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ISSN 2278 - 0211 (Onnne)

Impact Analysis of Total Money Supply,Trading Volume, Inflation, Interest Rate and

StockRup iah

Exchange Bate on JCI in Indonesia Stock Exchange

'Itr. sr@t mdlcr is r tutcr tor td8-rcm sur'u6. slch 6 sr6k .nd bdds (t@s. zol)41'l',1i"_ a.' "1,1-'.. ",

u'" .upu., -0, "...nL hd rrlrd.rl !' rh. tlrrlf.rrilna ,,r rlLr {orl mJrkfrf'rr. Th. stdk Ficc is d.Rn.d by W.$on dd Brignm (2001) as 0n Fic..l*hich ! $@ is eld on d. .rcbns.. Sbee priccs e. on n reotded d thc baib of rh. ldt mdbg 6 lh. day of tlt crchdge softe. c.ll.d tBrglcins pic.. Thdfft dE lcr pric. id Mr.d fiom thc oftrcid pricc b*d on fi.Ile closirg ENn*rim m lhrcfthang..Ly.Chr'!c\',n,'elfr!.\lre,rnrer(db)rc\crrl ta.u.. Lro,dr'gbSrtr\tr| (2{106) thde e svd flcttrs: (l)Cros dom.sric prodEri C) Infiarionr (3) ucmploymcn rd.; (4) iitercar rat s; (5) .rchant ntei (5) cu'Mr &couiL (7) budg.Ldcfcn. Au| not all or d.s l&tG ca b. osl s rcsrch veiabLs: AtMs oth.Fr umnployrcot nt . cu'Bt ac{rMt s.'r budg.rd.trcit. A@dding ro Eb.n crd Criffn (20@). ODP is lhc qle of.ll goodr rd !4ic6 Flduc.d il r a ]ru by th. eoomy of !natior sing dom6tic factorr of p.oductior. In ddiriotr. cMcnt E.nucdons .r. de ignucd t&cro* ln.y ue includcd in rh.crchdgc rutE s dd@d by SmGls dd Nddha$ (2002): Th8t $. mvftnt oa the erchug€ n@ will csrinue util rhc capir.lbaldc. dd ihc b3tecc shet gc b.cl in tu b.lde p<$ition. ile ttc bu4er &ficir is nor u.d u. cFfth vdi.bl. b..ae thcbudgct &ficir c6 when govcmftfi sp.nding d grdtf than ur Evduc. Wh.n ih. budgct d.ficii ic cl*d by issuing bodrls onthc caphll M.t.t th.. au|oo.tically st@t p.i@s will b. afied.d. Bot th. budelt &ficit @Mins in Indo@ir is clv.Fd wnnfqeien d.h e d6. is @ diel irlp.cr 6 ndk Fiar. Ar5.d o |h. rbovc .Lsiptid, t[c facrn tn4 infll|.@ stet pncc chrgaare: ( I ) nqey supply, (2) r.ding 61ufr. (3) inn id: (4) imcrc r6tesi (4) rupi'n crchrnee r.rc.ftc ecdomic cndh cxFri.nced by th. hdon.sid peqle i! Ery paiitulfd al th. peoplc of Indd.sia, nd only giv. .conomicil|rrer b ds nd+orcmi.. Tbc aiiis is a si$atid thd dcsibG dE d@lin. in .r:@mic cmdnitu lhar ii a declirc in srftMomic indicalds. Mishki. (2@4). sid th.t 0E d. fivc fac|q! 0!ar ce lcad lo th. dctlriqalio of advcre datdll i8s@ edm@l he2eds ia lirecial m.rl.ra ond ulo@t ly lcad to finocial cri*sr Nsrely thc d.clin. of th€ slock Mt.r, rising inrcrcst raGs.e u-ri.ipat d drop of wticip.r.d l.v.h of .ga.egr. Fic.3, risi.g uncerrninry &d PIni. in bdls. This c&s thc .cNmi(sisis sill brvc m imFct o. capibl n.rket acdlny s rcfletd in tlE delin. il srct lut t Ficcs rcfla|ed in lh. CohFric Stck

l.L ProbLn Fointl.lidB&\.d m rh! fa.c abov.. lhc! fic Fohl.m in fiis @s@ch e:

l Dcs d'€ ndcy supply atrat dE cndgc of tCI in Indorcsic Stek Exchagc?

Maria WidydturiFuculty of Economics, Catholic Univ€fsiry Ds|m Ccndika, Surubsya, Indoncsia

Alb€nus Daru DewanrorcFaculty ofhdu(nd Engircerins, Ca$olic Udv€rsiry Dama Cenlrib, Sunbrya, Indondia

Thyophoida WS. PanjaitanFac1llry ofEroronics, Calholic Utrivcrsity Darn|a Cendila Surabay4 Indongia

This twdch irchd.s .rpldatory l!s€4h thlt is diositrt Ardlsis of Tor.l M@y Sulpty lmp&r, Srek Tmdirg VollE,Inflnid, lnt cst Rlt .nd Rrpiah Erch.ngc Rar. of Chanlc of JCI (Cdnpci!. Stak Price Ind.r) i. Indoai! StckExchangc.Popularo in fiir rcsefth all conpanies go public in BEI. molthly drra tarn by rine Enes dunng Fnod of lury2m5 uotil De.nb..2015, Al F ?ulatior |rkcn s pnpl€ or ccllcd sarlBEd sdplqIt aalyd3 ucl to t sr tt. hypolh*is inthis strdy is Multiplc eocl ims.Th. @lrs Fovc th. andit of @Gt spply.nd @ding volure h.r. a significad FBitivcimpacr o. .h696 in ,lCI. Inltation h6 no impacl on JCI chang.6. In|ldsl r.t 5 h.vc , significsnt Fsiliv. impact on ICIchegrs. wlil. th. exchange rare hrs r sigrificmi ncg{tjve imp.cr d JCI chtug.s,

Tobl muncyxupply. srck hdina rclum, inn.don, inrd.d Bte,crchdg. Bk.tCI

fnTERNATlolrAl IOURNAL OF fr{NovATlVE RESE RCH & DEVET0P Em Dol No, : I Oza9ao/iii.d/20l7 h6/iA/AUG17vj2 Pzae166

www.riirdcom Augls! 20!?

