Pengaruh Inflasi, Suku Bunga Dan Nilai Tukar Terhadap Return Saham Pada Perusahaan Manufaktur Di Bursa Efek Indonesia Pada Periode 2013-2016

Abstract

This study aims to analyze and determine the effect of inflation, interest rates and exchange rates on stock returns on manufacturing companies that go public on the Indonesia Stock Exchange in the 2013-2014 period. The population in this study were 149 companies that went public on the Indonesia Stock Exchange in 2013-2016. By using the Slovin method, a sample of 60 companies was obtained. This type of data is secondary data obtained by documentation techniques. The data analysis technique used is multiple linear regression by testing hypotheses using F and t. The results showed that partially inflation and interest rates had a negative and insignificant effect on stock returns while the rupiah exchange rate had a positive and significant effect on stock returns. Simultaneously that the variables of inflation, interest rates and exchange rates have a significant effect on stock returns on manufacturing companies that go public on the Indonesia Stock Exchange. The amount of variation in inflation, interest rates and exchange rates is only able to explain variations in stock returns by 4.4 percent, while the remaining 95.6 percent is explained by other variables outside of this research variable.

Non-Performing Loans’ Impacts on the Banking Industries’ Loan Loss Provisions

“…Lim et al (2013) in their research provided information that market credit interest rates show a negative and insignificant relationship with loan loss provision. The effect of the Non-Performing Loans on loan loss provision is also obtained from two previous studies by Lim et al (2013) and Sitanggang and Munthe (2019) which showed positive results. Based on their studies, the research hypothesis H10 in this study can be postulated as follows:…”

“…Berti, Engelen, and Vašíček (2017) stated that there is a positive relationship between the foreign exchange rate of the euro or all foreign currencies with the ratio of Non-Performing Loans. Adeola and Ikpesu (2017) found that inflation and exchange rates have a and Sitanggang and Munthe (2019) showed positive results between non-performing loans and loan loss provision. The appreciation of foreign exchange rates can affect the value of Non-Performing Loans and the loan loss provision of a bank.…”

“…In general, it can be said that lower interest rates will increase economic growth due to the increased flow of funds (Sitanggang & Munthe, 2019).…”

Faktor Internal dan Eksternal Terhadap Return Saham

“…Berdasarkan (Sitanggang & Munthe, 2018) , Inflasi mengacu pada proses dimana hargaharga secara umum terus meningkat. Jika kenaikan harga suatu komoditas tidak berdampak pada sebagian besar harga komoditas lain, kita tidak dapat mengatakan bahwa kenaikan harga yang dipermasalahkan adalah contoh inflasi.…”

“…Hal tersebut dikemukakan oleh penelitian (Permaysinta & Sawitri, 2021). Kesimpulan dari pengujian ini sejalan dengan kesimpulan dari penyelidikan sebelumnya yakni temuan studi yang dilakukan oleh (Sitanggang & Munthe, 2018) Berdasarkan hasil. bahwa nilai R-Squared adalah 0.249412 dengan mengacu pada data tabel di atas, variabel independen dalam penelitian ini mampu memberikan penjelasan 24,9% pada variabel dependen, sedangkan sisanya 75,1% variabel lain dapat dikaitkan dengan variabel selain yang diselidiki dalam penelitian ini.…”