Pengaruh DER, EPS, ROE, ROA, CR dan Firm Size Terhadap Harga Saham Industri Barang Konsumsi
DOI:
https://doi.org/10.35870/jemsi.v11i5.4550Keywords:
Debt to Equity Ratio, Earning Per Share, Current Ratio, Firm Size, Stock PricesAbstract
This study aims to analyze how financial ratios such as Debt to Equity Ratio, Earning Per Share, Return on Equity, Return on Asset, Current Ratio, and Firm Size affect Stock Prices. Industrial sector companies are the focus of this study, particularly consumer goods companies, with samples obtained using purposive sampling. From 28 consumer goods companies listed on the Indonesia Stock Exchange from 2020 to 2023, the researcher obtained 112 samples. This quantitative study used multiple regression analysis with the Eviews-12 program. The results showed that the Debt to Equity Ratio and Earning Per Share had a significant positive impact on stock value. Conversely, the results indicate that stock prices are negatively impacted by the financial ratios Return on Equity and Firm Size. Meanwhile, Return on Assets and Current Ratio have little influence on stock prices. The Adjusted R-Square value of 0.296 indicates that 29.6% of stock price variation is accounted for by the independent variables, with the remainder attributed to other factors outside the variables.
Downloads
References
Akbar, T. L., & Muniarty, P. (2022). Pengaruh Earning Per Share (EPS) terhadap harga saham pada PT Matahari Putra Prima Tbk. BanKu: Jurnal Perbankan dan Keuangan, 3(2), 102–107. https://doi.org/10.37058/banku.v3i2.5826.
Andriani, S. D., Kusumastuti, R., & Hernando, R. (2022). Pengaruh Return On Equity (ROE), Earning Per Share (EPS) dan Debt To Equity Ratio (DER) terhadap harga saham (studi empiris pada perusahaan industri makanan olahan yang terdaftar di Bursa Efek Indonesia tahun 2018–2020). Owner, 7(1), 333–345. https://doi.org/10.33395/owner.v7i1.1268.
Astuti, W., & Fachri, M. C. (2022). Pengaruh Return On Asset dan Debt To Equity Ratio terhadap harga saham pada PT Kimia Farma (Persero) Tbk. periode 2012-2020. Jurnal Ilmiah Swara MaNajemen (Swara Mahasiswa Manajemen), 2(2), 168. https://doi.org/10.32493/jism.v2i2.24681.
Charulina, V., Buniarto, E. A., & Arida, R. W. (2023). Pengaruh Earning Per Share (EPS), Return On Asset (ROA) dan Debt To Equity Ratio (DER) terhadap harga saham. Jurnal Manajemen dan Bisnis Ekonomi, 1(1), 125–144. https://doi.org/10.54066/jmbe-itb.v1i1.64.
Dewanti, O. (2022). Pengaruh Debt To Equity Ratio, Cash Ratio dan Dividend Payout Ratio terhadap harga saham LQ45 yang terdaftar di Bursa Efek Indonesia. RISTANSI: Riset Akuntansi, 3(1), 1–11. https://doi.org/10.32815/ristansi.v3i1.1000.
Ekawati, S. (2020). Pengaruh ROA, ROE, dan EPS terhadap harga saham pada perusahaan transportasi. Jurnal Ilmu dan Riset Manajemen, 9(3).
Elizabeth, S. M. (2023). Pengaruh Earning Per Share (EPS) terhadap harga saham dimediasi oleh Return On Equity (ROE) pada perusahaan sektor perbankan yang terdaftar di Bursa Efek Indonesia (BEI) periode tahun 2018-2021. Jurnal Ilmiah Ekonomi dan Bisnis Universitas Multi Data Palembang, 12(2).
Faizah, M. N. (2023). Pengaruh profitabilitas, leverage dan ukuran perusahaan terhadap harga saham. Jurnal Ilmu dan Riset Manajemen, 12(5).
Ferli, O., Nelmida, Rahma, A. A., Shafira, D. E., & William, Y. (2023). Pengaruh CR, DER dan ROE terhadap harga saham pada perusahaan consumer goods periode 2018-2021. Jurnal Keuangan dan Perbankan, 19(1), 27. https://doi.org/10.35384/jkp.v19i1.339.
Jamiliana, S. R., & Jatnika, I. (2023). Pengaruh Earning Per Share, Price Earning Ratio, Price To Book Value, dan Return On Equity terhadap harga saham. Jurnal Akuntansi Inovatif, 1(2), 111–122. https://doi.org/10.59330/jai.v1i2.14.
