<![CDATA[This study aims to analyze the effect of inflation, stock prices and interest rates on stock returns of banking companies listed on the Indonesia Stock Exchange during the 2020-2024 period. This research employs a quantitative approach using panel data analysis. The research sample was determined through a purposive sampling method based on specific criteria. The data were analyzed using panel data regression through the selection of the most appropriate model and classical assumption tests to ensure the validity of the research model. The result indicate that inflation has a negative effect on stock returns, stock prices have an effect on stock returns, while interest rates do not affect stock returns. Simultaneously the three independent variables are proven to have an effect on stock returns. This study implies that macroeconomic factors represented by stock prices, should be considered by investors when evaluating potential stock investment returns, particularly in the banking sector.]]>
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