Nilai Tukar, Inflasi dan Return Saham dengan Jenis Industri sebagai Variabel Pemoderasi
Abstract
Stock returns are the results obtained by investors from investment activities and rewards for their courage in taking the risk of investing in stocks in the capital market. The research objective is to determine the effect of exchange rates and inflation on stock returns with the type of industry as a moderating variable. The research was conducted in all companies listed on the Indonesia Stock Exchange during the 2016-2020 period. The number of samples taken was 226 companies using proportionate stratified random sampling technique. The analysis technique used is moderation regression analysis. The results showed that the exchange rate and inflation had a negative effect on stock returns. The impact of the weakening exchange rate and rising inflation on stock returns is stronger in the financial industry.
Keywords: Exchange Rate; Inflation; Stock Return; Industry Type
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References
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Alenzi, M. (2015). The Impact of Exchange Rate , Interest Rate and Oil Price Fluctuations on Stock Returns Of GCC Listed Companies. Research Theses Main Collection, 2016, 337. http://hdl.handle.net/10026.1/3658
Almansour, A. Y., Alzoubi, H. M., Almansour, B. Y., & Almansour, Y. M. (2021). The Effect of Inflation on Performance : An Empirical Investigation on the Banking Sector in Jordan. Journal of Asian Finance, Economics and Business, 8(6), 97–102. https://doi.org/10.13106/jafeb.2021.vol8.no6.0097
Amtiran, P. Y., Indiastuti, R., Nidar, S. R., & Masyita, D. (2017). Macroeconomic factors and stock returns in APT framework. International Journal of Economics and Management, 11(SpecialIssue1), 197–206.
Andes, S. L., Puspitaningtyas, Z., & Prakoso, A. (2017). Pengaruh Inflasi, Kurs Rupiah, dan Suku Bunga terhadap Return Saham Perusahaan Manufaktur. Jurnal Akuntansi Keuangan Dan Bisnis, 10(2), 8–16.
Assagaf, A., Murwaningsari, E., Gunawan, J., & Mayangsari, S. (2019). The Effect of Macro Economic Variables on Stock Return of Companies That Listed in Stock Exchange: Empirical Evidence from Indonesia. International Journal of Business and Management, 14(8), 108–116. https://doi.org/10.5539/ijbm.v14n8p108
Asyik, N. F. (2011). Reaksi Pasar atas Variabel Makro dan Profitabilitas: Kajian Perusahaan di Bursa Efek Indonesia. Ekuitas Jurnal Ekonomi Dan Keuangan, 15(2), 269–287.
Basarda, R. F., Moeljadi, M., & Indrawati, N. K. (2018). Macro and Micro Determinants of Stock Return Companies in LQ-45 Index. Jurnal Keuangan Dan Perbankan, 22(2), 310–320. https://doi.org/10.26905/jkdp.v22i2.1439
Bodie, Z., Kane, A., & Marcus, A. J. (2018). Investments (Eleventh Edit). New York: Copyright © 2018 McGraw-Hill Education.
Chandra, K. (2019). the Effect of Inflation Levels and Oil Prices on Stock Return Food and Beverage. Business and Entrepreneurial Review, 17(2), 135–144. https://doi.org/10.25105/ber.v17i1.5192
Chatarine, A., Wiagustini, L. P., & Artini, L. G. (2016). Pengaruh Risiko Kredit dan Risiko Nilai Tukar terhadap Profitabilitas dan Return Saham Perbankan di BEI. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 11(5), 3683–3712.
Dewi, I. A. L., & Ratnadi, N. M. D. (2019). Pengaruh Inflasi, Profitabilitas dan Ukuran Perusahaan Pada Return Saham Perusahaan Terindeks LQ45. E-Jurnal Akuntansi, 27(2), 1120–1143. https://doi.org/10.24843/eja.2019.v27.i02.p11
Dewi, P. Y. F., Wiksuana, I. G. B., & Artini, L. G. S. (2016). Peran Kinerja Bank dalalm Pengaruh Makro Ekonomi terhadap Return saham. E-Jurnal Ekonomi Dan Bisnis, 5(9), 3087–3112.
