August 12, 2025

Technology and Macroeconomic Turbulence: A Panel ARDL Analysis of Stocks on the Indonesia Stock Exchange

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Short-term changes in Bank Indonesia's benchmark interest rate negatively impact stock prices, while long-term effects are positive for all macroeconomic factors.
Findings indicate that price to book value is the most significant factor influencing stock prices, reflecting investor confidence in the technology sector.
This analysis utilized a Panel Autoregressive Distributed Lag approach on 12 technology firms from 2021 to 2024, confirming the robustness of the model.
Results highlight the importance of understanding macroeconomic volatility in investment decisions, particularly in Indonesia's tech sector.

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Panel ARDL analysis reveals that Bank Indonesia's rate affects stock prices in the short term, suggesting vital insights for investors.

Jiddan et al. (2025) studied this question.

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