Lestari, Mulyani (2026) Analisis Pengaruh Inflasi, Nilai Tukar, dan Harga Batubara Acuan Terhadap Harga Saham Perusahaan Batubara Terindeks ISSI. Undergraduate thesis, UPN Veteran Jawa Timur.
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Abstract
This study aims to analyze the effects of the previous period's stock price, inflation, exchange rate, and the Indonesian Coal Reference Price on the current stock price of coal mining companies listed on the Indonesia Sharia Stock Index (ISSI) for the 2018–2024 period. A quantitative approach is utilized using the dynamic panel data estimation method of the Generalized Method of Moments (GMM). The validity of the model is verified using the Arellano-Bond test and the J-statistic test to ensure that the model is free from serial correlation and overidentifying restrictions.The results show that the previous period's stock price has a positive and significant effect on the current stock price, confirming the validity of signaling theory and the momentum effect in the capital market. The Indonesian Coal Reference Price is also proven to have a positive and significant effect, asserting global commodity prices as the fundamental factor for coal companies. Conversely, inflation and exchange rates do not have a significant effect on stock prices. This indicates that the export-oriented characteristics of coal issuers render their performance more sensitive to international commodity dynamics rather than domestic monetary fluctuations. Issuers are advised to strengthen their risk management, while investors can implement momentum-based strategies by prioritizing the monitoring of global commodity prices.
| Item Type: | Thesis (Undergraduate) | ||||||||
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| Subjects: | H Social Sciences > HA Statistics H Social Sciences > HB Economic Theory H Social Sciences > HC Economics H Social Sciences > HG Finance H Social Sciences > HG Finance > HG4001-4285 Finance management. Business finance. Corporation finance H Social Sciences > HG Finance > HG4501-6051 Investment, capital formation, speculation |
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| Divisions: | Faculty of Economic and Business > Departement of Economics | ||||||||
| Depositing User: | Mulyani Lestari | ||||||||
| Date Deposited: | 13 Jul 2026 04:30 | ||||||||
| Last Modified: | 13 Jul 2026 04:30 | ||||||||
| URI: | https://repository.upnjatim.ac.id/id/eprint/55239 |
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