Elfiswandi, Sanjaya, S., Pratiwi, N., Yulia, Y., & Ramadhan, M. F. (2020). Macroeconomic factors, energy consumption and firms performance on stock return of mining and energy sector: Evidence from Indonesia. International Journal of Energy Economics and Policy, 10(6), 229–234. https://doi.org/10.32479/ijeep.10207
Geriadi, M. A. D., & Wiksuana, I. G. B. (2017). Pengaruh Inflasi Terhadap Return Saham Pada Perusahaan Properti Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia (Risiko Sistematis Dan Profitabilitas Sebagai Variabel Mediasi). E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 6(9), 3435–3462. https://doi.org/10.24843/eeb.2017.v06.i09.p10
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 (Ninth Edit). Semarang: Badan Penerbit Undip
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Hippler, W. J., & Hassan, M. K. (2015). The impact of macroeconomic and financial stress on the U.S. financial sector. Journal of Financial Stability, 21, 61–80. https://doi.org/10.1016/j.jfs.2015.09.008
Jabarin, M., Nour, A., & Atout, S. (2019). Impact of macroeconomic factors and political events on the market index returns at Palestine and Amman stock markets (2011-2017). In Investment Management and Financial Innovations (Vol. 16, Issue 4, pp. 156–167). https://doi.org/10.21511/imfi.16(4).2019.14
Jones, C. P. (2013). nvestment Analysis and Management (Twelveth Edit). New Jersey: Copyright © 2013, 2010, 2007, 2004 John Wiley & Sons, Inc.
Khan, M. K., Teng, J.-Z., Parvaiz, J., & Chaudhary, S. K. (2017). Nexuses between Economic Factors and Stock Returns in China. International Journal of Economics and Finance, 9(9), 182–191. https://doi.org/10.5539/ijef.v9n9p182
Lestari, M. D. G., & Suaryana, I. G. N. A. (2020). Pengaruh Nilai Tukar terhadap Return Saham dengan Profitabilitas sebagai Variabel Intervening. E- Jurnal Akuntansi, 30(5), 1886–1903.
Lindayani, N., & Dewi, S. (2016). Dampak Struktur Modal Dan Inflasi Terhadap Profitabilitas Dan Return Saham Perusahaan Keuangan Sektor Perbankan. E-Jurnal Manajemen Universitas Udayana, 5(8), 253669.
Maharditya, M. A., Layyinaturrobaniyah, L., & Anwar, M. (2018). Implication of Macroeconomic Factors to Stock Returns of Indonesian Property and Real Estate Companies. Jurnal Dinamika Manajemen, 9(1), 100–113. https://doi.org/10.15294/jdm.v9i1.14656
Mankiw, N. G. (2018). Principles of Economics (Eighth Edit). Boston: Copyright © 2018, 2015 Cengage Learning.
Mirayanti, N. M., & Wirama, D. G. (2017). Pengaruh Variabel Ekonomi Makro Pada Return Saham Lq45 Di Bursa Efek Indonesia. E-Jurnal Akuntansi, 21(1), 505–533.
Mouna, A., & Anis, J. (2017). Stock Market, Interest Rate and Exchange Rate Risk Effects on non Financial Stock Returns During the Financial Crisis. Journal of the Knowledge Economy, 8(3), 898–915. https://doi.org/10.1007/s13132-015-0301-4
Mugambi, M., & Okech, T. C. (2016). Effect of Macroeconomic Variables on Stock Returns of Listed Commercial Banks in Kenya. International Journal of Economics, Commerce and Management, 4(6), 390–418.
Namira, F., & Nugroho, B. Y. (2017). Effect of Enterprise Multiple on Stock Return Non-Financial Companies in Indonesian Stock Exchange. Bisnis & Birokrasi Journal, 23(2). https://doi.org/10.20476/jbb.v23i2.9006
Naseer, M. M., Khan, M. A., Popp, J., & Oláh, J. (2021). Firm, Industry and Macroeconomics Dynamics of Stock Returns: A Case of Pakistan Non-Financial Sector. Journal of Risk and Financial Management, 14(5), 190. https://doi.org/10.3390/jrfm14050190
Nugraheni, R., & Paramita, R. . S. (2020). Pengaruh Kinerja Keuangan dan Makroekonomi terhadap Return Saham Perusahaan Property dan Real Estate di BEI Periode 2014-2017. Jurnal Ilmu Manajemen, 8(4), 1429. https://doi.org/10.26740/jim.v8n4.p1429-1444
Nurazi, R., & Usman, B. (2016). Bank Stock Returns in Responding the Contribution of Fundamental and Macroeconomic Effects. JEJAK: Jurnal Ekonomi Dan Kebijakan, 9(1), 132–146. https://doi.org/10.15294/jejak.v9i1.7191
Parlapiano, F., Alexeev, V., & Dungey, M. (2017). Exchange rate risk exposure and the value of European firms. European Journal of Finance, 23(2), 111–129. https://doi.org/10.1080/1351847X.2015.1072570
Ratih, I. G. A. A. N., & Candradewi, M. R. (2020). The Effect of Exchange Rate, Inflation, Gross Domestic Bruto, Return on Assets, and Debt to Equity Ratio on Stock Return in LQ45 Company. American Journal of Humanities and Social Sciences Research, 4(6), 170–177.
