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p-Index From 2021 - 2026
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All Journal Economics and Business Journal
Sarah Ardian Hudzaifa
Universitas Siber Asia
Economics, Econometrics & Finance

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Interest Rates and Financial Performance Effects on IDX30 Mining Stock Prices With Inflation As a Moderating Variable: Evidence From 2021–2024 Sarah Ardian Hudzaifa; Silvana Syah
Economics and Business Journal (ECBIS) Vol. 4 No. 6 (2026)
Publisher : PT. Maju Malaqbi Makkarana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47353/ecbis.v4i6.465

Abstract

This study was motivated by fluctuations in the stock prices of mining sector companies listed in the IDX30 index during 2021–2024, Indonesia’s mineral downstreaming policy, and inconsistencies in previous research findings. This study aimed to analyze the effects of interest rates and financial performance, as measured by the debt-to-equity ratio (DER) and earnings per share (EPS), on the stock prices of IDX30 mining companies and to examine the moderating role of inflation. The population comprised all mining sector companies listed in the IDX30 index during the year 2021–2024, while the sample was selected using purposive sampling. This study employed a quantitative explanatory approach and panel data regression with Moderated Regression Analysis. The results showed that interest rates had a negative and significant effect on stock prices, whereas EPS had a positive and significant effect. DER did not significantly affect stock prices. Furthermore, inflation did not moderate the effects of interest rates, DER, or EPS on stock prices. These findings imply that mining companies should maintain sustainable profitability and consider interest rate dynamics in financial decision-making. Investors should also consider macroeconomic conditions and company fundamentals when formulating investment strategies.
Co-Authors Silvana Syah