2. DoGr th. srct |rlding rElum. !fiel tllc chdg. of Iq in Inddrir sr@k Etchdg.?3. DG5 hfl.rid .ffar 0E chrSc ofrcl in tr.roci. Sret Erch$8.?4. Will inr.Gft.tcs .ff@r 0!c chdgl of m ir In<td6ia Sr@L &.h.ngc?5. Will tlE rupi$ crchang. ru1e dlccr the chotc oftcl in tndonaia Srek Erch&gel

1.2.R.ganR!Dl*B.Fn on lhc .bovc Foblcm fomutadq, rhc t@rs !o b. rdi.Ed are:

l To !..lyu. tlF iFper of mdcy $upply d JCI cheg6 in lrdonqia Srat Erchargc2. To |n'ly& tlrc i,4scr of $@k rEdilg mtum otr JCI dsg6 in tndo6i, Srsr Erch4t.L To a.ly4 rh. inpd ol inn.rid d ICt chdSe in rh. IndoFsi. Srftk Erchoge4. To anslF. rh. impa.r of il(csr rar. d tCI ch!n8.s ii Indoesia srck Erchet€5. To adly& th. imlacr of rupidh .x.hang. .di. on cirg6 i! ICI in lldl*ri. S;r Ex.heac

2.1. lonlcu"err V.n\Br,.!i ir.n(\ .' ru d Bror(l rtrit! rlt,lr '\ rhe {rf ur ItL ,!unen.r t)ttrs Jrponr in rhe ntrD ut ! lutdn r!, t or ucfi ]

||'|uljnlnrcrlQu]'ri!nc])|1ca{n.'|.t6us.dJ'li|rt''L''||'j|lj,'n\'htr.] in rrrulatirin r!.\ iil,i\: i{)lh\ranr 1007rIt-1 (C + D) + TD

M2 r Th. 8!rr@t of !M.y cir.ulsdng io . b.@d e@C : qlrrcry (Bdt !o{.s ad @intD : Dcnurd od chetrTD : TiN d.p6it (tiE d.Elit)

2.2. Srer Tnd. vollmThc volm. of 6rc* rndirg is qsd to hadrE wtcthcr individurl itrvaior. tnow rhc infmarion rh. cmpoly is i$uing and u5.s inth. buyitrg or scuing of

^hf6 60 th.t it eiu g.t a prefit aboE .orDrl. Th. dter in qEsnorr m Edii.ry shr4 md.d d rh.

indieidud stoct lMk.t..p6ially in tt Etfel Erchdtc (Zdhruti,2m) T..dirg volurc is dE eeF.d p.n of teblic.l.n lylistr diig actjvitid h wry tish vduna, ii a siock qill b. ess.d u a ri8n of a befl.i ruk.t {Bullidr). Incrc.ed md. vrlh. ofi&tby pricc incda*s is a slrongq synptm of r b'rlurh codili@ (H$ian and htdjia!tuli, 2012).

lnflatid k dclin d s r phcnomnon in *trich ibe 8.ndal Fi@ lcvcl itrd0ses cdtinusly (Nanp, 2001: ?41). Intlati@ show$ !s.eBl d& h prica (SMwlM and Nordhsu 2002). Ac.ddinS to As!!d@ ed snEiio, (ml4) hltstio ce b. in&rFlt d $ alotrg-Lm Fie in{]te. Itrfl.tio nl. ir tnc Fc.nr.t. of c6d!||ruly inddint Fie iK.& rl Fcvlils in r eonmy.Accrdins ro Trnd.lilin (201o 212) tdldq i!@.Ei rh. @nu. ed .rFncs of dE @mpany. lf 6€ iRlte in producrio .od nhiShcr thd orc pri.c inftas rhat c$ bc .njoy.d E tn. comp{ry ttd thc p.ofiiabihy of th. cmp.ny qill der.e.Th. govmftat's A.qucntly u&d irdietor io nE$orc I'llllid nlc ir IndoMia is C@uJr.r Prie Ld€r (CPI). Chug6 i. CPIAom dft lo tire i.diql. Fie trF.tmtr of Fc*rs6 of goddr.r'd sic.3 c@urtr d by dE comity.Infl.ti@ ce hrw r n.gadE u positiv. efiet d.Fndiluid thc dlge or Infl.tim. Ercdik inflado. i. dditutal to tlG eNnya6awhol€,whichistodat.tb.comteygob.nkNpt.\,ir!,r".!or!lulc'lrhrh'r"I,',rrrriqillhnr!l,nvrn,r'lpriic\itrthcnr]l|.|\n]|]t^\|niJ00l(l|||c{|kin\r'\\LUs.|o|otli.:'nNl|r.jnlt|'d'lt.LJ\|o.|nrit.\$'||nn^fn0q|!Th.didIFLio cMtl d inflstio nt ibrt cr l|r@ rn. bu5id6 w6ld irto. !ib.s! ammic grorrt car d.r wcmploylMr, rh. d|p.nycd 8]!in sdti.ior profib dd slock Mkcr p.i6 eill @v. r@dly. Th. inflatiodry cmdilins .cc6ding ro Sm@lM andItrdhlu (2002), by lhcir mturc uc divid.d inro rhre p!ns: 1) Crcepins Infl.rid; 2) Mcdim itrtudd (G.lloping Infl.tion); 3) Higilloatim (Hlpc. Irfl.lid). RcsGh d Inn.tio hd b.d donc tlootcr (2001); Arycmin8nh .id Agus (201 I ).

2.4. rl r... R..(A.(.'Lhns o l)ornbusch .r al, (2008: €)i Sub.sro filrl-, €m2): thc Inrcrd Rxtr ii rrHlr of pav!rn,\ .n n hun or orrrrrin\c{flcnl qhrl' r e\p.\rd as rn lnluar |lrlendg! t\h!lr R.ill) and B',,qn llrtTrd.clficJ nr.re{ rrrrs lrs d. tncc.rnriJ'bori,ji'l:d Ac.dding Tddelilin (201C Il,1l hreren RJ(u crcr\c$ill.rnn(lFxr.r.urcininrcrc{,.re:rrlrtrcdonrr\t\rnrerritrxn'[k.].l'|Ullcr.{rJtisl.r.nlr1!'o'd.d(.b).|cI0.Ncltdlhcd.b([]|e.eiret|.lpdLdbvthc.k|i(noln(htt1Mauf.lrxi5 , L additi6. u iN@..d int.Bl .d. c.|g inv6rdi b eh!d'.* rh.ir invesnrdr itr stab .nd r.,'.f.r rh.m !o irvcsmcrtsin orc f.m of svills 6 &pcirs.Ini.E.t raI.s pr.vliliq in rh. financial rut.r5 .nd ac usd in n.dcid trescddi is rh. nomiml inc6r r{. rhar is th.r€incmLilcd inflfiion Fcmium (ud R hlyu Urani, 2003) ,P.lurue Et incorc ..sltdl in cdilti Fr shdc k &clin |nd eEndr.llydulr.d in dE fdl of $rdt Fi6 in t'|. nrr.! Otr dl. od!.r h.d, ri6itra i ast nt s dr &posits @qrgc inv..ror6 (o *l dr.B

T||IERNATTO|{AL,OURNAL OF TNNoVATIW RESE RCII & DEvEloPIqENl DOI Na : 10,2.t9.toliit d/2ol7 /r6/8/AUGr7092 P.a.LA?

