LINKING INFLATION, INTEREST RATES, AND BOOK VALUE TO SHARE PRICES: AN EMPIRICAL STUDY OF LQ45 INDEX COMPANIES ON THE INDONESIA STOCK EXCHANGE

Ni Komang Sinta Dewi; I Wayan Widnyana; I Wayan Sukadana

doi:10.36733/emas.v6i11.13001

Authors

Ni Komang Sinta Dewi Universitas Mahasaraswati Denpasar
I Wayan Widnyana Universitas Mahasaraswati Denpasar
I Wayan Sukadana Universitas Mahasaraswati Denpasar

DOI:

https://doi.org/10.36733/emas.v6i11.13001

Keywords:

inflation, interest rates, book value, stock prices

Abstract

The stock prices of LQ45 Index companies fluctuated during the 2020-2023 period. The lowest decline in LQ45 Index stock prices in 2020 was 624 per share, caused by the impact of Covid-19, and the highest increase in LQ45 Index stock prices in 2022 was 1,085 per share. Meanwhile, at the beginning of 2023, the movement of LQ45 index stock prices weakened, driven by a decline in stocks. The purpose of this study is to identify the impact of inflation, interest rates, and book value on the stock prices of LQ45 Index companies listed on the Indonesia Stock Exchange. The objects of this study are inflation, interest rates, book value, and stock prices of LQ45 Index companies listed on the Indonesia Stock Exchange. The sample in this study consisted of 29 LQ45 Index companies. The data collection method used the non-participant observation technique. The data analysis techniques used were classical assumption tests, multiple linear regression analysis, multiple correlation analysis, determination analysis, and t-tests. The conclusion of this study reveals that inflation and interest rates do not affect the stock prices of LQ45 Index companies listed on the Indonesia Stock Exchange in the 2021-2023 period. Meanwhile, book value has a positive and significant effect on the stock prices of LQ45 Index companies listed on the Indonesia Stock Exchange in 2021-2023.

References

Ahmad, S. J., & Badri, J. (2022). Pengaruh inflasi dan tingkat suku bunga terhadap indeks harga saham gabungan yang terdaftar di Bursa Efek Indonesia pada tahun 2013-2021. Jurnal Economina, 1(3), 679–689.

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.

Andrianto, A., Fatihudin, D., & Firmansyah, A. (2019). Manajemen bank. Surabaya: Qiara Media.

Andriyanti, I., & Armereo, C. (2016). Pengaruh suku bunga, inflasi, dan nilai buku terhadap harga saham perusahaan indeks LQ45 yang terdaftar di Bursa Efek Indonesia (BEI). Jurnal Ilmiah Orasi Bisnis, 15(1), 44–64.

Baihaqqy, M. R. I. (2022). Bank dan lembaga keuangan. Purwokerto: CV Amerta Media.

Brigham, E. F., & Houston, J. F. (2011). Dasar-dasar manajemen keuangan (Edisi 10). Jakarta: Salemba Empat.

Brigham, E. F., & Weston, J. F. (2001). Manajemen keuangan. Jakarta: Erlangga.

Fahmi, I. (2015). Manajemen investasi. Jakarta: Salemba Empat.

Fitriaty, F. (2023). The effect of inflation and interest rates on study stock prices at Kompas 100 companies index in the COVID-19 period. Dinasti International Journal of Education Management & Social Science, 4(5), 788–799.

Halim, A. (2016). Analisis investasi dan aplikasinya. Jakarta: Salemba Empat.

Hermawan, A., & Fadjrina, N. A. (2017). Finansial distress dan harga saham. Bandung: Mer-C Publishing.

Ibnu, H., & Fadli, A. A. Y. (2023). The effect of return on equity (ROE) and price to book value (PBV) on stock price PT. Siantar Top Tbk period 2012-2021. Mufakat: Jurnal Ekonomi, Manajemen dan Akuntansi, 2(4), 440–450.

Idrus, M. (2022). Pengaruh inflasi dan suku bunga terhadap harga saham. Jurnal Mirai Management, 7(3), 263–269.

Jogiyanto, H. (2015). Teori portofolio dan analisis investasi (Edisi 6). Yogyakarta: BPFE.

Juniantari, N. P. (2022). Pengaruh inflasi, nilai tukar, tingkat suku bunga terhadap indeks harga saham pada sektor pertambangan yang terdaftar di Bursa Efek Indonesia (Tesis tidak diterbitkan). Universitas Mahasaraswati Denpasar.

Kartini, S. (2019). Mengenal investasi. Semarang: Penerbit Mutiara Aksara.

Laksana, A. A. (2019). Pengaruh rasio harga laba, nilai buku per lembar saham dan suku bunga Bank Indonesia terhadap harga saham pada perusahaan manufaktur subsektor makanan dan minuman yang terdaftar di BEI periode 2012-2017 (Skripsi tidak diterbitkan). Universitas Komputer Indonesia.

Nasfi, N., Akhmad, S., Irdiana, S., Nugroho, L., Widyastuti, S., Kembauw, E., ... & Firmialy, S. D. (2022). Uang dan perbankan. Bandung: Widina Bhakti Persada Bandung.

