Pengaruh Variabel Macroeconomic terhadap Firm Performance pada Sektor LQ45
Abstract
Two years aftar the global recession due to the pandemic caused by COVID-19, fears of a global recession have emerged due to the return of inflation triggered by the increase in interest rate by central banks in several countries, including Indonesia. This research is conducted to examine macroeconomic indicators’ effect, namely gross domestic product, inflation, exchange rate, interest rate and unemployment rate on firm performance. This study used 28 companies listed in the LQ45 sector during 2017-2021 consecutively. Panel regression method is chosen as the method of this research as panel data is analyzed. The results of the study show that the variables such as gorss domestic product, inflation, interest rate, unemployment rate have a significant effect, while the exchange rate variable does not have a significant effect on firm performance
Keywords: Gross domestic product, Inflation, Exchange rate, Interest rate, Unemployment rate
References
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Taouab, O., dan Z. Issor. 2019. Firm performance: Definition and measurement models. European Scientific Journal 15 (1): 93–106.
Tarihoran, D. V., dan E. Endri. 2021. Analysis Of Factors Affecting The Profitability In Consumer Goods Sector Companies Listed On The Indonesia Stock Exchange In 2015-2020 Period. Journal Research of Social, Science, Economics, and Management 1 (5): 545–558.
Thompson, F. 2021. The effect of macroeconomic variables on the asset positions and financial performance of Non-banking Financial Institutions (NBFIs) in Jamaica. Open Journal of Business and Management 9 (3): 1424–1445.
Ali, Q., S. Maamor, H. Yaacob, dan M. U. T. Gill. 2018. Impact of macroeconomic variables on Islamic banks profitability. International Journal of Business Ethics and Governance: 20–35.
Ally, A. R. 2022. Influence of Macro-Economic Factors on Financial Performance of Commercial Banks in Tanzania. Int. J. Econ. Financ 14 (1).
Daengs, G. S., E. Istanti, dan M. Y. R. Pandin. 2021. Challenges of Exchange Rate Fluctuation and Cpo Prices in Indonesia Palm Oil Industry. https://jurnal. narotama. ac. id/index. php/ijebd/article/view/1379 4 (3): 356–362.
Dewi, V. I., C. Tan Lian Soei, dan F. O. Surjoko. 2019. The Impact of Macroeconomic Factors on Firms Profitability (Evidence From Fast Moving Consumer Good Firms Listed on Indonesian Stock Exchange).
Fauzan, F., D. A. Ayu, dan N. N. Nurharjanti. 2019. The effect of audit committee, leverage, return on assets, company size, and sales growth on tax avoidance. Riset Akuntansi Dan Keuangan Indonesia 4 (3): 171–185.
Fuadi, F., S. Saparuddin, dan S. Sugianto. 2022. The effect of inflation, bi rate and exchange on profitability in sharia banking in indonesia period of 2009-2019. International Journal of Educational Review, Law And Social Sciences (IJERLAS) 2 (1): 1–8.
Guénette, J. D., M. A. Kose, dan N. Sugawara. 2022. Is a Global Recession Imminent? Available at SSRN.
Gunawardhane, H., M. R. P. Wijesinghe, dan D. D. C. Kavinda. 2022. The impact of Company-specific and Macro-economic factors on Company Performance: Evidence from Insurance Sector in Sri Lanka. Vidyodaya Journal of Management 8 (I).
Horobet, A., M. Radulescu, L. Belascu, dan S. M. Dita. 2021. Determinants of bank profitability in CEE countries: Evidence from GMM panel data estimates. Journal of Risk and Financial Management 14 (7): 307.
Husna, A., dan I. Satria. 2019. Effects of return on asset, debt to asset ratio, current ratio, firm size, and dividend payout ratio on firm value. International Journal of Economics and Financial Issues 9 (5): 50–54.
Hussain, S., V. C. Nguyen, Q. M. Nguyen, H. T. Nguyen, dan T. T. Nguyen. 2021. Macroeconomic factors, working capital management, and firm performance—A static and dynamic panel analysis. Humanities and Social Sciences Communications 8 (1): 1–14.
Kassem, M., A. Ali, dan M. Audi. 2019. Unemployment rate, population density and crime rate in Punjab (Pakistan): an empirical analysis. Bulletin of Business and Economics (BBE) 8 (2): 92–104.
De Leon, M. 2020. The impact of credit risk and macroeconomic factors on profitability: the case of the ASEAN banks. Banks and Bank Systems 15 (1): 21–29.
