Interest Rates and Financial Performance Effects on IDX30 Mining Stock Prices With Inflation As a Moderating Variable: Evidence From 2021–2024
DOI:
10.47353/ecbis.v4i6.465Published:
2026-08-23Downloads
Abstract
This study was motivated by fluctuations in the stock prices of mining sector companies listed in the IDX30 index during 2021–2024, Indonesia’s mineral downstreaming policy, and inconsistencies in previous research findings. This study aimed to analyze the effects of interest rates and financial performance, as measured by the debt-to-equity ratio (DER) and earnings per share (EPS), on the stock prices of IDX30 mining companies and to examine the moderating role of inflation. The population comprised all mining sector companies listed in the IDX30 index during the year 2021–2024, while the sample was selected using purposive sampling. This study employed a quantitative explanatory approach and panel data regression with Moderated Regression Analysis. The results showed that interest rates had a negative and significant effect on stock prices, whereas EPS had a positive and significant effect. DER did not significantly affect stock prices. Furthermore, inflation did not moderate the effects of interest rates, DER, or EPS on stock prices. These findings imply that mining companies should maintain sustainable profitability and consider interest rate dynamics in financial decision-making. Investors should also consider macroeconomic conditions and company fundamentals when formulating investment strategies.
Keywords:
Debt to Equity Ratio Earning Per Share (EPS) Inflation Interest Rate Stock PriceReferences
Al Barohin, F., & Nasution, R. (2023). PENGARUH EPS, PER, DAN DER TERHADAP HARGA SAHAM PADA PERUSAHAAN SUB SEKTOR BANK PERIODE 2017-2021. Bisnis-Net Jurnal Ekonomi Dan Bisnis, 6(2), 617–630. https://doi.org/10.46576/bn.v6i2.3610
Alwi, I. Z. (2003). Pasar modal: teori dan aplikasi. Yayasan Pancur Siwah : Adinasri. https://books.google.co.id/books?id=CDY8AAAACAAJ
AYUNING TYAS, V. R., DHARMAWAN, K., & ASIH, M. (2014). PENERAPAN MODEL ARBITRAGE PRICING THEORY DENGAN PENDEKATAN VECTOR AUTOREGRESSION DALAM MENGESTIMASI EXPECTED RETURN SAHAM (Studi Kasus: Saham-Saham Kompas100 Periode 2010-2013). E-Jurnal Matematika, 3(1), 17. https://doi.org/10.24843/MTK.2014.v03.i01.p061
Dedi Iskamto. (2025, June 27). Peranan tambang dalam pertumbuhan ekonomi: Antara peluang dan tantangan. Nadariau. https://nadariau.com/2025/06/27/peranan-tambang-dalam-pertumbuhan-ekonomi-antara-peluang-dan-tantangan/
Fatchurrochim, F. (2021). Analisis pengaruh profitabilitas, solvabilitas, suku bunga, dan kurs rupiah terhadap harga saham dengan inflasi sebagai variabel moderasi: Studi pada sektor pertambangan yang terdaftar di Bursa Efek Indonesia tahun 2017-2020 [Undergraduate thesis, Universitas Islam Negeri Maulana Malik Ibrahim]. http://etheses.uin-malang.ac.id/id/eprint/29738
Halim, S. (2020). Analysis of the effect on inflation, interest rate, dow jones Islamic Malaysia Index and profitability on stock prices as selected as Indonesia Sharia Stock Index. Journal of Islamic Accounting and Finance Research, 2(2), 259–294. https://doi.org/10.21580/jiafr.2020.2.2.6357
Heru, M., Hasugian, H., & Nasution, J. (2024). The Effect of Interest Rates and Financial Performance on Stock Prices with Inflation as a Moderating Variable (Stocks Listed on the Jakarta Islamic Index Period 2014-2023). Quantitative Economics and Management Studies, 5(5), 1079–1089. https://doi.org/10.35877/454ri.qems2869
