The Influence of Macroeconomic Factors on Market Performance with Return on Assets as Moderation of Conventional Banks at IDX 2020-2023
Abstract
This study aims to analyze the effects of credit interest rates, inflation, and bank size on market performance, with Return on Assets (ROA) as a moderating variable. The study uses a sample of 93 conventional banks listed on the Indonesia Stock Exchange (IDX) from 2020 to 2023. Data were analyzed using multiple regression methods with a quantitative approach. The results indicate that credit interest rates and inflation have a negative and significant effect on market performance, while bank size has a positive and significant effect. ROA moderates the relationship between bank size and market performance but does not significantly moderate the effects of credit interest rates and inflation on market performance. This study provides insights for stakeholders in understanding macroeconomic factors that influence banking stability in Indonesia.
References
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Sari, R. P., Romli, H., & Marnisah, L. (2020). The Influence of Macro and Micro Fundamental Factors of Companies on Company Value (in the Pulp and Paper Industry Listed on the IDX). Journal Ecoment Global, 5(2), 237-250.
Sekaran, U., & Bougie, R. (2020). Research Methods for Business 8th ed. United Kingdom: John Wiley & Sons Ltd.
Sugiarto, M., & Santosa, P. W. (2017). THE EFFECT OF MACROECONOMIC INDICATORS, FINANCIAL PERFORMANCE, AND GOVERNANCE ON COMPANY VALUE IN THE PROPERTY SECTOR ON THE INDONESIA STOCK EXCHANGE. Journal of Economics and Business Aseanomics (JEBA), 2(2), 288-312.
Sugiyono. (2019). Quantitative, Qualitative and R & D Research Methods. Bandung: Alfabeta.
Umar, H. (2019). Research Methods Corporate Management. Jakarta: PT Gramedia Pustaka Utama.
Widnyani, N. P. P., Kusumawati, N. P. A., & Hutnaleontina, P. N. (2024). Analysis Influence Inflation and Interest Rates on Stock Prices in Listed Companies in the LQ-45 Index at BEI 2019-2021 Period. Hita Accounting and Finance, 5(1), 121-132. https://doi.org/10.32795/hak.v5i1.4223
Yusuf. (2020). Determinants of Company Value Based on Ownership and Macroeconomic Aspects. Journal Accounting, 5(1), 1-14.
Amalia, R., & Subardjo, A. (2018). THE INFLUENCE OF FUNDAMENTAL FACTORS ON THE VALUE OF LQ 45 COMPANIES LISTED ON THE IDX. Journal of Accounting Science and Research, 7(4), 1-20.
Anjariyah, R., & Usman, B. (2024). THE EFFECT OF CSR PERFORMANCE AND MACROECONOMIC VARIABLES ON COMPANY PERFORMANCE. Journal of Economics & Islamic Economics, 7(1), 403-418.
Antoro, A. D., & Hermuningsih, S. (2018). DIVIDEND POLICY AND BI RATE AS MODERATORS OF LIQUIDITY, PROFITABILITY, AND LEVERAGE ON THE VALUE OF BANKING COMPANIES LISTED ON THE IDX IN 2011-2017. Journal Upajiwa Dewantara, 2(1), 58-75.
Basalamah, M. S. A., Fasdhilah, R. N., & Sinring, B. (2024). The Influence of Interest Rates and Inflation on Financial Performance in the Banking Industry Listed on the Indonesia Stock Exchange (IDX). Mirai Management Journal, 9(1), 226-238. https://doi.org/10.37531/mirai.v9i1.6361
Bank Indonesia. (2024, April 24). Latest News (Press Release). Retrieved from https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_268024.aspx
Erviana, N., Welly, Y., & Grace, E. (2020). The role of ROE on The influence of DER and Firm Size on Tobin's Q sub-sector cables listed on the IDX. Journal of Economics & Islamic Economics, 3(2), 426-435.
Fadli, A. A. Y. (2022). The Effect of Profitability (ROA) and Leverage (DER) on Company Value (Tobin's Q) with Corporate Social Responsibility (CSR) as Intervening Variables. Disclosure: Journal of Accounting and Finance, 2(1), 17-38.
Ghozali, I. (2016). Multivariate Analysis Application with IBM SPSS 23 Program.
Handayani, M., Rianto, M. R., Sulistyowati, A., & Supriyanto, S. (2022). The Influence of NPF, BOPO, Inflation and Exchange Rates On Performance (ROA) in Islamic Commercial Banks During the Covid 19 Pandemic. Journal Islamic Economics, 8(2), 1887–1894. https://doi.org/10.29040/jiei.v8i2.5787
Hery. (2019). Analysis Report Finance Integrated and Comprehensive Edition.
