The Effect of Profitability and Exchange Rates on Stock Prices, with Earnings Per Share as an Intervening Variable, at Islamic Banks in Indonesia
Downloads
Stock prices are among the main indicators used to assess the performance of Islamic banks. However, stock prices of Islamic banks continue to exhibit volatility despite the sustainable growth of the Islamic banking industry in Indonesia. This condition indicates the potential influence of internal and external factors that may affect stock price movements. This study aimed to analyze the effects of profitability and exchange rates on stock prices, with earnings per share (EPS) as an intervening variable, in Islamic banks listed on the Indonesia Stock Exchange during the 2018–2024 period. Profitability was measured using return on assets (ROA) and return on equity (ROE). This study employed a quantitative approach with a purposive sampling method based on two criteria: Islamic banks that had been continuously listed on the Indonesia Stock Exchange from the second quarter of 2018 to the fourth quarter of 2024 and those that had consistently published financial reports throughout the research period. The data used were secondary data obtained from Yahoo Finance, financial reports available on the official websites of each bank, and the Bank Indonesia (BI) website. The data were analyzed using multiple linear regression analysis and the Sobel test. The results indicated that ROE had a significant effect on EPS, whereas ROA and exchange rates had no significant effect on EPS. EPS had a significant effect on stock prices, while ROA, ROE, and exchange rates had no significant direct effects on stock prices.
Agustin, D. N., Hendrati, I. M., & Asmara, K. (2021). Kontribusi sektor pariwisata terhadap pendapatan asli daerah Kota Surabaya. Jurnal Progres Ekonomi Pembangunan (JPEP), 6(2). https://doi.org/10.33772/jpep.v6i2.19036
Al-Qudah, H. A. (2020). The impact of financial performance on stock prices of Jordanian Islamic banks during the period from 2010 to 2018. International Journal of Economics and Financial Issues, 10(1), 228–234.
Amin, R. N., Budiyanti, H., Nurman, Ramli, A., & Anwar. (2023). The effect of exchange rates, interest rates, and inflation on the share prices of companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange for the 2017–2022 period. Journal of Mirai Management, 8(2), 327–343.
Ananda, M., Gulo, F. D., Purba, M. N., & Ginting, W. A. (2023). Analysis of return on assets, net profit margin, debt-to-equity ratio on stock prices of financial companies. Journal of Research in Business, Economics, and Education, 5(3), 61–70. https://doi.org/10.55683/jrbee.v5i3.439
Ardhana, F. C., & Anwar, S. (2023). EPS as an intervening variable between profitability, solvency, liquidity, and stock prices. Jambura Economic Education Journal, 5(2), 64–74.
Artaya, M., Purbawangsa, I. B. A., & Artini, L. G. S. (2014). The influence of macroeconomic factors, investment risk, and financial performance on stock returns of companies listed on the Indonesia Stock Exchange. E-Jurnal Ekonomi dan Bisnis Universitas Udayana, 3(12), 689–701.
Astuti, Sembiring, L. D., Supitriyani, Azwar, K., & Susanti, E. (2021). Analysis of financial statements (H. F. Ningrum, Ed.). CV. Media Sains Indonesia.
Bakhri, S., Nurbaiti, F., & Yusuf, A. A. (2023). The most influential factors on stock prices in the JII Index. Jurnal Manajemen, 27(3), 612–631.
Erawati, T., & Alawiyah, H. N. (2021). The effect of return on equity and debt-to-earning ratio on stock prices with earnings per share as an intervening variable: A case study of hotel, restaurant, and tourism sector companies listed on the Indonesia Stock Exchange during 2016–2019. Jurnal Ilmiah Akuntansi, 12(3), 84–100. https://ejournal.unibba.ac.id/index.php/akurat/article/view/674
Febriana, H., Rismanty, V. A., Bertuah, E., Permata, S. U., Anismadiyah, V., Sembiring, L. D., Dewi, N. S., Jamaludin, Jatmiko, N. S., Inrawan, A., Astuti, W., & Dewi, I. K. (2021). Basics of financial statement analysis (J. Irnawati, Ed.). CV. Media Sains Indonesia.
Firman, D., & Rialdy, N. (2024). The effect of return on equity, earnings per share, and interest rates on stock returns. Jurnal Ilmiah Ekonomi dan Manajemen, 2(6), 497–505. https://doi.org/10.61722/jiem.v2i6.1519
Fitriani, M., & Indra, Y. A. (2022). The effect of profitability on stock prices in the Jakarta Islamic Index in 2018–2020. Al-Intaj: Jurnal Ekonomi Syariah dan Perbankan, 8(1), 15–24. https://doi.org/10.29300/aij.v8i1.4966
Gotami, P. A. S., Sastri, I. D. A. M. M., & Putra, I. G. B. N. P. (2023). The Battle of the... [Data referensi belum lengkap.]
Hajar, N., Tho'in, M., & Musta'an. (2020). The effect of banking financial soundness on stock prices through earnings and capital variables. International Journal of Economics, Business and Accounting Research (IJEBAR), 4(4), 1099–1104.
