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Evaluation of the Impact of Monetary Policy on the Financial Performance of Manufacturing Companies: Implications of Interest Rates, Inflation and Macroeconomic Stability

  • Fredy Arios Tiblola1*
  • Agustinus Biay2
  • Harum Putri Prawitaningrum3
  • Rahma K Lakamudi4
1,2,3,4 STIE Bukit Zaitun Sorong
* Corresponding Author: Fredy Arios Tiblola

Abstract

This study aims to evaluate the impact of monetary policy on the financial performance of manufacturing companies in Indonesia, emphasising the implications of interest rates, inflation, and macroeconomic stability. Using a quantitative approach through multiple regression analysis, this study analyzes the relationship between monetary policy variables of Bank Indonesia's benchmark interest rate, inflation rate, exchange rate, foreign exchange reserves, and budget deficit with the company's financial performance, as measured using Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM). Secondary data used in this study include the annual financial reports of manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2015-2023. The study results indicate that the benchmark interest rate has a significant negative effect on ROA and ROE. In contrast, the inflation rate shows varying impacts on NPM and other financial performance. In addition, macroeconomic stability is measured through indicators of the rupiah exchange rate against the USD, foreign exchange reserves, and budget deficit, which significantly affect the company's financial performance. These findings emphasize the importance of monetary policy and macroeconomic stability in determining the profitability of manufacturing companies in Indonesia. This study implies that corporate management needs to develop more adaptive strategies to deal with fluctuations in monetary policy and macroeconomic conditions. In addition, policymakers need to consider the long-term impact of monetary policy on the manufacturing sector to create an economic environment conducive to industrial growth. This study contributes significantly to the literature on the impact of monetary policy on corporate financial performance in emerging markets.

Keywords

Monetary Policy Interest Inflation Macroeconomic Stability Financial Performance

How to Cite

Citation Format
Arios Tiblola, F., Biay, A., Putri Prawitaningrum, H., & K Lakamudi, R. (2024). Evaluation of the Impact of Monetary Policy on the Financial Performance of Manufacturing Companies: Implications of Interest Rates, Inflation and Macroeconomic Stability. International Journal of Management Science and Information Technology, 4(2), 356-365. https://doi.org/10.35870/ijmsit.v4i2.3126

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Author Biographies

Fredy Arios Tiblola, STIE Bukit Zaitun Sorong

Accounting Study Program, STIE Bukit Zaitun Sorong, Indonesia

Agustinus Biay, STIE Bukit Zaitun Sorong

Accounting Study Program, STIE Bukit Zaitun Sorong, Indonesia

Harum Putri Prawitaningrum, STIE Bukit Zaitun Sorong

Accounting Study Program, STIE Bukit Zaitun Sorong, Indonesia

Rahma K Lakamudi, STIE Bukit Zaitun Sorong

Accounting Study Program, STIE Bukit Zaitun Sorong, Indonesia

License

Copyright (c) 2024 Fredy Arios Tiblola, Agustinus Biay, Harum Putri Prawitaningrum, Rahma K Lakamudi

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

This is an open-access journal distributed under the Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits unrestricted use, distribution, reproduction, and adaptation in any medium (even commercially), provided appropriate credit is given to the original author(s), a link to the license is provided, and any changes made are indicated. Authors retain copyright without restrictions and grant the journal the right of first publication as well as non-exclusive publishing rights for archiving, indexing, and scholarly dissemination.

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