Ross, S. A. (1976). The arbitrage theory of capital asset pricing (Working Paper Version). Journal of Economic Theory, 13(3), 341–360. http://www.investmentanomalies.com/articles/031.pdf
Safuridar, & Asyuratama, Z. (2018). Analisis Indikator Makro Ekonomi terhadap Harga Saham Sektor Perbankan. Journal Samudra Ekonomika, 2(2), 137–146.
Santoso, F. K. (2017). Pengaruh Variabel Makro Ekonomi Terhadap Indeks Harga Saham Gabungan. Jurnal Ilmiah Mahasiswa FEB, 5(2), 76–96.
Saputra, I. S. D., & Wardoyo. (2019). Analysis of the Effect of Return on Assets, Earnings Per Share, Inflation Rate, and Interest Rate on Stock Return: a Case Study of Soe Banking Companies Listed in Indonesia Stock Exchange. Russian Journal of Agricultural and Socio-Economic Sciences, 85(1), 24–34. https://doi.org/10.18551/rjoas.2019-01.03
Šimáková, J., Stavárek, D., Pražák, T., & Ligocká, M. (2019). Macroeconomic Factors and Stock Prices in the food and Drink Industry. British Food Journal, 121(7), 1627–1641. https://doi.org/10.1108/BFJ-12-2018-0839
Sitanggang, H., & Munthe, K. (2018). Pengaruh Inflasi, Suku Bunga Dan Nilai Tukar Terhadap Return Saham Pada Perusahaan Manufaktur Di Bursa Efek Indonesia Pada Periode 2013-2016. Jurnal Manajemen Dan Bisnis, 18(2), 101–113.
Stefan, Y. A., & Robiyanto, R. (2019). The Influence of Exchange Rate, World Oil Price, and BI Rate on Airline Companie’s Return in Indonesian Stock Market. International Journal of Social Science and Business, 3(3), 321–328. https://doi.org/10.23887/ijssb.v3i3.21059
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Penerbit Alfabeta.
Sumantri, M. B. A., & Yudawisastra, H. G. (2019). The influence of macroeconomic factors toward stock’s return. International Journal of Innovation, Creativity and Change, 6(7), 107–117.
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 Universitas Udayana, 7(6), 3712–3200. https://doi.org/10.24843/EJMUNUD.2018.v07.i06.p12
Tao, R., Su, C. W., Yaqoob, T., & Hammal, M. (2021). Do financial and non-financial stocks hedge against lockdown in Covid-19? An event study analysis. Economic Research-Ekonomska Istrazivanja , 0(0), 1–22. https://doi.org/10.1080/1331677X.2021.1948881
Vivekananda, A., Achsani, N. A., & Maulana, T. N. A. (2019). Pengaruh Variabel Kinerja Keuangan Perusahaan Dan Makroekonomi Terhadap Harga Saham Batubara: Perbandingan Antara Emiten LQ45 Dan NonLQ45. Jurnal Aplikasi Bisnis Dan Manajemen, 5(3), 347–360. https://doi.org/10.17358/jabm.5.3.347
Wibowo, S. A., & Sudarno. (2013). Analisis Pengaruh Variabel Fundamental, Risiko Sistematik, dan Jenis Perusahaan Terhadap Return Saham. Diponegoro Journal of Accounting, 2(1), 1–12.
Zaini, V. I., Sadalia, I., & Fachrudin, K. A. (2018). The effect of external and internal factors on stock return with price to book value as moderation variables in banking companies in Indonesia stock exchange. International Journal of Scientific and Technology Research, 7(9), 77–82.
Zarrouk, H., Ben Jedidia, K., & Moualhi, M. (2016). Is Islamic bank profitability driven by same forces as conventional banks? International Journal of Islamic and Middle Eastern Finance and Management, 9(1), 46–66. https://doi.org/10.1108/IMEFM-12-2014-0120
Al-Abdallah, S. Y., & Aljarayesh, N. I. A. (2017). Influence of Interest Rate , Exchange Rate and Inflation on Common Stock Returns of Amman Stock Exchange , Jordan. International Journal of Economics, Commerce and Management, V(10), 589–601.
