The Influence of Inflation, Interest Rate, Exchange Rate, and Gross
Domestic Products (GDP) on Joint Stock Price Index (CSPI) in
Indonesia Stock Exchange (BEI) Period 2009-2018
Triani Pujiastuti, Agung Satmoko and Erry Kurnia Nugraha
Universitas Pembangunan Nasional Veteran Yogyakarta
Keywords: Inflation, Interest Rates, The Exchange Rate, GDP, And CSPI
Abstract: This investigation means to decide and break down the impact of macroeconomic factors, including
expansion, loan costs, the swapping scale of the rupiah against the US dollar, and GDP on the CSPI time
frame 2009 - 2018. This investigation is utilized auxiliary information and incorporated into information
time arrangements gathered by archiving information of expansion, loan fees, the conversion standard of the
rupiah against the US dollar, GDP, and the CSPI for the period 2009-2018. The investigative instrument
utilized in this examination is different relapse investigation and speculation testing utilizing the f-test to
discover to decide the impact of all the while free factors on the reliant variable and t-test to decide the
impact of incompletely the autonomous factors on the needy variable. The results of this study are inflation,
interest rates, the exchange rate of the rupiah against the US dollar, and GDP jointly affect the CSPI with a
significance level of 5%. In part, swelling and loan costs do not influence the CSPI, while the conversion
scale of the rupiah against the United States dollar negatively affects the CSPI and GDP positively affect the
Index CSPI.
1 INTRODUCTION
The capital market is important for a country's
economy. According to Jones (2000: 74), the capital
market is vital for the functioning of the capitalist
economy because it functions to channel funds from
investors to borrowers. Furthermore, the capital
market provides an vital allocation role through
linking funds to who can use it optimally. Dandelion
(2017) states that the capital market is a gathering
point between gatherings who have abundance
reserves and the individuals who need assets by
exchanging protections. Capital markets can fill in
as a delegate.
Data about securities exchange execution is
frequently condensed in a record called financial
exchange files. The securities exchange list is a
pointer that mirrors the presentation of stocks in the
market since it is a marker that depicts the
development of stock costs, the financial exchange
list is additionally called the stock value file. In
Indonesia Stock Exchange (IDX) stock price index
called Composite Stock Price Index (CSPI). As per
Moraga and Pakarti (2001), CSPI is a file that
demonstrates the development of stock costs as a
rule recorded on the stock trade as a kind of
perspective for the advancement of exercises in the
capital market. CSPI can be used to assess the
general market situation or measure whether stock
prices have increased or decreased. CSPI also
involves all share prices listed on the exchange. The
stock price index has three main benefits, such as:
1. Market direction markers.
2. Level of profit.
3. Benchmark portfolio performance.
The estimation of the Composite Stock Price
Index changes as per the degree of stock exchanging
action on the IDX. The movement of the CSPI can
be related to the macroeconomic environment in
Indonesia. Tandelilin (2017) states that economic
analysis is one of the three analyzes that investors
need to do in determining their investment decisions.
Economic analysis needs to be done because of the
tendency for a strong relationship between what
happens in the macroeconomic environment and the
performance of a capital market. Jones (2000: 342)
mentions that estimates of good economic
conditions have significant value for investors
Pujiastuti, T., Satmoko, A. and Nugraha, E.
The Influence of Inflation, Interest Rate, Exchange Rate, and Gross Domestic Products (GDP) on Joint Stock Price Index (CSPI) in Indonesia Stock Exchange (BEI) Period 2009-2018.
DOI: 10.5220/0009966903590366
In Proceedings of the International Conference of Business, Economy, Entrepreneurship and Management (ICBEEM 2019), pages 359-366
ISBN: 978-989-758-471-8
Copyright
c
2020 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved
359
because economic conditions and capital markets are
tightly bound, estimates of good macroeconomic
variables will be very useful. Sunariyah (2011: 23)
states that several macroeconomic variables affect
the equity market, including GDP growth, industrial
production growth, inflation, interest rates, the
rupiah exchange rate, unemployment, and budget
deficits.
Many studies have been conducted which aim to
examine the effect of macroeconomic variables on
the CSPI. The aftereffects of research led to
macroeconomic factors on the CSPI changed, and
there were irregularities. Research on the impact of
swelling on the CSPI directed by Astuti et al. (2013)
produces proof that expansion has a negative and not
massive impact on the CSPI. Another investigation
directed by Wijaya (2013) found that the expansion
variable had no significant impact on the CSPI.
