Main Article Content
Abstract
Purpose: This study analyzes the effect of return on assets (ROA), net profit margin (NPM), debt-to-equity ratio (DER), and earnings per share (EPS) on the share price of banking companies on the Indonesia Stock Exchange (IDX).
Research Design and Methodology: This study uses secondary data from 6 banking companies selected by purposive sampling based on financial reports for 2018–2022. The analysis was conducted using IBM SPSS version 25 to test the relationship between these variables.
Findings and Discussion: The analysis shows that EPS has a positive and significant effect on stock prices, while DER shows a negative but insignificant effect. ROA and NPM show a positive but insignificant effect.
Implications: This research guides investors to pay more attention to EPS when making investment decisions and encourages companies to improve operational performance to attract investors.
Novelty: This research is unique in its particular focus on the banking sector in Indonesia and its integration of fundamental analysis from short-term and long-term perspectives.
Keywords
Article Details
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
- Ajeng, P., Suun, M., & Subhan, S. (2023). Examining Linkage Factors in Stock Prices. Advances in Management & Financial Reporting, 1(2 SE-Articles). https://doi.org/10.60079/amfr.v1i2.118
- Alifatussalimah, A., & Sujud, A. (2020). Pengaruh ROA, NPM, DER, dan EPS terhadap Harga Saham Perusahaan Subsektor Perkebunan di Bursa Efek Indonesia. Oikonomia: Jurnal Manajemen, 16(2).
- Amoah, R. A.-M. (2022). Do Income Stocks Provide Higher Total Return than Growth Stocks? Empirical Data Analysis. International Journal of Science and Management Studies, 5(5), 40–48. https://doi.org/10.51386/25815946/ijsms-v5i5p105
- Anggadini, S. D., & Tarsiah, E. (2017). The Influence of Net Profit Margin and Current Ratio on Stock Price. Jurnal Riset Akuntansi, 9(2), 37–43.
- Bloom, N. (2014). Fluctuations in Uncertainty. Journal of Economic Perspectives, 28(2), 153–176. https://doi.org/10.1257/jep.28.2.153
- Bustani, B. (2020). The effect of Return on Assets (roa), Net Profit Margin (npm), dividend payout ratio (dpr) and dividend yield (dy) on stock prices in the subsectors insurance company listed in indonesia stock exchange period 2015-2018. Ilomata International Journal of Tax and Accounting, 1(3), 170–178. https://doi.org/https://doi.org/10.52728/ijtc.v1i3.113
- Deluard, V. (2022). A Costly Mistake for Investors, US Capital Markets, and Growth: Evidence from the Exclusion of Dual-Class Stocks from Popular Indices. US Capital Markets, and Growth: Evidence from the Exclusion of Dual-Class Stocks from Popular Indices (March 17, 2022). https://doi.org/10.2139/ssrn.4060296
- Egam, G. E. Y., Ilat, V., & Pangerapan, S. (2017). Pengaruh Return on Asset (ROA), Return on Equity (ROE), Net Profit Margin (NPM), dan Earning Per Share (EPS) terhadap Harga Saham Perusahaan yang Tergabung dalam Indeks LQ45 di Bursa Efek Indonesia Periode Tahun 2013-2015. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(1). https://doi.org/10.35794/emba.5.1.2017.15455
- Fos, V., & Holderness, C. G. (2023). The distribution of voting rights to shareholders. Journal of Financial and Quantitative Analysis, 58(5), 1878–1910. https://doi.org/10.1017/s0022109022000655
- Gunawan, E. (2023). Liquidity Ratio Analysis in Financing Short Term Liabilities. International Journal of Health, Economics, and Social Sciences (IJHESS), 5(2), 157–162. https://doi.org/10.56338/ijhess.v5i2.3611
- Gupta, A., Misra, L., & Shi, Y. (2017). Product-market competitiveness and investor reaction to corporate governance failures. International Review of Economics & Finance, 48, 134–147. https://doi.org/https://doi.org/10.1016/j.iref.2016.11.014
- Haeruddin, S. H. (2023). Accounts Receivable Turnover Analysis and Company Merchandise Inventory Turnover. Advances in Management & Financial Reporting, 1(1), 35–43. https://doi.org/10.60079/amfr.v1i1.16
- Handini, M. M. S., & Astawinetu, M. M. E. D. (2020). Teori portofolio dan pasar modal Indonesia. Scopindo Media Pustaka.
