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Pengaruh Paritas Daya Beli, Paritas Suku Bunga Terhadap Nilai Tukar Rupiah Dan Dollar Amerika Serikat Periode 2020-2024 Dini Nurhandayani; Pujiyanti, Pujiyanti; Murdani, Yusup; Perwito, Perwito
Indonesia Economic Journal Vol. 2 No. 1 (2026): JANUARI-JUNI
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/wr6e4125

Abstract

Exchange rates react to changes in inflation and interest rates. There are at least three theories explaining the relationship between inflation, interest rates, and exchange rates: purchasing power parity, interest rate parity, and the international Fisher effect. This study aims to examine the influence of purchasing power parity, interest rate parity, and the international Fisher effect on the rupiah exchange rate against the US dollar. The study population includes time series data on inflation, nominal interest rates, real interest rates, and the rupiah exchange rate. Secondary data used are quarterly reports on inflation, nominal interest rates, real interest rates, and the rupiah exchange rate. The independent variables used are purchasing power parity, interest rate parity, and the international Fisher effect. Meanwhile, the dependent variable used is the rupiah exchange rate against the US dollar. The results of this study indicate that purchasing power parity and interest rate parity simultaneously have a significant influence on the rupiah/US dollar exchange rate.
Pengaruh Dividen Dan Struktur Modal Terhadap Nilai Perusahaan Pada Perusahaan Retail Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2022 Renaldi, Rafli; Alfiana, Alfiana; Pujiyanti, Pujiyanti
Jejak digital: Jurnal Ilmiah Multidisiplin Vol. 2 No. 2 (2026): MARET 2026
Publisher : INDO PUBLISHING

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/9q780e39

Abstract

This study aims to examine the influence of dividends and capital structure on firm value in retail companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. The independent variables consist of the Dividend Payout Ratio (DPR) and Debt to Equity Ratio (DER), while firm value is measured using Tobin’s Q (PBV). The sample includes five retail companies: PT Matahari Department Store Tbk (LPPF), PT Ramayana Lestari Santosa Tbk (RALS), PT Ace Hardware Indonesia Tbk (ACES), PT Sumber Alfaria Trijaya Tbk (AMRT), and PT Erajaya Swasembada Tbk (ERAA). The analysis employs a panel data regression model, selected through the Chow Test, Hausman Test, and Lagrange Multiplier Test. All tests indicate that the Random Effect Model (REM) is the most appropriate. Normality assumptions are met, although a high correlation between independent variables indicates potential multicollinearity. The REM results reveal that DPR has a significant positive effect on firm value (p = 0.0006), indicating that higher dividend payments enhance market perception of firm value. Meanwhile, DER shows a significant negative effect (p = 0.0004), suggesting that high leverage reduces firm value. Simultaneously, DPR and DER significantly affect firm value (F-statistic p = 0.004664), with a contribution of 33.03% explained variance. These findings highlight the importance of stable dividend policies and prudent financing decisions to improve firm value in the retail industry, which is highly sensitive to economic changes and consumer demand shifts.