Simbolon and Purwanto (2018) led an investigation
of macroeconomic factors on stock costs and found
that swelling rates had a positive and critical impact
on stock costs.
Research on the impact of loan costs on the CSPI
led by Astuti et al. (2013) found that the loan cost
(SBI) had a negative and massive impact on the
CSPI. In a similar report, directed by Wijaya (2013)
found that financing costs did not fundamentally
impact the CSPI.
Research on the impact of variable trade rates on
the CSPI led by Astuti et al. (2013) brings about the
finding that the Rupiah conversion standard has a
negative and critical impact on the CSPI. Another
study conducted by Mulyani (2012) found that
exchange rates hurt the Jakarta Islamic Index.
Another study conducted by Simbolon and Purwanto
(2018) found that exchange rates had a positive
effect on the CSPI.
Research conducted by Simbolon and Purwanto
(2018) found that GDP growth did not affect the
CSPI. In a study conducted by Mulyani (2012), it
was found that GDP had a positive effect on the
Jakarta Islamic Index.
Considering the importance of the CSPI in
relation as an indicator of stock trading activities on
the IDX that has a relationship with macroeconomic
variables in Indonesia and the existence of research
gaps on research into the influence of
macroeconomic factors on the CSPI, conducted
research aimed to test the effect of macroeconomic
variables on the CSPI. The research conducted aims
to determine the effect of inflation, interest rates,
exchange rates, and GDP on the CSPI on the IDX
for the 2009-2018 period.
2 LITERATURE REVIEW AND
HYPOTHESES
2.1 Inflation
According to Sukirno (2015), inflation can be
defined as a process of rising prices prevailing in an
economy. According to Samuelson and Nordhaus
(2011), inflation shows an increase in the general
price level. The swelling rate is the pace of progress
in the general cost, and can be estimated as pursues:
The rate of inflation (year t)=
1
1
100
(Samuelson and Nordhaus, 2011)
2.2 Interest Rates
According to Samuelson and Nordhaus (2011),
interest rates are payments made for the use of
money. Financing cost is the measure of intrigue
paid per unit time. In macroeconomics, there are two
kinds of loan fees, to be specific, the ostensible
financing cost and the original financing cost.
Samuelson and Nordhaus (2011) express that the
ostensible loan cost is the financing cost in cash
esteem, while the genuine loan fee is an amendment
to expansion and is characterized as the ostensible
loan fee less the swelling rate. Mathematically the
calculation of nominal and real interest rates is as
follows:
Nominal interest rate = real interest rate + inflation
rate
Real interest rate = nominal interest rate - inflation
rate
(Mankiw, 2018: 177)
Indonesian Central Bank has fortified the
working system money related approach by
executing a benchmark intrigued rate or a new
approach rate, BI 7 Day (Turn around) Repo Rate,
which has been compelling since Admirable 19,
2016, replaces the BI Rate. Strengthening the
framework of the monetary operation is a common
practice in various central banks and is a best
practice internationally in the conduct of monetary
operations. The monetary operating framework is
constantly being refined to strengthen the
effectiveness of policies in achieving the set
inflation targets. The BI 7-instrument day (Reverse)
Repo Rate used as a new policy rate because it can
quickly affect the money market, banking, and the
real sector. The 7-BI instrument day Repo Rate as
ICBEEM 2019 - International Conference on Business, Economy, Entrepreneurship and Management
360
another reference has a more grounded relationship
to currency market loan fees, is value-based or
exchanged available, and energizes budgetary
market developing, explicitly the utilization of repo
instruments.
2.3 Currency Exchange
According to Sukirno (2015), foreign exchange rates
indicate the price or value of a country's currency
expressed in the value of another country's currency.
Foreign exchange rates can also be defined as the
amount of domestic money needed, i.e., the amount
of rupiah needed to obtain one unit of foreign
currency. Foreign exchange rates, according to
Samuelson and Nordhaus (2011), are prices of
foreign currencies in domestic currency units.
The conversion scale or likewise called the
swapping scale in different exchanges or purchasing
and selling of outside monetary standards, there are
known four sorts, to be specific (Kewal, 2012):
2.1.1. Selling rate, which is the rate controlled by
a bank for the clearance of certain outside
monetary standards at a specific minute.