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'n rhe ,,,r .n tuk L$ I,h trrr u rrrc mrye{ r. I

.nllk(lepurtqrllrrn.ih.\l'nret'riccinrhcnkkcr&JrLrrrn!ir'tr|.rn'rr'hu.nr.h,r!{,trLnnn.rrr-i(tcL,cr5.rnrnrcr.{ Idlpi^l(\t]||en\tUr!sctl\c(.Anl\hLfLltlrlnrcsn.n|s1ion]b'dj|i1o!J|i1''l|'tI|cs,l

Ac.ddins ro Prrepcrrooro (20orr 212)i Ddnbeh .r .t., {2mE: 46) Thc crchssc '!l.

i6 fic @ncy p.ic. of a cqnry lllar isexcnlngcd *ith oth!. c'|tMcics. Th. crcnes. r.!c k rlE prie of m6.y of a c@rry which is.rpEe$d ir dE c1l!Mc, or eolh4@nny (Mtutun, 2mt. Accddirg !o T.rd.tilir (mt0 212) Th. in!.grh.ning of ri. rupirh .gtiBr f@igr cua.i.s ,ilt k*q 0,c.6t of inpofl.d Mlcri.lr fd FDdBrid dd *ill lowr dE i.id3r mt .ppticabtc.Erch$g. d r@altcd crcheg. r&G in a hng. of kerclids d rhc s.lc ed puche of forcip .xchdge, tnown thac e. f.wtyD.s: l) S.lliry .al. (*lins 6L) e6 d.r.mbed by . b&k fd ln. s.tc of @mi! fdcign c!ftacy !r r gw6 tnE. 2) Middlc nrc(ni(blc qch.ng. dr!) i3 rhc ni(bt. dd@!. dn: bciuc.tr rh. $[ins . ed rh. trcigo crchse. boing nr. .!.iur 0E.sridal.Mdcy, f,trich is d.r.mi.cd by U. c.ntrat bdk st a ccrtatu rimc. 3) Buying nt (crch&sc nre), rh. n; sperilicd a b.nk fd rhcElrche of s Fnicula f@ign .rch&s. ar a tft. 4) Fh 6|. ln r al.), rh. mr. abru ii rh. buins d &riint of bs (ntu@dt.av.l.r .hcqE, eb.rc thc .rchang. rnc hs t t6 inb .crur U. Fotr rid .td orlt r c6rs. Tt pcftis of d,c dchu8€ nr.al$y3 nen.rs at ut rim., lf rh. FicG of a .1mncy b.@s .xFn6ivc lg.iftr oats c@cics thcn lhc tM.y is *i.l roappr.ciat - cmv.r&ln if lhe prie of a cM.icy drops rgsinsr anortq cM@cy $c. th. mu.y is sid !o b. depr.cioEd (;.eko.d).

2.6. toinr Stocr Pti@ h<LrStak Pri@ Ird€r shosi th. g.Md movemcnr of sr@t Fices on rh. Sr@t Erch{sse (wid@tnojo, 2mt Fd ihc calcukrion ofstoct pricc ind.x, w haw to add up thc pricc of slar.! Iid.d.Th. fdduti fd .aldhring lh! tDiLr 6 fottos (Anongn sd prr.ni,2mtr ,_ flL ._

!,L|-I^|wrlrl : Tohl Fie of oI itda .r th. ti@ 4|['liebl.

: The !or.t Fi@ of all sh!fts !t lhe bd rirc

3. Ind.p.nd.nt veirbl. lFpoct d D.F.&nt vdiabl.3

3.1. l:I|r'.r ofviri]blc ]\n(,unr or M.tr.t Snfl)lirtl o! JCI (n.nr.r i ( lsomblc nurc] so ) j- bn: n Dosirivc .ll.d oi 1l,r rroronv a.d i4tr\ tr,[ kra on I nr]n rr I

' ' l!\x A dBsric grorrd eill

Eiagq iDflrtid ehi.h ccnainly !$ r r.g.rivc impacr @ cquiry nr*.r' r .,trunn' u'.Aurc rNd '.

!rl) t\i#,Lprr .r nr{r} ,,,rhe.ntrrtr.t F rl,e noncJ mtpl] i,, rhe nJlo$:crs.ll\{ Irr'! rh. r(ri.\ mttl) ii r tr'lnd !sn\c rNl l) \r,,, rl' ! ,, \Jin.trilr)(4;). rh. tr,., luppl, har ri tro\it,ve Npact on thc {\nnp.sir. Sl.tr ltr(c Indc\ llllSC) Il the nmcy spply has ircr*.d, rhc,CI eil iEae.. s rhat t!. cattrl Mkd eill ielle. vie !.fr. if tl€ nfu.t luIDly .Lcr..s.d, ihc ,cl win &ctts $ tlut rtclpid dnct *ill ddes. If dE trrfty spply oft4s, srock pn.s rill rcd io incs, m 6ar ih. l@.y sutply is Gdl. d, rh.higbd th. sl@k Ficc ir . 8ed 3igtrrl t6 i!v6to$ to inbt, IMeasing th. da* pricc will also dfer rh. ICI bo!.d s dEd.riptio&flr b. fMd b.low hypoth.ns:

Hl'r_\e"',.."ti,t..l'r]Jrcn'r'.,nrtirr\.'1'pJ.rnrl(l.trJ',..\r'.l'. lrr,n. " v.r '..1.n,sJ

I2. i r'Flaeclol Sbck \o ufre vr r!1.: or rlr. (ihxh!. i)l lalliad n! r.tur,e i\ rht nurib.. ol shtrr.\ trn ell on dc caflil nNr.r High !'.dn'g rdtr indic.G lh lh. sat is in &nund byMy inr6to.s- srel !_rdi!g rclon is imF.tur fd iNgrft. taa!* rd inlltrd. rn daditrs wlu@ of 5h..6 dsib.s rhecddition of sdnti.s tra.t d in thc capit l mt lth.tcM.ftat d. {ri pri..,.!TJ | 'lLuric '1 r' 'n! A , lunehon or sutt} arlldcr l ld cnr bc !s.il r\ r rln ,,1 jron!.hxn!.r,1 \!J1."'!nl rlL n'.tk.' 1,.,!r! \,'lunL 'r rl'..,pirl (r!rkc( cM h. n,rn1i n.rt i'rl (kn fu rn\ c{.6 Ri6iB srct o:ditr8 vduft iB .u im|!s in hdting dd elling.ctiriry by i.ved6 in rhc crpihlE rtct (Hun.n, 412). Wto stek pucnui.t acdvity in(:It'g rhd fi. ltet Ficc will incr.e. as 0E i!G@ of sr@t buyins@tivity rcttecB th. higl 8r@L pric!,

ll2r StEt tndirg hludA h.!. ! siglifE&t pcririv. irydct o ICI chsn86 in dE Indoocsir Srdt E .b,ng.

