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All Journal Journal of Management - Small and Medium Enterprises (SME's)
Suhono Suhono
Management Study Program, Faculty of Economics and Business, Universitas Singaperbangsa Karawang
Economics, Econometrics & Finance

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The effect of the rupiah exchange rate and return on assets on the stock prices of manufacturing companies listed in the LQ45 index during the 2020–2024 period Zahra Khoirunis’ Apriliani; Suhono Suhono; Irvan Yoga Pardistya; Liya Megawati
Journal of Management Small and Medium Enterprises (SMEs) Vol 19 No 2 (2026): JOURNAL OF MANAGEMENT Small and Medium Enterprises (SME's)
Publisher : Universitas Nusa Cendana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35508/jom.v19i2.26175

Abstract

This study examines the influence of the rupiah exchange rate and Return on Assets (ROA) on the stock prices of manufacturing companies included in the LQ45 index on the Indonesia Stock Exchange during the 2020–2024 period. In an increasingly volatile macroeconomic environment, understanding the determinants of stock price movements is essential for investors and corporate decision-making. Employing a quantitative research design, the study utilizes secondary data obtained from company financial statements, Bank Indonesia, and the Indonesia Stock Exchange. Data analysis was conducted using multiple linear regression to assess both partial and simultaneous effects of the independent variables on stock prices. The findings reveal that the rupiah exchange rate does not have a significant partial effect on stock prices, indicating that short-term currency fluctuations may not directly drive investor valuation in the observed firms. In contrast, ROA shows a significant but negative effect on stock prices, suggesting that higher accounting returns do not necessarily translate into higher market valuations within the sampled period. However, when examined jointly, both macroeconomic and firm-level financial variables significantly influence stock prices, explaining approximately 18.6% of their variation. These results highlight that stock price movements are shaped by a combination of internal financial performance and external macroeconomic conditions, as well as broader market sentiment factors. The study emphasizes the importance of maintaining macroeconomic stability alongside sound corporate financial management to support stock performance in the manufacturing sector. It also suggests that future research should incorporate additional internal and external determinants to provide a more comprehensive explanation of stock price dynamics in emerging capital markets. Keywords: LQ45; Return on Assets; Rupiah Exchange Rate; Stock Price
The effect of fed rates and inflation on the movement of the IDX80 index on the Indonesia Stock Exchange for the period 2021–2024 Alyssa Desviana; Suhono Suhono; Irvan Yoga Pardistya; Liya Megawati
Journal of Management Small and Medium Enterprises (SMEs) Vol 19 No 2 (2026): JOURNAL OF MANAGEMENT Small and Medium Enterprises (SME's)
Publisher : Universitas Nusa Cendana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35508/jom.v19i2.26243

Abstract

This study examines the influence of the Federal Funds Rate (Fed Rate) and inflation on the performance of the IDX80 Index on the Indonesia Stock Exchange during the 2021–2024 period. Employing a quantitative approach, the study utilizes monthly secondary data obtained from the Federal Reserve, Statistics Indonesia (BPS), and the Indonesia Stock Exchange (IDX). The findings indicate that the Fed Rate exerts a negative effect on the IDX80 Index, suggesting that increases in U.S. interest rates tend to weaken stock market performance by reducing capital inflows and increasing investment uncertainty. In contrast, inflation demonstrates a positive influence when maintained within a manageable range, reflecting stable economic conditions and sustained market activity. The results further reveal that the Fed Rate and inflation jointly contribute to explaining movements in the IDX80 Index, although a substantial proportion of market fluctuations remains attributable to other macroeconomic factors. These findings underscore the importance of both global monetary policy and domestic economic stability in shaping stock market dynamics in emerging economies. The study contributes to the growing literature on capital market determinants and provides insights for investors and policymakers in responding to external and domestic economic developments. Future research is encouraged to incorporate additional macroeconomic variables, such as exchange rates, domestic interest rates, and global commodity prices, to develop a more comprehensive understanding of stock market behavior. Keywords: Fed Rate; IDX80; Inflation; Stock Price
Co-Authors Alyssa Desviana Irvan Yoga Pardistya Liya Megawati Zahra Khoirunis’ Apriliani