Janaina, N. N., & Yudiantoro, D. (2022). Pengaruh EPS, ROE dan DER terhadap harga saham properti dan real estate yang terdaftar di JII70. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(2), 762–771. https://doi.org/10.47467/alkharaj.v5i2.1314.
Koesoemasari, D. S., Setiani, W., Harsuti, H., & Sri Wahyuningsih, E. (2022). Analisis fundamental perusahaan pada harga saham perusahaan industri barang konsumsi di Bursa Efek Indonesia. Majalah Imiah Manajemen dan Bisnis, 19(1), 89–95. https://doi.org/10.55303/mimb.v19i1.142.
Kurnia, D.-, Aprilliana, D. P., & Diana, N. (2020). Pengaruh Return On Equity, Earning Per Share dan Debt To Equity Ratio terhadap harga saham syariah. Akuntansi: Jurnal Akuntansi Integratif, 6(01), 25–39. https://doi.org/10.29080/jai.v6i01.241.
Labiba, A., Rasmini, M., & Kostini, N. (2021). Pengaruh earning per share (EPS) terhadap harga saham. INOVASI: Jurnal Ekonomi Keuangan dan Manajemen, 17(3).
Monica, C., Setiawan, A., & Djajadikerta, H. (2024). Pengaruh ROA, ROE, dan EPS terhadap harga saham pada industri barang konsumsi non-siklis yang terdaftar di BEI pada tahun 2021-2023. BUDGETING: Journal of Business, Management and Accounting, 6(1). https://doi.org/10.31539/budgeting.v6i1.10554.
Nenobais, A. H., Niha, S. S., & Manafe, H. A. (2022). Pengaruh Return on Asset (ROA), Return on Equity (ROE), Net Profit Margin (NPM) dan Earning Per Share (EPS) terhadap harga saham (suatu kajian studi literatur manajemen keuangan perusahaan). JEMSI: Jurnal Ekonomi Manajemen Sistem Informasi, 4(1). https://doi.org/10.31933/jemsi.v4i1.
Pratiwi, S. M., Miftahuddin, & Amelia, W. R. (2020). Pengaruh Current Ratio (CR), Debt To Equity Ratio (DER), dan Earning Per Share (EPS) terhadap harga saham pada PT. Indofood Sukses Makmur Tbk. Jurnal Ilmiah Manajemen dan Bisnis (JIMBI), 1(2), 20–30. https://doi.org/10.31289/jimbi.v1i2.403.
Puspita, G. D., Fatimah, F., & Aminah, I. (2021). Pengaruh Return On Equity, Return On Asset, Earning Per Share, dan Debt To Equity Ratio terhadap harga saham (studi pada perusahaan subsektor makanan dan minuman yang terdaftar di BEI periode 2018-2020). account, 8(2). https://doi.org/10.32722/acc.v8i2.4404.
Putri, A. D. C., & Muzakki, K. (2023). Analisis ROA, ROE, EPS, dan DER terhadap fluktuasi harga saham pada perusahaan LQ45 di BEI periode 2019-2021. Nusantara Entrepreneurship and Management Review, 1(1), 24–35. https://doi.org/10.55732/nemr.v1i1.1043.
Rosikin, R., & Nurhidayati, M. (2023). Pengaruh EPS, ROE, dan ROA terhadap harga saham perusahaan consumer goods periode 2015-2020. Niqosiya: Journal of Economics and Business Research, 3(1). https://doi.org/10.21154/niqosiya.v3i1.911.
Satar, S., Bokiu, Z., & Wuryandini, A. R. (2025). Pengaruh kinerja keuangan terhadap harga saham pada perusahaan sektor property dan real estate yang terdaftar di BEI periode 2019-2023. GEMILANG: Jurnal Manajemen dan Akuntansi, 5(2), 236–255. https://doi.org/10.56910/gemilang.v5i2.2025.
Selawati, J., Jhoansyah, D., & Mulia Z, F. (2022). Dampak Debt To Equity Ratio (DER), Return On Asset (ROA), Return On Equity (ROE), Earning Per Share (EPS) serta Current Ratio (CR) terhadap harga saham, studi keuangan pada perusahaan sektor properties & real estate yang terdaftar di Bursa Efek Indonesia periode 2018-2020. Management Studies and Entrepreneurship Journal, 3(4), 1867–1878. https://doi.org/10.37385/msej.v3i4.674.