- Hasanah, M., & Suryani, E. (2022). Effect of ROA, EPS, and NPM on the Stock Price of Property & Real Estate Sub-Sector Companies in 2009-2018. Management Science Research Journal, 1(2), 6–29. https://doi.org/10.56548/msr.v1i2.16
- Hawa, I. B., & Prijati, P. (2017). Pengaruh roa, der, npm, dan eps Terhadap Harga Saham pada Perusahaan Properti. Jurnal Ilmu Dan Riset Manajemen (JIRM), 6(11).
- Huebschmann, M., & Halilov, M. (2019). Private Equity Investment Opportunities for Retail Investors. Available at SSRN 3442140. https://doi.org/10.2139/SSRN.3442140
- Kuzmin, E., Guseva, V., & Vlasov, A. (2019). Study of operational efficiency of large-scale publicly owned companies in Russia. Advances in Systems Science and Applications, 19(3), 23–37. https://doi.org/10.25728/ASSA.2019.19.3.747
- Liu, C., Li, Q., & Lin, Y.-E. (2023). Corporate transparency and firm value: Does market competition play an external governance role? Journal of Contemporary Accounting & Economics, 19(1), 100334. https://doi.org/10.1016/j.jcae.2022.100334
- Manoppo, C. P. (2015). The influence of ROA, ROE, ROS, and EPS on stock price. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 3(4).
- Manoppo, V. C. O., Tewal, B., & Jan, A. B. H. (2017). Pengaruh current ratio, DER, ROA dan NPM terhadap harga saham pada perusahaan food and beverages yang terdaftar di BEI (Periode 2013-2015). Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(2).
- Manurung, H. T., & Haryanto, A. M. (2015). Analisis Pengaruh ROE, EPS, NPM Dan MVA Terhadap Harga Saham (Studi Kasus Pada Perusahaan Manufaktur Go Public Sektor Food Dan Beverages Di BEI Tahun 2009–2013). Fakultas Ekonomika dan Bisnis.
- Muslim, M. (2023). Analysis of Corporate Financial Performance Before and After Acquisition. Advances in Management & Financial Reporting, 1(2 SE-Articles), 61–70. https://doi.org/10.60079/amfr.v1i2.86
- Noy, I. (2023). Corporate financial performance in terms of liquidity and profitability. Advances in Management & Financial Reporting, 1(2 SE-Articles). https://doi.org/10.60079/amfr.v1i2.99
- Pandansari, F. A. (2016). Analisis faktor fundamental terhadap harga saham. Accounting Analysis Journal, 1(1).
- Patriawan, D., & Sufian, S. (2021). Analisis pengaruh earning per share (EPS), return on equity (ROE), dan debt to equity ratio (DER) terhadap harga saham pada perusahaan wholesale and retail trade yang terdaftar di bursa efek indonesia (BEI) tahun 2017-2019. Universitas Diponegoro.
- Poursoleiman, E., Mansourfar, G., & Abidin, S. (2020). Financial leverage, debt maturity, future financing constraints and future investment. International Journal of Islamic and Middle Eastern Finance and Management, 13(4), 613–634. https://doi.org/10.1108/IMEFM-10-2019-0430
- Purnama, S. I., & Sari, I. (2022). Pengaruh Net Profit Margin (NPM), Return On Asset (ROA), Dan Return On Equity (ROE) TERHADAP HARGA SAHAM. Jurnal Studia Akuntansi Dan Bisnis (The Indonesian Journal of Management & Accounting), 10(2). https://doi.org/10.55171/jsab.v10i2.759
- Purwanti, D. (2023). The Strategic Imperative of Treasury and Financial Risk Management in a Volatile Economic Landscape. Advances in Management & Financial Reporting, 1(3 SE-Articles), 119–128. https://doi.org/10.60079/amfr.v1i3.224
- Putri, A. A. B., & Sampurno, R. D. (2016). Analisis pengaruh ROA, EPS, NPM, DER dan PBV terhadap return saham (Studi kasus pada industri Real Estate and Property yang terdaftar di Bursa Efek Indonesia periode 2011-2013). Fakultas Ekonomika dan Bisnis.
- Raharjo, D., & Muid, D. (2018). Analisis Pengaruh Faktor-Faktor Fundamental Rasio Keuangan Terhadap Perubahan Harga Saham. Diponegoro Journal of Accounting, 444–454.
- Rohmatun, N. (2017). Pengaruh Current Ratio (CR), Debt to Equity Ratio (DER), Return On Asset (ROA), Return On Equity (ROE), dan Earning Per Share (EPS) Terhadap Harga Saham pada Perusahaan Sub Sektor Konstruksi Bangunan yang Terdaftar di Bursa Efek Indonesia Periode 2011-201. Faculty of Social and Political Sciences.
