Analysis of the Impact of Global Stock Indexes, Macroeconomics, and Covid-19 Pandemic on JHSG Index Changes
Abstract
Global indices influence the movement of several indices in other countries. The market capitalization of global indices has a fluctuating effect on the ups and downs of indexes in other countries. The phenomenon of the study is that Indonesia has a profitable capital market with a gap in index growth during the pandemic, which is slower than the world index. The novelty of this study is that the Indonesian pandemic and the world index influence the Indonesian index was conducted through secondary data by tracing references from books, journals, and electronic media. This study analyzes the relationships of the American Dow Jones index, the Hang Seng index, and the Japanese Nikkei index and the Jakarta Composite Index. The research approach is carried out quantitatively. The methodology used is multiple linear regression, with classical assumption tests, including heteroscedasticity, multicollinearity, and normality. The analysis is carried out by partial, simultaneous quantification and the magnitude of the variables studied. This study gives implications to the investors to choose the right strategy and approaches. Novelty in this study is combining the movement of the world index with macrofactors that can be seen in the SBI and the IHSG rupiah exchange rate.
Keywords: capital market, Covid-19, Dow Jones, Hang Seng, Nikkei, Jakarta Composite Index.
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