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Peran Kurs Dalam Memediasi Pengaruh Pasar Modal Terhadap Harga Saham (Studi Kasus Pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2021-2024)

  • Mancur Situmorang1*
  • Harlyn Siagian2
  • Harman Malau3
1,2,3 Indonesian Adventist University image/svg+xml
* Corresponding Author: Mancur Situmorang
Front Cover JEMSI Volume 12 Nomor 1 Februari 2026

Abstract

This study aims to examine the role of the exchange rate in mediating the relationship between the capital market and stock prices of mining companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The research employs a quantitative explanatory approach using secondary data, including the IDX30 index, the Rupiah–US dollar exchange rate, and stock prices of ten major mining companies based on market capitalization. A total of 480 monthly observations were analyzed. Data analysis was conducted using regression and mediation analysis with Jamovi version 2.6.44, following the Baron and Kenny framework and Hayes’ mediation approach. The results indicate that the capital market does not have a significant direct effect on stock prices, while the exchange rate significantly affects stock prices. The capital market shows a marginal effect on the exchange rate, and the exchange rate is proven to significantly mediate the relationship between the capital market and stock prices. These findings suggest that the influence of the capital market on mining stock prices operates through an indirect mechanism transmitted by exchange rate fluctuations. This study supports the Exchange Rate Exposure Theory and the Capital Flow Mechanism, highlighting the critical role of exchange rate stability in capital market dynamics within emerging economies.

Keywords

Capital Market Exchange Rate Stock Prices Mining Sector Mediation Analysis

How to Cite

Citation Format
Situmorang, M., Siagian, H., & Malau, H. (2026). Peran Kurs Dalam Memediasi Pengaruh Pasar Modal Terhadap Harga Saham (Studi Kasus Pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia Tahun 2021-2024). JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 12(1), 429-440. https://doi.org/10.35870/jemsi.v12i1.6384

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Author Biographies

Mancur Situmorang, Indonesian Adventist University

Universitas Advent Indonesia.

Harlyn Siagian, Indonesian Adventist University

Universitas Advent Indonesia.

Harman Malau, Indonesian Adventist University

Universitas Advent Indonesia.

License

Copyright (c) 2026 Mancur Situmorang, Harlyn Siagian, Harman Malau

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This work is licensed under a Creative Commons Attribution 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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