The Influence of ASEAN Macroeconomic and Economic Activity on the Performance of Indonesian Composite Index: (Study on Singapore, Malaysia, Thailand, Philippines, and Brunei Darussalam, 2014-2016)

摘要

The establishment of ASEAN Economic Community in 2013 integrates economic activity among ASEAN member countries in all aspects of economy, such as free trade, goods movement, investment portfolio, foreign direct investment, and another ecconomic activity. Implementation of the ASEAN Economic Community affects the economies of ASEAN countries in general. One of the significant impacts of ASEAN Economic Community for Indonesia is the significant movement of the Composite Stock Price Index (IHSG) at the end of 2014. This study aims to determine and analyze the influence of macroeconomic and economic activity of ASEAN countries on the Performance of Indonesia Composite Index ahead of the enactment of ASEAN Economic Community. The type of research is explanatory research with descriptive quantitative approach. The sample of research is five countries with highest total economic activity to and from Indonesia. Data analysis technique used is Partial Least Square (PLS) with PLS algorithm and PLS bootstrapping test. The evaluation is outer model, inner model, and goodness of fit. For the findings, macroeconomic influence on economic activity in the countries of Singapore, Malaysia, Brunei Darussalam, and ASEAN. Macroeconomic Thailand and ASEAN influence the performance of Indonesia Composite Index, and the economic activity of all sample countries does not influence the performance of Indonesian Composite Index.