Studi Empiris Pengaruh Rasio Keuangan Terhadap Nilai Pasar Saham Emiten BEI
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Hamdi Hamdi
*
Universitas Sumatera Utara, Medan,
Indonesia
(*) Corresponding Author
Abstract
This study aims to explore how financial ratios affect stock market valuations of companies listed on the Indonesia Stock Exchange from 2017 to 2021. The independent variables are Return on Assets (ROA) and Earnings Per Share (EPS), and the dependent variable is stock price, which is used as an indicator of market value. This study uses panel data regression with the fixed effects (FE) model, which was selected after Chow and Hausman testing. The analysis uses the FEM model after the Chow and Hausman tests. The results indicate that ROA significantly positively affects stock prices (coefficient 18.86; p=0.0015), while EPS significantly negatively affects them (coefficient -0.388; p=0.0001). These results suggest that efficient asset management increases stock market value and that earnings quality and investor perception influence the EPS relationship. These results contribute to literature on the evaluation of corporate financial performance and its relevance in investment decision-making. The study also emphasizes the importance of considering non-financial factors and macroeconomic indicators in future research.
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