Macro and Microeconomic Variables on Stock Return in The Property Sector In 2018-2022
Keywords:
Stock Return, ROA, DER, CR, Inflation
Stock Return, ROA, DER, CR, Inflation
Abstract
The purpose of the study, is getting information about investment to the investor based on micro and macro economic indicator. The variabel of micro and macro economic have a fluctuation indicated to Stock Return variabel. In this study, Stock Return is a dependent variable, Return On Asset (ROA), Debt to Equity Ratio (DER), Current Ratio (CR), Inflation, and Interest Rate is independent variable. The sample is using 23 of property company in 2018-2022 years. Variable data of macro economic is collect from website on www.bi.go.id, www.bps.co.id and data variable of micro economic is collect from company financial statement. The methods of this study is using analisis liner berganda. The result of this study is using the common effect model, because is the best model in this study. The result of Uji F is show ROA, DER, CR, Inflation and Interest Rate is not simultaneous significant to the Stock Return. The Result of Uji T is show the effect of ROA, DER and CR is not significant to the Stock Return, otherwise the Inflation and Interest Rate is significant to the Stock Return.
Downloads
Download data is not yet available.
References
Anam, K., Nurfadillah, M., & Fauziah, F. (2021). Analisis Kinerja Keuangan Terhadap Return Saham Perusahaan Properti Dan Real Estate Indonesia. Jurnal Daya Saing, 7. https://doi.org/https://doi.org/10.35446/dayasaing.v7i3.746
Andriani, F., & Winedar, M. (2020). Pengaruh Rasio Keuangan Terhadap Return Saham Pada Perusahaan Idx 30 Yang Terdaftar Di Bursa Efek Indonesia Tahun 2018. Jurnal Analisa Akuntansi Dan Perpajakan, 4(1), 11–20. https://doi.org/10.25139/jaap.v4i1.2532
Ariesa, Y., Sahbana, A., Chuanda, P., Kirana, C. A., Livinda, E. F., & Wijaya, W. (2020). The Influence of Indonesian Interest Rates, Inflation, Debt to Asset Ratio and Return on Asset against the Property and Real Estate Sector Stock Prices on the Indonesia Stock Exchange in 2014-2018. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 3(4), 3359–3375. https://doi.org/10.33258/birci.v3i4.1370
As’adi, M., Jaya, F. P., & Nurdin, M. (2023). Analysis of Capital Structure’s Impact on Financial Performance in Property and Real Estate Companies Listed on the Indonesia Stock Exchange for the Years 2017-2021. HUT Publication Business and Management, 4(1), 219–225. http://www.hutpublication.com/HPBM/article/view/34
Bachtiar, A., Nur, A. E. S., Halimah, A., Nabila, K. N. A., & Rd. Annisa Al Aliyyu Rahma Firdaus Rajab. (2021). The Effect of Liquidity, Solvency, And Profitability on Stock Return (Empirical Study on Property, Real Estate, And Building Construction Companies Listed on The Indonesia Stock Exchange for the 2014-2017 Period). Review of International Geographical Education, 11(5), 872–885. https://doi.org/10.48047/rigeo.11.05.83
Bhima, P. P. (2016). Pengaruh Variabel Makro Dan Mikro Ekonomi Terhadap Return Saham Perusahaan Real Estate And Property Di Bursa Efek Indonesia. Universitas Islam Indonesia, September. https://dspace.uii.ac.id/handle/123456789/33257
Christianty, R., & Latuconsina, Z. (2023). The Effect of Current Ratio, Debt to Equity Ratio and Total Assets Turnover on Profit Growth in Property and Real Estate Companies Listed on the Indonesia Stock Exchange for the 2019 – 2021 Period. The International Journal of Business Management and Technology, 7(1), 12–24. https://www.theijbmt.com/archive/0949/492410576.pdf
Dianti, M. M., Winnarko, A. A., Fauzi, R. A., Pratama, F., & Sukmawati, F. (2020). The Effect of Return on Assets and Debt To Equity Ratio To Price To Book Value ( Study of Property and Real Estate Sub Sector Companies. PalArch’s Journal of Achaeology of Egypt/Egyptology, 17(5), 1032–1039. https://archives.palarch.nl/index.php/jae/article/view/2950