Jufriardi, Imaduddin, Megawati, L., & Pramukti, A. (2022). The Effect of Interest Rates, Inflation, and Non-Performing Loans on Giving Credit and Impact His on Financial Performance. Journal Scientific Accounting and Finance, 4(9), 4204-4217.
Larasati, M. C., & Achmad, T. (2021). A COMPARATIVE STUDY OF BANK SOUNDNESS METHODS TO CORPORATE VALUE (Commercial Banks Listed on Indonesia Stock Exchange For 2017-2018 Period). Diponegoro Journal of Accounting, 10(1), 1-9.
Megawati, L., Pramukti, A., & Islam Negeri Alauddin Makassar, U. (n.d.). The effect of interest rates, inflation, and non-performing loans on credit provision and their impact on financial performance. Scientific Journal of Accounting and Finance, 4(9), 2022.
Merzyana, F., & Dermawan, E. S. (2020). FACTORS INFLUENCING THE VALUE OF MANUFACTURING COMPANIES LISTED ON THE IDX. Journal Multiparadigm Accountancy Tarumanagara, 2(1), 376-384.
Mishkin, F. S., & Eakins, S. G. (2023). Financial Markets and Institutions Tenth Edition. Britain: Pearson Educations.
Murjiani, D., & Adiyanto, M. R. (2023). THE EFFECT OF INFLATION, INTEREST RATES, AND EXCHANGE RATES ON COMPANY VALUE IN FOOD AND BEVERAGE SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE (IDX) IN THE 2017-2022 PERIOD. Accounting and Management Journal, 7(1), 19-34.
Nirawati, L., Samsudin, A., Stifanie, A., Setianingrum, M. D., Syahputra, M. R., Khrisnawati, N. N., & Saputri, Y. A. (2022). Profitability in Company. Journal Management and Business, 5(1), 60-68.
Nurrohmah, W. K., et al. (2022). FACTORS INFLUENCING THE VALUE OF COMMERCIAL BANKS LISTED ON THE INDONESIA STOCK EXCHANGE IN 2015 – 2020. Fair Value: Journal Scientific Accounting and Finance, 4(3), 1017-1033.
Pandoyo, & Sofyan, M. (2018). Methodology Study Finance and Business: Theory and Application Using Eviews 9 Data Processing Software Complete with Examples of S1, S2, and S3 Proposals. Bogor: In Media.
Rolle, J., Herani, G. M., & Javed, B. (2020). Micro and Macroeconomic Determinants of Profitability of Conventional Banks and Stock Performance Using Tobin's Q Ratio: Evidence from the Banking Sector of Pakistan. International Journal of Business and Economic Development, 8(2), 74-89.
Sari, R. P., Romli, H., & Marnisah, L. (2020). The Influence of Macro and Micro Fundamental Factors of Companies on Company Value (in the Pulp and Paper Industry Listed on the IDX). Journal Ecoment Global, 5(2), 237-250.
Sekaran, U., & Bougie, R. (2020). Research Methods for Business 8th ed. United Kingdom: John Wiley & Sons Ltd.
Sugiarto, M., & Santosa, P. W. (2017). THE EFFECT OF MACROECONOMIC INDICATORS, FINANCIAL PERFORMANCE, AND GOVERNANCE ON COMPANY VALUE IN THE PROPERTY SECTOR ON THE INDONESIA STOCK EXCHANGE. Journal of Economics and Business Aseanomics (JEBA), 2(2), 288-312.
Sugiyono. (2019). Quantitative, Qualitative and R & D Research Methods. Bandung: Alfabeta.
Umar, H. (2019). Research Methods Corporate Management. Jakarta: PT Gramedia Pustaka Utama.
Widnyani, N. P. P., Kusumawati, N. P. A., & Hutnaleontina, P. N. (2024). Analysis Influence Inflation and Interest Rates on Stock Prices in Listed Companies in the LQ-45 Index at BEI 2019-2021 Period. Hita Accounting and Finance, 5(1), 121-132. https://doi.org/10.32795/hak.v5i1.4223
Yusuf. (2020). Determinants of Company Value Based on Ownership and Macroeconomic Aspects. Journal Accounting, 5(1), 1-14.
Published
2025-06-03
How to Cite
SURYAWIJAYA, Hartati; MASMAN, Ronnie Resdianto.
The Influence of Macroeconomic Factors on Market Performance with Return on Assets as Moderation of Conventional Banks at IDX 2020-2023.
REVITALISASI : Jurnal Ilmu Manajemen, [S.l.], v. 14, n. 1, p. 9-17, june 2025.
ISSN 2657-1684.
Available at: <https://ejournal.uniska-kediri.ac.id/index.php/Revitalisasi/article/view/6845>. Date accessed: 16 june 2025.
doi: https://doi.org/10.32503/revitalisasi.v14i1.6845.
Section
Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License