2.1.2. The average rate, for example, the center
rate between the selling rate and the outside
conversion scale of purchasing against the
national cash, which is dictated by the Central
Bank at some random minute.
2.1.3. Buying rate, which is the conversion scale
controlled by a bank to buy certain outside
monetary standards at a specific time.
2.1.4. Flat rate, the conversion standard is
winning in the purchasing and selling of
banknotes and voyager check, in which the
swapping scale has considered the advancement
and different costs-other.
2.4 Gross Domestic Product (GDP)
Samuelson and Nordhaus (2011) argue that GDP /
GDP is the total output produced within a country's
borders for one year. Simbolon and Purwanto (2018)
express that GDP is a proportion of all monetary
yield inside a nation's fringes for a specific period,
typically yearly or quarterly. Gross domestic product
is determined by including the complete estimation
of the yearly yield of a nation's merchandise and
enterprises.
According to Sukirno (2015), gross domestic
product (GDP) can be interpreted as the value of
goods and services produced in the country in one
year. In the economy, in developed and developing
countries, goods and services are produced not only
by companies owned by the residents of these
countries but by residents of other countries.
National production is always invented by factors of
production originating from abroad.
Theoretically the formula for calculating GDP is:
GDP = C + G + I + NX
(Mankiw, 2018: 10)
Where:
C = Private (public) consumption,
G = Government expenditure,
I = Investment,
NX = Country's net exports (total exports -
total imports).
Using the GDP equation, GDP growth can be
formulated as follows:
GDP growth =
Where:
GDPn = Growth of domestic products in year n,
GDPn-1 = GDP one year before year n.
2.5 Composite Stock Price Index
(CSPI)
Composite Stock Price Index (CSPI) describes a
series of historical information about the movement
of the combined share price of all shares, up to a
specific date. Composite Stock Price Index of all
offers is a worth used to gauge the joined
presentation of all offers recorded on a stock trade
(Sunariyah, 2011).
According to Sunariyah (2011: 142), there are
two methods of calculating the Composite Stock
Price Index (CSPI), namely:
2.5.1 The Average Method
In this method, the market price of the shares
included in the calculation of the index is added up
then divided by a dividing factor certain. The
Composite Stock Price Index (CSPI) formula with
the common method is:
CSPI =
∑
∑
where:
CSPI = Composite Stock Price Index
PS = Stock market price
∑Pbase = A divisor value
The Influence of Inflation, Interest Rate, Exchange Rate, and Gross Domestic Products (GDP) on Joint Stock Price Index (CSPI) in
Indonesia Stock Exchange (BEI) Period 2009-2018
361
∑Pbase is a divider value factor where this
dividing factor must be able to adapt to changes in
theoretical stock prices because there are actions of
issuers such as the right issues, stock dividends,
bonus shares, and so on. As with other index
calculations, the CSPI is determined based on the
index calculation. On the base day, the base price is
the same as the market price, so the index is 100%.
2.5.2 The Weighted Average Method
In this method, the index adds weighting in addition
to the stock market price and the base price of the
stock. Two experts propose this method:
2.5.3 PaascheMethod
CSPI=
∑
∑
where:
CSPI = Composite Stock Price Index
PS = Market price of shares
SS = Number of shares issued (outstanding
shares)
Pbasebase =price of shares
2.5.4 The Laspeyres Method
CSPI=
∑
∑
CSPI = Composite Stock Price Index
PS = Market price of shares
SO = Number of shares issued on the base
day
Please = Stock price Base
2.6 Hypothesis
The theory can be characterized as a coherently
unsurprising connection between at least two factors,
which is expressed in the structure or definition of
explanations that can be tried. The hypothesis in this
study are as follows:
H1: inflation, interest rates, the exchange rate of
the rupiah against the US dollar, and the GDP effect
together on CSPI at the IDX in the period 2009-
2018.
H2: inflation negatively affects CSPI at the IDX
in the period 2009-2018.
H3: interest rates harm the CSPI on the IDX for
the period 2009-2018.
H4: The exchange rate of the rupiah against the
US dollar has a negative effect on the CSPI on the
IDX for the period 2009-2018.
H5: GDP has a positive effect on the CSPI on the
IDX for the period 2009-2018.
