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Martalena Martalena
Maranatha Christian University
Economics, Econometrics & Finance

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Is the banking stock return affected by exchange, interest, and inflation rates? Dini Iskandar; Martalena Martalena; Casuarina Putri Benedicta Sihombing; Bram Hadianto
Owner : Riset dan Jurnal Akuntansi Vol. 7 No. 3 (2023): Vol. 7 No. 3 (2023): Research Artikel Volume 7 Issue 3: Periode Juli 2023
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v7i3.1775

Abstract

For public investors, the return becomes the appeal for investors to purchase and sell the stocks in the capital market. Fundamentally, in their analysis, they must consider macroeconomic factors, i.e., foreign exchange, interest, and inflation rates. This study investigates and analyzes these factors as the determinant of stock return. The return intended is owned by the Indonesian capital market-listed banks selected as Kompas 100 Index constituents. Eight years are used as time observation, i.e., from 2015 to 2022. Based on this period, 11 banks exist as the samples. Then, this study utilizes the regression model to analyze the data associated with hypothesis testing. After examining the hypotheses, this study concludes a negative relationship between the exchange rate of IDR/USD on banking stock return: The more weakened the IDR/USD, the lower the stock return. Similarly, this negative sign also happens in the relationship between interest rate and stock return. Conversely, inflation positively affects this return. 
Inflation, exchange rate, and stock return: The evidence from the LQ45 index constituents in Indonesia Martalena Martalena; Dini Iskandar; Bram Hadianto
Owner : Riset dan Jurnal Akuntansi Vol. 7 No. 4 (2023): Article Research Volume 7 Nomor 4 Oktober 2023
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v7i4.1859

Abstract

Economic factors affect companies, especially those listed in the capital market. Consequently, it fundamentally affects investors’ wealth, reflected by the stock price movement. Accordingly, this study aims to investigate and analyze the influence of inflation and exchange rate as related ones on stock return. The population comes from 20 coherent non-financial companies selected as LQ45 index from 2016 to 2022. Then, this study applies the Slovin formula with a 10% error margin to determine the sample size of 17, taken by a simple random sampling method. Also, it uses the regression model with pooling data and t-statistic to examine stock return determinants. Once meeting classical assumptions, this study checks the relationships. Its result demonstrates a positive influence of inflation on stock return, confirming the perspective declaring common stock becomes the hedging tool on inflation. Meanwhile, the IDR/USD exchange rate negatively associates with this return: The more powerful the US Dollar, the more diminished the stock price of non-financial companies belonging to the LQ45 index.  
Co-Authors Bram Hadianto Casuarina Putri Benedicta Sihombing Dini Iskandar