Muhasabatuna: Jurnal Akuntansi Syariah
Vol. 8 No. 1 (2026): Juny

The Effect of Interest Rates, Inflation, and Exchange Rates on Stock Prices of Companies Listed on The Jakarta Islamic Index (JII)

Muhammad Farid (Universitas Islam Syarifuddin Lumajang)
Muhammad Agus Mujadi (Universitas Islam Syarifuddin Lumajang)



Article Info

Publish Date
30 Jun 2026

Abstract

Stock prices in the real market are highly dynamic closing prices and can change quickly due to the volume of supply and demand in the capital market. This quantitative research aims to examine the influence of macroeconomic factors consisting of interest rates ($X_1$), inflation ($X_2$), and exchange rates ($X_3$) on stock prices ($Y$). The research subjects were companies listed on the Jakarta Islamic Index (JII) for the period 2021-2024. Using a purposive sampling method, a sample of 25 companies was obtained with a total of 100 observations over four years. The data analysis technique used was multiple linear regression analysis with the assistance of SPSS software. The results of the data analysis indicate that, partially, interest rates have no positive and insignificant effect on stock prices. Meanwhile, inflation and exchange rates have been shown to have a positive and significant effect on the stock prices of companies listed on the Jakarta Islamic Index (JII).

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Journal Info

Abbrev

muhasabatuna

Publisher

Subject

Economics, Econometrics & Finance

Description

MUHASABATUNA: Jurnal Akuntansi Syariah is a peer-reviewed and open-access platform that focuses on Accounting and Islamic Financial. The aim of MUHASABATUNA is to be an authoritative source of information on it’s focused. The scope of MUHASABATUNA are but strictly limited to: Syariah Accounting; ...