Dampak Suku Bunga, Inflasi dan Nilai Tukar Terhadap Return Obligasi Korporasi di Perbankan Indonesia
DOI:
https://doi.org/10.55606/jurrie.v5i1.7787Keywords:
Corporate bonds, return, interest rates, inflation, exchange rates, banking sectorAbstract
This study evaluates how macroeconomic variables such as interest rates, inflation, and exchange rates affect the returns on corporate bonds issued by the banking sector in Indonesia. Corporate bonds are an attractive investment alternative, but their performance is highly influenced by fluctuations in national economic conditions. This study uses secondary data obtained from company financial reports, macroeconomic data, and bond market information over a certain period. Multiple linear regression analysis is applied to assess the extent to which each factor affects bond returns. The analysis results indicate that increases in interest rates and inflation tend to reduce bond returns, while the effect of exchange rates is inconsistent and depends on the economic stability at the time. These findings can serve as important considerations for investors, financial analysts, and policymakers in managing risks and opportunities in the Indonesia banking bondmarket.
Downloads
References
Ananda, W. C., & Santoso, A. B. (2022). Pengaruh inflasi, suku bunga, dan nilai tukar rupiah terhadap return saham pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia (2018–2020). J-MAS (Jurnal Manajemen dan Sains), 7(2), 726–733.
Badan Pusat Statistik. (2020–2024). Inflasi (IHK) Indonesia. Badan Pusat Statistik.
Bank Indonesia. (2020–2024). BI 7-Day Reverse Repo Rate / BI Rate (data suku bunga kebijakan). Bank Indonesia.
Boediono. (1996). Ekonomi moneter (Edisi ke-3). BPFE Yogyakarta.
Bursa Efek Indonesia. (2020–2024). Data obligasi korporasi. Bursa Efek Indonesia.
Daniar, D., & Hakim, A. D. M. (2024). Pengaruh nilai tukar, tingkat suku bunga, inflasi, dan volume perdagangan terhadap return saham pada perusahaan perbankan di Bursa Efek Indonesia. EKOMA: Jurnal Ekonomi, Manajemen, Akuntansi, 3(3), 1144–1151.
Fabozzi, F. J. (2013). Bond markets, analysis, and strategies (8th ed.). Pearson.
Indonesian Stock Exchange. (2020–2024). Bond market statistics. Indonesia Stock Exchange.
Kalangi, R. R., Maramis, J. B., & Soepeno, D. (2024). Pengaruh maturity date, suku bunga, inflasi dan kurs terhadap harga pasar obligasi yang terdaftar di BEI periode 2018–2022. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 12(1), 954–963.
Kementerian Keuangan Republik Indonesia. (2020–2024). Data dan publikasi pasar SBN/obligasi & indikator terkait. Kementerian Keuangan Republik Indonesia.
Lumbantobing, A. L. (2014). Pengaruh inflasi, nilai tukar rupiah, suku bunga pasar uang domestik dan suku bunga pasar uang luar negeri terhadap yield to maturity obligasi ritel Indonesia di Bursa Antar Bank periode 2010–2013. MIX: Jurnal Ilmiah Manajemen, 4(2), 155–165.
Maniil, C., Kumaat, R. J., & Maramis, M. T. B. (2023). Pengaruh inflasi, suku bunga Bank Indonesia dan nilai tukar rupiah terhadap harga indeks saham LQ45 pada Bursa Efek Indonesia periode 2017: Q1–2021: Q4. Jurnal Berkala Ilmiah Efisiensi, 23(1), 97–108.
Otoritas Jasa Keuangan. (2020–2024). Statistik Perbankan Indonesia / publikasi sektor jasa keuangan. Otoritas Jasa Keuangan.
Sulistyo, C. F., Sahadati, S., & Suratna, S. (2022). Pengaruh inflasi terhadap yield obligasi dan harga obligasi dengan BI rate sebagai variabel intervening (Studi pada obligasi korporasi sub sektor financial institution di BEI). Paradigma: Jurnal Masalah Sosial, Politik, dan Kebijakan, 26(2), 136–157.
Yuliani, E. Y., & Syarif, D. (2025). Pengaruh inflasi, suku bunga, dan nilai tukar terhadap return on asset (ROA) pada perusahaan sektor perbankan yang terdaftar di Bursa Efek Indonesia (BEI) periode tahun 2017–2024. eCo-Fin, 7(2), 795–806.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Sirilia Sesilma Jinate Ruben, Elisabeth Lauboling, Maria Yovita R. Pandin
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
