Analisis Dampak Kurs Mata Uang Inflasi dan Pertumbuhan Ekonomi terhadap Return Saham: Studi pada Ferusahaan Multinasional di Bursa Efek Jakarta

2006 ◽  
Vol 1 (2) ◽  
pp. 167
Author(s):  
Chalasina Violend Tiven ◽  
Elok Pakaryaningsih
Keyword(s):  
Gross Domestic Product ◽  
Exchange Rates ◽  
Stock Returns ◽  
Multinational Corporations ◽  
Stock Price ◽  
Foreign Currency ◽  
Abnormal Returns ◽  
Domestic Product ◽  
Currency Exchange ◽  
Negative Effect

The main objective of this study is to provide empirical evidence of the effect of macro economic factors on stock return. Moreover, this study is focused on multinational corporations due to their specific characteristics which are constantly reluctant to macro economic fuctors, especially foreign currency changes. This reluctantly, therefore triggered stock price changes.The sample is taken using non-probability random sampling in year 2000-2044 and resulted on 3 5 companies which are consistent with sample criteria. Subsequently, the data were analyzed using pooled least squares regression.The independent variables for the model are inflation, gross domestic product and currency exchange rates, whilst the dependent variqble for the model is daily abnormal returns which ore occumulated during a year (CAR). The resultof this study shows positive ffict of inflation on stock returns and negative effect of domestic product on stock returns. On the contrary, exchange rates failed to demonstrate its effect on stock returns.Key words: inflation, gross domestic product, exchange rotes and stock returns

scholarly journals Pengaruh Inflasi, Suku Bunga, Nilai Tukar dan Produk Domestik Bruto Terhadap Return Saham Sektor Pertanian dan Sektor Pertambangan Periode 2009 – 2019

2020 ◽  
Vol 2 (2) ◽  
pp. 112
Author(s):  
Dyah Saputri ◽  
. Tahmat ◽  
Erna Garnia ◽  
Deden Rizal
Keyword(s):  
Gross Domestic Product ◽  
Exchange Rates ◽  
Interest Rates ◽  
Stock Returns ◽  
Quantitative Research ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Domestic Product ◽  
Panel Data Regression ◽  
Negative Effect

This study aims to determine the effect of inflation, interest rates, exchange rates, and gross domestic product on stock returns in the agricultural and mining sectors companies listed on the Indonesia Stock Exchange (IDX) for the period 2009 – 2019 either partially or simultaneously. The sampling technique used in this study was purposive sampling, and there were 12 companies that were used at research objects. This research used the quantitative research method using panel data regression analysis method. The result showed that partially inflation and exchange rates have a significant negative effect on stock returns, while interest rates and gross domestic product have no effect on stock returns. Based on the results of the simultaneousl inflation, interest rates, exchange rates, and gross domestic product have a effect on stock returns. Keywords: Inflation, Interest Rates, Exchange Rates, and Gross Domestic Product and Stock Return

scholarly journals PENGARUH KURS, GROSS DOMESTIC PRODUCT DAN SOLVABILITAS TERHADAP RETURN SAHAM INVESTOR PADA PERUSAHAAN PERTAMBANGAN

2019 ◽  
Vol 8 (10) ◽  
pp. 6262
Author(s):  
Martina Carissa Dewi ◽  
Luh Gede Sri Artini
Keyword(s):  
Exchange Rate ◽  
Gross Domestic Product ◽  
Exchange Rates ◽  
Stock Returns ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Domestic Product ◽  
Mining Company ◽  
Macroeconomic Factors ◽  
Regression Test

The level of return obtained by investors is influenced by microeconomic and macroeconomic factors. This study aims to obtain empirical evidence regarding the effect of exchange rates, Gross Domestic Product and solvency on stock returns. This research was conducted at the mining company in the coal sub-sector on the Indonesia Stock Exchange. All the coal mining sub-sector companies listed on the Stock Exchange for the period 2014-2017 used as the population. The method of determining the sample used is using a saturated sampling technique. Multiple linear regression test used as the data analysis on this research. Based on the results of the analysis of this study it was found that the exchange rate and GDP had a negative and significant effect on stock returns. The solvency proxied by DER has a positive and significant effect on stock returns. Keywords: Exchange Rate, Gross Domestic Product, Solvability and Return.

scholarly journals PENGARUH INFLASI, SUKU BUNGA, NILAI TUKAR, DAN PRODUK DOMESTIK BRUTO TERHADAP NILAI PERUSAHAAN

2019 ◽  
Vol 8 (2) ◽  
pp. 75
Author(s):  
Umi Dewi Sartika ◽  
Sa’adah Siddik ◽  
Choiriyah Choiriyah
Keyword(s):  
Gross Domestic Product ◽  
Exchange Rates ◽  
Interest Rates ◽  
Stock Exchange ◽  
Positive Influence ◽  
Domestic Product ◽  
Manufacturing Companies ◽  
The Third ◽  
Negative Effect ◽  
Garment Manufacturing