Alenzi, M. (2015). The Impact of Exchange Rate , Interest Rate and Oil Price Fluctuations on Stock Returns Of GCC Listed Companies. Research Theses Main Collection, 2016, 337. http://hdl.handle.net/10026.1/3658
Almansour, A. Y., Alzoubi, H. M., Almansour, B. Y., & Almansour, Y. M. (2021). The Effect of Inflation on Performance : An Empirical Investigation on the Banking Sector in Jordan. Journal of Asian Finance, Economics and Business, 8(6), 97–102. https://doi.org/10.13106/jafeb.2021.vol8.no6.0097
Amtiran, P. Y., Indiastuti, R., Nidar, S. R., & Masyita, D. (2017). Macroeconomic factors and stock returns in APT framework. International Journal of Economics and Management, 11(SpecialIssue1), 197–206.
Andes, S. L., Puspitaningtyas, Z., & Prakoso, A. (2017). Pengaruh Inflasi, Kurs Rupiah, dan Suku Bunga terhadap Return Saham Perusahaan Manufaktur. Jurnal Akuntansi Keuangan Dan Bisnis, 10(2), 8–16.
Assagaf, A., Murwaningsari, E., Gunawan, J., & Mayangsari, S. (2019). The Effect of Macro Economic Variables on Stock Return of Companies That Listed in Stock Exchange: Empirical Evidence from Indonesia. International Journal of Business and Management, 14(8), 108–116. https://doi.org/10.5539/ijbm.v14n8p108
Asyik, N. F. (2011). Reaksi Pasar atas Variabel Makro dan Profitabilitas: Kajian Perusahaan di Bursa Efek Indonesia. Ekuitas Jurnal Ekonomi Dan Keuangan, 15(2), 269–287.
Basarda, R. F., Moeljadi, M., & Indrawati, N. K. (2018). Macro and Micro Determinants of Stock Return Companies in LQ-45 Index. Jurnal Keuangan Dan Perbankan, 22(2), 310–320. https://doi.org/10.26905/jkdp.v22i2.1439
Bodie, Z., Kane, A., & Marcus, A. J. (2018). Investments (Eleventh Edit). New York: Copyright © 2018 McGraw-Hill Education.
Chandra, K. (2019). the Effect of Inflation Levels and Oil Prices on Stock Return Food and Beverage. Business and Entrepreneurial Review, 17(2), 135–144. https://doi.org/10.25105/ber.v17i1.5192
Chatarine, A., Wiagustini, L. P., & Artini, L. G. (2016). Pengaruh Risiko Kredit dan Risiko Nilai Tukar terhadap Profitabilitas dan Return Saham Perbankan di BEI. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 11(5), 3683–3712.
Dewi, I. A. L., & Ratnadi, N. M. D. (2019). Pengaruh Inflasi, Profitabilitas dan Ukuran Perusahaan Pada Return Saham Perusahaan Terindeks LQ45. E-Jurnal Akuntansi, 27(2), 1120–1143. https://doi.org/10.24843/eja.2019.v27.i02.p11
Dewi, P. Y. F., Wiksuana, I. G. B., & Artini, L. G. S. (2016). Peran Kinerja Bank dalalm Pengaruh Makro Ekonomi terhadap Return saham. E-Jurnal Ekonomi Dan Bisnis, 5(9), 3087–3112.
Elfiswandi, Sanjaya, S., Pratiwi, N., Yulia, Y., & Ramadhan, M. F. (2020). Macroeconomic factors, energy consumption and firms performance on stock return of mining and energy sector: Evidence from Indonesia. International Journal of Energy Economics and Policy, 10(6), 229–234. https://doi.org/10.32479/ijeep.10207
Geriadi, M. A. D., & Wiksuana, I. G. B. (2017). Pengaruh Inflasi Terhadap Return Saham Pada Perusahaan Properti Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia (Risiko Sistematis Dan Profitabilitas Sebagai Variabel Mediasi). E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 6(9), 3435–3462. https://doi.org/10.24843/eeb.2017.v06.i09.p10
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 (Ninth Edit). Semarang: Badan Penerbit Undip
Hidayat, L. R., Setyadi, D., & Azis, M. (2018). Pengaruh Inflasi dan Suku Bunga dan Nilai Tukar Rupiah serta Jumlah Uang Beredar terhadap Return Saham. Forum Ekonomi, 19(2), 148–154. https://doi.org/10.29264/jfor.v19i2.2121
Hippler, W. J., & Hassan, M. K. (2015). The impact of macroeconomic and financial stress on the U.S. financial sector. Journal of Financial Stability, 21, 61–80. https://doi.org/10.1016/j.jfs.2015.09.008
Jabarin, M., Nour, A., & Atout, S. (2019). Impact of macroeconomic factors and political events on the market index returns at Palestine and Amman stock markets (2011-2017). In Investment Management and Financial Innovations (Vol. 16, Issue 4, pp. 156–167). https://doi.org/10.21511/imfi.16(4).2019.14
Jones, C. P. (2013). nvestment Analysis and Management (Twelveth Edit). New Jersey: Copyright © 2013, 2010, 2007, 2004 John Wiley & Sons, Inc.
