Moderation Analysis of Inflation and Interest Rates on the Effect of PBV and ROA on the Share Price of the Infrastructure Sector Listed on the IDX

Imelda Sari; Adler Haymans Manurung; Agung Dharmawan Buchdadi; Muhammad Yusuf

doi:10.7777/srqkcb93

Authors

Imelda Sari Universitas Bina Sarana Informatika, Indonesia Author
Adler Haymans Manurung Universitas Bhayangkara Jakarta Raya, Indonesia Author
Agung Dharmawan Buchdadi Universitas Negeri Jakarta Author
Muhammad Yusuf Universitas Negeri Jakarta Author

DOI:

https://doi.org/10.7777/srqkcb93

Keywords:

Ethical climate, Islamic leadership, innovative behavior

Abstract

The aim of this study is to analyze the moderation of inflation and interest rates on the influence of PBV and ROA on the price of shares in infrastructure sectors listed in the EIB. Data analysis techniques are descriptive statistical analysis and hypothesis testing using double regression using the statistical program SPSS version 24. The variables in this study consist of three types of variables, namely: 1) Independent variable, i.e. PBV and ROA; 2) Dependent variabel, that is, the price of stocks; 3) Moderation variable: inflation and interest rates. The population in this study is a company in the infrastructure sector that publishes its financial report 10 years back and is listed on the Indonesian Stock Exchange for the period 2017-2022. The results of the study are divided into three parts of the six proposed hypotheses. Hypotheses 1 and 2, i.e. the variables PBV and ROA have a positive and significant influence on the stock price variables. The hypotheses 3 and 6 are that the inflation moderation variables strengthen the influence of PBW on the share price and the interest-rate moderators strengthen ROA on the price of the stock. Samples of research on one infrastructure sector. Further research is suggested to conduct a comparative study between the infrastructure sector with other sectors, such as the technology sector, to see if the same results apply to other industries.

References

Andini, W. P. (2022). The influence of roa, roe, and der on stock price with dividend policy as an intervening variable. Indonesia Accounting Research Journal. https://doi.org/10.35335/iarj.v10i2.8

Anisa. (2022). Efek Spasial Infrastruktur terhadap Pertumbuhan Ekonomi. Jurnal Akuntansi Dan Keuangan Akuntabel, 19(2), 468–474. https://doi.org/10.30872/jakt.v19i2.10934

Anita, A. dan. (2023). Peran dewan komisaris dalam memoderasi profitabilitas pada harga saham industri consumer goods indonesia. JAA Jurnal Aplikasi Akuntansi, 8(1), 31–43. https://doi.org/doi: 10.29303/jaa.v8i1.230

Bhatia, G. &. (2022). Inflation in the economy. In Management Internship and Learning Outcome (pp. 95–110). https://doi.org/10.52458/9789391842826.2022.eb.grf.asu.ch-20

BPS. (2020). Statistik Infrastruktur Indonesia 2020.

Chen. (2005). Monetary Policy Transmission on Interest Rate and Stock Price. Commercial Research,.

Conrad. (2021). The Effects of Money Supply and Interest Rates on Stock Prices, Evidence from Two Behavioral Experiments. Applied Economics and Finance, 8(2), 33–41. https://doi.org/https://doi.org/10.11114/aef.v8i2.5173

Daud, Suharto, I. (2023). The Influence of ROA and CAR on Stovk Price with Interest Rates As Intervening Variables (Case Study of Bank Rakyat Indonesia Tbk Company) (PERIOD 2010 -2020). KIJMS Krisnadwipayana International Journal of Management Studies, 3(1), 93–105. https://doi.org/10.35137/kijms.v3i1.966

Fernando, Sovia, Yanto, G. (2018). Bank Indonesia Interest Rate Prediction and Forecast With Backpropagation Neural Network. https://doi.org/10.1109/ICITSI.2018.8695914

Hasni, I. &. (2022). Analisis Struktur Modal, Profitabilitas dan Ukuran Perusahaan terhadap Nilai Saham pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia. IBF: Journal Perbankan Syariah & Keuangan, 2(2), 240–253. https://jurnal.iain-bone.ac.id/index.php/ibf/article/view/3790/1497

Jogiyanto. (2016). Teori Portofolio Dan Analisis Investasi (Kesepuluh). BPFE-YOGYAKARTA.

