymakers and investors must carefully track international market trends, especially in the United States, when developing strategies and making investment decisions.
Pengaruh SBSN dan SUN terhadap Pertumbuhan Ekonomi Indonesia Tahun 2015–2024 AZIS R, ABDUL; ANDRIANI, NINI; UTAMI, AYU PUTRI; M, WISRA; HAMZAH KARIM, SITTI AMINAH
Journal of Management and Leadership Vol. 8 No. 2 (2025): Volume 8 - Nomor 2 - November 2025
Publisher : Management and Leadership Study Programme

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47970/jml.v8i2.948

Abstract

This study aims to examine the effect of Government Sharia Securities (SBSN) and Government Debt Securities (SUN) on Indonesia's economic growth as measured by Gross Domestic Product (GDP). A quantitative approach with a positivistic paradigm is used in this study, with quarterly data from 2015 to 2024 processed using the Partial Least Squares - Structural Equation Modeling (PLS-SEM) analysis technique. The results of the study indicate that SBSN has a positive and significant effect on GDP, indicating that increasing SBSN issuance can drive Indonesia's economic growth. On the other hand, SUN does not show a significant effect on GDP, indicating that the use of SUN is more widely used for short-term and consumptive financing, not for financing productive projects that can increase national output. These findings provide theoretical contributions related to the role of state financing instruments in the economy and suggest that SBSN issuance policies need to be maximized to support sustainable development. In addition, evaluation of the use of SUN is also needed to direct more productive fund allocations, in order to support inclusive and sustainable economic growth.
Co-Authors Dwijaya, I Kadek Bellyoni HAMZAH KARIM, SITTI AMINAH M, Wisra Nini Andriani Utami, Ayu Putri