Harga Saham Emiten Emas Indonesia: Commodity Driven di Tengah Guncangan Makroekonomi Pasca Pandemi
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Abstract
Penelitian ini bertujuan menganalisis pengaruuh inflasi, kurs, dan harga emas dunia terhadap harga saham emiten emas yang terdaftar di Bursa Efek Indonesia periode 2018-2025. Penelitian ini menggunakan pendekatan kuantitatif dengan desain deskriptif dan verifikatif serta memanfaatkan data panel bulanan sebanyak 480 observasi yang berasal dari lima perusahaan pertambangan emas. Analisis dilakukan menggunakan regresi data panel dengan bantuan perangkat lunak EViews13, di mana berdasarkan pengujian Chow dan Hausman diperoleh Random Effect Model (REM) sebagai model estimasi terbaik. Hasil penelitian menunjukkan inflasi berpengaruh positif dan signifikan terhadap harga saham, kurs berpengaruh negatif namun tidak signifikan, sedangkan harga emas dunia berpengaruh positif dan signifikan serta menjadi variabel yang memiliki pengaruh paling dominan. Nilai koefisien determinasi sebesar 85,98% menunjukkan bahwa variasi harga saham mampu dijelaskan secara kuat oleh model penelitian.
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