Zuhroh, Diana and Sihwahjoeni, Sihwahjoeni and Apriyanto, Gaguk and Malik, Abdul (2025) Does E-Money Mediate the Effect of Fundamental Factors on the Stock Price Index? In: Does E-Money Mediate the Effect of Fundamental Factors on the Stock Price Index? Springer Nature Singapore Pte Ltd, pp. 32-44. ISBN 978-981-96-3811-6

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Abstract

This study aims to examine the role of e-money in mediating the effectof fundamental factors, which are also independent variables on different stockprice indexes, i.e., the Composite Index (IHSG), LQ 45, Kompas 100, JakartaIslamic Index (JII), and Srikehati. The independent variables are money supply(X1), gross domestic product (X2), and interest rate (X3). The research data issecondary data using monthly data from July 2009 to March 2023. The moneysupply measured from the amount of money circulation, GDP using the amount ofgross domestic product, interest rate from BI rate, e-money (Y1) from the volumeof e-money transactions, and stock price index (Y2) from the closing data of eachtype of index. Data analysis used a path analysis. The results show that moneysupply and GDP have a positive effect, while the interest rate has a negative effecton e-money and stock price index for Composite Index, LQ 45, Kompas 100, andSrikehati. While for JII, money supply and interest rates do not effect the stockprice index. As a result, e-money also do not mediate the effect of money supplyand interest rates on stock price indexes. It is possible that these different resultcaused by differences in investor characteristics. This research is important to becontinued since understanding of investor characteristics will be very useful forinvestment analysts and policymakers, especially the Financial Services Authority.

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