The Effect of Excise Tax Increases and Inflation on Cigarette Companies Stock Prices Through Financial Performance as an Intervening Variable

This study analyzes the factors that influence stock prices through financial performance. This study uses data from cigarette companies listed on the Indonesia Stock Exchange (IDX), namely PT Gudang Garam Tbk, PT HM Sampoerna Tbk, and PT Wismillak Tbk. The variables used are excise tax increases and inflation as independent variables; financial performance as an intervening variable; and stock price as an dependent variable. The results of the study indicate that excise tax increases significantly affect the financial performance of PT Gudang Garam Tbk, PT HM Sampoerna, and PT Wismillak Tbk. Furthermore, the results of this study also indicate that excise tax increases do not affect the stock prices of all cigarette companies. Inflation also does not affect the financial performance and stock prices of all cigarette companies. In addition, the results of this study also indicate that financial performance affects the stock price of PT HM Sampoerna, but financial performance cannot mediate the effects of excise tax increases and inflation on the stock prices of cigarette companies.