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Abstract

The research main purpose is to find the evidence of inflation effects empirically, Interest Rates, Rupiah Exchange Rate towards the Stock Returns at Manufacturing companies which listed in Indonesia Stock Exchange.The study uses Multiple Linear Regression Analysis is conducted by hypothesis test which will be proved by using t-statistic, F-statistic, the Coefficient of Determination (R2) and Multicollinearity. The result of Linear Regression Equation is Stock Returns=81,104+-2,665Inflation+-0,939Interest Rates+-0,001Rupiah Exchange Rate. Based on the analysis above, the result of the partial hypothesis test (t-test) shows that Inflation, Interest Rates, and Rupiah Exchange Rate negatively influence the stock returns.

The result of the simultaneous hypothesis test (F-test) shows that Inflation, Interest Rates, and Rupiah Exchange rate have a significant influence towards the Stock Returns with a significance level of 0,024. The value of adjusted R2 in Regression Models obtained 0,999, which is stated as the major effect of Dependent Variabel (the Stock Returns) which can be explained by Independent Variables (Inflation, Interest Rates, and Rupiah Exchange Rate) by 99%, whereas the remaining of 1% is influenced by other factors.

Keywords

Inflation Interest Rates Rupiah Exchange Rate and Stock Returns

Article Details

Author Biographies

Nopianti Nopianti, STIE-IBEK

Mahasiswa Prodi Akuntansi

Fery Panjaitan, STIE-IBEK

Dosen STIE-IBEK

Medinal Medinal, STIE-IBEK

Dosen STIE-IBEK

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