Pengaruh Inflasi terhadap Harga Saham PT Bank Syariah Indonesia, Tbk. dengan Kurs sebagai Variabel Intervening

Abstract

This study examines the effect of inflation on the stock price of PT Bank Syariah Indonesia, Tbk., with the exchange rate as an intervening variable during 2022–2025. The study applies a quantitative causal design and uses secondary monthly data comprising 48 observations. Data were analyzed using SPSS version 26 through classical assumption tests, linear regression, path analysis, coefficient of determination, and the Sobel test. The results indicate that inflation has a negative but insignificant effect on stock price, while the exchange rate has a positive and significant effect on stock price. Inflation also has a negative and insignificant effect on the exchange rate. The mediation test indicates that the exchange rate does not mediate the effect of inflation on stock price. These findings indicate that inflation movements during the study period did not statistically explain changes in BSI stock price, while the exchange rate showed a stronger relationship with stock price. The study provides empirical evidence on the relationship between macroeconomic variables and Islamic banking stock prices during the observed period.