Published: 2025-08-01

Pengaruh Suku Bunga dan Nilai Tukar Terhadap Harga Saham Dengan Profitabilitas Sebagai Variabel Moderasi Pada Perusahaan Pertambangan 2021-2023

DOI: 10.35870/jemsi.v11i4.4452

Assyifa Putri Nuraini, Amanah Hijriah, Rudy Kurniawan
  • Assyifa Putri Nuraini: Universitas Tanjungpura
  • Amanah Hijriah: Universitas Tanjungpura
  • Rudy Kurniawan: Universitas Tanjungpura

Abstract

The purpose of this study was to determine how the effect of interest rates and exchange rates on stock prices with profitability represented by RoE (Return on Equity) as a moderating variable in mining companies. Quantitative method is the method used in this research. The object of research is mining companies for the period 2021-2023 and obtained a sample using purposive sampling method of 38 companies. From the results of data processing using SPSS 25 in the partial test (t test) found that the interest rate and exchange rate variables had no effect on stock prices. In the Moderated Regression Analysis (MRA) test, it was found that RoE weakened the relationship between interest rates and stock prices. Meanwhile, RoE strengthens the relationship between exchange rates and stock prices. Suggestions for future researchers are expected to use or add more relevant economic factors to test their influence on stock prices and increase the research period. 

Keywords

Interest Rate ; Exchange Rate ; Stock Price ; ROE

Peer Review Process

This article has undergone a double-blind peer review process to ensure quality and impartiality.

Indexing Information

Discover where this journal is indexed at our indexing page to understand its reach and credibility.

Open Science Badges

This journal supports transparency in research and encourages authors to meet criteria for Open Science Badges by sharing data, materials, or preregistered studies.

How to Cite

Nuraini, A. P., Hijriah, A., & Kurniawan, R. (2025). Pengaruh Suku Bunga dan Nilai Tukar Terhadap Harga Saham Dengan Profitabilitas Sebagai Variabel Moderasi Pada Perusahaan Pertambangan 2021-2023. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 11(4), 2625-2635. https://doi.org/10.35870/jemsi.v11i4.4452
Issue Cover

Downloads

Article Metrics

If the link doesn't work, copy the DOI or article title for manual search (API Maintenance).

Share:
Article Information

This article has been peer-reviewed and published in the JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi). The content is available under the terms of the Creative Commons Attribution 4.0 International License.

  • Issue: Vol. 11 No. 4 (2025)

  • Section: Articles

  • Published: August 1, 2025

AI Research Hub

This article is indexed and available through various AI-powered research tools and citation platforms. Our AI Research Hub ensures that scholarly work is discoverable, accessible, and easily integrated into the global research ecosystem. By leveraging artificial intelligence for indexing, recommendation, and citation analysis, we enhance the visibility and impact of published research.

Semantic Scholar Scite Dimensions Connected Papers
Scholarly Connection Platforms
Dimensions Dimensions Connected Papers Connected Papers Scite Scite Google Scholar Google Scholar Semantic Scholar Semantic Scholar Garuda Garuda Scilit Scilit Crossref Crossref BASE BASE Zenodo Zenodo Unpaywall Unpaywall OpenCitations OpenCitations
Author Biographies
Assyifa Putri Nuraini
Google Scholar ResearchGate ORCID

Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Tanjungpura.

Amanah Hijriah
Google Scholar ResearchGate ORCID

Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Tanjungpura.

Rudy Kurniawan
Google Scholar ResearchGate ORCID

Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Tanjungpura.