- Samsuar, T., & Akramunnas, A. (2017). Pengaruh Faktor Fundamental dan Teknikal terhadap Harga Saham Industri Perhotelan yang Terdaftar di Bursa Efek Indonesia. Al-Mashrafiyah: Jurnal Ekonomi, Keuangan, Dan Perbankan Syariah, 1(1).
- Samsul, M. (2015). Pasar Modal dan Manajemen Portofolio Edisi 2. Jakarta: Erlangga.
- Satriawan, F. A., & Utiyati, S. (2019). Pengaruh roa, der, npm, eps terhadap harga saham pada perusahaan telekomunikasi. Jurnal Ilmu Dan Riset Manajemen (JIRM), 8(10).
- Savitri, D. A., & Haryanto, A. M. (2016). Analisis pengaruh ROA, NPM, EPS dan PER terhadap return saham (studi kasus pada perusahaan manufaktur sektor food and beverages periode 2007-2010). Fakultas Ekonomika dan Bisnis.
- Sianipar, A. (2015). Pengaruh Faktor Fundamental Terhadap Harga Saham Industri Perbankan di Indonesia. Universitas Sumatera Utara.
- Utami, H. Y. (2016). Pengaruh Earning Per Share (Eps), Return on Assets (Roa), Net Profit Margin (Npm) Dan Debt Equity Ratio (Der) Secara Simultan Terhadap Tingkat Keuntungan Saham Di Bursa Efek Indonesia (Bei). Economica, 4(1), 1–10. https://doi.org/10.22202/ECONOMICA.2015.V4.I1.271
- Utami, M. R., & Darmawan, A. (2018). Pengaruh DER, ROA, ROE, EPS dan MVA terhadap harga saham pada indeks saham syariah Indonesia. Journal of Applied Managerial Accounting, 2(2), 206–218.
- Wicaksono, R. B. (2015). Pengaruh Eps, Per, Der, Roe Dan Mva Terhadap Harga Saham. Jurnal Akuntansi, 5(5).
- Wijaya, I. G. O., & Suarjaya, A. A. G. (2017). Pengaruh EVA, ROE dan DPR terhadap Harga Saham Perusahaan Manufaktur di BEI. Udayana University.
- Wu, W., & Rui, O. M. (2022). Retail Investors and Stock Price Synchronicity. Review of Pacific Basin Financial Markets and Policies, 25(03), 2250018. https://doi.org/10.1142/s0219091522500187
- Wulandari, D. A. (2019). Analisis faktor fundamental terhadap harga saham industri pertambangan dan pertanian di BEI. Jurnal Akuntansi & Keuangan, 1–13.
References
Ajeng, P., Suun, M., & Subhan, S. (2023). Examining Linkage Factors in Stock Prices. Advances in Management & Financial Reporting, 1(2 SE-Articles). https://doi.org/10.60079/amfr.v1i2.118
Alifatussalimah, A., & Sujud, A. (2020). Pengaruh ROA, NPM, DER, dan EPS terhadap Harga Saham Perusahaan Subsektor Perkebunan di Bursa Efek Indonesia. Oikonomia: Jurnal Manajemen, 16(2).
Amoah, R. A.-M. (2022). Do Income Stocks Provide Higher Total Return than Growth Stocks? Empirical Data Analysis. International Journal of Science and Management Studies, 5(5), 40–48. https://doi.org/10.51386/25815946/ijsms-v5i5p105
Anggadini, S. D., & Tarsiah, E. (2017). The Influence of Net Profit Margin and Current Ratio on Stock Price. Jurnal Riset Akuntansi, 9(2), 37–43.
