ANALYSIS RELATES TO THE IMPACT FROM MACROECONOMIC FACTORS TO BANKING STOCK RETURNS WHICH MEDIATED BY PROFITABILITY
DOI:
https://doi.org/10.31933/dijemss.v2i5.870Keywords:
Interest Rate, Inflation Rate, Exchange Rate, Return on Assets, Profitability, Stock Return.Abstract
This research aims to analyze the impact which caused by macroeconomic factors to stock returns which mediated by profitability. This research used purposive sampling method with BUKU IV Banks who Listed on the Indonesia Stock Exchange as sample in this research period. The data was taken from the quarterly financial reports of the sample banks and Bank Indonesia. The analysis technique that used in this research are panel data regression and used path analysis to reveal the impact which caused by intervening variable. The results found that interest rates had no significant impact towards stock returns, while the inflation rate and the rupiah exchange rate had a direct significant impact on stock returns. Path analysis found that interest rates, inflation rates and Rupiah exchange rate had no significant affect on stock returns which indirectly mediated by profitability. This research results are very useful as an information for investors and stakeholders to determine good investment decisions in the banking sector.
References
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Smart, S. B., Gitman, L. J., & Joehnk, M., D. 2017. Fundamentals of Investing (13th ed.). Harlow: Pearson Education Limited.
Suriyani, N. K., & Sudiartha, G., M. 2018. “Pengaruh Tingkat Suku Bunga, Inflasi dan Nilai Tukar terhadap Return Saham di Bursa Efek Indonesia”. E-Jurnal Manajemen Unud. Vol. 7 (6), pp: 3172-3200.
Tandelilin, E. 2017. Pasar Modal Manajemen Portofolio dan Investasi, G. Sudibyo (Ed.). Yogyakarta: PT Kanisius. Diperoleh dari aplikasi iPusnas.
Yunita, R., Efni, Y., & Kamallah. 2018. “The Influence of Internal and Macro-Economic Factors on the Stocks Return with Stock Beta as the Intervening Variable (Case Study on Property, Real Estate, and Building Construction Companies Listed on Indonesia Stock Exchange for the Period of 2012-2016)”. Bilancia: Jurnal Ilmiah Akuntansi. Vol. 2 (1), pp: 44-58.
Zaman, C. O., & Musdholifah. 2018. “Pengaruh Faktor Internal, Makroekonomi, dan Konsentrasi Pangsa Pasar terhadap Profitabilitas Bank Umum Konvensional di Indonesia Periode 2012-2016”. Jurnal Ilmu Manajemen. Vol. 6 (3), pp: 213-226.
Agustina, L. D., & Budiono. 2018. “Pengaruh Indikator Makro Ekonomi terhadap Return Indeks Saham Sektor Keuangan di Bursa Efek Indonesia periode 2011-2015”. Media Mahardhika. Vol. 16 (2), pp: 158-173.
Ali, Q., Maamor, S., Yaacob, H., & Gill, M. U. T. 2018. “Impact of Macroeconomic Variables on Islamic Banks Profitability”. Journal of Accounting and Applied Business Research. Vol. 1 (2), pp: 1-16.
Bank Indonesia. 2019. Transmisi Kebijakan Moneter. https://www.bi.go.id/id/fungsi-utama/moneter/default.aspx.
Bitar. 2019. Investasi Adalah - Pengertian, Fungsi, Tujuan, Jenis, Manfaat, Faktor, Bentuk, Resiko, Para Ahli. Gurupendidikan.com. https://www.gurupendidikan.co.id/investasi-adalah/.
Brigham, E. F., & Ehrhardt, M. C. 2014. Financial Management: Theory and Practice (14th ed.). Mason: South-Western Cengage Learning.
Bursa Efek Indonesia. 2019.. Pengantar Pasar Modal. https://idx.co.id/investor/belajar-pasar-modal/.
Ferdinand, A. 2014. Metode Penelitian Manajemen: Pedoman Penelitian untuk Penulisan Skripsi, Tesis, dan Disertasi Ilmu Manajemen. Semarang: Badan Penerbit Universitas Diponegoro.
Halima, J., Amin, M., & Mawardi, M. C. 2019. “Analisis Pengaruh Faktor Fundamental Perusahaan dan Kondisi Makro Ekonomi terhadap Abnormal Return Perusahaan Industri Pertambangan di BEI (Bursa Efek Indonesia)”. Jurnal Ilmiah Riset Akuntansi Fakultas Ekonomi dan Bisnis Universtias Islam Malang. Vol. 8 (10), pp: 68-81.
Haryani, S., & Priantinah, D. 2018. “Pengaruh Inflasi, Nilai Tukar Rupiah/Dolar AS, Tingkat Suku Bunga BI, DER, ROA, CR dan NPM terhadap Return Saham”. Jurnal Nominal. Vol. 7 (2), pp: 106-124.
Hidayat, A. K., Firdaus, M., & Sanim, B. 2019. “Pengaruh Kapitalisasi Pasar Saham dan Variabel Makroekonomi terhadap Indeks Harga Saham Gabungan di Bursa Efek Indonesia”. Jurnal Aplikasi Manajemen dan Bisnis. Vol. 5 (2), pp: 332-345.
