Effect of macroeconomic factors and fundamental factors of the stock systems risk in manufacturing companies in Indonesia stock exchange


  • Anak Agung Sri Purnami Warmadewa University, Denpasar, Indonesia
  • Ni Putu Rediatni Giri Warmadewa University, Denpasar, Indonesia
  • LGP Sri Eka Jayanti Warmadewa University, Denpasar, Indonesia
  • I Made Suniastha Amertha Warmadewa University, Denpasar, Indonesia




corporate fundamentals, Indonesia stock exchange, macroeconomics, manufacturing companies, systematic risk


The capital market trades a variety of securities, where the capital market has an important role in supporting the economy because the capital market can connect those who need funds with those who have funds. Stock is one of the securities that have a high risk. High risk in stocks is reflected in uncertain returns. If the investor wants a higher return, then he must also be prepared to bear a higher risk as well. For this reason, investors in investing in the capital market are very important to understand the factors that affect the systematic risk of shares both macroeconomic factors and corporate fundamentals. The purpose of this study is to determine the direct and indirect effects of macroeconomic variables and corporate fundamental factors on the systematic risk of shares in manufacturing companies on the Indonesia Stock Exchange. The population of this research is all companies in the manufacturing sector that are listed consistently on the Indonesia Stock Exchange from 2014 to 2018, and this study uses the stratified proportional random sampling method in determining the sample. Based on this method, the number of samples in this study was 20 manufacturing companies every year for 5 years.


Download data is not yet available.


Angelia, D., & Suryaningsih, R. (2015). The effect of environmental performance and corporate social responsibility disclosure towards financial performance (Case study to manufacture, infrastructure, and service companies that listed at Indonesia stock exchange). Procedia-Social and Behavioral Sciences, 211, 348-355. https://doi.org/10.1016/j.sbspro.2015.11.045

Bertola, G. (2000). Macroeconomics of distribution and growth. Handbook of income distribution, 1, 477-540. https://doi.org/10.1016/S1574-0056(00)80012-3

Cahaya, Y. F., & Riwayati, H. E. (2016). The Effect of Banking Company Performance toward Good Corporate Governance Listed in Indonesia Stock Exchange. Procedia-Social and Behavioral Sciences, 219, 486-492. https://doi.org/10.1016/j.sbspro.2016.05.024

Dewi, I. G. A. A. O., & Dewi, I. G. A. A. P. (2017). Corporate social responsibility, green banking, and going concern on banking company in Indonesia stock exchange. International journal of social sciences and humanities, 1(3), 118-134. https://doi.org/10.29332/ijssh.v1n3.65

Fahmi, I. (2012). Introduction to the Capital Market. Bandung: CV. Alfabeta.

Fuchs-Schündeln, N., & Hassan, T. A. (2016). Natural experiments in macroeconomics. In Handbook of Macroeconomics (Vol. 2, pp. 923-1012). Elsevier. https://doi.org/10.1016/bs.hesmac.2016.03.008

Gebauer, H., Fleisch, E., & Friedli, T. (2005). Overcoming the service paradox in manufacturing companies. European management journal, 23(1), 14-26. https://doi.org/10.1016/j.emj.2004.12.006

Gebauer, H., Gustafsson, A., & Witell, L. (2011). Competitive advantage through service differentiation by manufacturing companies. Journal of business research, 64(12), 1270-1280. https://doi.org/10.1016/j.jbusres.2011.01.015

Halim, A. (2003). Investment Analysis, First Addition, Salemba Empat Publisher, Jakarta,

Hartono, J. (2013). Teori Portofolio dan Analisis Investasi. Edisi 7. Yogyakarta: bpfe.

Krueger, D., Mitman, K., & Perri, F. (2016). Macroeconomics and household heterogeneity. In Handbook of Macroeconomics (Vol. 2, pp. 843-921). Elsevier. https://doi.org/10.1016/bs.hesmac.2016.04.003

Soni, S., & Chandak, G. (2017). Fundamental analysis of car manufacturing companies in India for 1.4. 2005 to 31.3. 2016. International research journal of management, IT and social sciences, 4(1), 39-52.

Sudiyatno, B. (2010). The Role of Company Performance in Determining the Influence of Macroeconomic Fundamental Factors, Systematic Risk, and Company Policy on Company Value, Dissertation, Doctoral Program in Economics, Diponegoro University.

Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan aplikasi. Kanisius.

Thiede, S., Bogdanski, G., & Herrmann, C. (2012). A systematic method for increasing the energy and resource efficiency in manufacturing companies. Procedia CIRP, 2, 28-33. https://doi.org/10.1016/j.procir.2012.05.034

Yang, A. S., & Pangastuti, A. (2016). Stock market efficiency and liquidity: The Indonesia Stock Exchange merger. Research in International Business and Finance, 36, 28-40. https://doi.org/10.1016/j.ribaf.2015.09.002




How to Cite

Purnami, A. A. S., Giri, N. P. R., Jayanti, L. S. E., & Amertha, I. M. S. (2020). Effect of macroeconomic factors and fundamental factors of the stock systems risk in manufacturing companies in Indonesia stock exchange. International Journal of Business, Economics & Management, 3(1), 108-116. https://doi.org/10.31295/ijbem.v3n1.137