Musytari : Jurnal Manajemen, Akuntansi, dan Ekonomi

Vol. 25 No. 8 (2026): Musytari: Neraca Manajemen, Akuntansi, dan Ekonomi, ISSN 3025-9495
Articles

PENGARUH NET FOREIGN FLOWS, HARGA EMAS DUNIA, DAN NILAI TUKAR RUPIAH TERHADAP RETURN SAHAM EMITEN EMAS DI BURSA EFEK INDONESIA PERIODE 2024-2025

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  • Yusrizal Abdul Khamid,
  • Muhammad Edo Suryawan Siregar,
  • Destria Kurnianti
Yusrizal Abdul Khamid
Universitas Negeri Jakarta
Muhammad Edo Suryawan Siregar
Universitas Negeri Jakarta
Destria Kurnianti
Universitas Negeri Jakarta
DOI: https://doi.org/10.2238/3gr5c714

Published 2026-07-16

Keywords

  • Net Foreign Flows,
  • Harga Emas Dunia,
  • Nilai Tukar Rupiah,
  • Return Saham,
  • Emiten Emas

How to Cite

PENGARUH NET FOREIGN FLOWS, HARGA EMAS DUNIA, DAN NILAI TUKAR RUPIAH TERHADAP RETURN SAHAM EMITEN EMAS DI BURSA EFEK INDONESIA PERIODE 2024-2025. (2026). Musytari : Jurnal Manajemen, Akuntansi, Dan Ekonomi, 25(8). https://doi.org/10.2238/3gr5c714

Abstract

Penelitian ini bertujuan menganalisis pengaruh net foreign flows, harga emas dunia, dan nilai tukar rupiah terhadap return saham emiten emas di Bursa Efek Indonesia periode 2024–2025. Menggunakan metode kuantitatif asosiatif, sampel dipilih melalui purposive sampling sehingga diperoleh 7 emiten dengan total 3.295 observasi harian data panel. Data dianalisis menggunakan Regresi Data Panel dengan model Common Effect Model (CEM). Hasil penelitian menunjukkan bahwa net foreign flows dan harga emas dunia berpengaruh positif signifikan terhadap return saham. Sebaliknya, nilai tukar rupiah berpengaruh negatif signifikan, menandakan bahwa depresiasi rupiah menurunkan return saham. Secara simultan, ketiga variabel independen mampu menjelaskan variasi return saham sebesar 4,61%.
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References

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  30. Ansari, R., Tulasmi, & Sawitri. (2022). Impact of Investor Sentiment, Exchange Rates, and Foreign Capital Flow on Jakarta Islamic Index Stock Returns. Journal of Islamic Economics Lariba, 8(1), 213–228.
  31. Anyamaobi, C., & Okaro, C. (2022). Arbitrage pricing theory and sectorial stock return: A multi-dimensional data evidence of Nigeria manufacturing sector. RSU Journal of Strategic and Internet Business, 6(3), 2037–2055.
  32. Baltagi, B. H. (2021). Econometric Analysis of Panel Data (6th ed.). Springer.
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  34. Budiandru, B., & Yuniarti, S. (2020). Economic Turmoil in Islamic Banking Investment. Etikonomi, 19(2).
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  37. Firmansyah, A., Suyono, Renaldo, N., Sevendy, T., & Stevany. (2022). Analysis of the influence of rupiah exchange, world gold price, world oil price, current ratio (CR), return on assets (ROA) and debt to equity ratio (DER) on stock return of mining sector companies listed on Indonesia Stock Exchange. Procuratio: Jurnal Ilmiah Manajemen, 10(4), 400–413.
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  42. Kamandanu, M. A., Nugroho, M. S., & Wildan, M. A. (2025). TREN PENELITIAN PENGELOLAAN RISIKO NILAI TUKAR: SYSTEMATIC LITERATURE REVIEW. BBM (Buletin Bisnis & Manajemen), 11(2), 158-172.
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  45. Masruhin, A., Rahman, A., & Pradiani, T. (2023). Pengaruh Foreign Flow, Foreign Ownership dan Kebijakan Dividen terhadap Return Harga Saham Milik Badan Usaha Milik Negara yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2019–2021. Jurnal Ilmiah Riset Aplikasi Manajemen, 1(2).
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  47. Nurmasari, N. D., & Ansari, R. (2025). The Power of Global Economic Forces on Islamic Stock Returns in Indonesia: Storm or Opportunity? Journal of Islamic Economic and Business Research, 5(2), 244–261.
  48. Sari, D. R. (2024). Pengaruh Inflasi, Nilai Tukar Rupiah, Tingkat Suku Bunga dan Harga Emas Dunia terhadap Return Saham (Studi Empiris Sub Sektor Logam dan Mineral Sektor Pertambangan Pada Bursa Efek Indonesia Tahun 2020-2021). Universitas Muhammadiyah Metro.
  49. Sitorus, L. P. S., & Tjandrasa, B. B. (2023). Pengaruh kinerja keuangan perusahaan, Newcastle Coal Index dan faktor makroekonomi terhadap stock return perusahaan pertambangan batu bara tahun 2018–2022 di BEI. Journal of Accounting and Business Studies, 8(2), 1–14.
  50. Subagyo, H., Hersugondo, H., Candra, W. M., Batu, K. L., & Waluyo, D. E. (2024). Foreign investor portfolio flow and monetary policy response in the Indonesian stock market considering the COVID-19 pandemic. Investment 93 Management and Financial Innovations, 21(1), 88–97.
  51. Subagyo, H., Hersugondo, H., Candra, W. M., Batu, K. L., & Waluyo, D. E. (2024). Foreign investor portfolio flow and monetary policy response in the Indonesian stock market considering the COVID-19 pandemic. Investment Management and Financial Innovations, 21(1), 88–97.
  52. Sunarwijaya, I. K., Ernawatiningsih, N. P. L., & Dwiastari, G. A. S. (2024). Return Saham Pada Perusahaan Perbankan Di Indonesia. Perspektif Akuntansi, 7(2), 210–230.

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