<![CDATA[This study aims to analyze the effect of inflation and rupiah exchange rate on stock prices of property and real estate subsector companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. This research employs a quantitative approach using panel data regression analysis of 25 sample companies over 5 years of observation, resulting in 125 observations. Model selection was conducted through the Chow Test, Hausman Test, and Lagrange Multiplier Test, yielding the Random Effect Model (REM) as the best model. The results indicate that partially, inflation has a positive and significant effect on stock prices (t-count = 4.069260 > t-table = 1.97960; sig. = 0.0001 < 0.05), while the rupiah exchange rate has no significant effect (t-count = 0.494633 < t-table = 1.97960; sig. = 0.6217 > 0.05). Simultaneously, inflation and the rupiah exchange rate significantly affect stock prices (F-count = 10.26438 > F-table = 3.07; sig. = 0.000076 < 0.05). An Adjusted R-squared of 13.00% indicates that both variables explain 13.00% of the variation in stock prices, while the remaining 87.00% is influenced by other variables.]]>
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