Pengaruh Variabel Makro Ekonomi Terhadap Harga Saham Dengan Profitabilitas Sebagai Variabel Intervening Pada Perusahaan Manufaktur Di Bursa Efek Indonesia

Abstract

The purpose of this study is to influence the effect of exchange rates, interest rates, inflation and Gross Domestic Product on stock prices with profitability as an intervinig variable in manufacturing companies on the Indonesia Stock Exchange. This type of research is explanatory. The population in this study were all manufacturing companies listed on the Indonesia Stock Exchange as many as 159 companies with a total sample of 61 companies. The type of data used is secondary data collected by documentation techniques. The results showed that the exchange rate had a negative and significant effect on profitability, SBI interest rates, inflation and Gross Domestic Product partially had a positive and significant effect on profitability, exchange rate variables, SBI interest rates, inflation and Gross Domestic Product simultaneously had a significant effect on profitability, exchange rates and SBI interest rates partially have a negative and significant effect on stock prices, inflation, and Gross Domestic Product and Return on Assets have a positive and significant effect on stock prices, and exchange rate variables, SBI interest rates, inflation, and Domestic Product Gross and profitability simultaneously have an effect and are significant on stock prices.

Pengaruh Inflasi Dan Tingkat Suku Bunga Terhadap Indeks Harga Saham Gabungan Yang Terdaftar Di Bursa Efek Indonesia Pada Tahun 2013-2021

“…naiknya tingkat emiten penerbit saham serta peningkatan IHSG mengindikasikan bahwa BEI adalah salah satu preferensi Penanam modal yang memberikan profit atau laba ke investor. (Munthe & Harefa, 2020) Pasar modal ialah suatu tempat mempunyai fungsi sebagaisarana yang menyodorkan keleluasaan untuk melakukan investasi bagi investor perorangan ataupun institusional. Maka dari itu, besar dan arahnya perpindahansuatu pasar modal dijadikan poin yang memukau bagi para pelaku pendidikan dan orang yang terjun di dunia pasar modal untuk menyelaminya.…”

The Role of Profitability as an Intervening Variable on the Effect of Inflation, Interest Rates, and Exchange Rates on Stock Returns (Study on Consumer Goods Industry Sub-Sector Companies Listed on the Indonesia Stock Exchange for the 2017-2020 Period)

“…when the BI interest rate rises, it will be followed by an increase in other interest rates, in this context, credit interest rates. Rising loan interest rates will increase costs, so this condition will reduce the company's ability to develop its business, or it can be said that the company's profitability will automatically decrease (Munthe & Harefa, 2020). H6: The higher the interest rate, the lower the company's profitability…”

“…The exchange rate has increased, so the company will experience difficulties in carrying out company operations, especially in obtaining raw materials (imports). This will make the company pay more to import, imported raw materials will increase and this will also reduce the company's ROA and vice versa (Munthe & Harefa, 2020). H7: The higher the rupiah exchange rate against the dollar, the higher the company's profitability The impact of inflation on stock returns through profitability Declining Investor Interest and Declining Public Purchasing Power from Failure to meet the Inflation Targets that have been set.…”