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The Effect of Interest Rates, Exchange Rates, and Inflation on Stock Prices, Moderated by CAR (A Study of the Banking Industry on the Indonesia Stock Exchange, 2021–2025) Maria Ratna Marisa Ginting; Muchlis Mas’ud; Darmoko; Hanif Rani Iswari; Survival
Journal of Education and Teaching Learning Vol.4 No.1 July (2026)
Publisher : PT MEDIA JURNAL DAN PENDIDIKAN

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59211/mjpjetl.v4i1.318

Abstract

This study aims to analyze and examine the influence of macroeconomic factors, consisting of Interest Rates, Exchange Rates, and Inflation, on Stock Prices in banking sector companies listed on the Indonesia Stock Exchange (IDX) for the 2021–2025 period. Furthermore, this study also examines the role of the Capital Adequacy Ratio (CAR) as a moderating variable in moderating the effects of interest rates, exchange rates, and inflation on these stock prices. The research method employed is an explanatory research approach with an ex post facto design. The population in this study comprises all banking companies listed on the IDX during the 2021–2025 period. The sampling technique utilizes a purposive sampling method based on specific criteria, resulting in a sample of 44 banking companies for observation. The data used are secondary data, including annual financial statements and official macroeconomic indicator data. The data analysis method applies Panel Data Regression Analysis with a Moderated Regression Analysis (MRA) approach, processed using EViews 14 statistical software. The results of the study indicate that: 1) Interest Rates have a negative and significant effect on Stock Prices. 2) Exchange Rates have a positive and significant effect on Stock Prices. 3) Inflation has a positive and significant effect on Stock Prices. 4) CAR is able to moderate the effect of Interest Rates on Stock Prices, classified as a Pure Moderator. 5) CAR is unable to moderate the effect of Exchange Rates on Stock Prices, classified as a Predictor Moderator. 6) CAR is able to moderate the effect of Inflation on Stock Prices, classified as a Quasi Moderator in the banking industry on the IDX for the 2021–2025 period.  
Co-Authors Abdul Salam Adisetyo Yoga Perdana Adya Hermawati Ahmad Fairuzabadi Aji Suraji Alfiadi Alfiana Aloysius Ray Julian Kusdiantoro Ana Sopanah Supriyadi Andra Alif Wastito Angel Luky Permatasari Chindy Claudia Rambu Rauna Choirul Anam Choirul Anam Darmoko Devi Kurniawati Dharmayanti Pri Handini Erlina Ari Jayanti Fadilah, Mega Fianita Fina Nur Kholisah Hanif Rani Iswari Hansya Vadianto Irfany Rupiwardani Maria Ratna Marisa Ginting Muchlis Mas'ud Muchlis Mas’ud Mulyono Muryati Nasharuddin Mas Nur Hasanah, Afifah Nurlis Ermawati Nurul Jannah Nyimas Fitri Yulianingrum Pawestri, Hartini Prasetyaning Purnomowati, Wiwin Rahayu Puji Suci Rahmalia Purnamasari, Irma Ratnasari, Maya Ria Setiawati Ricki Adi Sanja Rizkha Hayunda Putri Ferenika Rizky Dwi Amilovea Shinta Dewi Suprayitno Soedjono Thasya Namira Tuti Hastuti Wahju Wulandari Wahyudi, Untung Wijaya, Irsyad Maulana Yohana Jesika Lujunai Yohana Riyantisa ZAINUL ARIFIN