Makro Ekonomi dan Return Saham: Suatu Telaah Pustaka di Indonesia

Nurul Herawati, Bandi Bandi


This article aims to examine research related to macroeconomic variables that affect stock returns in Indonesia. The study was mapped from 25 research articles published in 20 nationally accredited scientific journals over a 18-year period. The research method used "charting the field" and "analyzing the community-citation." The field mapping results showed 4 classifications of macroeconomic variables: A. general economic conditions (economic growth, industrial production index, output, gross domestic product, and foreign exchange reserves); B. interest rates and monetary policy (interest rate, amount of money supply, government bond yield, and SBI discount rate); C. price level (inflation, world oil prices, changes in gold and silver prices); and D. international activities (exchange rate, global financial crisis, and federal fund rate). The dominating macroeconomic variables are exchange rate (76%), inflation (72%), interest rate (64%), world oil prices (20%), and money supply (16%). The results of the community mapping showed that 55% of the journals have received citations and there are 52% of the writing teams who have received citations.

Keywords: bibliography, citations, macroeconomics, mapping, stock returns.

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Jurnal Akuntansi dan Bisnis (JAB)
ISSN 1412-0852 (print), 2580-5444 (online)
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