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All Journal Husnayain Business Review International Journal of Islamic Business and Management Review Multifinance Adpebi International Journal of Multidisciplinary Sciences
Tahmat, Tahmat
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Religion Agriculture, Biological Sciences & Forestry Arts Automotive Engineering Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Journal : Multifinance

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INTERNAL AND EXTERNAL FACTORS ON STOCK RETURNS: EVIDENCE FROM THE INDONESIA STOCK EXCHANGE Tahmat, Tahmat; Melindyana , Imelda
Multifinance Vol. 2 No. 2 (2024): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v2i2.259

Abstract

This study aims to determine the macroeconomic effect as measured by inflation, interest rates, world oil, exchange rate, and company financial performance as measured by the debt-to-equity ratio, debt-to-asset ratio, return on equity, and earnings per share on return in the LQ45 stock group on the Indonesia Stock Exchange for the period 2011–2022. The population in this study was 45; based on the purposive sampling technique, we obtained a sample of 15 companies. This type of research is quantitative with secondary data; the method used is panel data regression analysis using the Common Effect Model approach. The results of the F test found that inflation, interest rates, world oil, exchange rate, debt-to-equity ratio, debt-to-asset ratio, return on equity, and earnings per share simultaneously have a significant effect on stock returns. Based on the t-test, it was found in the study that inflation has a negative and significant effect on stock returns, the exchange rate has a negative and significant effect on stock returns, the debt-to ratio has a positive and significant effect on stock returns, and interest rates, such as world oil, debt-to-asset ratio, return on equity, and earnings per share, do not affect stock returns.
STOCK PRICE DETERMINANTS AND IMPLICATIONS ON COMPANY VALUE (A STUDY OF THE LQ45 STOCK GROUP CONSISTENTLY LISTED ON THE INDONESIA STOCK EXCHANGE 2011-2022) Tahmat, Tahmat; Suteja, Jaja
Multifinance Vol. 3 No. 2 (2025): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i2.482

Abstract

The study aims to determine the effect of Debt to Equity, Debt to Assets, Return on Equity and Earning Per Share, inflation, BI Rate interest rates, economic growth, rupiah exchange rates and world oil and their effect on stock prices and the effect of stock prices on company value in the LQ45 stock group listed consistently on the Indonesia Stock Exchange in 2011-2022. The method used in the study is the verification method. The sample in this study was 15 companies, selected by purposive sampling method. Data analysis used panel data analysis techniques. In general, this study concludes that internal factors partially: Debt to Equity and Debt to Assets have a negative and significant effect on stock prices, Return on Equity has a positive and significant effect on stock prices, EPS has a positive but not significant effect on stock prices. While external factors partially: Inflation, Interest Rates, World Oil and Dummy Covid-19 have a negative and significant effect on stock prices, Economic Growth and have no effect on stock prices, Rupiah exchange rate has a positive and significant effect on stock prices. Simultaneously, internal and external factors influence stock prices. Then, stock prices have a positive and significant influence on company value.
Co-Authors Cahyana, Yayan Erna Garnia Iwan Rijayana, Iwan Jaja Suteja Lilyana, Fitria Lisaumi, Siti Riyyan Melindyana , Imelda Pratiwi, Emmilya Sabrina Riadi, Deden Rizal Sapitri, Listi Maulida