The Use of ANOVA in Comparative Analysis of Exchange Rates in Indonesia

Authors

  • Nicholas Renaldo Institut Bisnis dan Teknologi Pelita Indonesia
  • Rodle Vomizon Samarkand Institute of Economics and Service
  • Diaz Othman Nuonnad Al-Madinah International University
  • Nitram Okšav Prague University of Economics and Business
  • Rajah Abdulqadir Hilas Charmo University

Keywords:

ANOVA, Exchange Rate, Indonesia

Abstract

The aim of research regarding the use of Analysis of Variance (ANOVA) in comparative analysis of exchange rates in Indonesia is to analyze differences in foreign currency exchange rates. This research uses ANOVA analysis to determine differences in exchange rates in Indonesia. The research results show that the calculated F value is less than the F table, showing that the difference between the groups is not statistically significant. In the context of foreign currency at BCA, BI, BNI, and KMK, based on the analysis results, there is no significant difference between the foreign currency exchange rates at these banks. It is hoped that future research can use other methods to measure exchange rate differences more precisely, such as Two Way ANOVA or other statistical methods.

References

Alimi, K., & Chakroun, M. (2022). Wage Rigidity Impacts on Unemployment and Inflation Persistence in Tunisia: Evidence from an Estimated DSGE Model. Journal of the Knowledge Economy, 13, 474–500. https://doi.org/10.1007/s13132-021-00751-8

Arendacká, B. (2012). A note on fiducial generalized pivots for σA2 in one-way heteroscedastic ANOVA with random effects. Statistics: A Journal of Theoritical and Applied Statistics, 46(4), 489–504. https://doi.org/10.1080/02331888.2010.540669

Doğanlar, M., Mike, F., & Kızılkaya, O. (2021). Testing the validity of purchasing power parity in alternative markets: Evidence from the fourier quantile unit root test. Borsa Istanbul Review, 21(4), 375–383. https://doi.org/10.1016/j.bir.2020.12.004

Eddy, P., Sudarno, Renaldo, N., Hutahuruk, M. B., & Prayetno, M. P. (2023). The Effect of Farmers’ Exchange Rates on Rice Prices in 2017-2019. Luxury: Landscape of Business Administration, 1(2), 102–110. https://firstcierapublisher.com/index.php/luxury/article/view/33

Estu, A. Z., Sella, T., Irman, M., Anton, & Eddy, P. (2023). Tax Justice Perceptions on Tax Compliance of WPOP on KPP Pratama Tampan Kota Pekanbaru. Nexus Synergy: A Business Perspective, 1(1), 21–31. http://firstcierapublisher.com/index.php/nexus/article/view/10

Fadhilah, A. T., Suharman, H., & Handoyo, S. (2021). The Determinants of Environmental Performance: A Study on Indonesia Listed Firms. Journal of Accounting Auditing and Business, 4(2), 70–79. https://doi.org/10.24198/jaab.v4i2.34944

Hjørland, B. (2005). Empiricism, rationalism and positivism in library and information science. Journal of Documentation, 61(1), 130–155. https://doi.org/10.1108/00220410510578050

LaMotte, L. R. (2017). Proportional subclass numbers in two-factor ANOVA. Statistics, 1–11. https://doi.org/10.1080/02331888.2017.1319834

Lind, D. A., Marchal, W. G., & Wathen, S. A. (2018). Statistical Techniques in Business & Economics. In Economics (17th ed.). McGraw-Hill Education.

Mathew, T., Nahtman, T., Rosen, D. von, & Sinha, B. K. (2010). Non-negative estimation of variance components in heteroscedastic one-way random-effects ANOVA models. Statistics, 44(6), 557–569. https://doi.org/10.1080/02331880903237106

Renaldo, N., Suhardjo, Andi, Sevendy, T., & Purnama, I. (2023). Improving Accounting Students’ Statistical Understanding of 2-Way ANOVA Through a Case Study of Indonesian Coffee Exports. Reflection: Education and Pedagogical Insights, 1(1), 13–19. https://firstcierapublisher.com/index.php/reflection/article/view/4

Saitri, P. W., Mendra, N. P. Y., Pramesti, I. G. A. A., & Renaldo, N. (2023). How Firm Characteristics Affect the Dividend Policy of Listed Banking Companies on The Indonesian Stock Exchange in 2019-2021. Interconnection: An Economic Perspective Horizon, 1(1), 37–50. https://firstcierapublisher.com/index.php/reflection/article/view/28

Sekaran, U., & Bougie, R. (2016). Research Method for Business A Skill-Building Approach Seventh Edition (Seventh Ed). John Wiley & Sons. https://doi.org/10.1007/978-94-007-0753-5_102084

Sousa, F. J. (2010). Metatheories in research: Positivism, postmodernism, and critical realism. In Advances in Business Marketing and Purchasing (Vol. 16, pp. 455–503). Elsevier. https://doi.org/10.1108/S1069-0964(2010)0000016012

Suhardjo, Renaldo, N., Sevendy, T., Rusgowanto, F. H., & Pramesti, I. G. A. A. (2023). Chi-Square and 2-Way ANOVA for Accounting Students: Analysis of Natural Gas Sales Volume by Pipeline by Customer Type in Indonesia. Reflection: Education and Pedagogical Insights, 1(1), 34–39. https://firstcierapublisher.com/index.php/reflection/article/view/7

Downloads

Additional Files

Published

2023-09-30

How to Cite

Renaldo, N., Vomizon, R., Nuonnad, D. O., Okšav, N., & Hilas, R. A. (2023). The Use of ANOVA in Comparative Analysis of Exchange Rates in Indonesia. Nexus Synergy: A Business Perspective, 1(2), 100–108. Retrieved from http://firstcierapublisher.com/index.php/nexus/article/view/47

Issue

Vol. 1 No. 2 (2023): Nexus Synergy: A Business Perspective

Section

Articles

License

Copyright (c) 2023 Nexus Synergy: A Business Perspective

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.