Analyzing The Influence Of Corporate Financial Performance And Inflation On Stock Price Movements (An Empirical Study Of Mining Companies On The Indonesia Stock Exchange)
Keywords:
Sustainability, Liquidity, Profitability, Inflation
Abstract
This study aims to examine the influence of internal financial variables—namely liquidity, solvency, and profitability—and external factors in the form of inflation on stock prices (Hrg_Shm) using the Partial Least Squares Structural Equation Modeling (PLS-SEM) approach. The results of the path analysis indicate that the three internal variables have a positive influence on stock prices, but do not reach a statistically significant level (p-value > 0.05), indicating that a company's internal financial performance has a limited contribution in determining stock market valuations in the Indonesian economic context. Conversely, inflation is proven to have a positive and statistically significant impact (t-statistic > 1.96; p-value < 0.05), reflecting the role of moderate inflation as an indicator of economic growth expectations that drive stock price increases. The developed model has an R² value of 0.028, which indicates low explanatory capacity, underscoring the limitations of the variables used in explaining stock price fluctuations. The implication is that financial market practitioners are asked to consider macroeconomic factors—especially inflation stability—as a primary consideration in making investment decisions. As a direction for further research, it is recommended to use time-series data to strengthen the validity of the model and analyze the long-term dynamics of stock price movements in more depth.References
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Anam, H., Hendika, S., & Anhar, B. (2022). Bank health level using the RGEC method. Journal of GeoEconomics , 13 , 116.
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Chasana, N., Tulhusnah, L., & Sari, LP (2024). THE EFFECT OF DEBT POLICY, LIQUIDITY, AND PROFITABILITY ON COMPANY VALUE WITH STOCK PRICE AS AN INTERVENING VARIABLE IN COMPANIES LISTED IN THE LQ45 INDEX ON THE INDONESIA STOCK EXCHANGE IN 2020-2022. Jurnal Mahasiswa Entrepreneurship (JME) , 3 (7), 1374. https://doi.org/10.36841/jme.v3i7.5117
Damayanti, Y., & Suryandani, W. (2023). THE EFFECT OF LEVERAGE, LIQUIDITY, AND COMPANY SIZE ON PROFITABILITY IN FOOD AND BEVERAGE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE. Bisnis-Net Journal of Economics and Business , 6 (1), 1. https://doi.org/10.46576/bn.v6i1.3048
Darmarani, MI, Ekayani, NNS, & Sastri, IIDAMM (2023). The Effect Of Financial Ratios On Stock Prices In Food And Beverage Companies. Warmadewa Accounting Research Journal , 3 (2), 55. https://doi.org/10.22225/jraw.3.2.7628.55-60
Digdowiseiso, K., Subiyanto, B., & Fahlevi Lubis, R. (2022). ANALYSIS OF THE DETERMINANTS OF FINANCIAL REPORTING QUALITY OF NON-FINANCIAL SERVICES COMPANIES ON THE INDONESIA STOCK EXCHANGE .
Fairuzie, A., Siagian, A., & Stefhani, Y. (2022). ANALYSIS OF THE EFFECT OF EARNINGS PER SHARE, WORLD GOLD PRICES, INFLATION ON THE STOCK PRICES OF MINING SECTOR COMPANIES ON THE INDONESIA STOCK EXCHANGE DURING THE COVID-19 PANDEMIC. Journal of Management , 6 (2), 37. https://doi.org/10.54964/manajemen.v6i2.202
Hakim, L., Nugroho, Moh. T., & Fragaki, M. (2023). Determinants on Share Market Price of Mining Companies (Case Study in Indonesia). PENANOMICS International Journal of Economics , 2 (3), 29. https://doi.org/10.56107/penanomics.v2i3.141
Hasmirati, H., & Akuba, A. (2020). The Impact of Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM) on the Stock Price of PT. Gudang Garam Tbk. JOURNAL OF BUSINESS MANAGEMENT , 7 (1), 25. https://doi.org/10.33096/jmb.v7i1.416
Hendraningrat, R. (2020). THE EFFECT OF FINANCIAL PERFORMANCE AND MACROECONOMIC CONDITION ON CORPORATE VALUE (Study on Consumer Goods Companies listed on the Indonesian Exchange in the Period 2015-2019). FEB Student Scientific Journal , 9 (1). https://jimfeb.ub.ac.id/index.php/jimfeb/article/download/7017/6048