Kamaludin, A. &. (2022). Pengaruh Earnings Per Share (EPS), Price Earnings Ratio (PER), & Price Book Value (PBV) Terhadap Harga Saham Perusahaan Farmasi yang terdaftar di BEI Periode 2016-2020. Jurnal Indonesia Sosial Sains, 3(9), 1236–1248. https://doi.org/10.36418/jiss.v3i9.701

Kemenkeu. (2023). Recent Macroeconomic and Fiscal Update. https://fiskal.kemenkeu.go.id/files/red/file/1680254658_fpa_red_march_2023.pdf

Korompis, H. S. (2022). The Effect of Earning Per Share and Debt to Equity Ratio on Stock Price with Independent Commissioners as Moderation Variable (Study on Infrastructures Sector Companies Listed On The IDX Period 2018-2021). JOGTA Journal of Governance, Taxation and Auditing, 1(2), 110–114. https://doi.org/doi: 10.38142/jogta.v1i2.440

Michael, R. &. (2019). The Effect Of Financial Ratio On Company Value With Inflation As A Moderation Variable. Jurnal Akuntansi, XXIII(1), 34–46. https://doi.org/http://dx.doi.org/10.24912/ja.v23i1.458

Minja, K. &. (2022). Moderating Effects of Oil Price on the Impact of Macroeconomic Variables on Stock Market Performance. Business Management Review, 25(1), 75–89. https://doi.org/http://creativecommons.org/licenses/by/4.0

Nasution, C. B. (2023). Mengapa PBV ( Price Book Value ) Penting Dalam Penilaian Saham (Perusahaan Farmasi Yang Terdaftar di BEI periode 2021). Jumek:Jurnal Manajemen Dan Ekonomi Kreatif, 1(1), 80–89. https://doi.org/10.59024/jumek.v1i1.32

Negoro, A. &. (2019). Influence Analysis of Gross Domestic Product, Return on Equity, and Earning Share in Stock Price Using Moderating Variables Inflation over Consumer Goods Companies Indonesia Stock Exchange. JOMA Journal of Multidisciplinary Academic, 3(4), 114–122.

Putri, C. &. (2017). Faktor-faktor yang mempengaruhi price to book value. Jurnal Studi Akuntansi & Keuangan, 1(1), 11–20.

Rolanda, I. &. (2023). The Effect of Current Ratio, Debt to Equity Ratio, Return on Assets, and Company Size on stock Price. Ekonomika Dan Manajemen, 12(01), 27–38. https://journal.budiluhur.ac.id/index.php/ema/article/view/2215/pdf_25

Sahupala, W. L. (2023). Pengaruh Return On Asset (ROA) dan Earning Per Share (EPS) terhadap Harga Saham (Studi Pada Perusahaan Sektor Perbankan yang Terdaftar di Bursa Efek Indonesia). IFIJEB: Indo-Fintech Intellectuals Journals of Economics and Business, 3(1), 20–35. https://doi.org/10.54373/ifijeb.v3i1.84

Sandra, S. D. N. (2021). Analisis Dampak Profitabilitas terhadap harga saham pada perusahaan sektor infrastruktur. Accounting Information System (AIMS), 4(2), 1–8.

Sanurdi, S. A. (2023). Inflasi Pemoderasi ROA, EPS dan DER Terhadap Return Saham Perusahaan Consumer Goods di JII. Ekonomi, Keuangan, Investasi Dan Syariah (Ekuitas), 4(3), 925–933. https://doi.org/10.47065/ekuitas.v4i3.2909

Septiyarina. (2022). Pengaruh current ratio, total asset turnover, dan return on assets terhadap pertumbuhan laba. Jurnal Cendekia Keuangan, 1(1), 57-69., 1(1), 57–69.

Sholikha. (2023). Cost Efficiency, Innovation and Financial Performance of Banks in Indonesia. Journal of Economic and Administrative Sciences, 39(1), 100–116. https://doi.org/10.1108/JEAS-07-2020-0124

Sugiyono. (2018). Metode Penelitian Kombinasi (Mixed Methods). CV. Alfabeta.

Szarucki, S. B. (2022). Infrastruktur in the Framework of Production Functions_Evidence of EU member states at the regional level. Technological and Economic Development of Economy, 28(6), 1897–1914. https://doi.org/https://doi.org/10.3846/tede.2022.18090

Uddin, A. &. (2009). Relationship between Interest Rate and Stock Price: Empirical Evidence from Developed and Developing Countries. International Journal of Business and Management, 4(3), 43–51. www.ccsenet.org/journal.html

Walker, D. &. (2019). Dividend Consistency: Rewards, Learning, and Expectations. Applied Corporate Finance, 31(4), 118–129. https://doi.org/doi:10.1111/jacf.12381

Watson. (2019). Infrastructure Investment Challenges and Opportunities for Social Security Reserve Funds. https://www.issa.int/sites/default/files/documents/publications/2-Infrastructure investment-258560.pdf

Wiagustini, S. &. (2019). Pengaruh Inflasi, Profitabilitas, Struktur Modal dan Earning Per Share terhadap Harga Saham Perusahaan Consumer Goods. E-Jurnal Manajemen, 8(6), 3930–3959. https://doi.org/https://doi.org/10.24843/EJMUNUD.2019.v08.i06.p23

Zhao, Z. W. J. W. (2021). ROA: A Rapid Learning Scheme For In-Situ Memristor Networks. Frontiers in Artificial Intelligence. https://doi.org/10.3389/frai.2021.692065