Analysis of the Influence of Macroeconomics of Company’s Financial Performance (Case Study on Manufacturing Companies on the IDX 2020-2024)

Eva Yunizar Rahmawati, Aprilina Susandini

Abstract


Purpose: This study aims to analyze the effects of macroeconomic variables, namely inflation, interest rates, and exchange rates, on the financial performance of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The study seeks to determine the partial and simultaneous impacts of these variables on Return on Assets (ROA).

Design/methodology/approach: This study employs a quantitative approach using secondary data obtained from manufacturing companies listed on the IDX. Macroeconomic data on inflation, interest rates, and exchange rates were analyzed in relation to firms’ financial performance measured by ROA. Multiple regression analysis was applied to examine both partial and simultaneous effects of the independent variables.

Findings: The results indicate that inflation has a negative and significant effect on ROA, suggesting that rising inflation pressures company profitability through increased input costs. Interest rates have no significant effect on ROA, implying that changes in benchmark rates have not substantially affected corporate profitability. In contrast, the exchange rate has a positive and significant effect on ROA, indicating that rupiah depreciation benefits export-oriented firms through higher foreign exchange revenues. Simultaneously, inflation, interest rates, and exchange rates significantly affect ROA, with an Adjusted R Square of 30.1%.

Research limitations/implications: The study focuses exclusively on manufacturing companies in Indonesia during the 2020–2024 period. Future studies may incorporate additional macroeconomic and firm-specific variables to enhance explanatory power.

Practical implications: The findings provide insights for managers and investors in assessing the impact of macroeconomic conditions on corporate profitability and financial strategies.

Originality/value: This study contributes empirical evidence regarding the role of inflation, interest rates, and exchange rates in shaping the financial performance of Indonesian manufacturing firms in the post-pandemic period.


Keywords


Exchange Rate; Financial Performance; Inflation; Interest Rate; Return on Assets

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DOI: https://doi.org/10.21107/ee.v12i1.35115

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