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Journal : Asian Journal of Management Analytics

Fundamental VS Makro Ekonomi on Stock Price : Indonesian Stock Exchange (IDX) Sarif, Reza; Sholihah, Mar’atus; Jaya, Tiara Juliana
Asian Journal of Management Analytics Vol. 3 No. 4 (2024): October 2024
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ajma.v3i4.11179

Abstract

Geopolitical tensions especially those occurring in the Middle East, have significantly impacted the world economy. This impact was also felt by the Indonesian state, which impacted company share prices which experienced a decline due to geopolitical tensions, including the banking sector. Apart from geopolitical tensions, several other factors, such as the company's fundamental factors, also influenced the decline in share prices. Fundamental factors play an important role in determining a company's share price. These factors refer to various elements and variables that reflect the company's financial condition, operations, and prospects. So quite a few investors use fundamental analysis to assess whether current share prices reflect the company's true intrinsic value. This study seeks to reassess the elements affecting banking share prices by incorporating macroeconomic control variables related to these concerns to enhance the robustness of the findings. Utilizing a quantitative approach through panel data regression, the research focuses on banks listed on the Indonesia Stock Exchange from 2019 to 2023, with a sample of 16 companies meeting the selection criteria. The results reveal that Debt Equity Ratio (DER), Return On Assets (ROA), Return On Equity (ROE), GDP, inflation, and exchange rates collectively have a positive and significant impact on stock prices. However, when analyzed individually, only ROE and exchange rates show a significant effect, while DER, ROA, GDP, and inflation do not.
Co-Authors Ahmad, Mahasin Maulana Akmad Zaeni alfiah alfiah All Habsy, Bakhrudin Almaromi, Zaenah Anisah Karim, Najwa Annisa Nur Aini Arbaniyah, Rini Ardelia Sari, Fauziah Aripratiwi, Ratna Anggraini Ariyanto, Alvian Nuzul Bagus Aspar, Fathir Darmadji Dasuki, Mohammad Dewi Setyaningsih Dzakia, Fatin Aida Endrawati, Tri Fahindra, Farizky Alif Owen Fahma, Naomi Gastriani, Ovi Prina Habsy, Bakhruddin All Hafid Rahmandan Halimah, Nadiya Hanafi, Usman Bagus Hasan Suaedi Hasbullah Hasbullah Hutauruk, Andrea Briliana Christie Ilman, Abdillah Fashiha In'Ratnasari, Khurin Islamiyah, Fikrun Nadhofatul Ivan Al Fath, Ivan Al Fath Izza Putri, Frida Nur Khasanah, Ahadiyah Mauidhotul Khoirul Umamah, Fitriah Kurniawan, Moch Rizqi Bagus laela, Siti Nur Lidia Nusir Lyanthi, Merline Eva Maghfiroh, Imas Zakiyatul Maharani Maharani, Maharani Mahfud, Lauhil Gilang Maulana Malahayati, Eva Nurul Marinda Sari Sofiyana Maulidhia, Alief Nur Aisyi Mohamad Riyandi Badu Mufidah, Ni'mah Musoffa, Laylatul Nuraini, Ayu Risma Nurhidayati, Titin Olivia, Salsa Rahma Paramita, Virgin Diana Puspitorini, Palupi Qomariah, Khusnul Ratnasari, Khurin Ratu Balqis, Rizqiyah Ridhani Anita Fajardini Rismawati, Ria Rosalina, Amanda Roudhotul Jannah, Siti Sari, Nur Fajar Aprilia Sarif, Reza Sofianah, Monika Dewi Sofiyana, Marinda Sari Sri Hartati Sufina, Isti Susriyati Mahanal Syafe’i, Muhammad Tiara Juliana Jaya Tria Marini Triastono Imam Prasetyo Tsany, Rahmat Basya Shahrys Umara, Andi Maga Utami, Sulistya Wardhani, Ekky Febri Zakiyah, Nurul Lailatuz