Hanani, M. M., Nafis, A. W., & Is'adi, M. (2024). Fundamental and macroeconomic analysis of stock prices in the consumer non-cyclicals sector listed on the Indonesia Sharia Stock Index. Journal of Islamic Economics Lariba, 10(1), 307–330.
Hidayati, L., & Suwaidi, R. A. (2022). Earnings per share as an intervening variable between financial ratios and stock prices in property and real estate companies. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 5(1), 74–85. https://doi.org/10.32670/fairvalue.v5i1.1914
Hikmah, N., Kadir, M. A., & Sohilouw, M. I. (2022). The effect of return on assets (ROA) on stock price with earnings per share (EPS) as an intervening variable. YUME: Journal of Management, 5(3), 148–165. https://doi.org/10.2568/yum.v5i3.3060
Jessica, Michelle, & Lilia, W. (2021). The effect of interest rates, exchange rates, inflation, and return on assets (ROA) on stock prices in the banking sub-sector listed on the Indonesia Stock Exchange during 2016–2019. Jurnal Ilmiah Universitas Batanghari Jambi, 21(1), 317–326. https://doi.org/10.33087/jiubj.v21i1.1254
Jibril, B. T., Hamid, K. T., Muhammad, A. D., & Rabi'u, W. T. (2021). Awareness and perception of customers on Islamic banking products and services: A meta-synthesis. Journal of Accounting Research, Organization and Economics, 4(3), 234–247.
Kartikaningsih, D., Nugraha, & Sugiyanto. (2020). The effect of exchange rates on stock prices in the infrastructure sector during the COVID-19 pandemic. Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan, 3(1), 53–60.
Kenneh, M. (2024). Sharia investment challenges and growth for sustainable and inclusive financial equality in digital innovation. Bulletin of Islamic Economics, 3(1), 1–11.
Kurniawan, A. (2019). The effect of inflation, interest rates, and exchange rates on the stock prices of banking companies. Jurnal Ilmu dan Riset Manajemen, 8(1), 1–16.
Machmuddah, Z., Suhartono, E., & Sumaryati, A. (2021). Factors affecting stock prices in Indonesia. International Journal of Accounting Research, 6(1), 44–49.
Majid, J., Pagalung, G., Ruslan, A., Jao, R., & Muchran, M. (2022). Factors determining the price of sharia shares listed in the Indonesian Sharia Stock Index. Al-Mashrafiyah: Jurnal Ekonomi, Keuangan, dan Perbankan Syariah, 6(1), 41–52.
Medyawati, H., & Yunanto, M. (2020). Determinants of stock prices of manufacturing companies: Evidence from Indonesia. Journal of Economics and Business, 3(2), 524–535. https://doi.org/10.31014/aior.1992.03.02.217
Moorcy, N. H., Alwi, M., & Yusuf, T. (2021). The effect of inflation, interest rates, and exchange rates on the composite stock price index on the Indonesia Stock Exchange. Jurnal GeoEkonomi, 12(1), 67–78.
Mustika, D. I., Djatnika, D., & Setiawan, S. (2022). The effect of company financial performance and macroeconomic variables on stock prices listed in the Jakarta Islamic Index. Journal of Applied Islamic Economics and Finance, 2(2), 351–362. https://doi.org/10.35313/jaief.v2i2.2974
Nanda, S., Lantara, N., Arfah, A., Arif, M., & Ameliana, Y. (2023). The effect of financial and macroeconomic performance on stock prices in the banking sub-sector. SEIKO: Journal of Management & Business, 6(2), 374–383.
Novita, L. (2022). The effect of financial performance on stock prices. Economics and Digital Business Review, 3(2), 41–58.
Noviyanti, E. A., Rahayu, C. W. E., & Rahmawati, C. H. T. (2021). Financial performance and stock price: Another review of banks listed on the Indonesia Stock Exchange. Journal of Management and Business Environment, 3(1), 70–88. https://doi.org/10.24167/jmbe.v3i1.3438
Nurlaila, S., Ekananda, M., & Lestari, E. P. (2024). The influence of financial performance, inflation rate, and GDP growth on property and real estate company stock prices listed on the Indonesia Stock Exchange during 2013–2019. COSTING: Journal of Economic, Business and Accounting, 7(4), 7123–7130.
Pratiwi, A. N., Rakhimah, F. A., Nugraha, D. A., & Oktafia, R. (2024). Return on assets (ROA): A literature review and its implications for measuring banking financial performance. Jurnal Ilmiah Ekonomi dan Manajemen, 2(6), 89–97. https://doi.org/10.61722/jiem.v2i6.1280
Shahariman, A. A. B., Asari, N. A. M. B., Sulaiman, N. A. A. B., & Marzuki, N. A. A. B. (2024). Islamic principles and their application in personal financial decision making.
Copyright (c) 2026 Lia Siti Maziddah, Henny Medyawati
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
