Pengaruh Makroekonomi Terhadap Return Saham Pada Perusahaan Energi Yang Terdaftar Di Bursa Efek Indonesia

Abstract

This study aims to analyze the influence of inflation, interest rates, and exchange rates on stock returns of energy sector companies listed on the Indonesia Stock Exchange (IDX) during the period from January 2020 to December 2023. The data used are secondary data obtained from official sources such as Bank Indonesia, the Indonesia Stock Exchange, and financial websites such as Yahoo Finance. The study employs multiple linear regression analysis with the assistance of IBM SPSS Statistics version 21. The results indicate that partially, interest rates have a significant negative effect on stock returns, while inflation and exchange rates do not have a significant effect. Simultaneously, the three macroeconomic variables have a significant influence on stock returns, although the contribution of the model in explaining the variation in stock returns is only 8% (R² = 0.080). This suggests that there are other factors outside the model that also affect stock returns in the energy sector. This research implies that investors and market participants should pay greater attention to interest rate conditions when making investment decisions in energy sector stocks. Furthermore, future researchers are advised to include other relevant variables to build a more comprehensive model.