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All Journal International Journal of Quantitative Research and Modeling
Aldy Agustian
Management Study Program, Faculty of Economics and Business, Universitas Cipasung, Tasikmalaya, Indonesia
Computer Science & IT Decision Sciences, Operations Research & Management Engineering Environmental Science Physics

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The Effect of Interest Rates and Inflation on Stock Prices: Evidence from Conventional Banking Companies Listed on the Indonesia Stock Exchange for The Period 2022-2024 Yuli Yulianti; Aldy Agustian; Isyana Rahayu
International Journal of Quantitative Research and Modeling Vol. 7 No. 2 (2026): International Journal of Quantitative Research and Modeling (IJQRM)
Publisher : Research Collaboration Community (RCC)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46336/ijqrm.v7i2.1332

Abstract

This study examines the effect of inflation and the Bank Indonesia policy interest rate on stock prices in conventional banking companies listed on the Indonesia Stock Exchange during 2022-2024. The research was motivated by the sensitivity of the banking sector to macroeconomic movements during the post-pandemic recovery period. A quantitative associative design was applied using secondary data from 42 conventional banks selected through puIDR osive sampling, producing 126 firm-year observations. Inflation was measured using the annual inflation rate, the interest rate was proxied by the BI 7-Day Reverse Repo Rate, and stock prices were measured using annual closing prices. The data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, t-tests, F-test, and coefficient of determination. The findings show that inflation has a positive and significant effect on banking stock prices (B = 0.140; t = 2.468; p = 0.015). The BI interest rate also has a positive and significant effect (B = 0.177; t = 2.175; p = 0.024). Simultaneously, inflation and interest rates significantly explain stock prices (F = 7.093; p = 0.002), with an Adjusted R Square of 0.347. These results indicate that, during the research period, moderate inflation and higher interest rates were inteIDR reted by investors as signals of banking profitability and macroeconomic stabilization rather than purely as risk factors.
Co-Authors Isyana Rahayu Yuli Yulianti