DETERMINATION OF THE LQ45 STOCK PRICE INDEX WITH CONSIDERATION OF THE INFLATION RATE AND THE BANK INDONESIA CERTIFICATE (SBI) INTEREST RATE ON THE INDONESIAN STOCK EXCHANGE (BEI)

Authors

  • Linna Fakulty of Economic and Business, Indonesian Computer University
  • Jatnika Dwi Asri INSTITUT PEMERINTAHAN DALAM NEGERI
  • Widya Fakulty of Economic and Business, Indonesian Computer University

DOI:

https://doi.org/10.33701/jipwp.v51i1.5471

Keywords:

Inflation, SBI, LQ45

Abstract

The Study phenomenon aimed to find out the influence  of rate of Inflation, rate of Interest of SBI toward LQ45 whether in partial or simultaneously at Indonesian Stock Exchange in 2018-2023 periods. The design analysis used is Multiple regression analysis, classical assumption test, correlation analysis of Pearson, determination coeficient, and hypothetical testing using T test dan F test. The result shows that variable the rate of Inflation partially has found there is an negative significant influence toward LQ45, and rate of interest of SBI had a partially significant influence toward LQ45. Simultaneously rate of Inflation and rate of Interest of SBI had a significant influence toward LQ45.

Downloads

Download data is not yet available.

References

Amanda, Siska Tri., Akhyar, Chairil., Ilham, Rico Nur. & Adnan. (2023). The Effect of Inflation, Exchange Rate, Interest Rate on Stock Price in The Transportation Sub Sector, 2028-2020. Journal of Accounting, Research Utility, Finance & Digital Assets. Vol. 1 No. 4 (2023). https://doi.org/10.54443/jaruda.v1i4.54

Andriyani, Ima. & Armereo, Crystha. (2016). Pengaruh Suku Bunga, Inflasi, Nilai Buku Terhadap Harga Saham Perusahaan Indeks LQ45 yang Terdaftar di Bursa Efek Indonesia (BEI). Jurnal Ilmiah Orasi Bisnis Fakultas Ekonomi Universitas Tridinanti, Palembang. Volume 15. ISSN 2085.

Bako, Marganda. & Abdullah. (2024). Analisis Pengaruh Nilai Tukar (Kurs) Dollar AS (USD), Inflasi, Tingkat Suku Bunga SBI, dan Indeks Dow Jones terhadap Indeks Harga Saham Gabungan (IHSG) di Bursa Efek Indonesia. Economist: Jurnal Ekonomi dan Bisnis. Vol. 1 No. 4 (2024): Oktober 2024. https://doi.org/10.63545/economist.v1i4.131

Cresswell, John W. & J. David. (2018). Research Design. (5th Edition). Qualitative, Quantitative, and Mixed Methods Approaches. SAGE Publications, Inc.

Damayanti, Dhea Aulia. (2022). Inflation in Islamic and Conventional Economic Perspectives. Journal of Islamic Law and Economics Vol 2 No 2 (2022).

Dewi, Ayu Dek Ira Roshita. & Artini, Luh Gede Sri Artini. (2016). Pengaruh Suku Bunga SBI, Inflasi, dan Fundamental Perusahaan Terhadap Harga Saham Indeks Saham LQ45 di BEI. E-Jurnal Manajemen Unud Fakultas Ekonomi dan Bisnis Universitas Udayana (Unud), Bali. Vol. 5, No. 4, 2484-2510. ISSN: 2302-8912.

Dwijayanti, Ni Made Ayu. (2021). Pengaruh Nilai Tukar dan Inflasi terhadap Harga Saham Perbankan pada Masa Pandemi Covid-19. Jurnal Bisnis dan Kewirausahaan Vol. 17 No. 1 (2021). http://dx.doi.org/10.31940/jbk.v17i1.2351

Fahnayu, Mauliya., Hariyanto, Dedi. & Safitri, Heni. (2024). The Impact of Interest Rates, Exchange Rates and Inflation on Stock Returns on the LQ45 Index Listed on the Indonesian Stock Exchange. Vol. 5 No. 1 (2024): Journal Dimensie Management and Public Sector. https://doi.org/10.48173/jdmps.v5i1.255

Gottwald, Radim. (2015). The Relationship among Stock Prices, Inflation and Money Supply in the United States Radim. Vedecký časopis Finančné Trhy, Bratislava, Derivat 2015, ISSN 1336-5711, 2/2015

Hansen, Kristoffer J. Mousten. & Newman, Jonathan R. (2022). What Is Inflation? Clarifying and Justifying Rothbard’s Definition. The Quarterly Journal of Austrian Economics Volume 25 No. 4 (Winter 2022).

