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All Journal Indonesia Economic Journal
Nur Fikriyyah, Syahla
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Economics, Econometrics & Finance

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Pengaruh Nilai Tukar dan Debt to Equity Ratio terhadap Harga Saham pada Industri Makanan dan Minuman di Indonesia Astri, Astri; Istigfari, Nafsa Qolbina; Nur Fikriyyah, Syahla; Anggraeni, Sintia; Alfiana, Alfiana
Indonesia Economic Journal Vol. 2 No. 1 (2026): JANUARI-JUNI
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/vhr1f133

Abstract

This study aims to analyze the effect of the exchange rate (KURS) and the Debt to Equity Ratio (DER) on stock prices in food and beverage subsector companies in Indonesia. Using panel data for the 2021-2024 period using the Random Effects Model (REM) method, this study aims to demonstrate the partial and simultaneous effects of these two independent variables. The results show that the KURS has a positive and significant effect on stock prices, while the DER has no significant effect partially. However, the results indicate that simultaneously, the KURS and DER have a significant effect on stock prices, with an R-squared value of 16,56%, indicating that most of the stock price variation is explained by factors other than the model. This finding emphasizes the importance of exchange rate stability for capital market performance and suggests that leverage structure is not a primary determinant in investor assessments in the food and beverage subsector.
Pengaruh Return on Equity (ROE) Dan Kurs Terhadap Harga Saham Pada Industri Batubara Sub Industri Produksi Batu Bara Yang Terdaftar Di Bursa Efek Indonesia (BEI) Tahun 2020-2024 Nur Fikriyyah, Syahla; Anggraeni, Sintia; Astri, Astri; Istighfari, Nafsa Qolbina; Alfiana, Alfiana
Indonesia Economic Journal Vol. 2 No. 1 (2026): JANUARI-JUNI
Publisher : Indo Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.63822/qv8t1r70

Abstract

When making an investment, an investor will consider various factors, both internal and external. This study aims to determine the effect of return on equity (ROE) as an internal factor and exchange rates as an external factor on stock prices in the coal industry and coal production sub-industry listed on the Indonesia Stock Exchange for the period 2020-2024. This study uses a quantitative method with a panel data approach processed through the e-views 13 application through descriptive statistical testing, panel data regression model selection, and classical assumption testing. The test results indicate that the best model that can be used is the fixed effects model (FEM). Partially, ROE has no significant effect on stock prices, while exchange rates have a significant effect on stock prices. The independent variables influence the dependent variable with an influence of 88.66%. These findings indicate that exchange rate fluctuations play a role in influencing stock prices in the coal production sub-industry, while profitability performance as measured by ROE is not always a primary consideration for investors in determining investment decisions in the coal production sub-industry.
Co-Authors Alfiana Alfiana Anggraeni, Sintia Astri Astri, Astri Istigfari, Nafsa Qolbina Istighfari, Nafsa Qolbina