3.3. Impel or Inn.dM vdi.bles d tCI Chans.Itrflatio is . Mcr@domic iltdrblc thar can be bo{r b.n.6cial and disdv&tracs. In rclari@ ro 1@L pric6, inardd hs ,rcg.tivc cfet o dc.mpty: -lh''

'\ bccru\c rn in.,.r\'

'n 'nll.(on \rllinc..ase rl'r.!n ('r ftc.nnt'tr!,.,\r. lfth. itElle in

prodwn@ c6b i! !i8ne' Od dE Fice ilce oEr @ b. cnjoyed by rhc comp€ny, tn€tr Fofibliliry win d.ct!e. T!. ris i.inflrrim nDlcs invsios *er ro div.n tneir tu.d! inro Hl a*ri dd inv6r'rs de rclu.Bnt ro invcEr in shlru. In rddirion. ioflariqml losr cdpo.ar. Fofit$ $ s.@itia in lh. c.pid FBk t b.<or an utgncdw comnodity. rh',

'rLrlns rh!' Lnndnf

' hrs J

r.srt\u 'nr|l.{ l\.\'rtrb l0l T r

TNTERI{ATIoN L lOURxAf, OF lNl{ov TI!'E RESE RcH & DEvEloPlfEm DOI Nc : 1O249,qyi,irdl20r7 h6/B/AtJGl7042 PzseTu

Au8ut,2017

\(l.tJid!illllll|cr1]l)lul]l!)tlsucl1|r1lr|ll.|1nhlJnj!tni.,n|.l'l..ltinl,n:c\.t n.grlrv. \i3rrl h rr\cnN I tlir-e'\ | (rrs.rrrLr nr'k.L

t{ri Innadm t6 { signfi.dr n.eatiE i.p{.r on tSX cn@tcs h lxtoGi. SrEt Ercbug.

3.4. Thc Impad of Inr.rcet Rlic vadablcs Ariitur Chus.s of JCIBanf Indon. l uss |ne Bl Er. $ d. of 0F rsnm.trc ro dUd innrrid. lf innauo! is f.X high a@th, BI wil ..i* Bt nr. |t,curo Drx|lro.lri!h rr,,.'].tr. rli '!cl r rhar l' !lr.rphl..{\ r; srll. $ an rn.rcrr. h itrL.,rn rarc\ \r!a.n

a ink ,\n lucls. n idrrt\r rr!.s Inrn.lrl os i'rv.{rrnt n 1srrk. rnusD! rn!e$or: ro \nhrtrrq rh,irn\c{nrcrr r0 r no.r un,l ino!e tr,inc\rtrrcDiinrheri)'tr'otsrvrn}:sanrtn.r)r\ir!ltntrJetrtn t0t0lWcsron and BriglEm (2@l) dgu. rhd irrlcr E|at affer slod Fic6, high inroBr El. .f incile inb4 c6rj $ rnar ln.(mp6ny\ emines &h (hc! will bc folld.d by rhe noam.nt of sret Ficcs vilt ats fsit, tf it h.ppcB in @ny sraki $6 giv.a ncgdivcr$rtul to JCI, rhis c@di on defirir.ly atr c(! invdrdi ro nasfd |h€n inlcarmc'n ro rhs bond Mtd md nqcy d.rkcr.

H4: InteJ(n rrt.. hr\e a (ir lrurt !.A!ri!e itrrt'rtr on J( l !han!e\ ;r rtre tndor.\ir srLn L E\.t,(r!c

I 5. lnpact or vuilbl€ of Rldri erchdsE R.ic d Ch686 or rclMorctary policy od .rdang. rare innen.c i.v6rd b.ltalid in ddidiry ilE3tndr in capillt @k r. Chdg.s in erchegc nr€\d€ divid.d into two rcGly dcF@iltid od .pFEirdo: b.lr fddrof i\ rhe drttrr r Lhc \.,ttre ot rh. Jomcjr. .rrr.r(\ .,!rrn.rorr!i.u.ren\Le). \1!lr.,pfrc.r.di,)' \ rr trsersc itre rrlu. ol d.rr'{r..tr'.rr\ u!n{ triSr (utcf.rc\ iVurrrrrt!j}

Fo invcstoB th.mslB, the daF.ciarid of rh. npi.! .grinn US $ indicaEs lh.r rh. dltoo& fd ln.lorBi.s .@my is bt at.Bqau( the d.F.fud@ of rh. dpi.h @ ecu i{SE flld.4ouls of lndonAiat.cMnr ii rd sndt, s rh. !.1u. of US t willrtr.n8lhcn fld lokr dc pnc. of rh&.s in th. BEL IIL \ !errnrrlt rnc..A.\ tlk rnl r1r rnrcios ia rlk r- trrrr !o rtr\t( in ttr\t'nrrr.so(l .\.han!e lnvett6 will c.rLinly avoid the r l. s itrvators reld ro &lland Mit unrillnc rnonic siasrron b IndoEia isfelt to irprclc. S.llinA rcti@ by this itrG5rd will po$ 6c d..lii. of mp6it srel Ficc i.d.r in BEI t.d din irs inv6tDrr roUSS (ADrie$h. ml4).

H5: Erchdge u. has . sis.ificut ncsstivc iFpact @ JCI cl&Ses in If,donedir SrrEk Exlhogc

4 L Tlc S.ope of Res€ehTh. isB rhrr sill be di$(sd by 0E ..qrchd @ udtzirg thc inFct of

'r@y iutplt, st€k Fadilg volm, innftim. i !rcsr

nt . €tdos. dt!. 3aainsl JCI (Jdil stde bc. hdcr) in Indmciia S.@t Erchusc.

This r.dch is @ crplrotdy cidch rhar i5 caeeh th qplai$ rh. imp.cr bct*d $v.dl v&irblcs rhrdgh h),porh6i5 t.sti!g.In rhii $trdy .xphin dre implcr of mon.y $pply, s(€k Eadins voluru, in{l!dm, inrcr$r Bre, .xchansc Bc or nphh ro chans. (JCI)Compsire Sto.l Pric. Ind.r in Indon si. S!o.k Erch!n!.,

4.3. Po?ulatim dd SdnplcPopuhion in this |w&.h is alt &(a of moncy supply, stock Eidjng vol'm, lnfl.tion, SBI int.rst dt . Rupiai / USD qchans. ratdd tcl, mdthly data ftom July 2005 urtil D@mbd 2015. Whil. dat !d.d 6 sdc ii this rffin AE dsL of lm.y 3rpply,!re*t!drorvoluc,l.flrdon.SBIiltetntc,Rupian/USDcxchetcrit.ndrCI&limitadbclGing.hraofachorttcb$donrh3 tunng th. ob$.vslion Fnod of luly 2005 to Decmbd 2015. Thc rcas fd thc s.letion of thc yd pdiod Usd ir to getmon .ccur.t. rcsulls in eccd,nc. widr cunetrt ci.cw\tdc.r. Mmthly &l! slecti@ is to .void bia fial dcuB dk to panicmrt t itr rcsponrc to d infomtidt. s sith tlE e of mdrhlt d.tr is.rF.l.d to olrtlh n@ acu.l. |t$lrs. B*!@ thc d!.a isbrd tc@nday data ard tllos to ot{lin dl thc .lat thd dE splina iahnique is c.llld sndEd mpl.s.