Novalia, F., & Nindito, M. (2016). Pengaruh konservatisme akuntansi dan economic value added terhadap penilaian ekuitas saham. Jurnal Ilmiah Wahana Akuntansi, 11(2), 134–148.

Nugroho, R. N. S. A. (2022). Pengaruh profitabilitas dan nilai buku per lembar saham terhadap harga saham pada perusahaan perbankan yang terdaftar di BEI periode 2016-2020 (Skripsi tidak diterbitkan). Universitas Pakuan.

Nurmasari, I., & Nur'aidawati, S. (2021). The effects of inflation, interest rates and exchange rates on composite stock price index during the COVID-19 pandemic. Jurnal Mandiri: Ilmu Pengetahuan, Seni, dan Teknologi, 5(2), 77–85.

Partinah, S. (2022). *Pengaruh book value (BV), price to book value (PBV), earning per share (EPS), dan price earning rasio (PER) terhadap harga saham pada perusahaan yang terdaftar di indeks SRI Kehati di BEI periode 2014-2018* (Skripsi tidak diterbitkan). Universitas Darul Ulum Islamic Center Sudirman GUPPI.

Pratama, Y. S., Nathasya, N., & Yusuf, S. F. (2022). Pengaruh suku bunga dan inflasi terhadap harga saham pada sektor usaha wisata, hotel, restoran, dan usaha perjalanan di Indonesia. Jurnal Pariwisata Terapan, 6(1), 15–24.

Putong, I. (2013). Economics: Pengantar mikro dan makro (Edisi Kelima). Jakarta: Mitra Wacana Media.

Safitri, R. B. (2021). The effect of inflation, interest rate and rupiah exchange rate on JCI in food and beverage manufacturing companies registered on the Indonesian Stock Exchange (IDX). Majalah Ilmiah Bijak, 18(1), 128–143.

Suparmono, S. (2018). Pengantar ekonomi makro. Yogyakarta: UPP STIM YKPN.

Surjanto, D., & Sugiharto, T. (2021). LQ45 stock price valuation analysis using price to book value (PBV) and price earning ratio (PER) variables from 2016-2020. Enrichment: Journal of Management, 12(1), 205–211.

Suryandari, N., & Widnyana, I. W. (2024). Does spiritual philosophy matters on local microfinance in Bali? JRAK, 16(1), 1–8.

Suseno, S., & Astiyah, S. (2009). Inflasi. Jakarta: Pusat Pendidikan dan Studi Kebanksentralan (PPSK) Bank Indonesia.

Tahu, G. P., Dewi, D. P. S. U., & Widnyana, I. W. (2023). Pengaruh rasio modal, risiko kredit dan profitabilitas terhadap likuiditas pada bank umum yang terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi, Sosial & Humaniora, 4(11), 12–30.

Tahu, G. P., Swari, D. A. D. P., & Widnyana, I. W. (2024). The influence of company size, profitability, and tax savings on the capital structure of pharmacy companies listed on the Indonesian Stock Exchange. Jurnal Ilmu Sosial Mamangan, 13(1), 176–186.

Tamba, I. M., & Widnyana, I. W. (2022). Consumer preferences on the purchase of cayenne pepper in Bali Province market. AgBioForum, 24(2), 73–82.

Tandelilin, E. (2010). Portofolio dan investasi: Teori dan aplikasi (Edisi Pertama). Yogyakarta: Kanisius.

Tryfino, T. (2009). Cara cerdas berinvestasi saham. Jakarta: Transmedia Pustaka.

Widiastuti, W., & Jayanti, D. (2022). Pengaruh nilai tukar rupiah, inflasi dan tingkat suku bunga acuan terhadap harga saham. Jurnal Pelita Manajemen, 1(2), 123–132.

Widnyana, I. W., Sukadana, I. W., & Budiyasa, I. G. P. E. (2023). Influence of financial architecture, corporate social responsibility on company value of banking in Indonesia. Business and Entrepreneurial Review, 23(2), 265–274.

Widnyana, I. W., Usadi, M. P. P., & Paramachintya, M. W. V. S. (2023). Manajemen keuangan: Analisis tajam, ringkas dan aplikatif berbasis laporan keuangan. Denpasar: Wawasan Ilmu.

Widnyana, I., Astiti, N., Gunadi, I., Suarjana, I., & Sukadana, I. (2024). The relationship of guaranteed interest with managerial behavior, customers, and financial performance for banking. Uncertain Supply Chain Management, 12(3), 1713–1720.

Widnyana, W., Susilo, D. D. B., Suarjana, W., Antari, N. P. P., Putri, G. A. P. S., & Shafie, N. A. (2024). A study on the probability of sustainability of state-owned enterprises (a review from the perspective of the bankruptcy model). Asia-Pacific Management Accounting Journal (APMAJ), 19(1), 103–120.

Widnyani, N. P. P., Kusumawati, N. P. A., & Hutnaleontina, P. N. (2024). Analisis pengaruh inflasi dan suku bunga terhadap harga saham pada perusahaan yang terdaftar dalam indeks LQ-45 di BEI periode 2019-2021. Hita Akuntansi dan Keuangan, 5(1), 121–132.

Widoatmodjo, S. (2012). Cara cepat memulai investasi saham panduan bagi pemula. Jakarta: Elex Media Komputindo.