The effect of inflation, exchange rate and interest rate toward stock price of property companies listed on the Indonesia Stock Exchange

Jhonson, Jhonson (2022) The effect of inflation, exchange rate and interest rate toward stock price of property companies listed on the Indonesia Stock Exchange. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Capital market is an indicator to assess the success of a government in managing the country's economy. In addition to the company's performance, macroeconomic condition also become a concerned by investors to determine their investment decisions. This research was conducted to analyze the effect of inflation, exchange rate and interest rates toward stock price of property companies listed on the Indonesia Stock Exchange. In addition, this research also aims to determine the relationship of these macroeconomic variables toward stock price of property companies during 2016 - 2021. This research uses quantitative methods. The population in this research is all property companies listed on the Indonesia Stock Exchange in the period 2016 - 2021. The sample selection technique used in this research is the purposive sampling method. The specified criteria, 43 companies were obtained as research samples. The analysis technique in this research uses multiple linear regression analysis. The results showed that macroeconomic variables had no significant effect toward stock price of property companies listed on the Indonesia Stock Exchange. This was caused by other factors that dominated the company's stock price movements compared to macroeconomic variables during the period of this research, such as incentives and regulations from the government, as well as the spread of Covid-19 which caused economic conditions become sluggish. This is in line with the results of the coefficient of determination test which the value is 1%. / Pasar modal merupakan sebuah indikator untuk menilai keberhasilan sebuah pemerintahan dalam mengelola perekonomian negaranya. Selain kinerja perusahaan, kondisi makro ekonomi juga memiliki andil penting dalam pertimbangan investor untuk menentukkan keputusan investasinya. Penelitian ini dilakukan untuk menganalisa pengaruh inflasi, nilai tukar, dan suku bunga terhadap harga saham perusahaan properti yang tercatat di Bursa Efek Indonesia. Selain itu, penelitian ini juga bertujuan untuk mengetahui hubungan dari variabel makro ekonomi tersebut pada harga saham perusahaan properti selama 2016 - 2021. Penelitian ini menggunakan metode kuantitatif. Populasi yang dalam penelitian ini adalah seluruh properti perusahaan yang tercatat di Bursa Efek Indonesia pada periode 2016 - 2021. Teknik pemilihan sampel yang digunakan dalam penelitian ini adalah metode purposive sampling. Kriteria yang ditentukan, 43 perusahaan diperoleh sebagai sampel penelitian. Teknik Analisis dalam penelitian ini menggunakan analisis regresi linier berganda. Hasil penelitian menunjukkan bahwa kondisi makro ekonomi tidak berpengaruh pada pergerakkan harga saham perusahaan properti. Hal tersebut disebabkan oleh faktor lain yang lebih mendominasi pergerakkan harga saham perusahaan dibandingkan faktor makro ekonomi seperti, insentif dan regulasi dari pemerintah, serta penyebaran Covid-19 yang menyebabkan kondisi ekonomi menjadi lesu. Hal tersebut selaras dengan hasil uji koefisien determinasi yang berada pada nilai 1%.

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