Dura, J., & Vionitasari, F. (2020). Pengaruh Return on Equity (Roe), Debt To Equity Ratio (Der), Dan Current Ratio (Cr) Terhadap Return Saham Perusahaan Sub Sektor Property Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia. RISTANSI: Riset Akuntansi, 1(1), 10–23. https://doi.org/10.32815/ristansi.v1i1.334
Faridatul, H. N., & Nanan, S. (2022). Pengaruh Current Ratio (Cr), Debt To Equity Ratio (Der) Dan Net Profit Margin (Npm) Terhadap Harga Saham (Studi Empiris Pada Perusahaan Manufaktur Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bei Tahun 2016-2020). Seminar Nasional Ekonomi Dan Akuntansi, 1(1), 65–75. http://prosiding.senakota.nusaputra.ac.id/index.php/prosiding/article/view/9
Fitriaty, F., & Saputra, M. H. (2022). Inflasi, Suku Bunga Dan Resesi Terhadap Kinerja Saham Perusahaan Properti Dan Real Estate Di Bursa Efek Indonesia. Jurnal Manajemen Terapan Dan Keuangan, 11(04), 981–992. https://doi.org/10.22437/jmk.v11i04.21767
Huang, K. T., & Ozer, M. (2020). A multi-criteria expert decision system for investment decisions: The case of commercial real estate investments in China. Socio-Economic Planning Sciences, 71, 100769. https://doi.org/10.1016/j.seps.2019.100769
Ilham, R. N., Zahara, S., Juliyanti, Claudia, M., & Wulandari, S. (2023). The Influence Of Inflation , Interest Rates And Exchange Rates On Stock Prices ( Study On : PT. Sentul City Tbk . In Property And Real Estate Sector Companies Listed On The Idx ). Multidiciplinary Output Research For Actual and International Issue (MORFAI), 488–494. https://doi.org/https://doi.org/10.54443/morfai.v3i1.1110
Laulita, N. B., & Yanni. (2022). Pengaruh Return On Asset (ROA), Return On Equity (ROE), Debt To Equity Ratio (DER), Earning Per Share (EPS) dan Net Profit Margin (NPM) terhadap Return Saham pada Perusahaan Yang Terdaftar Di Indeks LQ45. YUME : Journal of Management, 5(1), 232–244. https://doi.org/10.37531/yume.vxix.467
Novison, R. A., Setyorini, C. T., & Suparlinah, I. (2021). The Effect of Debt to Equity Ratio and Current Ratio on Stock Return With Return on Equity as Intervening Variables (Food and Beverages Sector Company 2016-2019). International Sustainable Competitiveness Advantage, 11(1), 941–956. http://jp.feb.unsoed.ac.id/index.php/sca-1/article/view/2993/0
Parisiana, M. A., Kamaliah, K., & Rasuli, M. (2022). Factors Affecting the Property and Real Estate Sector Stock Return. Jurnal Manajemen Dan Bisnis, 11(2), 235–250. https://doi.org/10.34006/jmbi.v11i2.459
Purwanto, & Astuti, A. W. (2021). Analisis Indikator Ekonomi Makro Terhadap Return Saham Sektor Manufaktur Tahun 2018-2020. Jurnal Pelita Ilmu, 15(02), 124–137. https://doi.org/https://doi.org/10.37366/jpi.v15i02.932
Rifqi, M. (2021). Analisis Pengaruh Indikator Ekonomi Mikro Dan Makro Terhadap Return Saham Konstruksi Dan Bangunan Di Bei Periode 2016-2019. Jurnal Ilmiah Mahasiswa FEB, 10. https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/8161
Susilowati, & Eko, D. (2022). Analisis Harga Saham Di Sektor Property Dan Real Estate Pada Indeks Saham Syariah Indonesia (Issi) Periode 2016-2020 Ditinjau Dari Indikator Fundamental Dan Makro Ekonomi. IAIN Kudus Repository, 10(3), 1–16. http://repository.iainkudus.ac.id/6887/
Utama, O. Y., & Puryandani, S. (2020). The Effect of BI Rate, USD to IDR Exchange Rates, and Gold Price on Stock Returns Listed in the Sri Kehati Index. Jurnal Dinamika Manajemen, 11(1), 39–47. https://doi.org/10.15294/jdm.v11i1.21207
Veronica, M., & Pebriani, R. A. (2020). Pengaruh Faktor Fundamental Dan Makro Ekonomi Terhadap Harga Saham Pada Perusahaan Industri Properti Di Bursa Efek Indonesia. Islamic Banking : Jurnal Pemikiran Dan Pengembangan Perbankan Syariah, 6(1), 119–138. https://doi.org/10.36908/isbank.v6i1.155
