The Impact of Macroeconomic Factors and Financial Performance on Stock Prices: Evidence from Indonesia
Muhammad Fikri Irsyadillah, Yusnaini Yusnaini, Ika Sasti Ferina · 2025 · Bulgarian Journal of International Economics and Politics
This study aims to test and analyze the effect of inflation, interest rates, and Earnings Per Share (EPS) on the stock prices of companies listed on the Small-Mid Cap Liquid Index of the Indonesia Stock Exchange (IDX). Utilizing annual data from 2020 to 2023, obtained from company annual reports and official economic indicators, the study employs purposive sampling to select 192 companies meeting specific criteria from an initial population of 252. Panel data regression analysis is conducted using the Random Effect Model (REM), incorporating control variables such as Return on Assets (ROA), Fi
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