The Effect Inflation, Interest Rate, Exchange Rate, Return on Assets (ROA), and Debt Ratio (DER) on Stock Return (Case Study on Telecommunication Subsector Listed in Indonesia Stock Exchange Period 2011 – 2015)

Nindina Jatiningtyas, Aldilla Iradianty

Abstract

This study examined about the effect of inflation, interest rates, exchange rates, return on assets (ROA), and the debt ratio (DER) on stock returns. The object of this study is the telecommunication subsector companies listed in Indonesia Stock Exchange 2011-2015 period. The sampling technique used is nonprobability sampling with four companies as the sample, they are, PT Telekomunikasi Indonesia, PT Indosat, PT XL, and PT Smartfren. Method used in this research is panel data regression method. The results from this study is simultaneously variable inflation, interest rates, exchange rates, return on assets (ROA), and the debt ratio (DER) had no significant effect on stock returns. Similarly, partially, variable inflation, interest rates, exchange rates, return on assets (ROA), and the debt ratio (DER) had no significant effect on stock. Keywords. stock returns; telecommunication subsector; macroeconomics; return on asset; debt ratio.

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