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Journal : Indonesian Financial Review

An Empirical Analysis of the Effects of Interest Rates and Exchange Rates on Stock Prices: Evidence from Astra International Plc Gunawan, Hendri; Lisdawati, Lisdawati; Sulistyani, Tri
Indonesian Financial Review Vol. 5 No. 2 (2025)
Publisher : Yayasan Pendidikan Penelitian Pengabdian Al-amsi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55538/ifr.v5i2.120

Abstract

This study examines the effect of interest rates and exchange rates on stock prices of PT Astra International Tbk during the 2015–2024 period. Using a quantitative approach, the research applies multiple linear regression to secondary time-series data from Bank Indonesia and Investing.com. Classical assumption tests were conducted to ensure model reliability. The results show that interest rates do not have a significant partial effect on Astra’s stock price, while the exchange rate has a negative and significant influence. Simultaneously, interest rates and exchange rates do not significantly affect stock prices. The coefficient of determination indicates that 54.4 percent of stock price variation is explained by the two macroeconomic variables. These findings imply that exchange rate movements play a more important role than interest rates in shaping Astra’s stock performance and provide insights for investors in the Indonesian capital market.
Co-Authors Abdul Rahman Adiyono Ananda, Olyvia Angga Pratama Anggraini, Reza Deswita Anggraini, Rr Renny Arif Hidayat Christinawati Putri, Ferica Ciptiasrini, Uci Dina Novita, Dina Dwi Wulandari, Rizki Fadillah Fadillah Faisal Faisal Faisal, H. Muh. Happy Fitria, Happy Hasbi Ananta, Nadila Hendri Gunawan Hermiyetti Hulasoh, Ela Jaswita, Derizka Inva JMV Mulyadi K, Milka Anggraeni Kartini Khoffifah, Khoffifah Kresnina, Kresnina Krisnaldy, Krisnaldy Kusumastuti , Istiana Lailiah, Nurzhahratul Lase, Hofandrik Littu, Herlina Marjohan, Masno Martono, Adi Marungkil Pasaribu Muhammad Andhika Nainggolan, Yohanna Thresia Najamuddin Najamuddin, Najamuddin Najwa Balloteng, Bunga Nurcahayati, Siti NURDIN, DJAYANI Nuridah, Siti Nurul Istiqomah Nurwita, Nurwita Oktasari, Erita Patriandari, Patriandari Paulina, Vanka Praditya, Alvin Prihatni, Ari Putra, Irsan Herlandi Putri, Anindha Zalwana Putri, Ferica Christinawati R, Catur Galuh R, Pancagaluh Rachmawaty Rachmawaty, Rachmawaty Rahmasari, Novia Rahmawati, Meylin Rini Pratiwi, Sulistya Ririn Widyastuti Wulaningsih Rizky Agusriyanti Irna Safitri, Catur Arum Sagena, Uni Sani, Nurul Kami Septian, Septian Septiani, Fauziah Setiawan, Abraham Alfarizki Setiyo, Heri Sunarto, Ading Supardi Supardi Supatmin, Supatmin Susaldi, Susaldi Susanti, Fahmi Sutarto, Bambang Sutiman Sutiman, Sutiman Sutiyani, Sutiyani Syamsuddin, Rahmi Andini Syamsudin, Rahmi Andini Syamsuriwal, Syamsuriwal Thresia Nainggolan, Yohanna Tri Sulistyani Widia Astuti Widodo, Adji Winata, Michelle Yulianto, Eka Yusnina, Yusnina