Analysis of The Influence of Macroeconomic Factors: Inflation, Rupiah Exchange Rate, Bi 7-Day Repo Rate, World Oil Prices, and Benchmark Coal Prices (HBA) On the Energy Sector Index (IDXENERGY) On the Indonesia Stock Exchange

Abstract

The Energy Sector Index (IDXENERGY) is one of the indicators that reflects the performance of energy sector companies on the Indonesia Stock Exchange and is influenced by various macroeconomic factors and energy commodity prices. This study aims to analyze the influence of inflation, USD/IDR exchange rate, BI 7-Day Repo Rate, world oil prices, and Benchmark Coal Price (HBA) on IDXENERGY in the short and long term. This study uses a quantitative approach with secondary data in the form of monthly time series data for the period February 2021–December 2025 and analyzed using the Vector Error Correction Model (VECM) method. The analysis in this study provides an overview of the dynamic relationship between macroeconomic factors and energy commodity prices on the movement of IDXENERGY in the short and long term on the Indonesia Stock Exchange.