How Banking Stock Prices Respond to Gross Domestic Product, Exchange Rates and Inflation: Empirical Studies of Indonesia and Hong Kong

Zuhroh, Idah

doi:10.22219/jrak.v10i1.10539

Cited by 5 publications

(14 citation statements)

References 9 publications

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“…Several previous studies that analyzed the effect of inflation on stock prices (Alam et al, 2020;Antono et al, 2019;Begawati, 2017;Mulyanto & Riyanti, 2020;Šimáková et al, 2019;Utomo et al, 2019), inflation has a negative and significant effect on stock prices. In contrast to the research conducted (Bertuah & Sakti, 2019;Yusfiarto, 2020;Zuhroh, 2020), it states that inflation has a positive and significant effect on stock prices.…”

Section: 1contrasting

confidence: 59%

“…Several previous studies that analyzed the effect of inflation on stock prices (Alam et al, 2020;Begawati, 2017;Mulyanto & Riyanti, 2020) showed that inflation has a negative and significant effect on stock prices. In contrast to the research conducted (Sorcerer & Sakti, 2019;Zuhroh, 2020), it states that inflation has a positive and significant effect on stock prices. Another macroeconomic factor affecting stock prices is the exchange rate (Fakhruddin & Hadianto, 2016;Zuhroh, 2020) stated that the depreciation of the rupiah exchange rate can cause import costs to rise.…”

Section: Introductioncontrasting

confidence: 58%

“…In contrast to the research conducted (Sorcerer & Sakti, 2019;Zuhroh, 2020), it states that inflation has a positive and significant effect on stock prices. Another macroeconomic factor affecting stock prices is the exchange rate (Fakhruddin & Hadianto, 2016;Zuhroh, 2020) stated that the depreciation of the rupiah exchange rate can cause import costs to rise. This causes the company's profit to fall so that its financial performance also decreases, affecting the stock price fluctuation.…”

Section: Introductioncontrasting

confidence: 58%

“…Several previous studies analyzed the effect of exchange rates on stock prices, namely (Harsono & Wonokinasih, 2018;Kewal, 2012;Zuhroh, 2020) where the exchange rate has a negative and significant effect on stock prices.…”

Section: Introductionmentioning

confidence: 99%

“…Based on previous research, there is an evidence gap, where there are conflicting and inconsistent research results. In research conducted by Zuhroh (2020) focusing on research on the company's external factors, in this latest study, we will combine the external and internal factors of the company that affects stock prices. In this study, there are twoequation models, where the ROA and ROE variables are distinguished.…”

Section: Introductionmentioning

confidence: 99%

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Fundamental Factor Analysis On Banking Stock Price In LQ45

Zuhroh

Veronika

2021

JRAK

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This study analyzes the influence of fundamental factors (inflation, exchange rates, ROA, ROE, and BOPO) on the LQ 45 Banking Stock Price. The research subjects are banks listed in LQ 45 for the quarterly period 2015-2019, using Panel Data Regression. The analysis model is the Common Effect Model (CEM). This study uses 2 models where the first model tests all variables except ROE, and the second model tests all variables except ROA. The results showed that the inflation and exchange rate variables significantly affect the LQ45 Banking Stock Price. On the other hand, the variables of ROA, ROE, and BOPO did not significantly affect the LQ45 banking financial stock price. The research results simultaneously showed that in model 1, the variables of inflation, exchange rate, ROA, and BOPO significantly affect the LQ45 banking stock price. Whereas in model 2, jointly, the variables of inflation, exchange rate, ROE, and BOPO significantly affect the LQ45 banking stock price.

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Section: 1contrasting

confidence: 59%

Section: Introductioncontrasting

confidence: 58%

Section: Introductioncontrasting

confidence: 58%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Fundamental Factor Analysis On Banking Stock Price In LQ45

Zuhroh

Veronika

2021

JRAK

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Banking stock price movement and macroeconomic indicators: k-means clustering approach

Zuhroh

Rofik

Echchabi

2021

Cogent Business & Management

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This study investigates the price movement characteristics of banking issuers listed on the Indonesia Stock Exchange with macroeconomic indicators as an exogenous variable. By using the k-means clustering based on the monthly rate of return, banks are classified into three clusters, lower, middle, and upper clusters, with a cluster rank directly proportional to the average rate of return. Furthermore, each cluster formed is estimated using dynamic panel data regression with the generalized method of moment. This study shows that the price of banking issuers in the middle cluster is more reactive in dealing with interest rates and exchange rates. At the same time, the highest inflation coefficient exists in the upper cluster. The higher beta coefficient creates abnormal returns that allow for higher gains and line with the risk level. Meanwhile, the price effect in the previous period proved to be in line with the cluster level, indicating that higher clusters are more resilient. Therefore, referring to the possibility of abnormal returns and resilience to uncertainty, this study concludes that issuers in the middle cluster are more suitable for a short-term investment, while issuers in the upper cluster are for the long-term.

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Moderasi Pandemi Covid-19 Pada Pengaruh Inflasi, Kurs Dan Suku Bunga Terhadap Ihsg

Monica,

Munandar

2024

JIMEA

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Pandemi covid-19 yang mulai menyebar ke seluruh wilayah di dunia mengakibatkan penurunan aktivitas ekonomi di berbagai negara. Penelitian ini bertujuan untuk mengetahui pengaruh inflasi, nilai tukar dan suku bunga terhadap indeks harga saham gabungan dengan peningkatan kasus covid-19 sebagai variabel moderasi. Penelitian ini menggunakan metode pendekatan kuantitatif dengan menggunakan sampel data pada tahun 2020 hingga 2023. Menggunakan uji error correction model terhadap data time series dan uji Moderated Regression Analysis. Hasil uji t (uji parsial) menunjukkan bahwa inflasi memiliki pengaruh negatif terhadap IHSG, sedangkan nilai tukar dan suku bunga memiliki pengaruh positif terhadap IHSG. Pada uji regresi moderasi menunjukkan bahwa covid-19 tidak mampu memperkuat pengaruh inflasi terhadap ihsg, namun covid-19 mampu memperkuat pengaruh nilai tukar terhadap IHSG selanjutnya covid-19 pada suku bunga juga mampu memperkuat pengaruh terhadap IHSG tersebut. Berdasarkan hasil penelitian tersebut, dapat diberikan saran diantaranya yaitu, Pertama, bagi penelitian selanjutnya agar peneliti mengambil rentang waktu penelitian yang lebih lama sehingga keakuratan data lebih optimal. Kedua, bagi penelitian selanjutnya mampu dikembangkan dengan menganalisis faktor-faktor makroekonomi selain ketiga faktor yang menjadi variabel yaitu inflasi, nilai tukar dan suku bunga sehingga faktor lainnya diperkirakan dapat memengaruhi indeks harga saham gabungan sebagai variabel dependen.

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How Banking Stock Prices Respond to Gross Domestic Product, Exchange Rates and Inflation: Empirical Studies of Indonesia and Hong Kong

Cited by 5 publications

References 9 publications

Fundamental Factor Analysis On Banking Stock Price In LQ45

Fundamental Factor Analysis On Banking Stock Price In LQ45

Banking stock price movement and macroeconomic indicators: k-means clustering approach

Moderasi Pandemi Covid-19 Pada Pengaruh Inflasi, Kurs Dan Suku Bunga Terhadap Ihsg

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