The Effect of Micro economic Variables with Interest Rate as Moderating Variables on the Return of Stock Manufacturing Companies in Indonesian Stock Exchange

Abstract

Theperiod2014to2018isaverygoodperiodforinvestinginsharesontheIndonesiaStockExchange(IDX).Politicalconditionsarerelativelystableandconducive,supportthebusinessventurestoproducegoodperformanceandintheendprovidehighstockreturns.Fromtheresearchsampleof21manufacturingcompanies(basicandchemicalindustries,variousindustriesandconsumergoodsindustries),todeterminetheeffectofmicroeconomicsonstockreturns,anaveragestockreturn(RTS)was9.5%andthehighestwas140.83%;positiveeconomicvalueadded(EVA)anaverageofRp.497.7billionandthehighestwasRp.3.452billion;operatingcashflow(OCF)anaverageofRp.2.241billion,andthehighestwasRp.1,748billion;earningpershare(EPS)averagedRp.296.25andthehighestwasRp.1,211;returnonequity(ROE)anaverageof14.87%andthehighestis26.40%;returnonrevenue(ROR)withanaverageof9.92%andthehighest32.74%;interest(INT)wasrelativelystablewithanaverageof4.24%.Fromquantitativetesting,todeterminetheeffectofmicroeconomicswiththeindependentvariablesEVA,OCF,EPS,ROEandRORonthedependentvariableRTS;partialtestingisonlytheindependentvariableROEhasasignificanteffectonthedependentvariableRTS.WhilethesimultaneoustestorFtest,theindependentvariablestogether,haveasignificanteffectonthedependentvariablestockreturns(RTS).FurthertestingtodeterminetheeffectofmicroeconomicswithindependentvariablesEVA,OCF,EPS,ROEandRORonthedependentvariableRTS,withmacroeconomicproxybyinterestrates(interest/INT)asamoderatingvariable,onlytheindependentvariableROEtogetherwiththevariablemoderationofINTwhichhasasignificanteffect