Bloom, N. (2014). Fluctuations in Uncertainty. Journal of Economic Perspectives, 28(2), 153–176. https://doi.org/10.1257/jep.28.2.153
Bustani, B. (2020). The effect of Return on Assets (roa), Net Profit Margin (npm), dividend payout ratio (dpr) and dividend yield (dy) on stock prices in the subsectors insurance company listed in indonesia stock exchange period 2015-2018. Ilomata International Journal of Tax and Accounting, 1(3), 170–178. https://doi.org/https://doi.org/10.52728/ijtc.v1i3.113
Deluard, V. (2022). A Costly Mistake for Investors, US Capital Markets, and Growth: Evidence from the Exclusion of Dual-Class Stocks from Popular Indices. US Capital Markets, and Growth: Evidence from the Exclusion of Dual-Class Stocks from Popular Indices (March 17, 2022). https://doi.org/10.2139/ssrn.4060296
Egam, G. E. Y., Ilat, V., & Pangerapan, S. (2017). Pengaruh Return on Asset (ROA), Return on Equity (ROE), Net Profit Margin (NPM), dan Earning Per Share (EPS) terhadap Harga Saham Perusahaan yang Tergabung dalam Indeks LQ45 di Bursa Efek Indonesia Periode Tahun 2013-2015. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(1). https://doi.org/10.35794/emba.5.1.2017.15455
Fos, V., & Holderness, C. G. (2023). The distribution of voting rights to shareholders. Journal of Financial and Quantitative Analysis, 58(5), 1878–1910. https://doi.org/10.1017/s0022109022000655
Gunawan, E. (2023). Liquidity Ratio Analysis in Financing Short Term Liabilities. International Journal of Health, Economics, and Social Sciences (IJHESS), 5(2), 157–162. https://doi.org/10.56338/ijhess.v5i2.3611
Gupta, A., Misra, L., & Shi, Y. (2017). Product-market competitiveness and investor reaction to corporate governance failures. International Review of Economics & Finance, 48, 134–147. https://doi.org/https://doi.org/10.1016/j.iref.2016.11.014
Haeruddin, S. H. (2023). Accounts Receivable Turnover Analysis and Company Merchandise Inventory Turnover. Advances in Management & Financial Reporting, 1(1), 35–43. https://doi.org/10.60079/amfr.v1i1.16
Handini, M. M. S., & Astawinetu, M. M. E. D. (2020). Teori portofolio dan pasar modal Indonesia. Scopindo Media Pustaka.
Hasanah, M., & Suryani, E. (2022). Effect of ROA, EPS, and NPM on the Stock Price of Property & Real Estate Sub-Sector Companies in 2009-2018. Management Science Research Journal, 1(2), 6–29. https://doi.org/10.56548/msr.v1i2.16
Hawa, I. B., & Prijati, P. (2017). Pengaruh roa, der, npm, dan eps Terhadap Harga Saham pada Perusahaan Properti. Jurnal Ilmu Dan Riset Manajemen (JIRM), 6(11).
Huebschmann, M., & Halilov, M. (2019). Private Equity Investment Opportunities for Retail Investors. Available at SSRN 3442140. https://doi.org/10.2139/SSRN.3442140
Kuzmin, E., Guseva, V., & Vlasov, A. (2019). Study of operational efficiency of large-scale publicly owned companies in Russia. Advances in Systems Science and Applications, 19(3), 23–37. https://doi.org/10.25728/ASSA.2019.19.3.747
Liu, C., Li, Q., & Lin, Y.-E. (2023). Corporate transparency and firm value: Does market competition play an external governance role? Journal of Contemporary Accounting & Economics, 19(1), 100334. https://doi.org/10.1016/j.jcae.2022.100334
Manoppo, C. P. (2015). The influence of ROA, ROE, ROS, and EPS on stock price. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 3(4).
Manoppo, V. C. O., Tewal, B., & Jan, A. B. H. (2017). Pengaruh current ratio, DER, ROA dan NPM terhadap harga saham pada perusahaan food and beverages yang terdaftar di BEI (Periode 2013-2015). Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(2).
Manurung, H. T., & Haryanto, A. M. (2015). Analisis Pengaruh ROE, EPS, NPM Dan MVA Terhadap Harga Saham (Studi Kasus Pada Perusahaan Manufaktur Go Public Sektor Food Dan Beverages Di BEI Tahun 2009–2013). Fakultas Ekonomika dan Bisnis.
Muslim, M. (2023). Analysis of Corporate Financial Performance Before and After Acquisition. Advances in Management & Financial Reporting, 1(2 SE-Articles), 61–70. https://doi.org/10.60079/amfr.v1i2.86
Noy, I. (2023). Corporate financial performance in terms of liquidity and profitability. Advances in Management & Financial Reporting, 1(2 SE-Articles). https://doi.org/10.60079/amfr.v1i2.99
Pandansari, F. A. (2016). Analisis faktor fundamental terhadap harga saham. Accounting Analysis Journal, 1(1).
Patriawan, D., & Sufian, S. (2021). Analisis pengaruh earning per share (EPS), return on equity (ROE), dan debt to equity ratio (DER) terhadap harga saham pada perusahaan wholesale and retail trade yang terdaftar di bursa efek indonesia (BEI) tahun 2017-2019. Universitas Diponegoro.
