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Abstract

A significant decline in the Indonesian stock market during early 2025 highlights the need to analyze factors influencing stock prices. This study examines the impact of financial performance, measured by Return on Equity (ROE) and Earnings Per Share (EPS), on stock prices of companies consistently listed in the LQ45 index on the Indonesia Stock Exchange (IDX) from 2020 to 2023. It also explores the moderating effects of exchange rates and ESG risk ratings. Using a quantitative approach with secondary data—annual financial reports, stock prices, exchange rates, and ESG ratings—the study applies panel data regression and moderated regression analysis. Results show that ROE and EPS have a significant positive effect on stock prices. Exchange rates moderate the relationship between EPS and stock prices but not between ROE and stock prices. ESG risk ratings do not moderate the relationship between financial performance and stock prices. These findings suggest investors, companies, and regulators should emphasize both fundamental financial indicators and external factors in investment decisions and risk management within Indonesia’s capital market. 

Keywords

Stock Price ROE EPS Exchange Rate ESG Risk

How to Cite

Citation Format
Sartika, D., Heniwati, E., & Karpriana, A. P. (2025). Peran Moderasi Nilai Tukar dan Risiko ESG pada Hubungan Kinerja Keuangan terhadap Harga Saham. JEMSI (Jurnal Ekonomi, Manajemen, Dan Akuntansi), 11(4), 2504-2516. https://doi.org/10.35870/jemsi.v11i4.4311

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Author Biographies

Dinda Sartika, Tanjungpura University

Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Tanjungpura, Jl. Prof. Dr. H. Hadari Nawawi 78124, Pontianak, Kalimantan Barat, Indonesia.

Elok Heniwati, Tanjungpura University

Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Tanjungpura, Jl. Prof. Dr. H. Hadari Nawawi 78124, Pontianak, Kalimantan Barat, Indonesia.

Angga Permadi Karpriana, Tanjungpura University

Program Studi Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Tanjungpura, Jl. Prof. Dr. H. Hadari Nawawi 78124, Pontianak, Kalimantan Barat, Indonesia.

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Copyright (c) 2025 Dinda Sartika, Elok Heniwati, Angga Permadi Karpriana

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