Pengaruh Indeks Dow Jones Industrial Average (DJIA), Brent Crude Oil, dan Harga Emas Dunia terhadap Indeks Harga Saham Gabungan (IHSG) pada Bursa Efek Indonesia (BEI) Periode Tahun 2020-2024

Muhammad Ryan Nashiruddin Zufar; Jojok  Dwiridotjahjono

doi:10.29407/jse.v9i2.1589

Authors

Muhammad Ryan Nashiruddin Zufar Universitas Pembangunan Nasional Veteran Jawa Timur
Jojok Dwiridotjahjono Universitas Pembangunan Nasional Veteran Jawa Timur

DOI:

https://doi.org/10.29407/jse.v9i2.1589

Keywords:

DJIA, Brent Crude Oil, World Gold Price, Stock Market

Abstract

This study aims to analyze the effect of the Dow Jones Industrial Average (DJIA), Brent Crude Oil, and world gold prices on the Composite Stock Price Index (IHSG) on the Indonesia Stock Exchange during the period 2020–2024. This study is motivated by the increasing integration of global financial markets, which has caused domestic capital markets to be increasingly influenced by international economic dynamics, particularly stock indices of developed countries and fluctuations in the prices of strategic commodities. The study uses a quantitative approach with an associative design. The data analyzed is secondary data in the form of monthly time series over five years. The analysis method used is multiple linear regression, which begins with testing classical assumptions to ensure model feasibility, as well as hypothesis testing through F-tests, t-tests, and the coefficient of determination (R²). The results show that simultaneously, the DJIA, Brent Crude Oil prices, and world gold prices have a significant effect on the IHSG. Partially, the DJIA and Brent Crude Oil prices have a significant effect on the IHSG, indicating the transmission of sentiment and the impact of global energy price changes on the Indonesian capital market. Global gold prices doesn’t have an affect the IHSG, especially in situations of economic uncertainty as a hedge asset. These findings reinforce the efficient market theory that stock prices reflect available global information.

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