References
  • Agustin, N., Tristiarini, N., Hernawati, R. I., & Durya, N. P. M. A. (2023). Pengaruh inflasi, suku bunga, dan nilai tukar terhadap harga saham perusahaan di masa pandemi COVID-19. Jurnal Riset Terapan Akuntansi, 7(1), 65–77.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Andriani, S. D., Kusumastuti, R., & Hernando, R. (2022). Pengaruh return on equity (ROE), earning per share (EPS), dan debt to equity ratio (DER) terhadap harga saham (Studi empiris pada perusahaan industri makanan olahan yang terdaftar di Bursa Efek Indonesia tahun 2018–2020). Owner, 7(1), 333–345. https://doi.org/10.33395/owner.v7i1.1268.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Andriyani, & Armereo. (2016). Pengaruh suku bunga, inflasi, dan nilai buku terhadap harga saham perusahaan indeks LQ45. Jurnal Ilmiah Orasi Bisnis, 15, 44–64.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Ardiyanto, A., Wahdi, N., & Santoso, A. (2020). Pengaruh return on assets, return on equity, earning per share dan price to book value terhadap harga saham. Jurnal Bisnis & Akuntansi Unsurya, 5(1), 33–49. https://doi.org/10.35968/jbau.v5i1.377.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Cakra, C., Ladewi, Y., & Yamaly, F. (2023). Pengaruh inflasi, suku bunga dan nilai tukar terhadap harga saham dengan pertumbuhan ekonomi sebagai variabel intervening. Motivasi, 8(2), 131. https://doi.org/10.32502/mti.v8i2.6854.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Dewi Sartika, U., Siddik, S., & Choiriyah, C. (2019). Pengaruh inflasi, suku bunga, nilai tukar, dan produk domestik bruto terhadap nilai perusahaan. Jurnal Ilmu Manajemen, 8(2), 75. https://doi.org/10.32502/jimn.v8i2.1821.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Hasibuan, D. H. M., Marpaung, A. M., Marpaung, B. S., & Rivai, A. (2024). Pengaruh profitabilitas, nilai tukar dan tingkat suku bunga terhadap harga saham perusahaan sub sektor batubara. Media Ilmiah Akuntansi, 12(1), 51–60. https://doi.org/10.34208/mia.v12i1.39.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Kindangen, M. B., Mangantar, M., & Saerang, I. S. (2021). Pengaruh inflasi, likuiditas, dan nilai tukar rupiah terhadap harga saham pada perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia. Jurnal EMBA, 9(3), 379–390.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Maronrong, R. M., & Nugrhoho, K. (2019). Pengaruh inflasi, suku bunga dan nilai tukar terhadap harga saham studi kasus pada perusahaan manufaktur otomotif terdaftar di Bursa Efek Indonesia tahun 2012–2017. Jurnal STEI Ekonomi, 26(02), 277–295. https://doi.org/10.36406/jemi.v26i02.38.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Muhammad Ikbal. (2019). Pengaruh ROA dan EVA terhadap harga saham pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Jurnal Adz-Dzahab: Jurnal Ekonomi dan Bisnis Islam, 4(2), 21–29. https://doi.org/10.47435/adz-dzahab.v1i2.337.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Paramita, N. P., Putri, I. G. A. P. D., & Kusuma, N. P. (2024). Harga saham pada perusahaan sektor teknologi yang terdaftar di Bursa Efek Indonesia (BEI). Costing, 7. https://doi.org/10.31539/costing.v7i5.11619.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Pramesti, I. G. A., Ekayani, N. N., & Jayanti, L. G. P. S. (2022). Pengaruh pergerakan nilai tukar rupiah atas USD, suku bunga, dan inflasi terhadap harga saham perusahaan pertambangan yang terdaftar di Bursa Efek Indonesia. Jurnal Riset Akuntansi Marwadewa, 10(1), 1–52. https://doi.org/10.21608/pshj.2022.250026.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Purwanto, A. (2021). Ekonomi dunia pada masa pandemi COVID-19: Dari dampak hingga proyeksi pertumbuhan 2021–2022.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Rahmadewi, P. W., & Abundanti, N. (2018). Pengaruh EPS, PER, CR dan ROE terhadap harga saham di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 7(4), 2106. https://doi.org/10.24843/ejmunud.2018.v07.i04.p14.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Sella, V. P., & Ardini, L. (2022). Pengaruh inflasi, suku bunga dan nilai tukar terhadap harga saham pada perusahaan Bursa Efek Indonesia di masa pandemi COVID-19. Jurnal Ilmu Dan Riset Akuntansi, 11(8), 1–17.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Sulastri, T., & Suselo, D. (2022). Pengaruh inflasi, suku bunga dan nilai tukar terhadap harga saham PT. Telekomunikasi Indonesia Tbk. JPEKA: Jurnal Pendidikan Ekonomi, Manajemen Dan Keuangan, 6(1), 29–40. https://doi.org/10.26740/jpeka.v6n1.p29-40.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Umami, R. (2020). Pengaruh nilai tukar, suku bunga, dan inflasi terhadap harga saham di suatu perusahaan. Jurnal Studi Manajemen dan Bisnis, 5(2), 85–89. https://doi.org/10.21107/jsmb.v5i2.6658.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Waskito, M. (2021). Pengaruh ROE dan pertumbuhan penjualan terhadap harga saham perusahaan. AKRUAL: Jurnal Akuntansi dan Keuangan, 3(1), 30–43. https://doi.org/10.34005/akrual.v3i1.1530.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Wulandari, A., & Sitohang, S. (2017). Pengaruh tingkat inflasi, suku bunga SBI dan nilai tukar terhadap harga saham. Jurnal Ilmu dan Riset Manajemen, 6(11), 1–20.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
License & Copyright
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Copyright and Licensing Agreement

Authors who publish with this journal agree to the following terms:

1. Copyright Retention and Open Access License

  • Authors retain full copyright of their work
  • Authors grant the journal right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0)
  • This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

2. Rights Granted Under CC BY 4.0

Under this license, readers are free to:

  • Share — copy and redistribute the material in any medium or format
  • Adapt — remix, transform, and build upon the material for any purpose, including commercial use
  • No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed

3. Attribution Requirements

All uses must include:

  • Proper citation of the original work
  • Link to the Creative Commons license
  • Indication if changes were made to the original work
  • No suggestion that the licensor endorses the user or their use

4. Additional Distribution Rights

Authors may:

  • Deposit the published version in institutional repositories
  • Share through academic social networks
  • Include in books, monographs, or other publications
  • Post on personal or institutional websites

Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.

5. Self-Archiving and Pre-Print Sharing

Authors are encouraged to:

  • Share pre-prints and post-prints online
  • Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
  • Engage in scholarly communication throughout the publication process

6. Open Access Commitment

This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.

Similar Articles

You may also start an advanced similarity search for this article.

Most read articles by the same author(s)