Hendrawan, Y., Moorcy, NH, Santoso, AW, & Sukimin, S. (2022). THE EFFECT OF MACROECONOMIC INDICATORS AND FINANCIAL PERFORMANCE ON FINANCIAL DISTRESS IN MINING SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE. Journal of GeoEkonomi , 13 (2), 195. https://doi.org/10.36277/geoekonomi.v13i2.207
Hitten, A., & Novita, N. (2020). Determinants of Tax Aggressiveness and Relationship with Firm Value (Empirical Study of Companies Listed Go-Public in Indonesia Stock Exchange). Journal of Business Economics and Entrepreneurship , 9 (2), 109. https://doi.org/10.26418/jebik.v9i2.41245
Interpretation of Stock Price Variables with the Influence of the Company's Profitability. (2024). International Research Journal of Economics and Management Studies , 3 (5). https://doi.org/10.56472/25835238/irjems-v3i5p106
Jane, J., & Widjaja, I. (2025). The mediating effect of profitability in relation to the influence of asset utilization efficiency and financial solvency on stock prices (A study of mining companies in Indonesia). Journal of Business Management and Entrepreneurship , 9 (1), 155. https://doi.org/10.24912/jmbk.v9i1.33844
Jaya, E., & Kuswanto, R. (2021). THE EFFECT OF RETURN ON ASSETS, DEBT TO EQUITY RATIO AND PRICE TO BOOK VALUE ON STOCK RETURNS OF LQ45 COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE IN THE PERIOD 2016 – 2018. Jurnal Bina Akuntansi , 8 (1), 51. https://doi.org/10.52859/jba.v8i1.136
Kalbuana, N., Kusiyah, K., Supriatiningsih, S., Budiharjo, R., Budyastuti, T., & Rusdiyanto, R. (2022). Effect of profitability, audit committee, company size, activity, and board of directors on sustainability. Cogent Business & Management , 9 (1). https://doi.org/10.1080/23311975.2022.2129354
Khan, HAU, & Hidayat, R. (2022). The Effect of Dividend Policy, Debt Policy, And Profitability on The Value of Automotive Companies Listed on The Indonesia Stock Exchange 2017-2021. SHS Web of Conferences , 149 , 3030. https://doi.org/10.1051/shsconf/202214903030
Laia, NSP, Bawamenewi, CIL, & Hayati, K. (2021). The Effect Of Liquidity, Profitability, Price To Book Value And Leverage Level On Manufacturing Company Share Prices. Gorontalo Accounting Journal , 4 (1), 57. https://doi.org/10.32662/gaj.v4i1.1450
Malla, N., & Asianto, A. (2020). The Determinant of Mining Sector Stock Price Index at Indonesia Stock Exchange. International Journal of Academic Research in Accounting Finance and Management Sciences , 10 (3). https://doi.org/10.6007/ijarafms/v10-i3/7678
Meidiyustiani, R., & Niazi, HA (2021). Analysis of the Effect of Current Ratio, Quick Ratio, Return on Assets, and Return on Equity on Stock Prices. Journal of Economics and Management , 10 (2), 82. https://doi.org/10.36080/jem.v10i2.1773
Merry, AJ, & Widjaja, I. (2023). The effect of working capital management on the profitability of fast-moving consumer goods companies in Indonesia from 2016 to 2021. Journal of Business Management and Entrepreneurship , 7 (3), 622. https://doi.org/10.24912/jmbk.v7i3.23874
Mispiyanti, M., & Wicaksono, R. (2020). Analysis of the Effect of Profitability and Dividend Policy on Firm Value with Capital Structure as a Mediating Variable. Owner , 4 (2), 396. https://doi.org/10.33395/owner.v4i2.237
Nugraha, AKP, Riyanto, WH, & Hadi, S. (2022). THE EFFECT OF INFLATION, EXCHANGE RATE, RETURN ON ASSETS AND RETURN ON EQUITY ON STOCK PRICES IN THE MINING SECTOR IN INDONESIA. Journal of Financial Economics & Investment , 2 (1), 13. https://doi.org/10.22219/jofei.v2i1.19297
Oktaviany, A., & Latif, DM (2021). Determinants of Firm Value: A Study on Telecommunication Companies in Indonesia. Indonesian Journal of Applied Accounting and Finance , 1 (1), 1. https://doi.org/10.31961/ijaaf.v1i1.1168
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Published
2025-11-12
How to Cite
Aminul Amin. (2025). Analyzing The Influence Of Corporate Financial Performance And Inflation On Stock Price Movements (An Empirical Study Of Mining Companies On The Indonesia Stock Exchange). International Journal of Economics, Business and Innovation Research, 4(06), 719-743. https://doi.org/10.63922/ijebir.v4i06.2505
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