The Influence of Economic Factors on Investment Decisions in Property & Real Estate Sub-Sector Companies Listed on the Indonesia Stock Exchange for the Period 2020-2023
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Jun 15, 2025
Keywords:
Investment Decision, Inflation, Interest Rate, Price Earning Ratio
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Abstract
This study aims to determine the effect of economic factors on investment decisions, especially in property and real estate companies listed on the Indonesia Stock Exchange for 2020-2023. The financial factors that are the focus of this research are inflation and interest rates, with investment decisions proxied by the Price Earning Ratio (PER). The sample in this study consisted of 8 companies selected using a non-probability sampling method with a purposive sampling technique. Meanwhile, the research population includes all property and real estate companies listed on the Indonesia Stock Exchange, including as many as 94 companies. The method used in this research is a quantitative method with an associative approach. Data analysis was carried out using multiple linear regression techniques to measure the effect of inflation and interest rates on investment decisions. The results showed that inflation positively and significantly influences investment decisions as measured by Price Earning Ratio (PER). This means that an increase in inflation drives an increase in PER, which indicates that investors still have optimism about the prospects for investment in the property and real estate sector despite inflationary pressures. Conversely, interest rates have a positive and significant effect on investment decisions, which means that an increase in interest rates causes a decrease in PER. This shows that when interest rates increase, investors tend to shift their investments to safer instruments, thereby reducing interest in property and real estate stocks.
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Oktavia, D., Nisfi, F. L., & Purdianto, A. (2025). The Influence of Economic Factors on Investment Decisions in Property & Real Estate Sub-Sector Companies Listed on the Indonesia Stock Exchange for the Period 2020-2023. Jurnal Informasi Dan Teknologi, 27-37. https://doi.org/10.60083/jidt.vi0.625
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References
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[7] A. Ariawan, T. E. Susianto, and E. C. Mayndarto, "Effect Of Return On Assets (ROA), Earnings Per Share (EPS), and Price Earning Ratio (PER) On Share Prices Of Companies In The Property and Real Estate Sector Listed On The IDX 2021-2022," Journal of Economics, vol. 12, no. 02, pp. 709-716, Apr. 2023, Accessed: Jun. 06, 2025. [Online]. Available: https://www.ejournal.seaninstitute.or.id/index.php/Ekonomi/article/view/1758
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[11] R. Mamuaja, I. S. Saerang, and H. H. D. Tasik, "Analysis of the Effect of Money Supply, Interest Rates, and Inflation on Banking Credit Growth in Indonesia Before and After the Covid-19 Pandemic," EMBA Journal: Journal of Economic, Management, Business and Accounting Research, vol. 12, no. Vol. 12 No. 03 (2024): JE. Vol. 12 No. 3, pp. 892-901, Sep. 2024, doi: https://doi.org/10.35794/emba.v12i03.57736.
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[13] D. Maulani and D. Riani, "The Effect of Inflation, Interest Rates and Financial Ratios on Stock Prices," Oikonomia: Journal of Management, vol. 17, no. Vol. 17 No. 2 (2021): Oikonomia: Journal of Management, pp. 84-96, Jul. 2021, doi: https://doi.org/10.47313/oikonomia.v17i2.1244.
[14] N. Suprasta and N. MN, "Factors Affecting Stock Investment Decision Making," Journal of Economics, vol. 25, no. 2, pp. 251-269, Jul. 2020, doi: 10.24912/je.v25i2.669.
[15] R. Jatisuryaputra and S. Utiyati, "THE EFFECT OF INFLATION, INTEREST RATE, EARNING PER SHARE, AND ASSET turnover ON STOCK PRICE," Journal of Management Science and Research, vol. 6, no. 7, pp. 1-19, Jan. 2017, Accessed: Jun. 06, 2025. [Online]. Available: https://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/1746
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[17] K. F. Ratag, Lucky O. H. Dotulong, and Genita G. Lumintang, "THE INFLUENCE OF TRANSFORMATIONAL LEADERSHIP AND QUALITY OF WORK LIFE ON ORGANIZATIONAL CITIZENSHIP BEHAVIOR (OCB) IN POLICE OFFICERS IN THE SAMARINDA POLRESTA CRIMINAL RESERVE UNIT," EMBA Journal: Journal of Economic, Management, Business and Accounting Research, vol. 11, no. 3, pp. 1293-1304, Sep. 2023, doi: 10.35794/emba.v11i3.50699.
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[20] M. H. Meiditambua, S. A. Centauri, and M. R. Fahlevi, "The Effect of Inflation on Economic Growth: An Indonesian Perspective," ACITYA ARDANA JOURNAL, vol. 3, no. 1, pp. 17-26, Nov. 2023, doi: 10.31092/jaa.v3i1.2045.
