The Impact of ROE, DER, & EPS on Stock Prices in Non-Bank LQ-45 Indeks Company
DOI:
https://doi.org/10.63541/d10qqc08Keywords:
Debt to Equity Ratio, Earning Per Share, LQ45, Return On Equity, Stock PriceAbstract
The purpose of this study is to examine and empirically prove the influence of Return on Equity (ROE), Debt to Equity Ratio (DER), and Earnings Per Share (EPS) on stock prices. The population consists of non-bank companies listed in the LQ-45 Index on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. A total of 35 companies were selected using a purposive sampling technique. The data were analyzed using a panel data regression model with the Fixed Effect Model (FEM) approach through EViews version 13 software. The results indicate that ROE has a significant positive effect on stock prices, while DER has a significant negative effect. Meanwhile, EPS was found to have no significant effect on stock prices, suggesting that earnings per share information has already been reflected in market prices. Simultaneously, the independent variables explain 95.34% of the variation in stock prices. These findings imply that investors should prioritize the analysis of profitability and capital structure over earnings per share when making investment decisions in LQ-45 stocks.
References
Alvira Lutfiah, & Edy Suryadi. (2024). The Impact of DER, TATO, CR, & EPS on Stock Prices Alongside DPR as a Mediation Variable. Jurnal Riset Akuntansi Dan Keuangan 12(1), 767-784.
Arief Sugiono , & Edy Untung . (2016). Panduan Praktis Dasar Analisa Laporan Keuangan (Revisi). Jakarta : Grasindo.
Annisa, A., & Setiawan, M. S. (2025). The Impact of DER, TATO and Company Size on ROE. CAKRAWALA: Management Science Journal, 2(2), 12-22.
Brigham, Eugene. F, Houston, & Joel F. (2011a). Dasar-dasar Manjemen Keuangan buku 1 (Ali Akbar Yulianto, Trans.). Jakarta: SALEMBA EMPAT.
Brigham, Eugene. F, Houston, & Joel F. (2011b). Dasar-dasar Manjemen Keuangan buku 2 (Ali Akbar Yulianto, Trans.). Jakarta: SALEMBA EMPAT.
Feri Sandria. (2021, November 16). Saham LQ45 Sulit Cuan, Rupanya Ini Penyebabnya. CNBC Indonesia; cnbcindonesia.com. https://www.cnbcindonesia.com/market/20211116115853-17-291884/saham-lq45-sulit-cuan-rupanya-ini-penyebabnya/2
Hair, J. F., et al. (2019). Multivariate Data Analysis. Pearson.
Harahap, S., S. (2018). Analisis Kritis Atas Laporan Keuangan. Edisi 14. Depok: Raja Grafindo Persada.
Hery, S. M. C. R. (2016). Financial ratio for bussiness. Gramedia Widiasarana Indonesia. https://books.google.co.id/books?id=kkvwzwEACAAJ
Hery. (2015). Analisis Laporan Keuangan (edisi 1). Yogyakarta: Center For Academic Publishing Services.
Iba, Zainuddin, & Aditya Wardhana. (2024). Uji Asumsi Klasik (pp. 40–59).
Jogiyanto. (2014). Teori Portofolio dan Analisis Investasi (Edisi ke 10). Yogyakarta :BPFE.
KEMENTERIAN KOORDINATOR BIDANG PEREKONOMIAN REPUBLIK INDONESIA. (2024, January 15). Pasar Modal Goes to Young Generation: Gaet Investor Muda, Tingkatkan Nilai Kapitalisasi Pasar - Kementerian Koordinator Bidang Perekonomian Republik Indonesia. Ekon.go.id. https://ekon.go.id/publikasi/detail/5589/pasar-modal-goes-to-young-generation-gaet-investor-muda-tingkatkan-nilai-kapitalisasi-pasar
Laras Auditria Putri. (2023). Pengaruh Rasio Likuiditas dan Rasio Profitabilitas Terhadap Harga Saham . Owner: Riset & Jurnal Akuntansi , 7, Nomor 2(2548-9224). https://doi.org/10.33395/owner.v7i2.1344
Mohammad Aviciena Taufiq , & Erina Sudaryati. (2024). Pengaruh Analisis Profitabilitas & Likuiditas Terhadap Harga Saham Sektor Energi 2017 – 2022. Owner: Riset & Jurnal Akuntansi , Vol. 8, No. 2(2548-9224). https://doi.org/10.33395/owner.v8i2.1970
Neni Nurisniani. (2023). Pengaruh Produktivitas, Profitabilitas, Dan Tingkat Suku Bunga Terhadap Harga Saham. Jurnal Ilmiah Manajemen Kesatuan, 11, No: 1, 2023(2337-7860), 11–20. https://doi.org/10.37641/jimkes.v11i1.1574
Otoritas Jasa Keuangan, S. P. (2024, August 12). OJK Dorong Penguatan Transparansi dan Inklusi Keuangan Pasar Modal, Perayaan 47 Tahun Diaktifkannya Kembali Pasar Modal Indonesia. Ojk.go.id. https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Perayaan-47-Tahun-Diaktifkannya-Kembali-Pasar-Modal-Indonesia.aspx
Pouraghajan et al. (2013). Investigation the Effect of Financial Ratios, Operating Cash Flow, Firm Size on Earning Per Share: Vols. 4, No. 5. International Research Journal of Applied and Basic Science.
Prajitno, & Subagio Budi. (2013). Metodologi penelitian kuantitatif (pp. 1–29). Jurnal. Bandung: UIN Sunan Gunung Djati .(tersedia di http://komunikasi. uinsgd. ac. id).
Tina Novianti Sitanggang, Cristover Halomoan Manalu, & Mutiara M. Sianturi. (2022). Pengaruh ROA, CR,TATO, dan DER terhadap Harga Saham pada Sektor Pertambangan yang terdaftar di BEI Periode 2016-2019. Owner: Riset & Jurnal Akuntansi , Volume 6 Nomor 1(2548-9224). https://doi.org/10.33395/owner.v6i1.431
Triana, M., & Debbie, C. (2025). The Effect of Profitability on Stock Prices of LQ45 Firms. CAKRAWALA: Management Science Journal, 2(3), 1-17.
Tri Wulansari, Sulastri, Marlina Widiyanti, & Mohamad Adam. (2023). The Effect of Financial Ratio on Stock Price in Telecommunications Sector Companies Listed on the Indonesia Stock Exchange . International Journal of Business, Economics & Management, 6 (1), 1–9. https://doi.org/10.21744/ijbem.v6n1.2058
Zalmi Zubir. (2011). MANAJEMEN PORTOFOLIO, PENERAPANNYA DALAM INVESTASI SAHAM (Vol. 001.4). SALEMBA EMPAT.
Zulfikar. (2016). Pengantar Pasar Modal dengan Pendekatan Statistika. CV Budi Utama.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Yulitsya Cahya Praptiningtiyas Tiyas, Annisa Annisa
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Cakrawala Management Science Journal is licensed under CC BY-NC-SA 4.0
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access)
