Analysis of the Influence of Macroeconomic Factors on Corporate Profits (Case Study at PT. Telkom)

Abstract

The purpose of this study is to analyze effect of macroeconomics factors (exchange rate, interest
rate, inflation and GDP growth) for profit of PT Telkom Indonesia (Persero) Tbk. for 2009-2019
period. The data that used is in form of annual secondary data for the 2009-2019 period. The result
obtained after several statistical test in this study indicates that all four independent variables have
simultaneous effect on dependent variables, while only two variables have partial effect which are
inflation and exchange rate (IDR/USD) while interest rate and GDP growth have no effect to
company’s profit especially on PT. Telkom. The result to investigate short term relationship
equilibrium that used with error correction method (ECM) indicates that each independent variable
which are exchange rate, interest rate, inflation and GDP growth show that all variables have no
significant effect to dependent variable (profit). But simultaneously all these independent variables
have an effect on profit in the short term, this is proven by the value of Prob. (F-statistic) by
0.041902. this value is bigger than ?=5% which means accept H0.