The problem of this study is whether there is the influence of inflation, interest rates, exchange rates and gross domestic product on the value of the company in the textile and garment sub-sector manufacturing companies listed on the Indonesia Stock Exchange. The results of the study concluded, first, inflation has a negative effect, it states that inflation is inversely related to the value of the company with inflation. Second, interest rates, exchange rates and gross domestic product have a positive influence on the value of the company. The third is an increase in the value of the company, so there is also an increase in interest rates, exchange rates and gross domestic product, and vice versa. Third, inflation, interest rates, exchange rates, and gross domestic product partially influence the value of the company in the textile and garment sub-sector manufacturing companies listed on the Indonesia Stock Exchange for the period 2012-2017 simultaneously and have a positive and significant effect on the value of companies in manufacturing companies. Textiles and Garments Registered on the Indonesia Stock Exchange. Fourth, inflation, interest rates, exchange rates, and gross domestic product jointly affect the value of the company in the Textile Subsector and Garment Manufacturing Companies Listed on the Indonesia Stock Exchange.

Effect Of Leverage, Inflation And GDP To Share Price Pt. Astra Otoparts Tbk.

ProBank ◽  
2018 ◽  
Vol 3 (2) ◽  
pp. 17-21
Author(s):  
Heriyanta Budi Utama ◽  
Florianus Dimas Gunurdya Putra Wardana
Keyword(s):  
Gross Domestic Product ◽  
Stock Prices ◽  
Stock Price ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Share Price ◽  
Domestic Product ◽  
Coefficient Of Determination ◽  
Test Results ◽  
Purposive Sampling

The purpose of this study was to obtain empirical evidence about the effect of leverage, inflation and Gross Domestic Product (GDP) of the share price at PT. Astra Autopart, Tbk. companies in Indonesia Stock Exchange in 2011-2015. The sampling technique in this study using a purposive sampling. With the technique of purposive  sampling, all the members of the research samples by criteria. Samples that meet the criteria are used research data. Then followed the classic assumption test and test hypotheses by linear regression. The results of this study demonstrate the regression results in regression equation that Y = 2605,424 + 1561,550 X1 + 2,338 X2 + 38,994X3. T test results showed that the leverage anda GDP (Gross Domestic Product) is positive and significant effect on stock prices, while inflation is not positive and significant effect on stock prices. F test results showed that jointly leverage variables, inflation and GDP variables affecting the stock price significantly. The test results R2 (coefficient of determination) found that the variable leverage, inflation and GDP able to explain 35,4% of the stock price variable, while the remaining 64,6% is explained by other variables.Keywords: leverage, inflation, GDP, and the share priceThe purpose of this study was to obtain empirical evidence about the effect of leverage, inflation and Gross Domestic Product (GDP) of the share price at PT. Astra Autopart, Tbk. companies in Indonesia Stock Exchange in 2011-2015.The sampling technique in this study using a purposive sampling. With the technique of purposive  sampling, all the members of the research samples by criteria. Samples that meet the criteria are used research data. Then followed the classic assumption test and test hypotheses by linear regression.The results of this study demonstrate the regression results in regression equation that Y = 2605,424 + 1561,550 X1 + 2,338 X2 + 38,994X3. T test results showed that the leverage anda GDP (Gross Domestic Product) is positive and significant effect on stock prices, while inflation is not positive and significant effect on stock prices. F test results showed that jointly leverage variables, inflation and GDP variables affecting the stock price significantly. The test results R2 (coefficient of determination) found that the variable leverage, inflation and GDP able to explain 35,4% of the stock price variable, while the remaining 64,6% is explained by other variables.Keywords: leverage, inflation, GDP, and the share price

Stock Market Reaction on Green-Bond Issue: Evidence from Indian Green-Bond Issuers

2021 ◽  
pp. 097226292110225
Author(s):  
Rakesh Kumar Verma ◽  
Rohit Bansal
Keyword(s):  
Stock Returns ◽  
Financial Institutions ◽  
Stock Price ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Developed Countries ◽  
Low Carbon ◽  
Bond Issue ◽  
The Government ◽  
The Impact