4.4. Fie.rch VeiabLs !d OFntidd D€finition of Vsi.bles

4.4.1. ri...rr.h vr'rJbl.The li irbles us!! r thi: !lud! r, e L Let,e r'ltr L I mrb c. Rtener, L.ri \ .u L ,lc Dep.nd.it vdilbl. (bound) b vai$|. dar infleocedd wh'ch b..om TN1LE

'E of ind.F ddr veabl.. ind.T.n&nr v4ilbb (ne) is leilblc fi.r hflusEc q *lich cs5. ches.

or d4p..d. ve.bl. Tr'! 'l.t'L 'L!nr \rnrh. tr\n rr rhir rudy rr rhe a,trf|nr1u skill I'r1.. Ind.\ llHS(;. Lhc lcrrndenr

Y]ri'L]n.\drc(hcnl[cvs||'.rh|n(t|kr(|0tvn|u]n..lhnlJl|[or'.lhcIcrc{|lk.iJl

44 2lih&rnn1.,I Dcfi prnr,n \ r.nbr..Thr: nuJ! u\c\ onc den€tr(l!nr \trnrl,le rnd lr\ c ftlepcirl.fr v!,r.'h c\Ofd,, Lktr,xLdrlrn'non ol c.'.h vxnrhlr iD dn\ \ludvr\ io,n)tr\:A) C6p&iL S(@t Prie IDd.r

lmERNATlOrlAl, IOURNAL ol INNOV TIITE RESEARCH & DsvaloP|tlEm DOINa:1d.:{9lo/ilrLl/20r.r6/rnlr\U6r:092 r.rr, rne

aont!\r 5r).1 fti.. l"Ll.\ rJ( l, '. rlr lr .t nrdc\ \hi.l, i\ aorrhDcd rlt nr.tr. prr(\ li{ed ,trr (tr hrd.ncna Sr,j.I tj\!hJnl(lllil).IIc,'$r/ncnrs nrl. ire

' ' trn,r or tr.itr* Mc4ucmirs ns.d in Rpn USD.

B) Al]lMr of Mdcy in circul.rioBrqd tru.y amNt d BrBd @ncy (M2) is th. sum ot Mt (cur.ncy ptu d.pqit in rb. fcm of ! cun m acllur d dctu,rdcposn) which incorF..r.s d@ dcr$it! od s.vings s wcll as donelric fGign cufttrcy ,ccounrs .s p.n of rhc prcvision ofo@.y d qBi h@er tl6um.nis os€d & in unirs of rrittios of rupia!. Tt. fmuta rd crlotarinS rh. llrur of lM.y incircut tim b a folos (Okravie, 2@7).M2r(C+D)+TD

M2 :Th€d@rof |m.ycircul.ri.girtbroad5.@c : C\ft.Ey (Bel nor.s dd coiltD , Detrnd and ctekrTD : Tir d.posit (tim. d.Fsit)

c) stctT6dirs VoluftTh€ volutu of ct@t r.ding is ued to @sG !ftcrhcr idividurl i.rcsrG lsw th. irf(lruri@ th. .6p3ry I isint u<tus in tb. h:ying 6 slilt or rn.B $ rh.r i( vil 8.r a Fofir nborc t!(,Mt. Th. tur.s h ql,.rio @ ddin'y sbmr iEdedd thc individul srct Mkd Bp@irlly in tfic Effet Erchdgc (Zihawati, ZJoO) Trading voturc ii rhc dc@Dr.d p.n ,,fcchnical a.lysii, Iradi.g actiritic$ in very hiSh volures, in r srftk will b. ssssed $ a sign ot o b€tEr tuk r. Ioc@d o,adevoluft ors.r by pric. inq.es is s itur.lsiqly .ro[g symp{@ of r hrlish cdditi@ (nur.n. 20t 2)_

D) lnflatio tu a ds|snt nte of Fic. itrc'!& in go.d.r.The

'nnaLid nc ua.d ir rh. innaron Br. oblloe! froh rlk Pricc IndiL

ComllE (CPD t|mlhly. Tb. E$Ec'Mr. u!.d u r p.dDr Dib:Lr Inr.r.{ 'r. of( r(Llr.rrr\nlBinr IiJone!u LsBI

l0r.r.r rde.f Brrl IJrdotr.sia ( oriliclrc\ lSBI) is rhc nne,.n ' .l).r.nnrnrLibrErrlIndfN\rtrnnrl,.irnr.nr.!oltJ(fklnrlorf.irCLrrr'eilc\rSurrTrib.lnbclt CEri6c.E of Banl hhFsir (SBD tr^.d i$ rh. C.flificrr. i.Gcn atcBa.k Indondis (SBI) I ndtb. Th. r@!q€|@t uicd tu rh. p.rcat sit,

n E-icbdg. PatAErchdgc Pat is thc Fi.c of a cMirys cutMcy .gaist lnothd cd.rys clmrcy. l h. .\. rir,lt r.i. trrcd r \ rh. I S r!, 'l :.

. \fhu!. Inrc rrn'rn rh. i tl),i !Llh( liuJnr! nrr. il h! Ilri'k ld,r\u.P.rgukmi us.d in Rt/US S,

aJ.3-I!aes-a!d..D.aE SoucelAcc(ding to Ku.corc (2m9. &. (l3!. obtarn d by lEruDr U. v.lE or m or mtr vdirbl€s in qtlampL (polojrtid), all th.dara rt{ dre is a wi.bL ln.r r. tr.re, ce b. cla$ifi.d inro qwtitltivc drt!..d qulii.tjE &li. thc r)I,c .r,lih dr€,j tr, rh,$u,l! ls qlx { rr!\r dr{l. ,.c. drta h.ssucd h a nuffiical saL (nunb.r). The ddr is in th. f.m of tioc sica dlla (tim. si6) tha'k sl@ged rcddiig to tim do(. o . Dortculd varbble .

