PENGARUH SUKU BUNGA, INFLASI DAN NILAI TUKAR TERHADAP HARGA SAHAM BANK DEVISA

Abstract

Stock price fluctuations are influenced by two factors: internal factors and external factors. The internal factor is
company performance whereas the external factor is macro condition. This research is aimed to examine the
influence of macroeconomic conditions such as interest rates, inflation and exchange rates to the stock price of
Foreign Exchange Banks which are listed in Indonesia Stock Exchange. The population is all Foreign Exchange
Banks which are listed in the Indonesia Stock Exchange. The sample collection has been done by using purposive
sampling technique and 5 Banks have been obtained as samples. The result of this data analysis technique shows
that multiple linear regressions analysis give negative relationship between interest rate and exchange rate with
stock price, whereas inflation give positive correlation with stock price; the classic assumption test which has
been applied has met the specified criteria; the model feasibility test shows that this model is feasible to be used
and the exchange rate variable has the dominant influence of all independent variables; t-test shows the interest
rate does not give any influence to the stock price whereas inflation and exchange rate give influence to the stock
prices. It is recommended for investors and potential investors if they want to invest their capital, they have to
notice to the macroeconomics which can influence stock prices, especially interest rates. It is suggested for
further research to increase the period of research in order to get more relevant results.
Keywords: interest rate, inflation, exchange rate, and stock price.