Pengaruh Variabel Makroekonomi dan Rasio Keuangan terhadap Harga Saham

Abstract

Penelitian ini bertujuan untuk mengetahui apakah terdapat pengaruh dari tingkat inflasi, tingkat suku bunga, nilai tukar/kurs dan Return on Asset (ROA) terhadap harga saham perusahaan yang tergabung ke dalam Indeks LQ45 Bursa Efek Indonesia periode 2016-2020. Sampel penelitian ini adalah sebanyak 27 sampel yang dipilih berdasarkan metode purposive sampling. Data pada penelitian ini menggunakan data sekunder yang diperoleh dari situs Bursa Efek Indonesia, situs Bank Indonesia, situs Badan Pusat Statistik dan situs Yahoo Finance. Teknik analisis yang digunakan adalah analisis regresi data panel dengan menggunakan software Eviews9. Hasil Penelitian ini menunjukkan bahwa secara bersama-sama tingkat inflasi, tingkat suku bunga, nilai tukar/kurs dan Return on Asset (ROA) berpengaruh signifikan terhadap harga saham, sedangkan secara parsial hanya tingkat inflasi dan Return on Asset (ROA) yang memiliki pengaruh signifikan terhadap harga saham. The objective of thus research was to examine the effect of the inflation rate, interest rate, exchange rate and Return on Assets (ROA) on the stock prices of companies incorporated into the LQ45 Index of the Indonesia Stock Exchange for the 2016-2020 period. The sample of this research was 27 samples which were selected based on the purposive sampling method. The data in this study uses secondary data obtained from the Indonesia Stock Exchange website, the Bank Indonesia website, the Central Statistics Agency website and the Yahoo Finance website. The analysis technique used is panel data regression analysis using Eviews9 software. The results of this study indicate that together the inflation rate, interest rate, exchange rate and Return on Assets (ROA) have a significant effect on stock prices. Meanwhile, partially, only the inflation rate and Return on Assets (ROA) have a significant effect on stock prices.

Department of Management, Faculty of Business Economics, Universitas Muhammadiyah Jember

“…In such a scenario, people's demand for holding cash decreases because they are more inclined to allocate their funds to various banking options such as deposits and savings. Recent studies conducted by (Bagaswara & Wati, 2020) (Novriyani, 2021) (Nurulhuda & Kosasih, 2019) (Rasudu, 2021) (Wijaya & MN, 2022) have found that interest rates have a significant impact on firm value. Therefore, it can be concluded that interest rates play an important role in investment decisions and can affect the value of firms: H1: Interest rates affect Firm Value.…”