PENGARUH TINGKAT SUKU BUNGA DAN INFLASI TERHADAP RETURN SAHAM DENGAN NILAI TUKAR RUPIAH SEBAGAI VARIABEL INTERVENING (Studi Kasus pada PT Astra International Tbk Periode 2011-2015)

Abstract

This research aims to examine the level of interest rates and inflatiom on stock returns of PT Astra International Tbk by using the excange rate Rupiah as an intervening variable. The research used is a quantitative by using data secondary years 2011-2015 in the third. To examine the data used analysis of regression linier two stage and path analysis. The results of research suggests that the level of interest rates influential positive but unsignificant against the return stock PT Astra International Tbk. The inflation and the exchange rate Rupiah influential negative and unsignificant against the return stock PT Astra International Tbk. The exchange rate Rupiah as intervening variable moderate the influence of the interest rates against the return stock PT Astra International Tbk but not moderate the influence of the inflation of the return stock PT Astra International Tbk.
Keywords : interest rates, inflation, the exchange rate rupiah, return stock.