Published: 2025-08-01

Pengaruh Inflasi, Suku Bunga dan Nilai Tukar Rupiah Terhadap Return Saham  (Pada Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2023)

DOI: 10.35870/jemsi.v11i4.4801

Syifa Khusni Mubarok, Vina Merliana
  • Syifa Khusni Mubarok: Universitas Indonesia Membangun
  • Vina Merliana: Universitas Indonesia Membangun
Issue Cover

Downloads

Article Metrics
Share:

Abstract

This research aims to determine the impact of inflation, interest rates, and the rupiah exchange rate on stock returns. The study utilizes secondary data from a population of 43 banking companies listed on the Indonesia Stock Exchange (IDX) between 2016 and 2023. A sample of eight companies was selected using a non-probability sampling technique, specifically purposive sampling. The research employed a quantitative descriptive verificative method and was analyzed using SPSS 27.0. Descriptive analysis included mean, minimum, maximum, and standard deviation values. Verificative analysis involved classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation). Further analyses included multiple linear regression, Spearman correlation test, and hypothesis testing (partial and simultaneous tests). The results from the classical assumption tests confirmed that the regression model met the required criteria (normality, multicollinearity, heteroscedasticity, and autocorrelation). Partial hypothesis testing revealed that inflation has a positive and significant effect on stock returns. Meanwhile, both interest rates and the rupiah exchange rate have a negative and significant effect on stock returns. Furthermore, the simultaneous test indicated that inflation, interest rates, and the rupiah exchange rate collectively and significantly influence stock returns.

Keywords

Interest Rates ; Rupiah Exchange Rate ; Stock Returns

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

Mubarok, S. K., & Merliana, V. (2025). Pengaruh Inflasi, Suku Bunga dan Nilai Tukar Rupiah Terhadap Return Saham  (Pada Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2023). JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 11(4), 2975-2986. https://doi.org/10.35870/jemsi.v11i4.4801
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: %750 %e, %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
Syifa Khusni Mubarok
Google Scholar ResearchGate ORCID

Program Studi Akuntansi, Fakultas Ekonomi, Universitas Indonesia Membangun, Jl. Soekarno Hatta No.448, Bandung, Jawa Barat, Indonesia.

Vina Merliana
Google Scholar ResearchGate ORCID

Program Studi Akuntansi, Fakultas Ekonomi, Universitas Indonesia Membangun, Jl. Soekarno Hatta No.448, Bandung, Jawa Barat, Indonesia.

References
  • Amrillah, F. M. (2016). Pengaruh nilai tukar rupiah (kurs), inflasi dan pertumbuhan ekonomi terhadap return saham pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2008-2014. Jurnal Valuta, 2(2), 232–250.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Ananda, W. C., & Satoso, A. B. (2022). Pengaruh inflasi, suku bunga dan nilai tukar rupiah terhadap return saham pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia tahun (2018–2020). Jurnal Manajemen dan Sains, 7(2), 726–733.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Ardana, A. K., & Wahyuni, A. M. (2024). Pengaruh inflasi, suku bunga, dan solvabilitas terhadap nilai perusahaan pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia tahun 2021-2023. Vokasi: Jurnal Riset Akuntansi | VJRA, 13(2).
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Christine, D., Apriwandi, & Hidayat, R. (2023). Pengaruh inflasi, suku bunga dan nilai tukar terhadap return saham. Jekuilnomi: Jurnal Ekonomi Pembangunan, 5(2), 237–244.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Hakim, D., & Sudaryo, Y. (2022). Manajemen investasi dan teori portofolio. Penerbit ANDI.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Jogiyanto, H. (2017). Teori portofolio dan analisis investasi. Yogyakarta: BPFE.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Rifky, M. A. (2020). Pengaruh nilai tukar, tingkat suku bunga, dan inflasi terhadap return saham bank. Jurnal IKRA-ITH Ekonomika, 3(3).
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Samudra, & Widyawati, N. (2020). Pengaruh inflasi, suku bunga, dan kurs terhadap nilai perusahaan. Jurnal Ilmu Dan Riset Manajemen, 7(8).
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Silaban, R. P. (2020). Analisis pengaruh inflasi, nilai tukar rupiah, dan suku bunga terhadap return saham pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia. 263 Kindai, 16(2), 262–275.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Sofia, E., Sudaryo, Y., & Sofiati, A. (2022). Pengaruh perubahan simpanan dana pihak ketiga dan tingkat inflasi terhadap perolehan laba (studi kasus pada PT. Bank Bjb periode 2008-2018). Jurnal Inaba, 21(1).
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Tandelilin, E. (2017). Pasar modal: Manajemen portfolio dan investasi. Penerbit PT Kanisius.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Wahyuni, S., Albra, W., Marzuki, & Nurlela. (2023). Pengaruh suku bunga, kurs dan inflasi terhadap return saham pada perusahaan yang terdaftar dalam Indeks LQ45. Jurnal Visioner & Strategis, 12(2), 63–68.
    Google Scholar Scite Semantic Scholar Scilit Crossref Connected Papers
  • Zulfikar. (2016). Pengantar pasar modal dengan pendekatan statistika. Yogyakarta: Deepublish.
    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.

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

1. Copyright Retention and Open Access License

Authors retain copyright of their work and grant the journal non-exclusive 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.

Downloads

Similar Articles

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

Most read articles by the same author(s)