Abstract
High population growth from year to year is one cause of the development of the property sector. These can be considered by the public to invest in stock of the property and real estate subsector. In investing decisions, investors must look at macroeconomic conditions that can affect stock price movements. The puspose of this studying to analyze the effect of macroeconomic factors, namely inflation, interest rates, and the exchange rate of rupiah on the stock price of the property and real estate.
 This research is a quantitative study using panel data regression analysis method and using software Eviews 10. The data used are monthly data obtained from monthly report of the Indonesia Stock Exchange, Bank Indonesia, and the Central Statistics Agency with the technique of recording or documentation. The sampling technique is done by purposive sampling and obtaining 420 data during 2014-2019 period in 7 property and real estate subsector companies listed on the Indonesia Stock Exchange.
 The result of this study show partial result, each inflation variable and the rupiah exchange rate has a negative and significant effect on the share price of the property and real estate subsector. While the interest rate variable has a negative but not significant effect on the share price of the property and real estate subsector listed on the Indonesia Stock Exchange during the study period.
 
 Keyword: Inflation, Interest Rate, Exchange Rates, Stock Price.
Highlights
High population growth from year to year is one cause of the development of the property sector
The data used are monthly data obtained from monthly report of the Indonesia Stock Exchange, Bank Indonesia, and the Central Statistics Agency with the technique of recording or documentation
The sampling technique is done by purposive sampling and obtaining 420 data during 2014-2019 period in 7 property and real estate subsector companies listed on the Indonesia Stock Exchange
Summary
Sektor properti memiliki peran penting dalam mendorong perkembangan perekonomian nasional. Hal ini akan berimbas pada sektor property dan real estate yang semakin berkembang yang nantinya mempengaruhi kegiatan ekonomi dan perkembangan ekonomi nasional. Menurut Simbolon (2018) beberapa faktor ekonomi makro yang dapat mempengaruhi pergerakan harga saham adalah laju inflasi, suku bunga, dan nilai tukar rupiah. Tingkat suku bunga juga merupakan faktor ekonomi makro yang dapat mempengaruhi naik-turunnya harga saham. Faktor ekonomi makro selanjutnya yang dapat mempengaruhi harga saham adalah nilai tukar rupiah. Salah satu penelitian hubungan antara inflasi, nilai tukar, dengan harga saham adalah penelitian yang dilakukan oleh Budiantara (2012) menyatakan bahwa inflasi berpengaruh positif signifikan terhadap saham. Rosalyn (2018) dalam penelitiannya menunjukkan bahwa inflasi berpengaruh negatif signifikan terhadap harga saham. Namun hasil penelitian Efni (2009) dan Simbolon (2018) menyatakan suku bunga berpengaruh negatif signifikan terhadap harga saham. Hipotesis Berdasarkan penjelasan literature diatas, maka hipotesis penelitian yang disusun oleh peneliti adalah sebagai berikut : H1 : Jika inflasi meningkat, maka harga saham property menurun H2 : Jika suku bunga meningkat, maka harga saham property menurun
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