Macroeconomic Analysis of Stock Prices of Banking Sector Companies on the Indonesia Stock Exchange

Abstract

This study aims to analyze the influence of macroeconomic variables, namely inflation, interest rates, gross domestic product (GDP), and exchange rates, on the stock prices of banking sector companies. The population consists of banking sector companies listed on the Indonesia Stock Exchange (IDX) for the 2019–2023 period. Samples were determined using the intended sampling approach, resulting in 840 data observations. The analysis technique used multiple linear regression after meeting the classical assumption test, t-test, and F-test. The results of the study revealed that inflation had no significant effect on stock prices, while interest rates, gross domestic product, and exchange rates significantly affected stock prices. Simultaneously, all variables together exert a significant influence on the stock price. This shows that macroeconomic factors directly and significantly have an impact on stock price movements in the banking sector.