The presence of behavioral finance has been felt in financial and economic aspects, especially in herding behavior. The more pompous investors are about their views of the market outlook, the more likely beta herding will happen due to investors’ biased perceptions. This study aims to explore asset returns using the idea of beta herding which calculates the cross-sectional variance in beta due to changes in investors’ confidence on market outlook in the Indonesian stock market. This study was conducted using stocks listed in the Indonesia Stock Exchange using time series data for 5 years from 2015 – 2019. Furthermore, beta herding was measured using the cross-sectional variance of the beta and calculated by adjusted standard errors which resulted in standardized beta. The results of this study indicate that there is no evidence that the macroeconomic factors significantly affect the beta herd measure. In addition, it was found that the beta herd measure could not be explained well by macroeconomic factors. So, it can be concluded that in the Indonesian stock market during 2015 – 2019, macroeconomic factors did not significantly affect the beta herd measure. This result may also occur due to the small size of the data. To improve these results, it is recommended to increase the timeframe used, multiply the macroeconomic factors used, and compare the measurements in the Indonesian stock market with another emerging market.