Purpose: A green bond is a financial instrument issued by governments, financial institutions and corporations to fund green projects, such as those involving renewable energy, green buildings, low carbon transport, etc. This study analyses the effect of green-bond issue announcement on the issuer’s stock price movement. It shows the reaction of the stock price after the issue of green bonds. Methodology: This study is based on secondary data. Green-bond issue dates have been collected from newspaper articles from different online sources, such as Business Standard, The Economic Times, Moneycontrol, etc. The closing prices of stocks have been taken from the NSE (National Stock Exchange of India Limited) website. An event window of 21 days has been fixed for the study, including the 10 days before and after the issue date. Data analysis is carried out through the event study method using the R software. Calculation of abnormal returns is done using three models: mean-adjusted returns model, market-adjusted returns model and risk-adjusted returns model. Findings: The results show that the issue of green bonds has a significant positive effect on the stock price. Returns increase after the green-bond issue announcement. Although the announcement day shows a negative return for all the samples taken for the study, the 10-day cumulative abnormal return (CAR) is positive. Thus, green-bond issues lead to positive sentiments among investors. Research implications: This research article will help the government issue more green bonds so that the proceeds can be utilized for green projects. The government should motivate corporations and financial institutions to issue more green bonds to help the economy grow. In India, very few organizations have issued a green bond. It will be beneficial if these players issue green bonds, as it will increase the firms’ value and boost returns to the investors. Originality/value: The effect of green-bond issue on stock returns has been analysed in some studies in developed countries. This is the first study to examine the impact of green-bond issue on stock returns in the Indian context, to the best of our knowledge.

scholarly journals Choice Of Functional Currency Under SFAS No. 52

2011 ◽  
Vol 4 (4) ◽  
pp. 21
Author(s):  
Ahmad Hosseini ◽  
Zabihollah Rezaee
Keyword(s):  
Exchange Rates ◽  
Multinational Corporations ◽  
Foreign Currency ◽  
Financial Statements ◽  
Cash Flows ◽  
Selection Of

The purpose of this study is to determine the importance of various factors in the choice of the functional currency used by 400 major multinational corporations Selection of functional currency is a key feature of SFAS No. 52 because it determines the method used to translate foreign currency financial statements into U.S. dollars and the extent to which changes in exchange rates affect consolidated operating results. The results reveal that cash flows and sales market were the two most important factors, while financing and intercompany transactions were the least important criteria in selecting the functional currency.

IMMEDIATE AND LONGER-TERM STOCK PRICE DYNAMICS FOLLOWING LARGE STOCK PRICE CHANGES

2020 ◽  
Vol 15 (01) ◽  
pp. 2050002
Author(s):  
ANDREY KUDRYAVTSEV
Keyword(s):  
Stock Returns ◽  
Stock Price ◽  
Trading Volume ◽  
Abnormal Returns ◽  
Market Model ◽  
Conditional Volatility ◽  
Short Term ◽  
Price Increases ◽  
Cumulative Abnormal Returns ◽  
Price Reversal

The study explores the correlation between the immediate and the longer-term stock returns following large daily price moves. Following the previous literature, which documents a tendency for price reversals after initial large price moves, I suggest that if a large stock price move is immediately followed by a short-term price drift, then it may indicate that the company-specific shock is more completely incorporated in the stock price, significantly increasing the probability of subsequent longer-term price reversal. Analyzing a vast sample of large stock price moves, I document that negative (positive) longer-term stock price reversals after large price increases (decreases) are significantly more pronounced if the latter are immediately followed by relatively high (low) short-term cumulative abnormal returns, that is, by short-term price drifts. The effect remains significant after accounting for additional company-specific (size, market model beta, historical, or conditional volatility) and event-specific (stock’s return and trading volume on the event day) factors.

scholarly journals Pengaruh Nilai Tukar terhadap Return Saham dengan Profitabilitas sebagai Variabel Intervening

2020 ◽  
Vol 30 (5) ◽  
pp. 1283
Author(s):  
Made Dewi Gita Puspita Lestari ◽  
I Gusti Ngurah Agung Suaryana
Keyword(s):  
Exchange Rates ◽  
Stock Returns ◽  
Sampling Method ◽  
Stock Exchange ◽  
Participant Observation ◽  
Analysis Techniques ◽  
Observation Methods ◽  
Negative Effect ◽  
Positive Effect ◽  
Collection Methods

The research aims to examine the effect of exchange rates on stock returns through profitability. The study was conducted on mining companies listed on the Stock Exchange which numbered 49 companies. Samples were determined by a purposive sampling method totaling 7 companies that were studied for 3 years of observation using quarterly reports, so there are 84 observation datas. Data collection methods and data analysis techniques used are non-participant observation methods and path analysis. The results showed that the exchange rate had a significant negative effect on stock returns and profitability. Profitability has a significant positive effect on stock returns, and exchange rates have indirect influence on stock returns through profitability. Keywords: Stock Returns; Exchange Rates; Profitability.

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