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Abstract

This study aims to examine the effect of interest rates and economic growth on the stock prices of conventional banks listed on the Indonesia Stock Exchange (IDX), along with exploring the role of profitability as a variable that moderates the relationship. The research sample includes 13 banks from KBMI III and IV groups, with quarterly data over the period 2020 to 2024, and operated through panel data regression method. The results indicated that interest rates expressed a significant negative effect on stock prices, while economic growth showed no effect. Profitability was identified to strengthen the relationship between interest rates and stock prices, but did not affect the link between economic growth and stock prices. The findings confirm that monetary policy has a direct impact on the banking sector, while internal financial stability is a mitigating factor against external pressures.

Keywords

Stock Price Interest Rate Economic Growth Profitability

How to Cite

Citation Format
Anggraini, Y. A., Hijriah, A., & Yantiana, N. (2025). Profitabilitas sebagai perisai: Moderasi Terhadap Dampak Suku Bunga dan Pertumbuhan Ekonomi Pada Harga Saham. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 11(4), 2616-2624. https://doi.org/10.35870/jemsi.v11i4.4295

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Author Biographies

Yulia Ayu Anggraini, Tanjungpura University

Fakultas Ekonomi dan Bisnis, Universitas Tanjungpura.

Amanah Hijriah, Tanjungpura University

Fakultas Ekonomi dan Bisnis, Universitas Tanjungpura.

Nella Yantiana, Tanjungpura University

Fakultas Ekonomi dan Bisnis, Universitas Tanjungpura.

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Copyright (c) 2025 Yulia Ayu Anggraini, Amanah Hijriah, Nella Yantiana

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