Pengaruh Kebijakan Fiskal dan Kebijakan Moneter Terhadap Kinerja Pasar Modal

Open Access

Abstract

This study aims to analyze the effect of fiscal policy and monetary policy, the independent variables, namely the APBN Deficit, Government Debt, Inflation, and SBI Interest Rates, on the capital market performance, namely stock prices as the dependent variable. The research sample used in this study amounted to 11 property companies. The research data uses secondary data through panel data testing so that the regression analysis method is carried out with statistical software Eviews 9. By developing three regression models in this study, the first regression model consists of two variables, namely the APBN deficit and government debt. The partial test results show that these variables have a significant adverse effect on stock prices. The partial test results of the second regression model consisting of inflation and SBI interest rates show an important non-significant relationship between inflation and interest rates on stock prices. In the third regression model, by adding some variables, namely the APBN deficit and government debt, the partial test results show that the level of deficiency and government debt has a significant negative effect on stock prices, where the inflation rate and SBI interest rates have no significant impact on stock prices. The study results simultaneously show that the APBN deficit, government debt, inflation, and SBI interest rates significantly contribute to property stock prices. This research is expected to be valuable and worthwhile as input in the academic field and can be used as a reference for further studies.