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All Journal International Journal of Economics and Development Jurnal Ekonomi, Manajemen, Akuntansi dan Keuangan
Maria Kalista Lambo
Universitas 17 Agustus 1945 Surabaya
Religion Humanities Economics, Econometrics & Finance Social Sciences Other

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Model Empiris Pengaruh Interest Rate, Market Sentiment, dan Economic Policy Uncertainty terhadap Net Foreign Capital Inflow di Pasar Saham Indonesia Safira Permata Kristia Putri; Faaiqotun Nikmah Irsyani; Maria Kalista Lambo; Maslina Samosir; Maria Yovita R. Pandin
Jurnal Ekonomi, Manajemen, Akuntansi dan Keuangan Vol. 7 No. 1 (2026): January
Publisher : Penerbit Jurnal Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53697/emak.v7i1.3512

Abstract

Penelitian ini bertujuan menganalisis pengaruh suku bunga, sentimen pasar, dan ketidakpastian kebijakan ekonomi (Economic Policy Uncertainty/EPU) terhadap aliran modal asing neto di pasar saham Indonesia. Analisis dilakukan menggunakan pendekatan kuantitatif dengan metode Vector Error Correction Model (VECM) berdasarkan data bulanan periode 2015–2024. Variabel yang digunakan meliputi BI 7-Day Reverse Repo Rate sebagai proksi suku bunga, volatilitas Indeks Harga Saham Gabungan (IHSG) sebagai indikator sentimen pasar, indeks EPU yang diperoleh dari policyuncertainty.com, serta data aliran modal asing neto di Bursa Efek Indonesia. Hasil estimasi menunjukkan bahwa suku bunga berpengaruh negatif dan signifikan terhadap aliran modal asing neto, yang mengindikasikan bahwa peningkatan suku bunga domestik cenderung menurunkan minat investor asing di pasar saham Indonesia. Sentimen pasar memiliki pengaruh positif dan signifikan, yang menegaskan bahwa kondisi pasar yang lebih stabil dan optimis mendorong masuknya modal asing. Sementara itu, ketidakpastian kebijakan ekonomi terbukti memberikan dampak negatif yang signifikan terhadap aliran modal asing, mencerminkan menurunnya kepercayaan investor akibat ketidakjelasan arah kebijakan ekonomi. Uji kointegrasi menunjukkan adanya hubungan jangka panjang yang konsisten antara ketiga variabel independen dan aliran modal asing neto. Temuan ini menegaskan pentingnya stabilitas kebijakan moneter, pengelolaan ekspektasi pasar, serta konsistensi kebijakan ekonomi dalam menjaga daya tarik pasar saham Indonesia bagi investor global.
Time Series And Cross-Section Analysis On The Financial Performance Of PT Matahari And PT ACE Hardware For The 2021–2024 Period Maslina Samosir; Maria Kalista Lambo; Cholis Hidayati
International Journal of Economics and Development Vol. 1 No. 2 (2025): Vol 1 No 2 December 2025
Publisher : Ponpes As-Salafiyyah Asy-Syafi'iyyah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71305/ijed.v1i2.1482

Abstract

This study aims to analyze and compare the financial performance of PT Matahari Department Store Tbk and PT ACE Hardware Indonesia Tbk during the 2021–2024 period. The approach used is quantitative with a type of comparative research, using secondary data in the form of financial ratios sourced from the financial statement analysis documents of each company. The analysis was carried out through the time series method to see the development of performance from year to year and the cross-section method to compare the performance of the two companies in the same period. The financial ratios analyzed include liquidity, activity, solvency, and profitability ratios. The results of the study show that PT Matahari is experiencing great pressure on liquidity and solvency aspects which are characterized by negative net working capital and a very high level of debt dependence due to a decrease in equity. The efficiency of PT Matahari's asset utilization shows improvement, but this condition has not been able to cover the financial risks faced. PT ACE Hardware showed a more stable financial performance with consistent profit and equity growth, a strong capital structure, and maintained profitability. The results of the comparison show that PT ACE Hardware has a healthier and more sustainable financial performance than PT Matahari during the study period. This research is expected to be a reference for company management, investors, and academics in assessing the financial health of retail companies in Indonesia.
Co-Authors Cholis Hidayati Faaiqotun Nikmah Irsyani Maria Yovita R. Pandin Maslina Samosir Safira Permata Kristia Putri