TINGKAT INTEGRASI PASAR MODAL INDONESIA DENGAN PASAR MODAL GLOBAL
Abstract: This study aims to
determine the level of capital market interation Indonesia (Jakarta Composite
Index) with American capital markets (Dow Jones Industrial Average), England
(FTSE 100 Index), German (Deutsche Borse AG German Stock Index), Hongkong (Hang
Seng) and Japan (Nikkei 225). The result of this study expected to become an
information for investment actors in deciding to invest at the stockmarket.
These variables include the Indonesian capital market as the dependent variable
and the global capital markets as an independent variable. Analysis tool is the
correlation coefficient and t test. It is used to determine the significance of
the correlation coefficient between independent variables and the dependent
variable. Based on the calculation of the correlation coefficient is
exemplified that the market index Indonesian capital market and the five major
global capital markets has been integrated on various classification levels of
relationships or different integration. The level of integration between
Indonesian capital market and capital markets of America and Japan are very
strong level of integration, the German stock market has stronglevel
integration, and England and Hong Kong capital market has low level
integration.
Keywords: Level ofIntegration,
IndexCapital Markets, InvestmentDecisions
Penulis: Dedy Saputra
Kode Jurnal: jpmanajemendd141343
