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Sastra Tamami
Universitas Riau Kepulauan, Batam, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Mathematics

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The Investment’s Impact on Economic Growth in Indonesia Considering Inflation, Interest Rates, and Exchange Rate Dynamics Sastra Tamami; Tibrani Tibrani
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 3 (2026): Juni
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7i3.6296

Abstract

Purpose: This study examines how inflation, interest rates, and exchange rates affect Indonesia’s economic growth, highlighting investment as a mediating factor in this relationship. It addresses gaps in prior research by analyzing both direct and indirect effects of investment on growth outcomes. Methodology: A quantitative approach using SEM-PLS in SmartPLS 4.0 was applied to the questionnaire and macroeconomic data. The measurement and structural models were evaluated to test the relationships between macroeconomic variables and economic growth. Results: Inflation, interest rates, and exchange rates positively influence investments, significantly enhancing economic growth. Interest and exchange rates also have direct effects on growth, whereas inflation does not. Investment fully mediates the inflation–growth relationship and partially mediates the effects of interest and foreign exchange rates. Conclusions: Investment plays a critical role in linking macroeconomic conditions to economic growth, emphasizing its importance in policy strategies. Stable macroeconomic conditions contribute to investment growth, which, in turn, fosters economic expansion. Limitations: The study relies on cross-sectional and perception-based data, and future research should consider longitudinal and sectoral analyses to capture dynamic effects. Contributions: This study offers new insights into the mediating role of investment in Indonesia’s economic growth, providing both theoretical and policy implications that can guide future economic strategies.
Investment’s Impact on Economic Growth in Indonesia Considering Inflation, Interest Rates, and Exchange Rate Dynamics Sastra Tamami; Tibrani Tibrani
Jurnal Akuntansi, Keuangan, dan Manajemen Vol 7 No 3 (2026): Juni
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jakman.v7i3.6296

Abstract

Purpose: The effects of inflation, interest rates, and exchange rates on economic growth in Indonesia are examined through the mediating role of investment. This research addresse gap in previous studies that have primarily focused on direct macroeconomic effects while providing limited insight into the mechanism through which investment contributes to economic growth.Research Methodology: This study employs a quantitative approach using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 4.0. The analysis evaluates the measurement and structural models to examine the direct and indirect relationships among macroeconomic variables, investment, and economic growth.Results: The findings reveal that investment is significantly influenced by inflation, interest rates, and exchange rates, while economic growth is positively affected by investment. Furthermore, direct effects of interest rates and exchange rates on economic growth are identified, whereas no significant direct effect of inflation is observed. Investment is found to fully mediate the relationship between inflation and economic growth and partially mediate the relationships between interest rates, exchange rates, and economic growth.Conclusions: Investment is identified as a crucial transmission mechanism that connects macroeconomic conditions with economic growth in Indonesia.Limitations: The limitations of this study are identified in the use of cross-sectional data and perception-based measurements, which indicate the need for future research to incorporate longitudinal approaches and sector-specific analyses.Contribution: This study contributes to macroeconomic growth literature by emphasizing the theoretical role of investment mediation and providing policy insights for strengthening investment-driven economic development.
Co-Authors Tibrani Tibrani