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Journal : Journal of Educational Management Research

The Effect of Interest Rates, Inflation, and Rupiah Exchange Rates on the LQ45 Mining Stock Price Julio Santos Siagian; Harlyn Siagian; Judith Sinaga
Journal of Educational Management Research Vol. 5 No. 3 (2026)
Publisher : Al-Qalam Institue

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61987/jemr.v5i3.2148

Abstract

This research is motivated by the high volatility of the stock market on the Indonesia Stock Exchange which is influenced by macroeconomic variables, such as interest rates, inflation, and rupiah exchange rates, especially in the mining sector which is sensitive to global dynamics. The purpose of this study is to analyze the influence of these variables on the share prices of mining companies that are members of the LQ45 Index for the 2020–2024 period. The method used is a causal quantitative approach with multiple linear regression analysis based on monthly time series data, accompanied by classical assumption tests to ensure the validity of the model. The results of the study show that partially inflation and the rupiah exchange rate have a significant effect on stock prices, while interest rates do not have a significant effect. However, simultaneously these three variables have a significant effect on stock prices. In conclusion, macroeconomic factors have an important role in determining the movement of stock prices in the mining sector. The contribution of this research lies in the integration of macroeconomic analysis with the perspective of strategic financial management in investment decision-making.
Co-Authors Adelia Claryssa Adriella Resmita Sunny Pardosi Alden Rajagukguk Alden Rajagukguk Aldo Arsito Alfiano Marcellino Sibuea Allan B Pasaribu Arina Adelany Artauli Angel Situmeang Arthur Jehezkiel B Rachmat, Yosua C Rantung, Melinda Chatherine Marpaung Crismon Tiodom Sitohang Daniel Dara Suzana Debora Apriliyani Bakara Dirjon Sitohang Dirjon Sitohang Doli Silaban Dolly Parlindungan Pardosi Dwi Pardosi Elny Sinaga Fitri Natalia Lumban Gaol Fitry, Remember Francis Hutabarat Gevin raymond sihombing Happy Bernada Simatupang Harianja, Silvana Hariati Karo Harman Malau Herold Moody Manalu Inke Br Sinuhaji Irwin Gunawan Sahala Subiyanto James Benjamin Soeindoen Joan Yuliana Hutapea Jocelyn Rajagukguk Jocelyn Rajagukguk Johan Manurung Josua Erwin Simanjuntak Judith Sinaga Judith Tagal Gallena Sinaga Julio Santos Siagian Junita Manurung Leo Hutagalung Lewis, Isac Manalu, Herold Mancur Situmorang Marlinda Siahaan Marpaung, Samuel Ariaputradana Martha Agustina Matanari Memey Memey Michelle Sabatamia Nilam Sari Simbolon Olivia Fransisca Moniaga Pandiangan, Gibson Pangaribuan, Bonar Alberto Pangaribuan, Hisar Paul E. Sudjiman, Paul E. Pryanti Silaban Pungu Simaremare Purba, Henry P’briel Stevant Adi Saragih Rajagukguk, Alden Rajagukguk, Jocelyn Rani Sihotang Reynaldo Simamora Riky Sai Maruli Romian Marpaung Ronny Buha Sihotang Rorimpandey, Joel Rumiris, Rumiris Russel Hizkia Sagala, Clarissa Grace S. Sagala, Yos Hengky Olbioctavian Samuel Steve Sarah Marchia Tabita Siagian, Vienzo Sianturi, Priadi Siburian, Teddy Megido Sijabat, Destri Syeba Stevani Silitonga, Jerni Febrina Simbolon, Surya Hasan Sisobadodo Zendrato Situmeang, Artauli Angel Steavyane Deasy Simalango Stephanie Bethania Pearly Simbolon Tambunan, Tanjung Tanjung Tambunan Teddy M. Siburian Teddy Megido Siburian Tetty H Sitorus Tomasila, Brandon Tua Hasudungan Pardosi, Douglas Valentine Siagian Yetshi Otchika Simbolon Yosafat Arya Permata