Khan, M. K., Teng, J.-Z., Parvaiz, J., & Chaudhary, S. K. (2017). Nexuses between Economic Factors and Stock Returns in China. International Journal of Economics and Finance, 9(9), 182–191. https://doi.org/10.5539/ijef.v9n9p182
Lestari, M. D. G., & Suaryana, I. G. N. A. (2020). Pengaruh Nilai Tukar terhadap Return Saham dengan Profitabilitas sebagai Variabel Intervening. E- Jurnal Akuntansi, 30(5), 1886–1903.
Lindayani, N., & Dewi, S. (2016). Dampak Struktur Modal Dan Inflasi Terhadap Profitabilitas Dan Return Saham Perusahaan Keuangan Sektor Perbankan. E-Jurnal Manajemen Universitas Udayana, 5(8), 253669.
Maharditya, M. A., Layyinaturrobaniyah, L., & Anwar, M. (2018). Implication of Macroeconomic Factors to Stock Returns of Indonesian Property and Real Estate Companies. Jurnal Dinamika Manajemen, 9(1), 100–113. https://doi.org/10.15294/jdm.v9i1.14656
Mankiw, N. G. (2018). Principles of Economics (Eighth Edit). Boston: Copyright © 2018, 2015 Cengage Learning.
Mirayanti, N. M., & Wirama, D. G. (2017). Pengaruh Variabel Ekonomi Makro Pada Return Saham Lq45 Di Bursa Efek Indonesia. E-Jurnal Akuntansi, 21(1), 505–533.
Mouna, A., & Anis, J. (2017). Stock Market, Interest Rate and Exchange Rate Risk Effects on non Financial Stock Returns During the Financial Crisis. Journal of the Knowledge Economy, 8(3), 898–915. https://doi.org/10.1007/s13132-015-0301-4
Mugambi, M., & Okech, T. C. (2016). Effect of Macroeconomic Variables on Stock Returns of Listed Commercial Banks in Kenya. International Journal of Economics, Commerce and Management, 4(6), 390–418.
Namira, F., & Nugroho, B. Y. (2017). Effect of Enterprise Multiple on Stock Return Non-Financial Companies in Indonesian Stock Exchange. Bisnis & Birokrasi Journal, 23(2). https://doi.org/10.20476/jbb.v23i2.9006
Naseer, M. M., Khan, M. A., Popp, J., & Oláh, J. (2021). Firm, Industry and Macroeconomics Dynamics of Stock Returns: A Case of Pakistan Non-Financial Sector. Journal of Risk and Financial Management, 14(5), 190. https://doi.org/10.3390/jrfm14050190
Nugraheni, R., & Paramita, R. . S. (2020). Pengaruh Kinerja Keuangan dan Makroekonomi terhadap Return Saham Perusahaan Property dan Real Estate di BEI Periode 2014-2017. Jurnal Ilmu Manajemen, 8(4), 1429. https://doi.org/10.26740/jim.v8n4.p1429-1444
Nurazi, R., & Usman, B. (2016). Bank Stock Returns in Responding the Contribution of Fundamental and Macroeconomic Effects. JEJAK: Jurnal Ekonomi Dan Kebijakan, 9(1), 132–146. https://doi.org/10.15294/jejak.v9i1.7191
Parlapiano, F., Alexeev, V., & Dungey, M. (2017). Exchange rate risk exposure and the value of European firms. European Journal of Finance, 23(2), 111–129. https://doi.org/10.1080/1351847X.2015.1072570
Ratih, I. G. A. A. N., & Candradewi, M. R. (2020). The Effect of Exchange Rate, Inflation, Gross Domestic Bruto, Return on Assets, and Debt to Equity Ratio on Stock Return in LQ45 Company. American Journal of Humanities and Social Sciences Research, 4(6), 170–177.
