Analysis Of Changes in Earnings Per Share as A Result of Increased Inflation Through Changes in Interest Rate in The Property and Real Estate Industry

Authors

  • Sumaryoto * Universitas Indraprasta PGRI
  • Anna Nurfarkhana Universitas Indraprasta PGRI
  • Tri Anita Universitas Indraprasta PGRI

DOI:

https://doi.org/10.21776/ijabs.2022.30.1.521

Keywords:

Bank Indonesia Certificate, BI Interest Rate, Earnings per Share, Inflation

Abstract

Purpose — This research aims to determine, prove and test several effects. These influences are an increase in inflation on EPS (earnings per share), an increase in inflation on the SBI interest rate (Bank Indonesia Certificate), the effect of the SBI interest rate on EPS in property and real estate companies, and EPS changes as a result of the indirect effect of inflation through SBI interest rates on property and real estate companies.

Design/methodology/approach — This study uses a causal associative approach with a purposive sampling method based on several predetermined criteria. The sample used in this study amounted to 23 companies. The software used to analyze the data in this study is Eviews version 9.0.
Findings — The results of this study indicate that the inflation rate has a positive and significant effect on EPS in property and real estate companies listed on the IDX; meanwhile, SBI has a positive but not significant impact on EPS. The results of this study indicate that the inflation rate has a positive and significant effect on EPS in property and real estate companies listed on the IDX. In contrast, SBI has a positive but not significant impact on EPS.

Practical implications — This research uses panel data regression analysis

Originality/value — This study aims to empirically test the effect of inflation on SBI and its impact on EPS. This research was conducted in the property and real estate industry.

Originality/value —  Bank Indonesia Certificate; BI Interest Rate; Earnings per Share; Inflation

Paper type — Research paper

References

Amin, M. Z. (2012). The Effect of Inflation Rate, SBI Rate, Dollar Value (USD/IDR), and Dow Jones Index (DJIA) to Movement of Composite Stock Price Index In Indonesia Stock Exchange (IDX)(Periode 2008–2011). Thesis Journal FEB UB.

Banjarnahor, N. R. (2008). Mekanisme Suku Bunga SBI Sebagai Sasaran Operasional Kebijakan Moneter dan Variabel Makroekonomi Indonesia: 1990.1-2007.4. Buletin Ekonomi Moneter Dan Perbankan, 11(1), 21–52.

Bank Indonesia. (2014). Penjelasan BI Rate sebagai Suku Bunga Acuan. Retrieved from http://www.bi.go.id/id/moneter/birate/penjelasan/Contents/Default.aspx

Bank Indonesia. (2020). BI Rate. Retrieved from http://www.bi.go.id/id/Kamus.aspx.

Brigham, E. F., & Houston, J. F. (2010). Essential of Financial Management. Jakarta: Salemba Empat.

Budiono. (2011). Ekonomi Moneter. Yogyakarta: BPFE.

Darmawi, H. (2006). Pasar Finansial dan Lembaga-Lembaga Finansial. Jakarta: Bumi Aksara.

Fabozzi, F. J. (2007). Manajemen Investasi. Jakarta: Salemba Empat.

Goeltom, M. S., & Zulverdi, D. (2003). Manajemen Nilai Tukar Di Indonesia Dan Permasalahannya. Buletin Ekonomi Moneter Dan Perbankan, 1(2), 69–91. https://doi.org/10.21098/bemp.v1i2.169

Hardanto, S. S. (2006). Manajemen Resiko Bagi Bank Umum. Elex Media Komputindo.

Haryanto, M. Y. D., & Riyatno. (2007). Pengaruh Suku Bunga Sertifikat Bank Indonesia dan Nilai Kurs terhadap Risiko Sistematik Saham Perusahaan di BEJ. Jurnal Keuangan Dan Bisnis, 5(1), 24–40.

Hidayati, A. N. (2014). Pengaruh Inflasi, BI Rate dan Kurs Terhadap Profitabilitas Bank Syariah di Indonesia. An-Nisbah: Jurnal Ekonomi Syariah, 1(1), 72–97.

Kasmir. (2012). Analisis Laporan Keuangan. Jakarta: PT. Raja Grafindo Persada.

Khan, T. R., Islam, M., Choudhury, T. T., & Adnan, A. M. (2014). How earning per share (EPS) affects on share price and firm value.

