ANALYSIS THE EFFECT OF NIKKEI 225, DOW JONES INDUSTRIAL AVERAGE INDEX, AND SSEC ON JCI WITH EXCHANGE RATE AS A MODERATING VARIABLE DURING THE COVID-19 PANDEMIC IN INDONESIA

 

Desman Serius Nazara

Department of Management, Faculty of Economics at Universitas Nias, Indonesia

 

Iskandar Muda

Department of Accounting, Faculty of Economics and Business at Universitas Sumatera Utara, Indonesia, iskandar1@usu.ac.id

 

Srinita Hulu

Department of Accounting, Faculty of Economics at Universitas Nias, Indonesia

 

Tri Hartati Sukartini Hulu

Department of Accounting, Faculty of Economics at Universitas Nias, Indonesia

 

ABSTRACT

This research analyses the influence of Nikkei 225, Dow Jones Industrial Average Index , and SSEC on the IHSG with Exchange Rate as moderating variables During The Covid-19 Pandemic In Indonesia. The sample in this research is from Indonesia Stock Exchange, and this research uses the purposive sampling technique. This research uses multiple regression analysis and residual tests for moderating variables. The data used in this study were secondary, consisting of Nikkei 225, Dow Jones, and SSEC to IHSG for 2019 to 2021. This research shows that based on the partial test (t-test), the SSEC variable has no significant effect; in contrast, the Nikkei 225 and Dow Jones variables significantly affect Indonesia variables’ human development index partially. The simultaneous test (F test), Nikkei 225, Dow Jones, and SSEC have a significant effect on the variables of IHSG. The exchange rate variable can not moderate the relationship between Nikkei 225, Dow Jones Industrial Average Index, and SSEC on the IHSG.

Keywords: Nikkei 225, Dow Jones, SSEC, JCI, Exchange Rate

JEL Code : D53, E44, G15, N25