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The Pengaruh Inflasi, Suku Bunga, dan Nilai Tukar terhadap Harga Saham Perbankan di BEI Periode 2020-2024 Fadila, Ririn Nur; Susilo, Dwi Ermayanti
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 3 (2026): February 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i3.9261

Abstract

This research seeks to examine the impact of inflation, interest rates, and exchange rates on the stock prices of banking firms listed on the Indonesia Stock Exchange for the period from 2020 to 2024. The primary concern addressed is the inconsistency found in previous empirical studies regarding the effect of macroeconomic variables on banking stock prices, especially in the post-pandemic era marked by significant global economic fluctuations. This study employs a quantitative methodology utilizing secondary data sourced from the Indonesia Stock Exchange, Bank Indonesia, and the Central Bureau of Statistics. The sample comprises 27 banking companies chosen through purposive sampling, yielding a total of 135 observations. The data were analyzed using multiple linear regression after confirming that all classical assumption tests were met. The findings reveal that inflation exerts a positive and significant influence on stock prices, with a coefficient of 0.700 (p < 0.001). Conversely, interest rates have a negative and significant impact, reflected by a coefficient of −0.499 (p < 0.001). Exchange rates also demonstrate a positive and significant effect, with a coefficient of 0.577 (p < 0.001). The coefficient of determination (R²) of 64.5% suggests that these three variables account for the majority of the variation in banking stock prices, while the remaining 35.5% is attributed to other factors not included in the model. The originality of this study is highlighted by its focus on a recent observation period that captures adjustments in global monetary policy. This research provides valuable insights for investors, regulators, and banking management in comprehending the macroeconomic factors that influence banking stock prices.
Co-Authors Ahmad Bihar Isyqi AHMAD KAMALUDIN Alfiadin, Ardian Alifian, Daud Amalia Hapsari, Farasandya Amilia Dwi Suryani Amirotul Roifah Anik Ratnawati Anis Nuril Rahmania Aprilia, Dita Aprilia, Nazila Alidiyah Ardian Alfiadin Ardian Alfiadin Ardiansyah, Tedy Ari Riswanto, Ari Arianti, Echa Junia ATIK HIDAYATI Ayni Bilqis Hanifah Aziza, Allisa Laily Balqi Chesta Adabi Bella Khoirun Bennany, Salma Bimmo Dwi Baskoro Cahyani, Dini Nur Chasanah, Ina Nikmatul Cindy Leo Rensha Corrina Dian Dea Shafira Dedi Putra Dinata, Mario Surya Dinda Permatasari Dwi Maya Anggraeni Dyah Ayu Purwaning Tyas Edy Suhartono Eko Wicaksono Elisa Dwi Handini Elma Oktavianawati Emy Silvia Putri Endang Muryani Erika Dwi Fadila, Ririn Nur Fahmadya, Elok Kunzita Fannia Yuke Adetiya Faurani Santi Singagerda Febrianti, Rindi Antika Fenti Arum Farantika Fernanda, Regita Emma Habsari, Vivi Nusita Hasan, Imam Hendrawan, Suluh Agus Herry Purnomo Herry Purnomo Imelia Shalshabilla Ina Nikmatul Chasanah Ina Nikmatul Chasanah Ina Nikmatul Chasanah Jumroni Jumroni Jumroni, Jumroni Kavita Sapna Previdayana Kusna Djati Purnama LISA AYUNI Liya Rizkiyah Maghfiroh, Vadiani Mahendri, Wisnu Mahmud, M. Bahrudin Makhsunnah, Cindy Eka Maratus Sholihah, Maratus Marsinem Maulana, Achmad Alfan Maulidyah, Mia Nur Mochammad Karim Amrulloh Moh. Usman Rusli Mohamad Pebyanto Mufidah, Ferani Muhammad Aqshel Revinzky Muprihan thaib Muryani, Endang NAZULA NUUR AZIZAH Nisa, Adawiya Zahrotun Noer Soetjipto Nofia Erinda Kusumastuti Novita, Della Nunik Nunik Nur, Imada Pramiana, Omi Pristiwantiyasih Purba, Darwin Marasi Putri Dwi Ariska R Rosmawati Rahmawati, Heni Rani Neng Sekarwati Rendra Bagas Pandu Cahyanto Rendy Ainur Rachmawan Ristayanti Seftyananta Rohmatul Alysa Rohmatulloh Wahyu Pradana Roifah, Amirotul Rusmawan, Teddy Saipul Al Sukri Samsul Hadi Samsul Hadi Sapna Previdayana, Kavita Sartono , Sawal Sawal Sartono Sefti Cahyani Triwulandari Sekarsari, Wida Dwi Septilia, Nike Gadis Shalshabilla, Imelia Sofyamitha, Rachel Nayna Sri Sandyawati, Novi Sugeng Suprapto Sugiyanti, Dedek Suhartono, Edy Sukmawati, Nabila Dwi Sulistyawati, Iin Suluh Agus Hendrawan Sumarno . Sumarno Sumarno Suprapto, Sugeng Supriyadi, Andhi Syafrida Hafni Sahir Talitha Zaidah Azmi Talitha Zaidah Azmi Unnisa', Mutiara Annafi' Venda Nur Afandi Vivi Nusita Habsari Waradityas, Selvi Agustin Yahya Wahyu Yudhasamara, Shima Pungkas Yulia Febrianti