Septiani, I., Harsuti, & Muntahanah, S. (2024). Pengaruh Earning Per Share, Debt To Equity Ratio, Return On Asset, dan Current Ratio terhadap harga saham pada perusahaan sektor konsumen primer yang terdaftar di Indeks LQ45. Majalah Ilmiah Manajemen & Bisnis (MIMB), 21(2), 139–148.
Setiadi, S. O. (2022). Pengaruh Current Ratio, Debt To Equity Ratio, Return On Asset, Earning Per Share dan Price Earning Ratio terhadap harga saham perusahaan barang konsumsi sub sektor farmasi yang terdaftar di BEI 2016 – 2020. Prosiding: Ekonomi dan Bisnis, 1(2).
Silalahi, L., & Sembiring, S. (2020). Pengaruh laba bersih, total arus kas dan ukuran perusahaan terhadap harga saham pada perusahaan sektor asuransi yang terdaftar di Bursa Efek Indonesia tahun 2014-2017. Jurnal Riset Akuntansi & Keuangan, 47–70. https://doi.org/10.54367/jrak.v6i1.852.
Sinaga, S. R., Brahmana, L. B., Sinaga, L. D., Silaban, I. J. H., Siallagan, H., & Sipayung, R. C. (2023). Pengaruh ROA, ROE, dan DER terhadap harga saham perusahaan LQ45 di BEI. Jurnal Bisnis dan Kewirausahaan, 12(3), 255–261. https://doi.org/10.37476/jbk.v12i3.4043.
Suryani, F., Sanjaya, T., & Siregar, H. A. (2023). The effect of Price Earning Ratio (PER), Earning Per Share (EPS), Current Ratio (CR), Debt To Equity Ratio (DER), and Firm Size on stock price of pharmaceutical companies in the Bursa Efek Indonesia (BEI) period 2016–2022. Jurnal Akuntansi, 8(1).
Susanti, M. (2020). Pengaruh profitabilitas, Earning Per Share (EPS) terhadap harga saham (studi empiris pada perusahaan sub sektor makanan & minuman yang terdaftar di BEI tahun 2014-2017). eCo-Buss, 3(1), 27–35. https://doi.org/10.32877/eb.v3i1.176.
Tambuwun, C. E., Mangantar, M., & Rumokoy, L. J. (2024). The effect of Debt To Equity Ratio, Earning Per Share Ratio, and Return On Asset Ratio on the value of companies listed on the stock exchange. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 12(01). https://doi.org/10.35794/emba.v12i01.53690.
Tantianty, C. W., & Uzliawati, L. (2022). Pengaruh Earning Per Share (EPS) terhadap harga saham PT BNI Tbk. Jurnal Ilmiah Akuntansi Kesatuan, 11(1). https://doi.org/10.37641/jiakes.v11i1.1546.
Yuantoro, A., & Andayani, S. (2021). Pengaruh EPS, ROE, DER terhadap harga saham dengan DPR sebagai variabel moderasi. Jurnal Riset Terapan Akuntansi, 5(2). https://doi.org/10.5281/zenodo.5747293.
Yulinda, E., Pujiastuti, T., & Haryono, S. T. (2020). Analisis pengaruh Deviden Payout Ratio, Laverage, Firm Size, Volume Perdagangan, Earning Volatility dan Inflasi terhadap volatilitas harga saham pada perusahaan yang terdaftar dalam indeks LQ45 tahun 2014-2017. Syntax Literate: Jurnal Ilmiah Indonesia, 5(5). https://doi.org/10.36418/syntax-literate.v5i5.1106.
Yuniawati, R. A. (2022). Analisis faktor-faktor yang mempengaruhi harga saham industri barang konsumsi. LITERATUS: Literature for Social Impact and Cultural Studies, 4(3), 1007–1017. https://doi.org/10.37010/lit.v4i3.997.
Yustikasari, E., & Fatimah, A. N. (2022). Effect of Current Ratio (CR), Return On Asset (ROA), Debt To Equity Ratio (DER), Earning Per Share (EPS) on stock prices of building construction subsector companies (J211-IC) listed on the IDX in 2016-2021. Marginal Journal of Management Accounting General Finance and International Economic Issues, 2(1), 316–326. https://doi.org/10.55047/marginal.v2i1.419.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Windi Wiranti, Rudy Kurniawan, Juanda Astarani
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
