Evaluation of Macroeconomic Influences on Company Stock Prices in the Jakarta Islamic Index (JII): Analysis of Inflation, Exchange Rates, and Money Supply (2020-2023)

Abstract

The research is intended to examine the impact of the independent variables, namely inflation, exchange rates, and total money in circulation, on the stock rates of companies listed on the Jakarta Islamic Index (JII). Using a quantitative approach and purposive sampling method, the study cited a sample of 16 companies that were consistently listed on the JII from January 2020 to December 2023. Data analysis was carried out using panel information analysis with the help of the Eviews12 application. The research confirmed that inflation and money supply have a significant favorable impact on stock prices, through respective coefficients of 0.087409 and 0.751782. In contrast, the exchange rate has a significant adverse impact on the stock rate, through a coefficient of -1.646472. The simultaneous F-test confirms that all three variables together have a significant impact on the stock rate.