Diponegoro Journal of Economics
Vol 14, No 3 (2025)

Analisis Perbandingan Efek Arus Modal Investor Domestik dan Asing terhadap Perubahan IHSG

Krisna Darmawan (Jurusan Ekonomi Pembangunan, Fakultas Ekonomi dan Bisnis, Universitas Lampung, Lampung)
Vitriyani Tri Purwaningsih (Jurusan Ekonomi Pembangunan, Fakultas Ekonomi dan Bisnis, Universitas Lampung, Lampung)
Muhammad Mufti Hudani (Jurusan Ekonomi Pembangunan, Fakultas Ekonomi dan Bisnis, Universitas Lampung, Lampung)



Article Info

Publish Date
17 Jan 2026

Abstract

This study aims to analyze and compare the impact of capital flows from domestic investors and foreign investors on changes in the Composite Stock Price Index (IHSG) on the Indonesia Stock Exchange. Capital flows are analyzed based on eight transaction categories classified according to the type of participant (foreign and domestic investors) and the type of transaction (value and volume). The method used is multiple linear regression with time series data of 476 observations from 2023 to 2024 sourced from the Indonesia Stock Exchange. The results indicate that transactions by domestic investors from foreign investors, show negative coefficients, implying a downward pressure on the IHSG. This study compares the effects of both domestic and foreign investors, providing an examination from the perspective of transaction types. The originality of this research lies in its disaggregated and direct comparison of domestic and foreign investor transactions within a unified empirical framework, whereas most existing studies focus primarily on foreign flows alone.

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Journal Info

Abbrev

jme

Publisher

Subject

Economics, Econometrics & Finance

Description

Media publikasi karya ilmiah lulusan S1 Prodi Ilmu Ekonomi dan Studi Pembangunan Fakultas Ekonomika dan Bisnis Universitas Diponegoro yang berisi tentang kajian pembangunan dan kajian ekonomi beserta seluruh ...