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All Journal Journal of Management and Entrepreneurship Research Indonesia Accounting Research Journal
Martha Racwel Patty
Universitas Pattimura, Indonesia
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Analysis of macroeconomic influence on composite stock price index fluctuations on the Indonesia stock exchange Martha Racwel Patty
Indonesia Accounting Research Journal Vol. 12 No. 3 (2025): March: Auditing, Finance, Accounting, Management
Publisher : Institute of Accounting Research and Novation (IARN)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/iacrj.v12i3.403

Abstract

This research analyzes the influence of macroeconomic factors, namely the exchange rate of the rupiah against the US dollar, the 7-day BI interest rate, inflation, and money supply, on the fluctuations of the Composite Index of Stock Prices in the Indonesian Stock Exchange during the period 2018-2023. The multiple regression analysis method is used to evaluate the relationship between variables using monthly data. The research results show that the exchange rate of the rupiah has a significant negative influence on the JCI, while the 7-day BI interest rate, inflation, and money supply have a significant positive influence. At the same time, these four variables were shown to significantly influence the JCI. These findings provide information for investors, economic observers, and policymakers to understand the impact of macroeconomic dynamics on the stock market, so that they can help make strategic investment decisions.
Strengthening MSME Sustainability in Sumatra: The Roles of Sustainable Marketing, Financial Sustainability, and Government Policy Sabda Aji Kurniawan; Martha Racwel Patty; Walter Tabelessy; Cheryl Marlitta Stefia; Eni Munarsih; Budhi Haryanto
Journal of Management and Entrepreneurship Research Vol. 7 No. 3 (2026)
Publisher : Universitas Islam Nahdlatul Ulama Jepara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34001/jmer.2026.9.07.3-108

Abstract

Objective: Existing studies have largely examined sustainable marketing, financial sustainability, and MSME performance separately, with most evidence originating from developed economies, manufacturing industries, or highly developed regions. Limited research has integrated these factors within a Resource-Based View (RBV) framework to explain MSME sustainable growth in emerging regional contexts. This study therefore analyzes the influence of sustainable marketing and financial sustainability on MSME competitiveness and MSME sustainable growth in Sumatra, Indonesia, while examining the moderating role of government policy. Research Design & Methods: The study applied a quantitative design using Partial Least Squares Structural Equation Modeling (PLS-SEM). Data were obtained from 158 MSME owners and managers across several provinces in Sumatra through purposive sampling. Findings: Sustainable marketing and financial sustainability positively influence MSME competitiveness and MSME sustainable growth. MSME competitiveness also contributes positively to sustainable growth. Government policy strengthens the relationship between MSME competitiveness and MSME sustainable growth, whereas its moderating effects on sustainable marketing and financial sustainability are not significant. Implications & Recommendations: MSMEs should strengthen sustainability-oriented marketing practices and financial resilience to enhance competitiveness and long-term growth. Policymakers should prioritize interventions that reinforce MSME competitiveness, as policy support is most effective when complementing internal organizational capabilities. Contribution & Value Added: This study extends RBV by integrating sustainable marketing, financial sustainability, MSME competitiveness, and government policy into unified framework. It also contributes empirical evidence from Sumatra, an underexplored context with distinct economic and institutional characteristics, thereby advancing understanding of MSME sustainable growth in emerging economies.
Co-Authors Budhi Haryanto Cheryl Marlitta Stefia Eni Munarsih Sabda Aji Kurniawan Tabelessy, Walter