THE EFFECT OF WORKING CAPITAL, INTEREST RATE, INFLATION & RUPIAH EXCHANGE RATE ON JCI ON REAL ESTATE AND PROPERTY SUBSECTOR COMPANIES ON IDX

Abstract

This study aims to determine the effect of macroeconomics on the Composite Stock Price Index so that
investors get maximum profit with small risk when investing in the Indonesia Stock Exchange. The
variables used in this study are working capital, interest rates, inflation, and the rupiah exchange rate.
This study uses a quantitative approach. This study uses a period of quarter 1 2020 - quarter 1 2021.
The sampling method used is purposive sampling and obtains a total sample of 19 companies. This
study uses multiple linear regression analysis method performed with IBM SPSS version 26 which is
supported by the classical assumption test. In addition, the F test, t test and coefficient of determination
were carried out.
Based on the results of the t test, working capital has a positive and significant effect on the JCI for the
Real Estate & Property Sector, interest rates have a negative and significant effect on the JCI for the
Real Estate & Property Sector, inflation has a positive and significant effect on the JCI in the Real
Estate & Property Sector, and the value of The Rupiah exchange rate has a positive and insignificant
effect on the JCI in the Real Estate & Property Sector.