Impact of EPS, Price Earning Ratio and Exchange Rate on Stock Prices with Inflation as Mediator

Afif Wahyu Lestari; Pitaloka Dharma Ayu; Sri Rahayu

doi:10.24843/EJA.2026.v36.i07.p07

Authors

Afif Wahyu Lestari Faculty of Economics and Business, Universitas Darul Ulum Islamic Centre Sudirman, Indonesia
Pitaloka Dharma Ayu Faculty of Economics and Business, Universitas Darul Ulum Islamic Centre Sudirman, Indonesia
Sri Rahayu Faculty of Economics and Business, Universitas Darul Ulum Islamic Centre Sudirman, Indonesia

DOI:

https://doi.org/10.24843/EJA.2026.v36.i07.p07

Keywords:

EPS, Exchange Rates, Inflation, PER, Stock Price

Abstract

Utilizing a purposive sample of 18 LQ45 firms from 2019 to 2024, this research evaluates how EPS, PER, and exchange rates drive stock prices, with inflation tested as a mediator. Data was analyzed using EViews 12 panel regression alongside Sobel-tested path analysis. The empirical results reveal that EPS and PER exert a significant positive effect on stock prices, whereas exchange rates exhibit a significant inverse relationship. Interestingly, inflation shows no direct impact and fails to mediate the connections between the independent variables and share values. These findings confirm that LQ45 stock pricing depends primarily on corporate fundamental health and foreign exchange dynamics rather than inflationary pressures during the studied window. The conclusions offer actionable insights for investors, regulators, and financial policymakers.

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