Herdini, Anita., Sudaryo, Yoyo. & Sofiati, Nunung Ayu. (2021). Analisis Tingkat Suku Bungan Sertifikat Bank Indonesia (SBI), Inflasi, dan Nilai Tukar Dollar AS terhadap Harga Saham. Jurnal Indonesia Membangun Vol. 20 No. 03 (2021). https://doi.org/10.56956/jim.v20i03.57

Katmas, E., & Indarningsih, N. (2022). The Effect of BI Interest Rate, Exchange Rate, and Inflation on The Indonesian Sharia Stock Index (ISSI). Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 5(2), 768-782. https://doi.org/10.31538/iijse.v5i2.2144

Le Quoc Dinh, Tran Thi Kim Oanh, & Nguyen Thi Hong Ha. (2025). Financial stability and sustainable development: Perspectives from fiscal and monetary policy. International Journal of Finance & Economics: Volume 30, Issue 2 April 2025. https://doi.org/10.1002/ijfe.2981

Linggi, Mesylin., Pagiu, Chrismesi. & Pompeng, Olivia Devi Yulian. (2024). Pengaruh Inflasi, Suku Bunga, dan Nilai Tukar Rupiah terhadap Harga Saham pada Perusahaan Sub Sektor Transportasi yang terdaftar di Bursa Efek Indonesia. Jurnal Neraca Peradaban Vol. 4 No. 2 (2024). https://doi.org/10.55182/jnp.v4i2.459

Mahendra, A., Amalia, Mekar Meilisa. & Leon, Hengky. (2022). Analisis Pengaruh Suku Bunga, Harga Minyak Dunia, Harga Emas Dunia terhadap Indeks Harga Saham Gabungan dengan Inflasi sebagai Variabel Moderating di Indonesia. Owner: Riset & Jurnal Akuntansi Volume 6 Nomor 1, Januari 2022. https://doi.org/10.33395/owner.v6i1.725

Maniil, Christian., Kumaat, Robby J. & Maramis, Mauna Th. B. (2023). Pengaruh Inflasi, Suku Bunga Bank Indonesia, dan Nilai Tukar Rupiah terhadap Harga Indeks Saham LQ45 pada Bursa Efek Indonesia Periode 2017:Q1-2012:Q4. Jurnal Berkala Ilmiah Efisiensi Volume 23 No. 1 Bulan Januari 2023.

Ningsih, Nur Rubiati., Azis, Muhammad. & Hasyim, Sitti Hajerah. (2024). Pengaruh Tingkat Inflasi terhadap Harga Saham Bank BUMN yang terdaftar di Bursa Efek Indonesia. Future Academia: The Journal of Multidisciplinary Research on Scientific and Advanced Vol. 2 No. 4 (2024). https://doi.org/10.61579/future.v2i4.192

Paryudi. (2021). Pengaruh Nilai Tukar, Suku Bunga, dan Inflasi terhadap Indeks Harga Saham Gabungan. Jurnal Ilmiah Manajemen Kesatuan Vol. 9 No. 2 (2021). https://doi.org/10.37641/jimkes.v9i2.448

Peraturan Bank Indonesia Nomor 4/10/PBI/2002 tentang Sertifikat Bank Indonesia.

Rimbano, Dheo. (2015). Analisis Pengaruh Inflasi dan Suku Bunga Sertifikat Bank Indonesia (SBI) Terhadap Indeks Saham LQ45 Di Bursa Efek Indonesia (BEI). Jurnal Ilmiah Orasi Bisnis STIE MURA, Lubuk Linggau. Volume 13. ISSN 2085-1375.

Sari, Laynita., Septiano, Renil. & Pramadian, Budi. (2024). Dampak Inflasi terhadap Fluktuasi Harga Saham Perbankan di Indonesia: Analisis Data Tahun 2017-2023. Journal of Social and Economic Research Vol. 6 No. 2 (2024): JSER, December 2024. https://doi.org/10.54783/jser.v6i2.739

Silva. N.L.C. (2016). Effect of Inflation on Stock Prices: Evidence from Sri Lanka. International Journal of Scientific & Engineering Research, Volume 7, Issue 4, April-2016. ISSN 2229-5518.

Suprihati. (2015). The Analysis of The Influence of Exchange Rate, SBI Interest Rate, Inflation Rate, Dow Jones Index And Nikkei 225 Index To IHSG. Volume 3, Issue 5, Pages-3428-3442, May-2015, ISSN (e): 2321-7545

Tandelilin, Eduardus. (2017). Pasar Modal: Manajemen Portofolio dan Investasi. Yogyakarta: Kanisius.

Wijaya, Suwito. & Ugut, Gracia Shinta S. (2024). Tata Kelola dan Performa Finansial Perusahaan di Indeks LQ45. Jurnal Maksipreneur: Manajemen, Koperasi & Entrepreneurship Vol. 14 No. 1 (2024).

https://doi.org/10.30588/jmp.v14i1.1612

Zainuddin, Fatlina., Suwanda, Syakila, Fatika., & Jumriani. (2024). The Impact of Inflation, Interest Rates, Exchange Rates on Stock Prices in the LQ-45 stock index. Journal of Governance, Taxation, and Auditing Vo. 3 No.2 (October-December 2024). https://doi.org/10.38142/jogta.v3i2.1238.

Published

2025-06-30

How to Cite

Ismawati, L., Dwi Asri, J., & Irmanisaa Yuliastuti, W. (2025). DETERMINATION OF THE LQ45 STOCK PRICE INDEX WITH CONSIDERATION OF THE INFLATION RATE AND THE BANK INDONESIA CERTIFICATE (SBI) INTEREST RATE ON THE INDONESIAN STOCK EXCHANGE (BEI). Jurnal Ilmu Pemerintahan Widya Praja, 51(1), 98–108. https://doi.org/10.33701/jipwp.v51i1.5471

Issue

Section

Articles