The Influence of Inflation, BI Rate and Exchange Rates on Stock Index Prices in The Infrastructure Sector (IDXINFRA)

Authors

  • Rizqi Dana Prakoso Politeknik Negeri Jakarta
  • Annisa Alifa Ramadhani Politeknik Negeri Jakarta

DOI:

https://doi.org/10.32493/eaj.v9i3.y2026.p183-196

Keywords:

Inflation, BI Rate, Exchange Rate, Infrastructure Sector Stock Price Index (IDXINFRA), Capital Market

Abstract

This study examines the impact of macroeconomic variables, specifically inflation, the BI Rate, and the exchange rate, on the stock prices of infrastructure companies listed on the Indonesia Stock Exchange (IDX) for the 2019-2024 period. Employing an associative quantitative approach, this research utilizes panel data analysis consisting of 17 purposively selected infrastructure firms, with data processed via EViews 9. Based on the Chow, Hausman, and Lagrange Multiplier tests, the Random Effect Model (REM) was determined as the most appropriate regression model. The partial T-test results indicate that inflation has no significant effect on stock prices. Conversely, the BI Rate exerts a significant positive effect, while the exchange rate demonstrates a significant negative effect. Simultaneously, the F-test confirms that inflation, the BI Rate, and the exchange rate collectively influence the stock prices of the sampled infrastructure firms. Lastly, the Adjusted R-squared value of 0.057018 indicates that approximately 5.7% of the variance in infrastructure stock prices can be explained by these three independent variables, while the remaining variance is accounted for by other factors outside the model.

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Additional Files

Published

2026-09-30

Issue

Vol. 9 No. 3 (2026): EAJ (Economics and Accounting Journal)

Section

Articles

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Copyright (c) 2026 Rizqi Dana Prakoso, Annisa Alifa Ramadhani

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