PERAN SUKU BUNGA PEMEDIASI INFLASI DAN LIKUIDITAS TERHADAP HARGA SAHAM

Peran Suku Bunga Pemediasi Inflasi Dan Likuiditas Terhadap Harga Saham pada Perusahaan LQ45 periode 2019-2022

Abstract

Purpose : This study aims to empirically examine and prove the role of interest rates as a mediator between inflation and liquidity on stock prices in LQ45 companies for the period 2019-2024.

Design/Methodology/Approach : Secondary data was utilized, employing purposive sampling technique resulting in a sample size of 23 companies. The study employed a quantitative approach with multiple linear regression and path analysis. Data processing is conducted using SPSS version 25. To determine the mediation effect, the Sobel test is used.

Findings : The findings indicate that inflation does not significantly affect stock prices. Liquidity, proxied by Current Ratio, has a significant negative influence on stock prices. Simultaneously, inflation and liquidity (CR) collectively have a significant impact on stock prices. However, interest rates were found unable to mediate the effects of inflation and liquidity on stock prices.

Implications of the Research : The implications of these research results are that company management should be cautious when making policies, considering both internal and external factors that can affect stock prices. For investors, these results are expected to serve as a reference when they intend to invest in LQ45 companies.

Originality/Value : The observations from this research have so far not found any studies with the same topic on the role of interest rates mediating the effects of inflation and liquidity on stock prices in LQ45 companies. Previous research has mostly been conducted on banking and manufacturing companies.

Keywords : Macroeconomics, Microeconomics, Stock Market, Investment Decisions.