Yusrizal, Suharti, & Eprianti, L. (2023). Influence Of Factor Economy Macro Of Stock Price Property Sector Companies Listed On Indonesia Stock Exchange 2017-2020. Management Studies and Entrepreneurship Journal, 4(January), 834–851. https://doi.org/https://doi.org/10.37385/msej.v4i2.1475
Yuwono, W., & Yeo, A. D. (2020). Analisis Perilaku Konsumen dan Keuangan Terhadap Minat Investasi Properti Kelas Menengah di Kota Batam. Jurnal Bisnis Dan Kewirausahaan, 16(3), 221–231. https://doi.org/10.31940/jbk.v16i3.2195
Andriani, F., & Winedar, M. (2020). Pengaruh Rasio Keuangan Terhadap Return Saham Pada Perusahaan Idx 30 Yang Terdaftar Di Bursa Efek Indonesia Tahun 2018. Jurnal Analisa Akuntansi Dan Perpajakan, 4(1), 11–20. https://doi.org/10.25139/jaap.v4i1.2532
Ariesa, Y., Sahbana, A., Chuanda, P., Kirana, C. A., Livinda, E. F., & Wijaya, W. (2020). The Influence of Indonesian Interest Rates, Inflation, Debt to Asset Ratio and Return on Asset against the Property and Real Estate Sector Stock Prices on the Indonesia Stock Exchange in 2014-2018. Budapest International Research and Critics Institute (BIRCI-Journal): Humanities and Social Sciences, 3(4), 3359–3375. https://doi.org/10.33258/birci.v3i4.1370
As’adi, M., Jaya, F. P., & Nurdin, M. (2023). Analysis of Capital Structure’s Impact on Financial Performance in Property and Real Estate Companies Listed on the Indonesia Stock Exchange for the Years 2017-2021. HUT Publication Business and Management, 4(1), 219–225. http://www.hutpublication.com/HPBM/article/view/34
Bachtiar, A., Nur, A. E. S., Halimah, A., Nabila, K. N. A., & Rd. Annisa Al Aliyyu Rahma Firdaus Rajab. (2021). The Effect of Liquidity, Solvency, And Profitability on Stock Return (Empirical Study on Property, Real Estate, And Building Construction Companies Listed on The Indonesia Stock Exchange for the 2014-2017 Period). Review of International Geographical Education, 11(5), 872–885. https://doi.org/10.48047/rigeo.11.05.83
Bhima, P. P. (2016). Pengaruh Variabel Makro Dan Mikro Ekonomi Terhadap Return Saham Perusahaan Real Estate And Property Di Bursa Efek Indonesia. Universitas Islam Indonesia, September. https://dspace.uii.ac.id/handle/123456789/33257
Christianty, R., & Latuconsina, Z. (2023). The Effect of Current Ratio, Debt to Equity Ratio and Total Assets Turnover on Profit Growth in Property and Real Estate Companies Listed on the Indonesia Stock Exchange for the 2019 – 2021 Period. The International Journal of Business Management and Technology, 7(1), 12–24. https://www.theijbmt.com/archive/0949/492410576.pdf
Dianti, M. M., Winnarko, A. A., Fauzi, R. A., Pratama, F., & Sukmawati, F. (2020). The Effect of Return on Assets and Debt To Equity Ratio To Price To Book Value ( Study of Property and Real Estate Sub Sector Companies. PalArch’s Journal of Achaeology of Egypt/Egyptology, 17(5), 1032–1039. https://archives.palarch.nl/index.php/jae/article/view/2950
Dura, J., & Vionitasari, F. (2020). Pengaruh Return on Equity (Roe), Debt To Equity Ratio (Der), Dan Current Ratio (Cr) Terhadap Return Saham Perusahaan Sub Sektor Property Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia. RISTANSI: Riset Akuntansi, 1(1), 10–23. https://doi.org/10.32815/ristansi.v1i1.334
Faridatul, H. N., & Nanan, S. (2022). Pengaruh Current Ratio (Cr), Debt To Equity Ratio (Der) Dan Net Profit Margin (Npm) Terhadap Harga Saham (Studi Empiris Pada Perusahaan Manufaktur Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bei Tahun 2016-2020). Seminar Nasional Ekonomi Dan Akuntansi, 1(1), 65–75. http://prosiding.senakota.nusaputra.ac.id/index.php/prosiding/article/view/9