Ross, S. A. (1976). The arbitrage theory of capital asset pricing (Working Paper Version). Journal of Economic Theory, 13(3), 341–360. http://www.investmentanomalies.com/articles/031.pdf
Safuridar, & Asyuratama, Z. (2018). Analisis Indikator Makro Ekonomi terhadap Harga Saham Sektor Perbankan. Journal Samudra Ekonomika, 2(2), 137–146.
Santoso, F. K. (2017). Pengaruh Variabel Makro Ekonomi Terhadap Indeks Harga Saham Gabungan. Jurnal Ilmiah Mahasiswa FEB, 5(2), 76–96.
Saputra, I. S. D., & Wardoyo. (2019). Analysis of the Effect of Return on Assets, Earnings Per Share, Inflation Rate, and Interest Rate on Stock Return: a Case Study of Soe Banking Companies Listed in Indonesia Stock Exchange. Russian Journal of Agricultural and Socio-Economic Sciences, 85(1), 24–34. https://doi.org/10.18551/rjoas.2019-01.03
Šimáková, J., Stavárek, D., Pražák, T., & Ligocká, M. (2019). Macroeconomic Factors and Stock Prices in the food and Drink Industry. British Food Journal, 121(7), 1627–1641. https://doi.org/10.1108/BFJ-12-2018-0839
Sitanggang, H., & Munthe, K. (2018). Pengaruh Inflasi, Suku Bunga Dan Nilai Tukar Terhadap Return Saham Pada Perusahaan Manufaktur Di Bursa Efek Indonesia Pada Periode 2013-2016. Jurnal Manajemen Dan Bisnis, 18(2), 101–113.
Stefan, Y. A., & Robiyanto, R. (2019). The Influence of Exchange Rate, World Oil Price, and BI Rate on Airline Companie’s Return in Indonesian Stock Market. International Journal of Social Science and Business, 3(3), 321–328. https://doi.org/10.23887/ijssb.v3i3.21059
Sugiyono. (2019). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Penerbit Alfabeta.
Sumantri, M. B. A., & Yudawisastra, H. G. (2019). The influence of macroeconomic factors toward stock’s return. International Journal of Innovation, Creativity and Change, 6(7), 107–117.
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 Universitas Udayana, 7(6), 3712–3200. https://doi.org/10.24843/EJMUNUD.2018.v07.i06.p12
Tao, R., Su, C. W., Yaqoob, T., & Hammal, M. (2021). Do financial and non-financial stocks hedge against lockdown in Covid-19? An event study analysis. Economic Research-Ekonomska Istrazivanja , 0(0), 1–22. https://doi.org/10.1080/1331677X.2021.1948881
Vivekananda, A., Achsani, N. A., & Maulana, T. N. A. (2019). Pengaruh Variabel Kinerja Keuangan Perusahaan Dan Makroekonomi Terhadap Harga Saham Batubara: Perbandingan Antara Emiten LQ45 Dan NonLQ45. Jurnal Aplikasi Bisnis Dan Manajemen, 5(3), 347–360. https://doi.org/10.17358/jabm.5.3.347
Wibowo, S. A., & Sudarno. (2013). Analisis Pengaruh Variabel Fundamental, Risiko Sistematik, dan Jenis Perusahaan Terhadap Return Saham. Diponegoro Journal of Accounting, 2(1), 1–12.
Zaini, V. I., Sadalia, I., & Fachrudin, K. A. (2018). The effect of external and internal factors on stock return with price to book value as moderation variables in banking companies in Indonesia stock exchange. International Journal of Scientific and Technology Research, 7(9), 77–82.
Zarrouk, H., Ben Jedidia, K., & Moualhi, M. (2016). Is Islamic bank profitability driven by same forces as conventional banks? International Journal of Islamic and Middle Eastern Finance and Management, 9(1), 46–66. https://doi.org/10.1108/IMEFM-12-2014-0120
Published
2023-04-30
How to Cite
NUGRAHA, Gede Made Ananda Cipta; WIRAMA, Dewa Gede.
Nilai Tukar, Inflasi dan Return Saham dengan Jenis Industri sebagai Variabel Pemoderasi.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 4, p. 919-934, apr. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/84621>. Date accessed: 24 apr. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i04.p04.
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