Poursoleiman, E., Mansourfar, G., & Abidin, S. (2020). Financial leverage, debt maturity, future financing constraints and future investment. International Journal of Islamic and Middle Eastern Finance and Management, 13(4), 613–634. https://doi.org/10.1108/IMEFM-10-2019-0430
Purnama, S. I., & Sari, I. (2022). Pengaruh Net Profit Margin (NPM), Return On Asset (ROA), Dan Return On Equity (ROE) TERHADAP HARGA SAHAM. Jurnal Studia Akuntansi Dan Bisnis (The Indonesian Journal of Management & Accounting), 10(2). https://doi.org/10.55171/jsab.v10i2.759
Purwanti, D. (2023). The Strategic Imperative of Treasury and Financial Risk Management in a Volatile Economic Landscape. Advances in Management & Financial Reporting, 1(3 SE-Articles), 119–128. https://doi.org/10.60079/amfr.v1i3.224
Putri, A. A. B., & Sampurno, R. D. (2016). Analisis pengaruh ROA, EPS, NPM, DER dan PBV terhadap return saham (Studi kasus pada industri Real Estate and Property yang terdaftar di Bursa Efek Indonesia periode 2011-2013). Fakultas Ekonomika dan Bisnis.
Raharjo, D., & Muid, D. (2018). Analisis Pengaruh Faktor-Faktor Fundamental Rasio Keuangan Terhadap Perubahan Harga Saham. Diponegoro Journal of Accounting, 444–454.
Rohmatun, N. (2017). Pengaruh Current Ratio (CR), Debt to Equity Ratio (DER), Return On Asset (ROA), Return On Equity (ROE), dan Earning Per Share (EPS) Terhadap Harga Saham pada Perusahaan Sub Sektor Konstruksi Bangunan yang Terdaftar di Bursa Efek Indonesia Periode 2011-201. Faculty of Social and Political Sciences.
Samsuar, T., & Akramunnas, A. (2017). Pengaruh Faktor Fundamental dan Teknikal terhadap Harga Saham Industri Perhotelan yang Terdaftar di Bursa Efek Indonesia. Al-Mashrafiyah: Jurnal Ekonomi, Keuangan, Dan Perbankan Syariah, 1(1).
Samsul, M. (2015). Pasar Modal dan Manajemen Portofolio Edisi 2. Jakarta: Erlangga.
Satriawan, F. A., & Utiyati, S. (2019). Pengaruh roa, der, npm, eps terhadap harga saham pada perusahaan telekomunikasi. Jurnal Ilmu Dan Riset Manajemen (JIRM), 8(10).
Savitri, D. A., & Haryanto, A. M. (2016). Analisis pengaruh ROA, NPM, EPS dan PER terhadap return saham (studi kasus pada perusahaan manufaktur sektor food and beverages periode 2007-2010). Fakultas Ekonomika dan Bisnis.
Sianipar, A. (2015). Pengaruh Faktor Fundamental Terhadap Harga Saham Industri Perbankan di Indonesia. Universitas Sumatera Utara.
Utami, H. Y. (2016). Pengaruh Earning Per Share (Eps), Return on Assets (Roa), Net Profit Margin (Npm) Dan Debt Equity Ratio (Der) Secara Simultan Terhadap Tingkat Keuntungan Saham Di Bursa Efek Indonesia (Bei). Economica, 4(1), 1–10. https://doi.org/10.22202/ECONOMICA.2015.V4.I1.271
Utami, M. R., & Darmawan, A. (2018). Pengaruh DER, ROA, ROE, EPS dan MVA terhadap harga saham pada indeks saham syariah Indonesia. Journal of Applied Managerial Accounting, 2(2), 206–218.
Wicaksono, R. B. (2015). Pengaruh Eps, Per, Der, Roe Dan Mva Terhadap Harga Saham. Jurnal Akuntansi, 5(5).
Wijaya, I. G. O., & Suarjaya, A. A. G. (2017). Pengaruh EVA, ROE dan DPR terhadap Harga Saham Perusahaan Manufaktur di BEI. Udayana University.
Wu, W., & Rui, O. M. (2022). Retail Investors and Stock Price Synchronicity. Review of Pacific Basin Financial Markets and Policies, 25(03), 2250018. https://doi.org/10.1142/s0219091522500187
Wulandari, D. A. (2019). Analisis faktor fundamental terhadap harga saham industri pertambangan dan pertanian di BEI. Jurnal Akuntansi & Keuangan, 1–13.