Journal Research of Social Science, Economics, and Management
Vol. 6 No. 1 (2026): Journal Research of Social Science, Economics, and Management

Analysis of Factors Affecting Stock Prices of Mining Companies on the Indonesian Stock Exchange (IDX) for the Period 2021–2024

Berlian Yulikha (Universitas Dr. Soetomo Surabaya)
Miftahol Horri (Universitas Dr. Soetomo Surabaya)
Nurhayati (Universitas Dr. Soetomo Surabaya)



Article Info

Publish Date
24 Aug 2026

Abstract

This study aimed to examine the simultaneous and partial effects of interest rates, inflation rates, and Earnings Per Share (EPS) on the stock prices of mining companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. A quantitative causal research approach was employed using secondary data obtained from Bank Indonesia and the Indonesia Stock Exchange. The study analyzed 80 observations from 20 mining companies selected through purposive sampling. The data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression analysis, the coefficient of determination, and hypothesis testing through F-tests and t-tests. The findings indicated that interest rates, inflation rates, and EPS simultaneously had significant effects on stock prices. Partially, interest rates and inflation rates had significant negative effects on stock prices, whereas EPS had a significant positive effect. Among the independent variables, EPS was identified as the most dominant factor influencing stock prices, suggesting that investors placed greater emphasis on corporate profitability than on macroeconomic indicators when evaluating mining stocks. Furthermore, the regression model explained 54.3% of the variation in stock prices, while the remaining 45.7% was explained by other factors outside the research model. These findings provide empirical evidence that both macroeconomic variables and firm profitability are important determinants of stock price movements in Indonesia’s mining sector and offer valuable insights for investors, corporate managers, and policymakers in formulating investment and financial strategies.

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Journal Info

Abbrev

jrssem

Publisher

Subject

Environmental Science

Description

The Journal Research of Social Science, Economics, and Management is a double-blind peer-reviewed academic journal and has open access to social and scientific fields. The journal is published monthly once by CV. Publikasi Indonesia. The Journal Research of Social Science, Economics, and Management ...