Fitriaty, F., & Saputra, M. H. (2022). Inflasi, Suku Bunga Dan Resesi Terhadap Kinerja Saham Perusahaan Properti Dan Real Estate Di Bursa Efek Indonesia. Jurnal Manajemen Terapan Dan Keuangan, 11(04), 981–992. https://doi.org/10.22437/jmk.v11i04.21767
Huang, K. T., & Ozer, M. (2020). A multi-criteria expert decision system for investment decisions: The case of commercial real estate investments in China. Socio-Economic Planning Sciences, 71, 100769. https://doi.org/10.1016/j.seps.2019.100769
Ilham, R. N., Zahara, S., Juliyanti, Claudia, M., & Wulandari, S. (2023). The Influence Of Inflation , Interest Rates And Exchange Rates On Stock Prices ( Study On : PT. Sentul City Tbk . In Property And Real Estate Sector Companies Listed On The Idx ). Multidiciplinary Output Research For Actual and International Issue (MORFAI), 488–494. https://doi.org/https://doi.org/10.54443/morfai.v3i1.1110
Laulita, N. B., & Yanni. (2022). Pengaruh Return On Asset (ROA), Return On Equity (ROE), Debt To Equity Ratio (DER), Earning Per Share (EPS) dan Net Profit Margin (NPM) terhadap Return Saham pada Perusahaan Yang Terdaftar Di Indeks LQ45. YUME : Journal of Management, 5(1), 232–244. https://doi.org/10.37531/yume.vxix.467
Novison, R. A., Setyorini, C. T., & Suparlinah, I. (2021). The Effect of Debt to Equity Ratio and Current Ratio on Stock Return With Return on Equity as Intervening Variables (Food and Beverages Sector Company 2016-2019). International Sustainable Competitiveness Advantage, 11(1), 941–956. http://jp.feb.unsoed.ac.id/index.php/sca-1/article/view/2993/0
Parisiana, M. A., Kamaliah, K., & Rasuli, M. (2022). Factors Affecting the Property and Real Estate Sector Stock Return. Jurnal Manajemen Dan Bisnis, 11(2), 235–250. https://doi.org/10.34006/jmbi.v11i2.459
Purwanto, & Astuti, A. W. (2021). Analisis Indikator Ekonomi Makro Terhadap Return Saham Sektor Manufaktur Tahun 2018-2020. Jurnal Pelita Ilmu, 15(02), 124–137. https://doi.org/https://doi.org/10.37366/jpi.v15i02.932
Rifqi, M. (2021). Analisis Pengaruh Indikator Ekonomi Mikro Dan Makro Terhadap Return Saham Konstruksi Dan Bangunan Di Bei Periode 2016-2019. Jurnal Ilmiah Mahasiswa FEB, 10. https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/8161
Susilowati, & Eko, D. (2022). Analisis Harga Saham Di Sektor Property Dan Real Estate Pada Indeks Saham Syariah Indonesia (Issi) Periode 2016-2020 Ditinjau Dari Indikator Fundamental Dan Makro Ekonomi. IAIN Kudus Repository, 10(3), 1–16. http://repository.iainkudus.ac.id/6887/
Utama, O. Y., & Puryandani, S. (2020). The Effect of BI Rate, USD to IDR Exchange Rates, and Gold Price on Stock Returns Listed in the Sri Kehati Index. Jurnal Dinamika Manajemen, 11(1), 39–47. https://doi.org/10.15294/jdm.v11i1.21207
Veronica, M., & Pebriani, R. A. (2020). Pengaruh Faktor Fundamental Dan Makro Ekonomi Terhadap Harga Saham Pada Perusahaan Industri Properti Di Bursa Efek Indonesia. Islamic Banking : Jurnal Pemikiran Dan Pengembangan Perbankan Syariah, 6(1), 119–138. https://doi.org/10.36908/isbank.v6i1.155
Yusrizal, Suharti, & Eprianti, L. (2023). Influence Of Factor Economy Macro Of Stock Price Property Sector Companies Listed On Indonesia Stock Exchange 2017-2020. Management Studies and Entrepreneurship Journal, 4(January), 834–851. https://doi.org/https://doi.org/10.37385/msej.v4i2.1475
Yuwono, W., & Yeo, A. D. (2020). Analisis Perilaku Konsumen dan Keuangan Terhadap Minat Investasi Properti Kelas Menengah di Kota Batam. Jurnal Bisnis Dan Kewirausahaan, 16(3), 221–231. https://doi.org/10.31940/jbk.v16i3.2195
Published
2024-08-21
How to Cite
YuwonoW., AndrianusL., & LaulitaN. B. (2024, August 21). Macro and Microeconomic Variables on Stock Return in The Property Sector In 2018-2022. Journal of Economic, Management, Accounting and Technology, 7(2), 251-262. https://doi.org/https://doi.org/10.32500/jematech.v7i2.5938
Section
Articles