T hi .geh !&s soidary &ta lhsr i. daia rhat h6 b..n coil.ci.d bt&u col€ti.B .gtuy ad Fursh.d (o th. d.ur lg si.ty, lhr d"ri ,n rhG ntrJ\ q.'. obtarncJ tion] rh. NN,lJUon .l lhiTn(lt r.!r it rh( Jur' ol anDr.

b\ (\.: i)rrr neri(erl 1'urr rrrrJtr!( lJuon. Whdas .lal! d.ilal ftm tnc Intlon.si! Sr')ct E:ch.ng. in.lud. thc Codp6it Std* P.ic. IMlcr ad S!oc* T..dins

aJA.M!flddCoI$i!8Dl!!*In tl|ir eseuch, thc mdhod ued i! dst| coll€crio. is rhc

'erhod of dem!.n|!tid, thfi n by Mording and mpying thc sio.n dlra

clsrcd to th. rce.rch Fobl.m .itlFr ton th. src docam.nt c book& ncw6paFs. nag&i..s, inlc.n t snd db.r. .b@rCoiDcit srdk Pricc In&r (lHsc), St€l Tr.di.g volum, lnflano. In{.Esl Lrl. (B&k Indoncsi. C.ninc.Es), Rupian .rd.ryenr Ag.inst US $ ud h rbe frm of mnihly data tob July 2005 ro Das.lbcr 2015.

aitD!!a-4a!$ill!!!Ei$lr-l. Docriptiveslalis[cs

Th. nc.x@Ent by c.lcul inS the ninind vslu., Idimn Eh., I|Ed ud $md.rd d.!i.tio.2. Itrfffidal sl2tistics

hfcrcndsl strtistical analtsis is wd 10 pcrfm tdting of ..s4d modcls., and ht?othcais lestitrg.

a a.6'.'li.{irr, \l"i.lt hc rr\car.h nn]r'l i\ lrd l(,lool al Llr. nrJeFnne '1w iblcs $d rtlid rln (lepenlLnt rnnubLcImp4t of A&{trr of C!|mcy in circohtio4 volum. of ck lnding, iin.tid. inr@$ al., etddg. nt ..griNt ComFsic Sbck

TNTERTIATIOIIIL |OURNAL OF ll{NOV TIVE RESE RCH & OEVELOPMEm DOrNo.: rdi[ea(]/ Dfd/20r'rv6/ HI,ILLlroir2 Fru,r!D

w$'wjiirdcom Au€lst 2017

N

UB t26 t.}f220n 45488m 2.52Er{6 10161 .410

t26 9.lKEll I 8.548+12 4.5025E+t2 1.75198E+12

IF 211 t8 38 1.242J) 361536SB t2n 5.75 12.15 7 7956 l.8l9t lNT t2n 8532.00 I,1396.l0 10r6E.6653 t477.210f7lltsc 126 t54.58 5141.52 r1.{618t06

L2bTab.l l: Desdr*iv. Sraristis

JcI 'Fl UB +F2 vP + p3 IF+ p4 SB+ F5 NT +t

I IHSC : CmFrir. Srrt kicc Ind.iI P'-P5 Rcsresion ceflicieI UB Tcx3l Mcy supply

I vP : srerThdinS volmcI IF : ItrnddI sB : Inr.err Rlrc

I Nr : Rlpidr Erch{s. Rat

4.4-?. M.i.l F4ibililr Tcst lcndn.$ of Fn)To .*s th. a@rucy of th. snpl. r.lrc$ion i!rcrid in 6dmri.8 rh. acru.l vsln c.r h. o@urld ftun rlE coodl6 of Fi((Ohoz.li, 2013: 9). Sarisd@ny tur* of Er ce b. rcrsucd &@ @iftci.nr of dcEdir.rid dd F stari3uc Eu..

trjr c..r1.,.,,r ur r>.*' '*',,r-" ,r',lhr r(Elli.L.nr rl rlcLrr 'nJtion

. b.\L.nll\ k, rn..\ijf ho\ lrr rhc rhilir\ !i rh! trrodcl Ln.\0L,fr tr! (trc dcpid. vr"!b,Ccllrieir wlc of &krniniu@ bdE.n z.rcr!9 ore. I hc $r I I r lu. L 'l R nrcan\ dr.r r]\. r hL h(! o|he ir r.l)eod0r( r arirhl.r r

r.tlrti rhIlenl,1L \rrJh. '\ \.') lr' 'r.Ll \ !rhk .lL\. b.r. nr.rr. tlr.,rJrtrndrdr !rri.'1n.. pro\rdr Inx,i.,ll rll

n,iir ar'on nccdc,l h [.1n1 rh. \Jnafon .l th. Llrp.rdsn( \',nrh]e (( 'f\rh. :01 | 9E). Tb. tundlmf,tll rcaLn.ss of the us of tbe

.eflicifl of .Lt.rBioation is d. biu agliBl th. numbd of veilblq irclud.d in tll. 6od.l. F.ch a<tditio..l G i.d.F.&.rveiable, thc! R nust inq€s wi|h m r.gerd endhq 0F vri.bl. ha . signilirul inpld m 0E d.p6ddt vriabt.. To cvrlulcwhich rcgrc$ioo model is tltc b.st thc rcrcech.F rccomm.nd b ur a cUJu$cd Rr valuc, ulrc R:, tlt adjun d vqlE of Fcrn ri*or flll if c ind@d.n1 variablc is sdd.d ro th€ dod€I.

Ir.na|{1!J|1.jlh|i.]]|1'hi\\!l|.m|lcl||.D.'tl.Nl.|\f13h[.|I1ii[Li|l}l|u\1r.tbl. ((;hi'rrLi rr l l, 88). ln a@Fins q lcjetiry Oc prcFtrd hlpo(q;lt by tdting at SPSS @tput |Nlt6, k qr ooly s t!€valu. ofth. sigdncr lt$ofdhvdiabL,Ifttevdu.Csignifi.et0.115lh.frt1.rrr.itrtrult(lirLdchlTr{he\i\'\r...p(dlCh )ah. ll)lr: 89).

5. Reuch Resuh dd Di$wion

5. l. tl*ripliv€ StdisticsDe$lipriv. statisrics p@vid! ! gcncnt d.$riFid of th. obj4l of r*fth h.itr8 empl€d Elpl@1i6 of d.t. ln@t! de*ndrvessrirucs is crpe|cd ro Fovid€ a Fcbdn&t ovlryiew of lh. Foblcm ud.r iNd'. D.*riplivc st tistics fo.$ on d!. tdinudninimuru, uv€rage (ce) and n nddd d.vEtioo BNd .n rr' )lirsilttrnU JrLl! l0{)5 to D.L.nniJ lr)15. l16

'hnr!trnoni rr'r'

.hr.L rnl rl'.'c{ 6 ol thr Llc\rf inr r. {.{nrk.Ll tr! rre :hoqn,n r.'hle L B.loq

Frm rh. abor de$riotive strtiiti.al calctrlation can be cmclud.d d follosi

5 | I TFlMd.ysqnlyM.!n (Averlge) lmdnt ot hoEy circobtinS ir ltrdo..sia F5r 2005 201 5 arrunEd h t 1l | + 1 rr 'r '

I h. nrnrlnnl tlcvrino I 'f| 0 rri I 9(,110 s/hcr ndd.rd &!i!tiot is smdlq ths Bd. This indlcal.5 sMX fll&llltid i. dE l|Ynv tulplv d cd b. $mn d!p tult, *ith a minin@ valuc of l,$12,206 and a tuimM valu. of 4,548,mO

5J-2.S&c|.lddiotJdre-Mle. srar trlding rclm. ir th. Exch,n8. .ft cl of Indomsia in 2m5-20l 5 amu.t.d to 4j0l6l + I : ,$d did nn I hn I Jr\ rxro I ot

."'!LAl +rl"l;'.d*q,,.l.trJLl('rrLnn'\!rr'i.rthr,'rhrnr0rr lri3 indrc.Ls ldg. flud@tioos in stak mding volue d it@ b. infd.d ro b. irfcnd, ei$ a ninimuE v.lE of 9.,14E + | I dd a @rinun vare of E 54E + 12.