Kohar, A., Ahmar, N., & Suratno. 2018. “Sensitivitas Faktor Ekonomi Makro dan Mikro dalam Memprediksi Volatilitas Harga Saham Perusahaan Sektor Industri Food & Beverages”. Jurnal Ilmiah Akuntansi Fakultas Ekonomi Universitas Pakuan. Vpl. 4 (1), pp: 85-100. https://doi.org/10.34204/jiafe.v4i1.1080
Kurniasari, W., Wiratno, A., & Yusuf, M. 2018. “Pengaruh Inflasi dan Suku Bunga terhadap Return Saham dengan Profitabilitas sebagai Variabel Intervening di Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2015”. Jurnal of Accounting Science Universitas Muhammadiyah Sidoarjo. Vol. 2 (1), pp: 67-90.
Maharditya, M. A., Layyinaturrobaniyah, & Anwar, M. 2018. “Implication of Macroeconomic Factors to Stock Returns of Indonesian Property and Real Estate Companies”. Jurnal Dinamika Manajemen. Vol. 9 (1), pp: 100-113.
Mankiw, N. G. 2016. Macroeconomics (9th ed.). New York, NY: Worth Publishers.
Murphy, J. J. 1999. Technical Analysis of the Financial Markets. New York: New York Institute of Finance.
News from Bisnis.com. 2019, 6th May. Saham Emiten Perbankan Raup Nilai Perdagangan Terbesar, 29 April-3 Mei. Bisnis.com. https://market.bisnis.com/read/20190506/7/918887/saham-emiten-perbankan-raup-nilai-perdagangan-terbesar-29-april-3-mei .
News from Kemenperin.go.id. 2019. Pemerintah Siapkan Berbagai Kebijakan Tarik Investasi Manufaktur. Kementerian Perindustrian Republik Indonesia. kemenperin.go.id. https://kemenperin.go.id/artikel/20275/Pemerintah-Siapkan-Berbagai-Kebijakan-Tarik-Investasi-Manufaktur.
Nidya, A. T., & Mawardi, I. 2018. “Analisis Jalur Faktor Makroekonomi terhadap Return Saham Syariah”. Jurnal Ekonomi Syariah Teori dan Terapan. Vol. 5 (10), pp: 877-891.
Putrama, A. 2017. “Pengaruh Variabel Makroekonomi terhadap Profitabilitas Bank Non Devisa di Indonesia Periode 2012-2016”. Jurnal Ilmu Manajemen. Vol. 5 (2), pp: 1-8.
Riyadi, S. 2006. Banking Assets adn Liability Management. Jakarta: Lembaga Penerbit Fakultas Ekonomi Universitas Indonesia.
Saputra, I., Veny, & Mayangsari, S. 2018. “Pengaruh Rasio Keuangan, Aksi Korporasi dan Faktor Fundamental Ekonomi Makro terhadap Harga Saham”. Jurnal Magister Akuntansi Trisakti. Vol. 5 (1), pp: 89-114.
Setyaningsih, C. A., Sriwidodo, U., & Utami, S.S. 2018. “Analisis Pengaruh Suku Bunga, Inflasi, dan Nilai Tukar Rupiah terhadap Profitabilitas Bank Umum Swasta Nasional di Bursa Efek Indonesia”. Jurnal Ekonomi dan Kewirausahaan. Vol. 18 (2), pp: 323-331.
Smart, S. B., Gitman, L. J., & Joehnk, M., D. 2017. Fundamentals of Investing (13th ed.). Harlow: Pearson Education Limited.
Suriyani, N. K., & Sudiartha, G., M. 2018. “Pengaruh Tingkat Suku Bunga, Inflasi dan Nilai Tukar terhadap Return Saham di Bursa Efek Indonesia”. E-Jurnal Manajemen Unud. Vol. 7 (6), pp: 3172-3200.
Tandelilin, E. 2017. Pasar Modal Manajemen Portofolio dan Investasi, G. Sudibyo (Ed.). Yogyakarta: PT Kanisius. Diperoleh dari aplikasi iPusnas.
Yunita, R., Efni, Y., & Kamallah. 2018. “The Influence of Internal and Macro-Economic Factors on the Stocks Return with Stock Beta as the Intervening Variable (Case Study on Property, Real Estate, and Building Construction Companies Listed on Indonesia Stock Exchange for the Period of 2012-2016)”. Bilancia: Jurnal Ilmiah Akuntansi. Vol. 2 (1), pp: 44-58.
Zaman, C. O., & Musdholifah. 2018. “Pengaruh Faktor Internal, Makroekonomi, dan Konsentrasi Pangsa Pasar terhadap Profitabilitas Bank Umum Konvensional di Indonesia Periode 2012-2016”. Jurnal Ilmu Manajemen. Vol. 6 (3), pp: 213-226.
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Published
2021-06-30
How to Cite
Esti Riwayati, H. ., & Affid Diena, M. . (2021). ANALYSIS RELATES TO THE IMPACT FROM MACROECONOMIC FACTORS TO BANKING STOCK RETURNS WHICH MEDIATED BY PROFITABILITY. Dinasti International Journal of Education Management And Social Science, 2(5), 742–755. https://doi.org/10.31933/dijemss.v2i5.870
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