The Influence of Financial Ratios on Stock Returns: Evidence from the Indonesia Stock Exchange
DOI:
https://doi.org/10.59086/jam.v4i1.668Keywords:
ROE, EPS, Stock performance, DER, CRAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh Return on Equity (ROE), Current Ratio (CR), Earnings Per Share (EPS), dan Debt to Equity Ratio (DER) terhadap kinerja saham perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2019–2024. Fluktuasi signifikan dalam harga saham sektor pertambangan selama periode tersebut menunjukkan pentingnya faktor fundamental dalam menentukan pergerakan saham. Studi ini menggunakan pendekatan verifikatif dengan populasi sebanyak 74 perusahaan, dan melalui teknik purposive sampling diperoleh 49 perusahaan yang memenuhi kriteria. Data sekunder dikumpulkan dari laporan keuangan yang dipublikasikan di situs resmi BEI, dan dianalisis menggunakan metode regresi data panel dengan perangkat lunak EViews versi 14. Hasil penelitian menunjukkan bahwa ROE, CR, dan EPS berpengaruh positif dan signifikan terhadap kinerja saham, sementara DER berpengaruh negatif dan signifikan. Temuan ini memperkuat peran indikator fundamental dalam memprediksi kinerja saham sektor pertambangan di Indonesia. Penelitian ini diharapkan dapat memberikan kontribusi bagi investor, manajer keuangan, dan pembuat kebijakan dalam pengambilan keputusan strategis di pasar modal.
This study aims to analyze the effect of Return on Equity (ROE), Current Ratio (CR), Earnings Per Share (EPS), and Debt to Equity Ratio (DER) on the stock performance of mining sector companies listed on the Indonesia Stock Exchange (IDX) in the 2019-2024 period. Significant fluctuations in mining sector stock prices during the period indicate the importance of fundamental factors in determining stock movements. This study uses a verification approach with a population of 74 companies, and through purposive sampling technique, 49 companies that meet the criteria are obtained. Secondary data were collected from financial reports published on the official IDX website, and analyzed using the panel data regression method with EViews software version 14. The results showed that ROE, CR, and EPS had a positive and significant effect on stock performance, while DER had a negative and significant effect. These findings strengthen the role of fundamental indicators in predicting the performance of mining sector stocks in Indonesia. This research is expected to contribute to investors, financial managers, and policy makers in making strategic decisions in the capital market.
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