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Journal : Jurnal Reviu Akuntansi dan Keuangan

HOW BANKING STOCK PRICES RESPOND TO GROSS DOMESTIC PRODUCT, EXCHANGE RATES AND INFLATION: EMPIRICAL STUDIES OF INDONESIA AND HONG KONG Zuhroh, Idah
Jurnal Reviu Akuntansi dan Keuangan Vol 10, No 1: Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (979.323 KB) | DOI: 10.22219/jrak.v10i1.10539

Abstract

The study aims to analyze how banking stock prices response to GDP, inflation and exchange rate in the Indonesia Stock Exchange (IDX) and Hong Kong Stock Exchange (HKEX). For this purpose a panel data of of seven listed bank’s company in each country for the 2016Q1-2018Q4 period is used for empirical analysis.  The model analysis using static and dynamic panel regression.  Static regression used are Fixed Effect, Random Effect or Common Effect by Chow test while dynamic regression used Generalized Method of Moments (GMM). The results revealed that stock prices respond positively to GDP and negatively to exchange rates on both exchanges. Furthermore, inflation was responded positively by stock prices on IDX, meanwhile inflation was responded negatively at HKEX. The differences in the values of the regression coefficients on two exchanges represented that the IDX is less responsive to the exchange rate and inflation variables than HKEX. Contrary, GDP was found more sensitive in Indonesian compared to Hongkong.  Dynamic regression is proved that HKEX is more efficient than IDX. Investors in IDX are still responding to the prices of the previous period, while investors at HKEX responded immediately to macroeconomic variable information without considering stock prices in the previous period.
HOW BANKING STOCK PRICES RESPOND TO GROSS DOMESTIC PRODUCT, EXCHANGE RATES AND INFLATION: EMPIRICAL STUDIES OF INDONESIA AND HONG KONG Idah Zuhroh
Jurnal Reviu Akuntansi dan Keuangan Vol. 10 No. 1: Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (979.323 KB) | DOI: 10.22219/jrak.v10i1.10539

Abstract

The study aims to analyze how banking stock prices response to GDP, inflation and exchange rate in the Indonesia Stock Exchange (IDX) and Hong Kong Stock Exchange (HKEX). For this purpose a panel data of of seven listed bank’s company in each country for the 2016Q1-2018Q4 period is used for empirical analysis.  The model analysis using static and dynamic panel regression.  Static regression used are Fixed Effect, Random Effect or Common Effect by Chow test while dynamic regression used Generalized Method of Moments (GMM). The results revealed that stock prices respond positively to GDP and negatively to exchange rates on both exchanges. Furthermore, inflation was responded positively by stock prices on IDX, meanwhile inflation was responded negatively at HKEX. The differences in the values of the regression coefficients on two exchanges represented that the IDX is less responsive to the exchange rate and inflation variables than HKEX. Contrary, GDP was found more sensitive in Indonesian compared to Hongkong.  Dynamic regression is proved that HKEX is more efficient than IDX. Investors in IDX are still responding to the prices of the previous period, while investors at HKEX responded immediately to macroeconomic variable information without considering stock prices in the previous period.
Fundamental Factor Analysis On Banking Stock Price In LQ45 Idah Zuhroh; Alvio Veronika
Jurnal Reviu Akuntansi dan Keuangan Vol. 11 No. 1: Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1236.031 KB) | DOI: 10.22219/jrak.v11i1.16115

Abstract

This study analyzes the influence of fundamental factors (inflation, exchange rates, ROA, ROE, and BOPO) on the LQ 45 Banking Stock Price. The research subjects are banks listed in LQ 45 for the quarterly period 2015-2019, using Panel Data Regression. The analysis model is the Common Effect Model (CEM). This study uses 2 models where the first model tests all variables except ROE, and the second model tests all variables except ROA. The results showed that the inflation and exchange rate variables significantly affect the LQ45 Banking Stock Price. On the other hand, the variables of ROA, ROE, and BOPO did not significantly affect the LQ45 banking financial stock price. The research results simultaneously showed that in model 1, the variables of inflation, exchange rate, ROA, and BOPO significantly affect the LQ45 banking stock price. Whereas in model 2, jointly, the variables of inflation, exchange rate, ROE, and BOPO significantly affect the LQ45 banking stock price.
Profitabilitas Bank Syariah Di Indonesia: Bagaimana Pengaruh Permodalan, Inflasi Dan Birate? Idah Zuhroh
Jurnal Reviu Akuntansi dan Keuangan Vol. 12 No. 2: Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1049.36 KB) | DOI: 10.22219/jrak.v12i2.21931

Abstract

This study to analyze the effect of internal components of Islamic banks and macroeconomics on the profitability of Islamic banks in Indonesia. The sample used includes 8 Full Fledge Islamic banking for the period 2011Q1–2019Q4. Data analysis used panel data regression between FEM and CEM based on Chow and LM tests. Several control variables used include financing quality (NPF), bank liquidity (FDR), exchange rate and economic growth (LGDP). The robust model was chosen for further analysis and the best model was obtained, namely FEM-cross section weight (EGLS). The results found that Islamic banks are increasingly complying with sharia regulations where the BI Rate does not affect the profitability of Islamic banks. Inflation has a negative effect, while the effect of CAR has a non-linear effect on profitability. All control variables have a significant effect on the profitability of Islamic banks. NPF and exchange rate have a negative effect while EG and FDR have a positive effect on profitability. The results of the FEM constant show that there are 2 Islamic banks that excellent in profit so that they can be a reference for other Islamic banks to increase profitability.