3 RESEARCH METHOD
Sort of research led in this examination is a causal
report. The reliant variable in this examination is the
CSPI, while the autonomous factors utilized are
swelling, financing costs, the conversion scale of the
rupiah against the US dollar, and the GDP.
The kind of information utilized in this
investigation is optional information. Information
sources utilized in this examination are auxiliary
sources gotten from the site. The information
utilized in this examination is observational
information from 2009 to 2018.
Information accumulation strategies are done by
reporting expansion information, loan fees, the
swapping scale of the rupiah against the US dollar,
Gross domestic product, and the CSPI during the
2009-2018 period acquired through related locales
on the web. The type of time-recurrence of
information gathered is resolved in the quarterly
structure, so the information for every factor will be
gathered in the measure of 40 observational
information.
The systematic device utilized in this
investigation is various relapse examination and
theory testing utilizing the f test to discover to
decide the impact of at the same time autonomous
factors on the reliant variable and t-test to decide the
impact of halfway free factors on the needy variable.
4 RESULTS
4.1 Research Result
Results of multiple regression analysis in this study
are summarized in the following table:
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362
Table 1. Table of Results of Multiple Regression Analysis
Based on table 1.1 the regression equations are
prepared using the formula as follows:
Y = a + b1X1 + b2X2 + b3X3 + b4X4 + e
Resulting in a regression equation as follows:
CSPI = 521.9823 + 73.032756 (Inflation) - 8.785210
(Interest Rate) - 0.181549 (Exchange Rate) +
0.002393 (GDP)
Hypothesis testing is done with the F test and test
t. The F test was carried out to determine the effect
of the independent variables together on the
dependent variable. In table 1.1, it can be seen that
the statistical F value is 90.277837, with a
probability value of 0.000000. Based on these results
it can be said that H1 is accepted because the
significance value of the results <α = 5%
(Widarjono, 2015), thus it can be concluded that
there is a simultaneously effect of inflation, interest
rates, exchange rates of rupiah against the dollar The
United States, and GDP against the Composite Stock
Price Index (CSPI). In other words, H1 in this study
is "proven."
T-test was conducted to determine the effect of
partially independent variables on the dependent
variable. The rule in this test is that if the probability
value of p is smaller than α, then the hypothesis of
each variable is accepted, and vice versa if the
probability value of p is greater than the value of α,
then the hypothesis of each variable is rejected
(Widarjono, 2015). In light of these outcomes,
acknowledgment or dismissal of the speculation is
made for every theory of each proposed variable.
The decision to reject and accept the hypothesis
in this study is as follows:
4.1.1 Influence of Inflation on the CSPI on
the IDX for the period 2009-2018.
Based on the results of the t-test, inflation has a
value t of 1.587135 with a probability value
amounted to 0.1215, greater than the significance
level of 0.05 (5%). This shows that the hypothesis is
rejected, meaning that inflation has no effect on the
Composite Stock Price Index (CSPI) for the period
2009 - 2018. Thus, H2 in this study is "not proven."
4.1.2 Effect of Interest Rates on the
Composite Stock Price Index (CSPI)
on the Indonesia Stock Exchange
(IDX) for the period 2009-2018
Based on t-test results, interest rates have a t-statistic
value of -0.091667 with a probability value of
0.9275, greater than the level significance of 0.05
(5%). This suggests that the hypothesis is rejected,
meaning that the interest rate does not affect the
Composite Stock Price Index (CSPI) in the period
2009 - 2018. Thus, the H3 in the study "not proven."
4.1.3 Effect of Exchange Rates of Rupiah
against the US Dollar on the CSPI on
the IDX for the period 2009-2018
In light of the consequences of the t-test, the
conversion scale of monetary forms against the US
of America had a t-measurement estimation of - 2,
893436 with a likelihood estimation of 0.0065, littler
than the essentialness level of 0.05 (5%). This
suggests that the hypothesis is accepted, which
means the exchange rate of the rupiah against the US
dollar negatively affects Composite Stock Price
Index (CSPI) in the period 2009 - 2018. Thus, H4 in
this study "proved." This means that if the variable
value of the rupiah exchange rate against the US
dollar increases, the value of the CSPI will decrease.
4.1.4 Effect of GDP on the CSPI on the IDX
for the period 2009-2018.