Hikam, B. A. A., & Hofifah. (2025). HARMONISASI DAN KEPASTIAN HUKUM REGULASI SEBAGAI UPAYA EFEKTIVITAS HILIRISASI MINERAL DI INDONESIA (Harmonization and Certainty of Regulatory Law as an Effort to Ensure Effective Downstream Mineral Processing in Indonesia). Jurnal Rechts Vinding: Media Pembinaan Hukum Nasional, 14(1). https://rechtsvinding.bphn.go.id/ejournal/index.php/jrv/article/view/2059/385
Inest Ruth Marsaulina Siregar, Elga Yulidisti, & Muhsin, M. (2025). Pengaruh ROA, EPS terhadap Harga Saham dengan Inflasi sebagai Moderasi di Sektor Makanan Minuman. AKUA: Jurnal Akuntansi Dan Keuangan, 4(4), 890–900. https://doi.org/10.54259/akua.v4i4.5871
Listyaningsih, E. H. P. N. N. (2024). Pengaruh Kinerja Keuangan dan Firm Size Terhadap Harga Saham Indeks LQ45 dengan Inflasi sebagai Variabel Moderasi. Ekombis Sains: Jurnal Ekonomi, Keuangan Dan Bisnis, 9(1), 1–18. https://doi.org/10.24967/ekombis.v9i1.2693
Noviyah, N. M. R. (2018). Pengaruh Profitabilitas, Likuiditas, Dan Solvabilitas Terhadap Harga Saham Perbankan Dengan Inflasi Sebagai Variabel Moderating Pada Periode 2007-2015. Jurnal Manajemen Dan Bisnis Indonesia, 5(2), 133–148. https://doi.org/10.31843/jmbi.v5i2.159
Samsul, M. (2006). Pasar modal dan manajemen portofolio.
Sari, R. M., Setiawan, I., & Setyowati, D. H. (2022). Pengaruh DER, ROE dan EPS terhadap Harga Saham Perusahaan Konstruksi dan Bangunan di BEI. Indonesian Journal of Economics and Management, 2(2), 309–319. https://doi.org/10.35313/ijem.v2i2.3125
Setiandy, C. H., & Buchory, H. A. (2025). Pengaruh Inflasi, Nilai Tukar, Suku Bunga dan ROA terhadap Harga Saham Perusahaan Makanan dan Minuman Terdaftar di BEI 2020–2023. Paradoks : Jurnal Ilmu Ekonomi, 8(4), 64–78. https://doi.org/10.57178/paradoks.v8i4.1600
Siregar, B. G. (2020). Pengaruh Debt to Equity Ratio (DER) Terhadap Harga Saham dengan Inflasi Sebagai Variabel Moderating. Jurnal Penelitian Ekonomi Akuntansi (JENSI), 4(2), 114–124. https://doi.org/10.33059/jensi.v4i2.2736
Tina Agustina. (2024). Analisis Faktor-faktor yang Mempengaruhi Harga Saham dengan Inflasi sebagai Variabel Moderasi (Studi Empiris pada Perusahaan Sektor Energi) [Undergraduate Thesis, Universitas Nusa Putra]. https://repository.nusaputra.ac.id/id/eprint/1084
Wardhani, M. K., Brahmayanti, I. A. S., & Halik, A. (2024). Pengaruh ROE, EPS, DER Terhadap Harga Saham Farmasi dengan Inflasi Sebagai Moderasi. Indonesian Journal of Innovation Multidisipliner Research, 2(3), 284–295. https://doi.org/10.69693/ijim.v2i3.180
Widya, F. (2023). Pengaruh struktur modal dan likuiditas terhadap harga saham dengan makroekonomi sebagai variabel moderasi: Studi kasus pada Perusahaan Jasa Non-Keuangan yang terdaftar di Bursa Efek Indonesia periode 2019-2022 [Undergraduate Thesis, UIN Maulana Malik Ibrahim]. http://etheses.uin-malang.ac.id/id/eprint/57013
Wijayanti, D. P., & Yudiantoro, D. (2023). Pengaruh Inflasi, Suku Bunga, dan Nilai Tukar Terhadap Harga Saham Perusahaan Pertambangan Periode 2019-2021. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 4(6), 1753–1764. https://doi.org/10.47467/elmal.v4i6.3305
License
Copyright (c) 2026 Sarah Ardian Hudzaifa, Silvana Syah
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Downloads
How to Cite