Mate, E., M. Atieno, dan E. Kiganda. 2022. EFFECT OF FOREIGN EXCHANGE RATE ON FINANCIAL PERFORMANCE OF LISTED MANUFACTURING COMPANIES IN KENYA. European Journal of Economic and Financial Research 6 (4).
Meher, K. C., dan T. Zewudu. 2020. Determinants of firm’s internals & macroeconomic factors on financial performance of Ethiopian insurers. DLSU Business & Economics Review 29 (2): 71–80.
Mohamad, M. T., A. A. Sulaiman, K. Hamimah, dan N. Muslim. 2019. The determinants of bank profitability: How Malaysian Islamic banks response to the financing risk. Advances in Social Sciences Research Journal 6 (12): 1–15.
Mohd, A. S., dan D. A. Siddiqui. 2020. Effect of Macroeconomic Factors on Firms’ ROA: A Comparative Sectorial Analysis from Pakistan. Available at SSRN 3681286.
Nugroho, L., E. Nugraha, dan A. Badawi. 2020. The determinant of islamic performance ratio: Do financing deposit ratio, financing quality, and return on asset ratio matters? Global Review of Islamic Economics and Business 8 (2): 113–122.
Pacini, K., P. Mayer, S. Attar, dan J. Azam. 2017. Macroeconomic factors and firm performance in The United Kingdom. Journal of Smart Economic Growth 2 (3): 1–11.
Poniwatie, A., E. Istanti, dan V. I. Prasta. 2021. THE EFFECT OF CURRENT RATIO, DEBT RATIO AND RETURN ON ASSETS ON FINANCIAL DISTRESS ON MANUFACTURING COMPANIES LISTED ON IDX FOR THE 2017-2019 PERIOD. International Journal of Economics, Business and Accounting Research (IJEBAR) 5 (4).
Ridwan, M. 2022. DETERMINANTS OF INFLATION: Monetary and Macroeconomic Perspectives. KINERJA: Jurnal Manajemen Organisasi dan Industri 1 (1): 1–10.
Saiyed, R. 2021. Pengendalian Inflasi, Moneter dan Fiskal dalam Perspektif Ekonomi Makro Islam. Jurnal Ilmiah Bongaya 5 (1): 42–49.
Sihombing, L., W. Astuty, dan I. Irfan. 2021. Effect of capital structure, firm size and leverage on firm value with profitability as an intervening variable in manufacturing companies listed on the Indonesia Stock Exchange. Budapest International Research and Critics Institute-Journal (BIRCI-Journal) 4 (3): 6585–6591.
Silalahi, D. E., dan R. R. Ginting. 2020. Strategi kebijakan fiskal pemerintah indonesia untuk mengatur penerimaan dan pengeluaran negara dalam menghadapi pandemi Covid-19. Jesya (Jurnal Ekonomi dan Ekonomi Syariah) 3 (2): 156–167.
de Souza Mendonça, A. K., G. de A. C. Barni, M. F. Moro, A. C. Bornia, E. Kupek, dan L. Fernandes. 2020. Hierarchical modeling of the 50 largest economies to verify the impact of GDP, population and renewable energy generation in CO2 emissions. Sustainable Production and Consumption 22: 58–67.
Sułkowski, Ł. 2020. Covid-19 pandemic; recession, virtual revolution leading to de-globalization? Journal of Intercultural Management 12 (1): 1–11.
Taouab, O., dan Z. Issor. 2019. Firm performance: Definition and measurement models. European Scientific Journal 15 (1): 93–106.
Tarihoran, D. V., dan E. Endri. 2021. Analysis Of Factors Affecting The Profitability In Consumer Goods Sector Companies Listed On The Indonesia Stock Exchange In 2015-2020 Period. Journal Research of Social, Science, Economics, and Management 1 (5): 545–558.
Thompson, F. 2021. The effect of macroeconomic variables on the asset positions and financial performance of Non-banking Financial Institutions (NBFIs) in Jamaica. Open Journal of Business and Management 9 (3): 1424–1445.
Published
2023-09-28
How to Cite
SUPRAPTO, Yandi; JUNITA, Junita.
Pengaruh Variabel Macroeconomic terhadap Firm Performance pada Sektor LQ45.
Jurnal Ekonomi Akuntansi dan Manajemen, [S.l.], v. 22, n. 2, p. 115-127, sep. 2023.
ISSN 2459-9816.
Available at: <https://jurnal.unej.ac.id/index.php/JEAM/article/view/39718>. Date accessed: 05 may 2024.
doi: https://doi.org/10.19184/jeam.v22i2.39718.
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