Based on the results of the t-test, GDP has a t
statistic value of 9.869284 with a probability value
of 0.0000, smaller than the significance level of 0,
05 (5%). This suggests that the hypothesis is
accepted, meaning that is GDP positive influence on
Stock Price Index (CSPI) in the period 2009 - 2018.
Thus, H5 in this study "proved." This means that if
the value of the GDP variable increases, the value of
the CSPI variable will increase.
The Influence of Inflation, Interest Rate, Exchange Rate, and Gross Domestic Products (GDP) on Joint Stock Price Index (CSPI) in
Indonesia Stock Exchange (BEI) Period 2009-2018
363
5 DISCUSSION
5.1 Influence of Inflation on CSPI
The results show that inflation does not affect the
Composite Stock Price Index (CSPI) for the period
2009 - 2018. The aftereffects of this examination are
in accordance with the consequences of research
directed by Kewal (2012), which found that half the
swelling rate did not significantly affect the CSPI.
The results of this study are also in line with the
results of research conducted by Wijaya (2013), who
found that inflation did not affect the CSPI. The
consequences of different examinations that are
following the aftereffects of this investigation are the
consequences of research led by Astuti et al. (2013),
who found that expansion did not influence the
CSPI.
According to Kewal (2012), inflation does not
have a significant effect on the Jakarta Composite
Index (CSPI) due to inflation that occurs in
Indonesia, not including the inflation rate that is too
high, so it does not affect the stock price. Based on
inflation data on descriptive statistics, the average-
average inflation rate during the study period
amounted to 4.9315%, with a maximum value was
8.4%. The market can still accept if the inflation rate
is below 10% (Kewal, 2012). However, if inflation
breaks the 10% mark, the capital market will be
disrupted. If inflation exceeds the 10% level, the
Indonesian Central Bank will increase the BI rate,
which causes investors to tend to shift their capital in
the banking sector.
5.2 Effect of Interest Rates on the CSPI
The outcomes demonstrated that loan costs had no
impact on the CSPI for the period 2009 - 2018. The
aftereffects of this investigation are following the
consequences of research directed by Wijaya (2013),
who found that loan costs do not influence the CSPI.
The aftereffects of this examination are likewise in
accordance with the consequences of research led by
Kewal (2012), who found that the SBI financing cost
did not influence the CSPI. Astuti et al. (2013), in
their examination, likewise found similar outcomes.
To be specific, the conversion scale negatively
affected the CSPI.
In several theories, it states that high-interest
rates will undoubtedly have an impact on the
investment fund allocation of investors. Investments
in bank products such as deposits or savings are less
risky than investments in shares. The investor will
sell his shares and will then save the funds in the
bank. The simultaneous sale of shares will have an
impact on a significant decline in share prices
(Arifin, 2007:).
The interest rate in the 2009-2018 period
experienced a change that was not too large from
quarter one to another quarter. The maximum value
of the interest rate for the period 2009-2018 is
7.75%. The interest rate does not affect the CSPI due
to the low-interest rates prevailing in Indonesia
during the period 2009-2018, which is still below
10%, so it does not cause a shift in investor funds to
investments in the form of savings or time deposits.
5.3 Effect of Exchange Rates of Rupiah
against the US Dollar on the CSPI
The outcomes demonstrated that the conversion
scale of the rupiah against the United States dollar
had a critical negative impact on the CSPI for the
period 2009 - 2018. The consequences of this
examination are in accordance with the discoveries
in an investigation directed by Wijaya (2013), which
found that the swapping scale negatively affected the
CSPI. Research conducted by Kewal (2012) also
found the same results as this study, namely, the
exchange rate harms the CSPI. The reinforcing of
the United States dollar swapping scale will cause a
decrease in the estimation of the CSPI. Then again,
if the estimation of the US dollar conversion
standard debilitates, it will build the estimation of
the CSPI.
Simorangkir and Suseno (2004) state that
three main factors affect foreign exchange demand.
First, import payment factors. The higher the import
of goods and services, the greater the demand for
foreign exchange so that the exchange rate will tend
to weaken and vice versa.Second, the capital outflow
factor. The greater the capital outflow, the greater
the demand for foreign exchange and will further
weaken the exchange rate. Capital outflows include
payment of the debt of Indonesian citizens (both
private and government) to foreign parties and
placement of funds of Indonesian citizens abroad.
