The Effect of Macroeconomic Variables on Stock Price of Telecommunication Companies Which are Listed on The Indonesia Stock Exchange

The purpose of the research is to find out and to analyze the influence of macroeconomic variables (inflation, BI rate, Exchange Rate, Growth GDP) to the stock market price of telecommunication companies which are listed in Indonesia Stock Exchange in 2007-2015 periods. The sample collection has been carried out by using purposive sampling method, and the samples are 4 companies telecommunication with the observation period from 2007 to 2015. The secondary data sources in this research have been obtained from the official website of Indonesia Stock Exchange and Bank of Indonesia. The data analysis technique has been done by using VAR/VECM and Eviews program. Based on the result of the analysis, it can be concluded that (1) Inflation and interest rate have significant and negative influence to the stock market price on the Telecommunications companies which are listed in the Indonesia Stock Exchange. (2) Exchange rate and GDP growth have positive influence to the stock market price of the telecommunication companies which are listed in Indonesia Stock Exchange.