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5.L:LlllrrlilnM.s infl.li@ i. I.<ldEsi. luly 2005 !o Dadb.r ml5 is ?.220 &d .Lviatkn sr.nd.flt of t.61536 wtdc sLrld.rd dcvi.ad is l.sfian rlE m.o. Thii ildiorcs sm.ll tucfuadds of inflllid o..d bc aunnEd !p rcl, with. niniM y.tu. of2.4l ud a nariou]n

5.I.4.ItrccltRltwt"- te"*"g") inr-*r ,"r. iqFdmi. tuly 2005 ro Dcc.b!.r 2ol5 or y'jii)6 u,d nitulakt ,te"r,rron or rl|il,r| urrcrr r.rnar r

dc rrtdn A l.\: tlrrn th. rnJi.75ad. haimuD vrlu. of 12.?5.

5.1.5 RDi"h &ch,re. *,odnd l,s IM.an thc rupi.h .r.h.ng...L rgdn US J in Ind6n.6i. rtum July ?ll[E (o D.c.mh( 2ol5 ss t0,16E,6553 and rhc r.trdrddcli.tid of 1,477.2.()37 wb@ st rd,.d d.viarid B lcs lhT tnc l|ru: i'h',,,,t..(. '. ltu.rLir'o'' !, Ll'f ruprah .\.hJr!.,a!.rn{Isi\hirirNinal or.rnl)e,u'inicdnn*cli.*rrr,rnlnrinrnr\ilue.ls.jll00lDdrruimonvalu.of14396.l0.

5. | 6 Cmsib S.eL Pie l..btM..n loi stek Fic. ind.r in Inddciia tuly 2@5 to De@b.r 2015 MMrcd ro 3,186J368 aId sra(Ld deviarid of1,3.15,187$ wh.rc srd<bid d.!i!ii@ is l.s rhrn th. l|Fu. Thi. ndiotd flElrrrifis of snull cqrF6ia s@t in&t d infdrcd8ood sp@d, vith . mirnnM valu. of | .054.58 ed a frrimu vrle of 5,,143.52.

5.2. Inf.ENid $$5ticlInf.ratial dtrtistic.l edFii isus.d 10 FrfoT r. ing of r.'@Lt n dclF, dd hyDoth.sis t sting

5-21 Vod.l Fa.ihili! Tcrcctricient of Dct miMnon (Rz)

ta. lcsr r.sul6 in tgbl. 2, R or 0.986 (98.6%), ft.* rc.ul6 indj@c d .trog DnFc. bcM.D trl'lo *itl' it&FtL{t leirbl€sb.c.uc lbove 50%, Wltil. dE a.luc of Adjo{.d R 59ue (R'' showr 0.9?2 (97.2%). it nHn! 97..1 ; l( I.rn he .\Piunrd bl\!liLNn\olmon.!\U||]t.\b.k(udln!v.|Lnnc.ill.ll|(t'']|[rt\t|ai..inde\(]'lngtllorh.' \rrirhl.\ nut rnrludcd rn Ihe ni\lcl

Ln(!trdrrdiz.n (!rliiti0ls StundLl,?r{l (brft,r'06 s,!\th

txt6l5l 219,544 8.541 ofl)UB .0nt42 1.096 3L271 .un .205 4.8E5

odrxnml4 .00m0(I)m17? Ito 7 965 ]m _wIF lc2lo l.,160 .245 4.014

SB 62.493 2E.l I I .086 2.231 stt .160 625.)

NT .o24 3!{) 2941

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t,Btct Nl, er_\tr1)ply hr\ | sgnilicafr D.s{iv. (l!iee. Mo..I irffiy h,Ls x \ignrlrtrfLNnrrc idDacr or i( l .1trlrgc'

\ PIHS!'I ntlc \o !m. h,r r \!iiil,..ur f,\i'r\c 'lirde \!,ltrf,e hrLl ns,errlrcaDr n.\irn.

t(-t :jllii:' li":r"I '' tr' ' c! r !'

' "pr!rlrfli!.n lr.F dor!ri6uur,nrpn.r on l(-l

riLrf*L ,d$ h$. a n$ficd ndet n. L{cf.i furc\ h!v. r sili licur tosrltrc

\tJ(] Tlir r\!l'.tr J. '.(c h,J-..' !!nili':iI llr cxrhrngc rdrchnsn iirtr,fiexrl trclrurc

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U{vr rdcoh August, 2017

Baed o lablc 3, |h. Egrc$id mod.l h forNhcd md .n.ly&d s folo$:ICI = l.096IlB +o, | ?9 vP,1.676 IF + 2,237 SB - 1332! NT

51,1, Analysi! of th. Ina.t of Md.v Sulnli.d d tCI Ch.nr.Th. v.lue or pGirivc mEy..gdrd cfrcifi$ (UB) t.096 qrh $8nifimr om 0.05, $!$ic.lly rJB rcsftrm ccfrAi.ipGjriw v.lu. nH!! rtc highd UB hlgt.r ,cL u h t. rhc \Jt, r .r . . rr.Lr'{, ,;1p0,

'r @s UB idpad M ch&aci JCI

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u\phtrr\Ihd ihf ntre$c nr rhe trxnr.! supplv*1lll'xve Jr rmtr.r.n dr JCtr r\. fhr\ rhc tr\porhc\N nrrir! rlrth. mor.\ {rpl,lhn\ I ngnrlicanr po\iri\e r'rpr.1on, hrnse\ tr, Conrlo\ne S(dl Itrcc lnllrx tJCI) pru\cn

5.3-2 s.dt Euh,n8. vdum lntlrclr|Id$ilkrillltcbrprcllllftV.lu. of r.srcsid cctrci. of s|lFt tnding rclue (VP) podiriE 0,179 virh signifiqt 0,000 0.05, shdsricrlty cGtrrci.trr oltes(s'm YB pocirrv€ vdu. tlr.s bisgq vP of highe lllsc. \vh't. lh. vduc ot rig 0.000 pJto. ir t|]@s dl|r w rry.cr on.hugct rcL l'r^.\ti...' rlrrthc'n.'eie",r,.krJ,l"rr.,l i!llJllsr'lr'.,cJ\.r'J!l-.'1,..1 n)!orh.n.rr,r l'-.u.I rlng \olunrchrii n8nin.rntposnrle inrt cronehMlcs itra,trnp.lLcsrxk PrlccL(l.rprurcn