Third, speculation activities. The more outside cash
hypothesis exercises completed by examiners, the
more noteworthy the interest for remote trade to
debilitate the conversion scale of the nearby money
against outside monetary standards.
Meanwhile, the foreign exchange supply is
influenced by two main factors. First, the factor of
export revenue. The greater the volume of receipts
from exports of goods and services, the greater the
amount of foreign currency owned by a country and
in the continued exchange rate of foreign currencies
ICBEEM 2019 - International Conference on Business, Economy, Entrepreneurship and Management
364
tends to strengthen or appreciate and vice versa.
Second, the factor of capital inflow (capital inflow).
The greater the capital inflow, the exchange rate will
tend to get stronger. The capital inflow can be in the
form of foreign debt receipt, placement of short-term
funds by foreign parties (portfolio investment), and
foreign direct investment.
Judging from foreign exchange demand
factors, the capital outflow from Indonesia which
causes the US dollar to strengthen will have an
impact on the decline in the Composite Stock Price
Index (CSPI) because the funds used to invest in the
Indonesia Stock Exchange (IDX) are reduced due to
capital outflow. A large capital inflow will cause the
US dollar exchange rate to weaken and will cause
the CSPI to strengthen due to investment funds
entering the Indonesia Stock Exchange. The
weakening of the value of the US dollar exchange
rate has reduced investor interest in investing in
foreign currencies and tends to divert funds to the
capital market.
5.4 Effect of GDP on the CSPI)
The outcomes demonstrated that GDP had a
noteworthy beneficial outcome on the CSPI for the
period 2009 - 2018. The aftereffects of this
examination were in accordance with the
consequences of research led by Neny Mulyani
(2012 ), which found that GDP negatively affected
JII. As indicated by Sukirno (2015), GDP is the
estimation of merchandise and ventures in a nation
created by components of generation claimed by the
natives of that nation and remote nations. Tandelilin
(2017) states that increasing GDP is a good
(positive) signal for investment and vice versa if
GDP decreases. The increase in GDP has a positive
influence on consumer purchasing power so that it
can increase demand for company products. These
conditions will increase the profitability of the
company so that it will affect stock prices and push
up the CSPI.
In line with the opinion of Tandelilin (2017),
according to Sunariyah (2011), an increase in GDP
will have a positive effect on consumer income
because it can increase demand for company
products, this will provide high optimism and also
spur positive market sentiment so that it has a
significant influence positive for the equity market.
The increase in GDP in the Indonesian economy will
encourage the creation of stock trading activities on
the IDX to be more excited so that it will push the
pace of the Composite Stock Price Index (CSPI)
towards an increase.
6 CONCLUSION
Based on the results of research in this research,
conclusions that can be produced are as follows:
Inflation, interest rates, the exchange rate of
the rupiah against the US dollar, GDP
simultaneously affect the CSPI period 2009 –
2018.
Inflation does not affect on the CSPI on the
IDX for the period 2009-2018.
Interest rates do not affect the CSPI on the
IDX for the period 2009-2018.
The exchange rate of the rupiah against the
United States dollar has a negative effect on
the CSPI on the IDX for the period 2009-
2018.
GDP has a positive effect on the CSPI on the
IDX for the period 2009-2018.
7 LIMITATION
7.1 Further Researchers
Based on the results of the coefficient of
determination (R2) in this study amounted to
90.1543%, which means that the variable inflation,
interest rates, exchange rates, and GDP can explain
changes in the CSPI of 90, 1543 %. Other variables
outside the model can explain the JCI change of
9.8457%.
Suggestions for the next researcher are expected
to be able to conduct research using variables
outside the research model such as the amount of
money in circulation, the balance of payments,
income per capita, employment opportunities, and
others, which can explain changes in the Composite
Stock Price Index.
7.2 For Investors
Advice that researchers can give to investors is in
investing in getting the maximum profit; investors
must pay attention to variables that affect trading
activities in the capital market, especially the GDP
variable.
GDP is an indicator of a country's economic
growth. The higher value of a country's GDP reflects
activities in the country's capital market that have
favorable prospects for investing. Conversely, if the
value of GDP decreases under these conditions,
trading activity in the country's capital market is not
conducive to investment.
The Influence of Inflation, Interest Rate, Exchange Rate, and Gross Domestic Products (GDP) on Joint Stock Price Index (CSPI) in
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365
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