[21] H. H. Alwi and L. Nirawati, "The Effect of Inflation, Bank Indonesia Interest Rate, and Rupiah Exchange Rate (USD/IDR) on the Business-27 Stock Index on the Indonesia Stock Exchange (IDX)," Al-Kharaj: Journal of Islamic Economics, Finance & Business, vol. 5, no. 2, pp. 620-635, Aug. 2022, doi: 10.47467/alkharaj.v5i2.1242.
[22] W. Sugianto, F. Muslim, and I. Putra, "Analysis of Interest Rate Assessment (BI-7DRR) on the Stock Price of Bank Rakyat Indonesia (BRI) Persero for the 2019-2022 Period," JOURNAL ON TEACHER EDUCATION, vol. 5, no. Vol. 5 No. 4 (2024): Journal on Teacher Education, pp. 23-33, Jun. 2024, doi: https://doi.org/10.31004/jote.v5i4.27828.
[23] A. Hakim, "The Effect of Inflation and Interest Rates on Economic Growth in Indonesia," Economics, Finance, Investment and Sharia (EKUITAS), vol. 4, no. 4, pp. 1283-1291, May 2023, doi: 10.47065/ekuitas.v4i4.3377.
[24] I. Nurjanah, M. Azzahra, S. F. Mulia, E. Delviro, and M. Panorama, "The Effect of Inflation and Interest Rates on the Composite Stock Price Index (JCI) for the 2018-2022 Period," Jupeko (Journal of Economic Education), vol. 8, no. 2, pp. 19-24, 2023, doi: https://doi.org/10.29100/jupeko.v8i2.4796.
[25] S. S. Sri Mulyani, J. Jamaludin, and B. Huda, "The Effect of Earning Per Share and Bi-7 Day Reverse Repo Rate on the Share Price of PT Bank Tabungan Negara (Persero) Tbk for the 2016-2020 Period," Dimamu Journal, vol. 1, no. 1, pp. 61-69, Dec. 2021, doi. 2021, doi: 10.32627/dimamu.v1i1.378.
[26] R. Sukmalia, "The Effect of Perceptions of Assets, Collateral, and Banking Loan Interest Rates on Credit Decisions of MSME Actors at Bank BRI New Branch," Thesis, Faculty of Economics and Bismis, Universitas Muhammadiyah Makassar, 2022.
[27] N. K. Rina Pradnyawati and N. L. G. E. Sulindawati, "The Effect of Interest Rates, Credit Procedures, Service Quality, and Collateral on Credit Decisions of MSME Actors in Mendoyo District," JIMAT (Scientific Journal of Accounting Students) Undiksha, vol. 14, no. 02, pp. 408-418, Jun. 2023, doi: 10.23887/jimat.v14i02.62188.
[28] E. W. D. Sari and A. Subardjo, "The Effect of Investment Decisions, Funding Decisions and Dividend Policy on Firm Value," Journal of Accounting Science and Research, vol. 1, no. Vol 7 No 10 (2018): Journal of Accounting Science and Research, pp. 1-16, Jan. 2020, Accessed: Jun. 06, 2025. [Online]. Available: https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/1210
[29] S. Amalia, K. A. Effendi, and S. Riantani, "'Carbon Spectacular' - Exploring the Path to Enhance the Precision of Fiscal and Tax Support for Innovative Technologies in Energy Conservation and Emission Reduction," J Econ Bus, vol. 7, no. 3, pp. 88-102, Sep. 2024, doi: 10.31014/aior.1992.07.03.596.
[30] F. S. Mishkin, The Economics of Money, Banking, and Financial Markets 13 E, 13th ed. New York: Pearson: Harlow, 2022, 2022. Accessed: Jun. 06, 2025. [Online]. Available: https://digilib.perbanas.id/index.php?p=show_detail&id=1127993&keywords=
[31] I. Fisher, The Purchasing Power Of Money: Its' Determination And Relation To Credit Interest And Crises. New York: Cosimo, Inc. 2006. Accessed: Jun. 06, 2025. [Online]. Available: https://books.google.co.id/books?hl=en&lr=&id=a07TxVOETfAC&oi=fnd&pg=PR11&dq=The+Purchasing+Power+Of+Money:+Its%27+Determination+and+Relation+To+Credit+Interest+And+Crises&ots=H3OBdXsesH&sig=1KxcTUGwzwo9QHk7DrE0wkhguyA&redir_esc=y#v=onepage&q=The%20Purchasing%20Power%20Of%20Money%3A%20Its’%20Determination%20And%20Relation%20To%20Credit%20Interest%20And%20Crises&f=false
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