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All Journal JURNAL MANAJEMEN (EDISI ELEKTRONIK) Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Siti Mi'Danur Rahmah
Universitas Negeri Surabaya
Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Global Market Indices and Macroeconomic Determinants of The Indonesia Composite Index (IHSG): Evidence from 2019–2024 Siti Mi'danur Rahmah; Ulil Hartono; Nadia Asandimitra Haryono
Jurnal Manajemen Vol. 17 (2026): Special Issue 2: Call for Paper International E-Conference Management & Small Medium
Publisher : UPT Jurnal & Publikasi Ilmiah SPs Universitas Ibn Khaldun Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32832/jm-uika.v17i2.22990

Abstract

The increasing integration of global financial markets has intensified the vulnerability of emerging stock markets to external shocks and macroeconomic instability. The Indonesia Composite Stock Price Index (IHSG), as a key indicator of capital market performance, has experienced significant fluctuations during the 2019–2024 period, particularly amid the COVID-19 crisis, global monetary tightening, and commodity price volatility. These conditions raise important questions regarding the extent to which global stock indices and macroeconomic variables influence IHSG movements. This study investigates the effects of the Dow Jones Index, Hang Seng Index, exchange rate (USD/IDR), inflation rate, interest rate, global gold price, and Brent crude oil price on the IHSG using monthly time-series data from January 2019 to December 2024 (72 observations). A quantitative associative approach is applied through multiple linear regression analysis, following classical assumption tests to ensure model reliability. The findings indicate that the Dow Jones Index, exchange rate, inflation, interest rate, and Brent crude oil price significantly affect the IHSG. The Dow Jones Index, inflation, interest rate, and oil prices exhibit positive effects, whereas the exchange rate has a negative effect. Meanwhile, the Hang Seng Index and global gold prices do not show significant influences. The regression model explains approximately 91.5% of IHSG variation, demonstrating strong explanatory power. Overall, the results highlight the importance of global market integration and macroeconomic stability in determining stock market performance in Indonesia.  
Kepemimpinan di Era Digital: Strategi Memimpin Bisnis di Tengah Perubahan Teknologi Sistematic Literatur Review Siti Mi'Danur Rahmah; Shela Dwi Widhya Sari; Ahmad Azharuddin; Siti Sri Wulandari; Yessy Artanti
Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah Vol. 7 No. 6 (2025): Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/alkharaj.v7i6.7639

Abstract

                The digital era has changed the leadership paradigm, requiring leaders to integrate entrepreneurial skills with technological mastery. This study aims to analyze effective leadership strategies in the midst of digital transformation through a systematic literature review of recent studies (2015-2024). The findings show that entrepreneurial leadership-with characteristics such as strategic vision, adaptability, and risk-taking ability-is a crucial approach in dealing with technological disruption. Digital leaders not only need to leverage technologies such as AI and big data, but also build an organizational culture that supports innovation and collaboration. This research identifies gaps in the literature, especially in the context of SMEs, and offers practical recommendations in the form of digital competency development, data-driven approaches and controlled experiments. The results provide a holistic framework for leaders to spur digital transformation while maintaining organizational sustainability.
Co-Authors Ahmad Azharuddin Nadia Asandimitra Haryono Shela Dwi Widhya Sari Siti Sri Wulandari Ulil Hartono Yessy Artanti