Kristantri, R. T. M., & Rasmini, N. K. (2012). Analisa Faktor-Faktor yang Mempengaruhi Profitabilitas dengan Pertumbuhan Laba Sebagai Variabel Moderasi. E Jurnal Akuntansi Universitas Udayana, 1(2).

Laksmono, D., Kusmiarso, B., Agnes, I., Pramono, B., Hutapea, E. G., & Pambudi, S. (2000). Suku bunga sebagai salah satu Indikator Ekspektasi Inflasi. Bulletin of Monetary Economics and Banking, 2(4), 1–28.

Martani, D., & Munaiseche, R. R. (2010). Factors affecting profitability of multi-finance company in Indonesia. China-USA Business Review, 9(5), 53–62.

Munawir, S. (2001). Analisa Laporan Keuangan dan Manajemen. (Pertama, Ed.). Yogyakarta: BPFE.

Nugroho, H. (2008). Analisis Pengaruh Inflasi, Suku Bunga, Kurs dan Jumlah Uang Beredar Terhadap Indeks LQ-45 (Studi kasus pada BEI periode 2002-2007). Universitas Diponegoro Semarang.

Pujawati, P. E., Wiksuana, I. G. B., & Artini, L. G. S. (2015). Pengaruh Nilai Tukar Rupiah Terhadap Return Saham Dengan Profitabilitas Sebagai Variabel Intervening. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana.

Reilly, F. K., & Brown, K. C. (1997). Investment Analysis and Portfolio Management. Dryden Press. Retrieved from https://books.google.co.id/books?id=DYrEQgAACAAJ

Rianto, B. (1990). Dasar-dasar Pembelanjaan Perusahaan Yogyakarta. Gadjah Mada University Press.

Santoso, W., & Anglingkusumo, R. (1998). Underlying inflation sebagai indikator harga yang relevan dengan kebijakan moneter: sebuah tinjauan untuk Indonesia. Buletin Ekonomi Moneter Dan Perbankan, 1(1), 59–83.

Siamat, D. (2005). Manajemen Lembaga Keuangan, Edisi Keempat, Badan Penerbit Fakultas Ekonomi Universitas Indonesia. Jakarta.

Sinay, L. J. (2014). PENDEKATAN VECTOR ERROR CORRECTION MODEL UNTUK ANALISIS HUBUNGAN INFLASI, BI RATE DAN KURS DOLAR AMERIKA SERIKAT. BAREKENG: Jurnal Ilmu Matematika Dan Terapan, 8(2), 9–18. https://doi.org/10.30598/barekengvol8iss2pp9-18

Sukirno, S. (2006). Makro Ekonomi Teori Pengantar (Ketiga). Jakarta: PT. Raja Grafindo Persada.

Syahid, H., & Mardiati, E. (2016). Pengaruh Suku Bunga, Nilai Tukar Uang, dan Inflasi Terhadap Harga Saham (Studi Kasus pada Perusahaan Bank yang Terdaftar di BEI Periode 2010-2012). Jurnal Ilmiah Mahasiswa FEB, 3(2).

Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan aplikasi. Kanisius.

Wibowo, E. S., & Syaichu, M. (2013). Analisis Pengaruh Suku Bunga, Inflasi, Car, BOPO, NPF Terhadap Profitabilitas Bank Syariah. Diponegoro Journal of Management, 2(2), 10–19.

Widoatmodjo, S. (2007). Cara Sehat Investasi Dipasar Modal (4th ed.). Jakarta: PT. Gramedia.

Yuliza, A. (2018). The Effects of Earnings Per Share and Firm Size to Stock Price LQ45 Company Listed in Indonesian Securities. International Journal of Engineering & Technology, 7(4.9), 247. https://doi.org/10.14419/ijet.v7i4.9.21089

Downloads

Published

2022-04-01

How to Cite

*, S., Nurfarkhana, A., & Anita, T. (2022). Analysis Of Changes in Earnings Per Share as A Result of Increased Inflation Through Changes in Interest Rate in The Property and Real Estate Industry. The International Journal of Accounting and Business Society, 30(1), 49–80. https://doi.org/10.21776/ijabs.2022.30.1.521

Issue

Vol. 30 No. 1 (2022): The International Journal of Accounting and Business Society

Section

Articles

License

Copyright (c) 2022 The International Journal of Accounting and Business Society

Creative Commons License

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

The copyright of the received article shall be assigned to the journal as the publisher of the journal. The intended copyright includes the right to publish the article in various forms (including reprints). The journal maintains the publishing rights to the published articles.