5ll.ldladlrlD[eclA!.t6i!-ailclchl!&.,the vdE of rc86dion @ffci.nt Infi.d6 {ID ncgfiiv. [J:76 witb signifc.nt 0.096 0.05. sbtistic.lly th. rcgcsioi cefrici.trr Itrc8idE hle !|t4s dE trut . tlt IFth.lo€ tic ICL \lr'l( rr'u \Jlu( o! ie n096 0.050, it mdM tlut lF ilo.s not aff6r th.chds. of IHSG. Thk ctphins thit th. infhb@ insee vill nor affar d! in@s. of Iq. Tlus 0E hrlo{hcik rh.r i!turid har a

siSnificr.t eg iE impacr o ch.Dtca in th. Cornp@it Slock P.ic. In&t (ICI) i! not Fen. Tbir b b.crqrc rh. Flvaili!8 i!frio',nEd of 7.?42% n sill lc$ rh4 l0%, esdins b S.nubor .nd Nddndi eO02) b stjll El.riv.ly lov iltt.rid, $ inflatiq,chdg.s ha!. no impoct on chug6 in JCl.

5.3.4. Anghsir of thc lmdct of lnr.rul nrl! d C1'r.s.s of JCI

Thc vdE of p6itiv. int rdt rat r.8!sim cefncidi (SB) is po.itiEf 2,217 *ith nrdn6t 0.027 0.05, sbdstiely F6itiE .a&of In..d r{g{sB, cr6c'.it lEn bigtd ot Esr ntc {SB) JCI. whil. t[e vtlE of 6ig 0.027 0,050, !|l@ins rnlt SB inF.r dchans.rJcl.'lr,\ r\t,lJn\,h. ,ncr(irrtcr\llhrrernrnpacronrhelal|a. Ihuf,JI. b?othdis 0ul th. bugdtribe hr5 | ri8rifidt n.gltiE ibpet o dDg.s i! tt ,oi $ak Pri@ Io&r (rcl) i! nor FoY6. fhi\ '\ bccau\c rhe p'f\r,l'n!

e,r\( rrLc r\ $ll w{hn, rhL 'ungc

ol irt \hlch oFntr: { N nrll sthin rh. rrn!. \c{ h) ilanl lnf.rcQ. \o rlur lhc,nl.r.{ ,rtt '.ii.r1rrtrrxll! lus ! Nnnte jnrl[.r,n! J( l

535.-E!dh!n3!-&&lnerl!Arb6i!.odgfh!!sr-ThG v.lu. of n.s.rivc €rch&s. rlt. i.sBid @rrcidr (ND n.8tnv. 13,328 witb si8rii4rfl 0.@ o05, ttrti.tictllv rct|Biqc@f6ci.d M,I.g.[v. vdu. Mi thc tMt t tlE l,ovd tlE IH9G NT. Wnib thc Y,lu. of sig 0 000 0,050, ntrint NT iEp.cr dch&g.r Id fltr.r\j'rn.$Jrrn rr/.rv r

' r[. r\.hanr( rale will hivr nprclof ihentrlinet'l t[cJ(l lhn\ rhe I'yl).dr.: s

\hi(h {.r.\ rlr( ex([rrge rarc h!\ r \i$ili.rnr nclIi\e nnnacr on.hans.\ n tt( ldnr SrNk P'ne I'rJ(\ iJCI) '..\rknr

Ba&d @ Multiplc Litw R.grcsid Analtsis R.solt .nd t tcst ctult .boE .e bc M.lud.d 6 folos:L Mo.cy supply ud st@l tndins lolutu have a significan Fsiriv. imPst on ch&gq in th. Joint Stak Pricc Indcx (ICI) on

,..-t!. IndoGit $aL E ct$!..2i-t"(({RrrL,.'ndP'r, h 1 ..

'Jnrr Rarc hive i ilnineln! nclluvc crrlcr.tr rLe r{urls ol Ihc r,trnr Sr,lrl PrL.! Indc\

llaIr rtr rlrr lrdon.\ir Strl Il\.hrrgrL hnado do.s ro. btE r significsr ncrrriv. inF.t o chdg.s in 6. Ioint $4t Pric. In Lr (r(:l) d thc lDdorbi. Sral

i. As$tina de F. So nio (2014) An.li$ F.l(tor-Fd.rd Y48 MlmFnSlrulti PdSdtkd Hdsa Sah.m P!d! F.ru&Iaanp.nubdg.n- ttml win El()|mi Milro.kil Vohe 4. NotM 0l, Alril 2014

ii. Amp.ruiqrod, L, de R.S Acung (201l) Pcngruh Tin*at sutu bun$ sBI, NilaiTutr M{ta UenS Ddt Titgkat InndiTcftadrp P.ruhahd H&s. S.nrn sb Strd P..bodt D Bus Ef.L lud@sir Prc..ding PESAT Univdsita6m8Lrm. vol 4 Oh.6.r 201 l. ISSN I E5E-2559

iij. AMogrAla (200l), P.ngerd PasModsl Ediil RclisiC.tahd tc lll l.bri! Rinet Ciptiv. DaDb@b. R., S F*hd dan R Ste {2(x)6) Mtloo Et6odi. Tdj.fd'atr oLh Roy L.t-. MiEzudi! J*an: PT M.di.

clobal Edur$i!. Et n. R. J.dd R- W. ftiflitr, (200?) BBin.s B's.ntiab (lolh F/tiid) ISBN t3:9E{133454420u. Ghoali. L (ml3). Aplik e tu.litis Multiwiat &rSs Prorrm SPSS, c.i'Iar lc vll Btde Fctdbtt Univanhs

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viii- HKe, S d.n E. hr4iistiti (2012) Drsr - D.g Meiclm K.@8n|L Edbi Kaa6, Yostrtfft ' IJPP STIMYKPIIii. Imc!. C.P, (2m8). Invelmlnc, AnalFi! dd Mata&@nt Sirfi Bditid|. rohl eilev & Sons N.w Yuk Chich.st r

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ri. Madula, .r., (2(tr5) Iotdi.lis.l hnddd U@gcn.tt, Fo{nh Editim, wet hblilins CmFnv' USA

rii. Mishtin, FS (2004) Tl|! E4ononic of nMly BsLing & FinaNal M{t.i S.Y.nh &ltion Nd Ydt Colonbh Unircbitt

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-",. n,I"rX..-a Brom, (1997) I!!E!lmr. Tb. Dryd€o ftes ht maLioMl EdiuoE Third Editio USA

rvir. $ ul M. {20Ob, hs Mod,l dr Mdajcrcn Fonoblio Erlusgr ldon2*'iii. s".*i*, i.e. 0". w D Nqdh.s (2dz) Fmics Mc-Gnw Hitl cdp'i} Fir'@th Edido Mconv Hill lrc'

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