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All Journal Jurnal Prajaiswara
Rahma Nurjanah
Universitas Jambi, Jambi, Indonesia
Economics, Econometrics & Finance Education Environmental Science Social Sciences Other

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Determinants of the IDX BUMN20 Stock Index on the Indonesia Stock Exchange (A Macroeconomic Approach) Elisa Elisa; Muhammad Rachmad R; Rahma Nurjanah
Jurnal Prajaiswara Vol. 7 No. 1 (2026): April 2026
Publisher : Badan Pengembangan Sumber Daya Manusia (BPSDM) Provinsi Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55351/prajaiswara.v7i1.253

Abstract

Introduction/Main Objectives: This study aims to analyze the effects of interest rates, exchange rates, world oil prices, and inflation on the IDX BUMN20 during the 2019–2024 period. The IDX BUMN20 represents state-owned enterprise (SOE) stocks that play a strategic role in the national economy and, in recent years, have shown relatively lagging performance compared to the Composite Stock Price Index. Background Problems: The performance gap between the IDX BUMN20 and the Composite Stock Price Index indicates differences in sensitivity to macroeconomic dynamics, making it important to examine the short-run and long-run effects of macroeconomic variables on the index. Research Methods: The study uses monthly secondary time series data from 2019–2024 obtained from the Indonesia Stock Exchange, Bank Indonesia, Statistics Indonesia, and the Federal Reserve Bank of St. Louis. The data are analyzed using the Autoregressive Distributed Lag (ARDL) model. Finding/Results: In the long run, the IDX BUMN20, interest rates, and world oil prices tend to have positive effects, while the exchange rate tends to have a negative effect in the initial period and inflation appears relatively weak. In the short run, the effects of the variables are dynamic and vary across lags. Conclusion: The findings confirm that the performance of state-owned enterprises (SOEs), as reflected in the IDX BUMN20, is strongly influenced by macroeconomic conditions. Therefore, strengthening corporate governance, managing exchange rate and financing risks, and ensuring policy stability are essential to sustain the strategic role of SOEs as development agents and contributors to government revenue.
Analysis of the Influence of Business Capital, Working Hours and Length of Business on the Income of Grocery Traders in Jambi City Monica Safitry; Siti Hodijah; Rahma Nurjanah; Bambang Niko Pasla
Jurnal Prajaiswara Vol. 7 No. 1 (2026): April 2026
Publisher : Badan Pengembangan Sumber Daya Manusia (BPSDM) Provinsi Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55351/prajaiswara.v7i1.263

Abstract

Introduction/Main Objectives: This study aims to analyze the influence of business capital, working hours, and business duration on the income of grocery traders at Pasar Rakyat Talang Banjar, Jambi City. Research Methods: This research uses a descriptive-analytical quantitative approach. Data were collected through structured interviews with 28 respondents selected using simple random sampling, and analyzed using multiple linear regression with the assistance of SPSS 25 software. Finding/Results: The results show that simultaneously, business capital, working hours, and business duration have a significant effect on income, with a coefficient of determination (R²) of 0.892. Partially, business capital is the most dominant factor, followed by working hours and business duration, all of which have a positive and significant effect on income. Conclusion: In conclusion, increasing traders’ income is strongly influenced by strengthening business capital, optimizing working hours, and accumulating business experience.
Co-Authors Bambang Niko Pasla Elisa Elisa Monica Safitry Muhammad Rachmad R Siti Hodijah