Analysis Of Stock Price Determinants In Islamic Banks In Indonesia
DOI:
https://doi.org/10.61132/ijems.v1i4.271Keywords:
Stock Price, ROA, Inflation, Interest Rate, Exchange RateAbstract
This study aims to determine and analyze stock prices by looking at the direct and indirect effects between inflation, interest rates, exchange rates, ROA and stock prices in Islamic Banks in Indonesia. This study uses panel data regression with variables of inflation, interest rates, exchange rates, ROA, and stock prices with data analysis using SPSS 22 software. The period of this study is 2020-2022. The results of this study indicate that inflation, interest rates, and exchange rates are significant to ROA. Inflation and ROA are directly significant to stock prices. Meanwhile, interest rates and exchange rates directly have no effect on stock prices. For the indirect relationship between inflation, interest rates, and exchange rates affect stock prices through ROA.
Downloads
References
Adiwinata, I. M. I., & Purnawati, N. K. (2019). The role of profitability in mediating the effect of inflation and capital structure on stock prices. E-Journal of Management, 8(7), 4298–4327. https://doi.org/10.24843/EJMUNUD.2019.v08.i07.p11
Agustin, N., Tristiarini, N., Hernawati, R. I., & Durya, N. P. M. A. (2023). The effect of inflation, interest rates, and exchange rates on company stock prices during the Covid-19 pandemic. Journal of Applied Accounting Research, 7(1), 65–77.
Ali, K., et al. (2011). Bank-specific and macroeconomic indicators of profitability: Empirical evidence from the commercial banks of Pakistan. International Journal of Business and Social Science, 2(6).
Arifiani, R. (2019). The effect of return on asset (ROA) and return on equity (ROE) on share price based on closing price: Case study on telecommunication sub-sector service companies listed on the Indonesia Stock Exchange. Business Journal, 7(1), 1–20.
Efriyenty, D. (2020). The effect of inflation and exchange rates on stock prices in the basic and chemical industries. Going Concern: Journal of Accounting Research, 15(4), 570–576. https://doi.org/10.32400/gc.15.4.31601.2020
Fahmi, I. (2013). Introduction to financial management: Theory and questions and answers. Bandung: Alfabeta.
Hardani. (2020). Qualitative & quantitative research methods book. In LP2M UST Jogja. Yogyakarta: Science Library.
Hashim, A. I. (2016). Macroeconomics (First ed.). Depok: KENCANA.
Lindayani, N. W., & Dewi, S. K. S. (2016). The impact of capital structure and inflation on profitability and stock returns of banking sector financial companies. E-Journal of Management Unud, 5(8), 5274–5303.
Machbubah, E. A. (2020). The effect of inflation, rupiah exchange rate, and interest rates on stock prices with profitability as an intervening variable on the Jakarta Islamic Index. Thesis.
Maronrong, R., & Nugrhoho, K. (2019). The effect of inflation, interest rates, and exchange rates on stock prices: Case study of automotive manufacturing companies listed on the Indonesia Stock Exchange in 2012–2017. STEI Ekonomi Journal, 26(02), 277–295. https://doi.org/10.36406/jemi.v26i02.38
Mayasari, V. (2021). The effect of inflation and SBI rate on stock prices in food and beverage sub-sector manufacturing companies that go public on the Indonesia Stock Exchange. Accounting and Management, 14(2), 31–49. https://doi.org/10.30630/jam.v14i2.24
Pindyck, R. S., & Rubinfeld, D. L. (2005). Microeconomics. New Jersey: Pearson Education Inc.
Pohan, A. (2008). Monetary policy framework and its implementation in Indonesia. Jakarta: RajaGrafindo Persada.
Rera, D. L., & Suminar. (2022). Profitability as an intervening variable: Inflation and rupiah exchange rate on sharia stock prices on the Jakarta Islamic Index. Journal of Accounting and Banking Research, 16(1), 597–608. www.idx.co.id
Sari, J. W. P., & Trisnawati, R. (2022). The effect of ROA, EPS, NPM, and sales growth on the stock price of healthcare companies listed on the IDX. SNPPM (National Seminar on Research and Community Service), 181–191. https://prosiding.ummetro.ac.id/index.php/snppm/issue/view/8
Sebo, S. S., & Nafi, M. (2021). The effect of inflation, exchange rate, interest rate, and transaction volume on the company's stock price during the Covid-19 pandemic. Journal of Accounting and Taxation, 6(2), 113–126. https://doi.org/10.26905/ap.v6i2.5358
Sella, V. P., & Ardini, L. (2022). The effect of inflation, interest rates, and exchange rates on stock prices in Indonesia Stock Exchange companies during the Covid-19 pandemic. Journal of Accounting Science and Research, 11(8), 1–17.
Wulandari, D., & Sipahutar, M. A. (2021). The effect of loan to deposit ratio and lending interest rate on return on asset. Scientific Journal of Unity Management, 9(1), 107–114. https://doi.org/10.37641/jimkes.v9i1.493
Yunita, S. A. (2013). Analysis of the effect of inflation, BI interest rate, and gross domestic product on return on asset (ROA) of Islamic banks in Indonesia. Journal of Management Science, 1(1), 149–157.
Zarrouk, H., Moualhi, M., & Jedidia, K. B. (2016). Islamic bank profitability driven by the same forces as conventional banks? International Journal of Islamic and Middle Eastern Finance and Management, 9(1), 46–65.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 International Journal of Economics and Management Sciences
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
