The Effect of Financial Performance on Stock Prices with Macroeconomic Factors as Control Variables
Keywords:
Stock Price; NPM; ROA; DER; EPS; Macroeconomic FactorsAbstract
This study aims to analyze the effect of financial performance on stock prices, with inflation and foreign exchange rates as controlling variables. Financial performance is approximated by four ratios, which are Net Profit Margin (NPM), Return on Assets (ROA), Debt to Equity Ratio (DER), and Earnings per Share (EPS). A total of 70 observations were analysed using a quantitative approach through panel data regression. The analysis showed that ROA and DER can affect stock prices. Conversely, NPM and EPS cannot influence stock prices. On the other hand, macroeconomic factors as control variables influence stock prices simultaneously but cannot influence them partially. These findings are expected to be taken into consideration by investors when formulating their investment strategies.
References
Adzikri, R. A. (2024). Pengaruh Debt to Equity Ratio, Return on Assets, dan Return on Equity terhadap Harga Saham pada Perusahaan Properti dan Real Estate di Bursa Efek Indonesia Periode 2018-2023. Indo-Fintech Intellectuals: Journal of Economics and Business, 4(3), 750–765. https://doi.org/10.54373/ifijeb.v4i3.1393
Agustin, N., Tristiarini, N., Indah Hernawati, R., & Pandji Mertha Agung Durya, N. (2023). Pengaruh Inflasi, Suku Bunga, dan Nilai Tukar terhadap Harga Saham Perusahaan di Masa Pandemi Covid-19. Jurnal Riset Terapan Akuntansi, 7(1), 65–77.
Agustina, S. F., & Herlinawati, E. (2025). The Effect of Leverage (DER) and Profitability (ROE and EPS) on the Share Price oF PT Kimia Farma Tbk for the 2014-2023 Period. Dynamic Management Journal, 9(1). https://doi.org/10.31000/dmj.v9i1.13119
Almonifi, Y. S. A., & Bhosle, K. V. (2023). Impact of Banking Performance Indicators on Share Price of Islamic Banks Listed on GCC Stock Exchanges. Jurnal Ekonomi & Keuangan, 9(2), 263–276. https://doi.org/10.20885/JEKI
Ardillah, N., & Herlinawati, E. (2024). Analisis Current Ratio (CR), Debt to Equity Ratio (DER) dan Earnings Per Share (EPS) terhadap Harga Saham PT Waskita Karya Tbk Periode 2015-2023. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 8(2), 1824–1842.
Azizah, U., Zulpahmi, Z., Septiani, C., Hanifah, P., & Ghaliyah, A. (2022, September 13). Financing, Profitability, and Profit Loss Sharing: Evidence from Sharia Business Units in Indonesia. https://doi.org/10.4108/eai.10-8-2022.2320884
Badruzaman, J. (2020). The Impact of Earning Per Share and Return On Equity on Stock Price. Systematic Reviews in Pharmacy, 11(6), 1285–1289. https://doi.org/10.1111/j.1468-5957
Budiantini, A. (2024). Pengaruh Good Corporate Governance, Kinerja Keuangan dan Retention Ratio terhadap Harga Saham. In AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis (Vol. 4, Issue 1).
Ernawati, Y., & Purwaningsih, E. (2022). Pengaruh Total Arus Kas, Debt to Equity Ratio, dan Return On Assets terhadap Harga Saham. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 6(2), 2022.
Fayanni, Y., & Soetedjo, S. (2020). Stock Prices Affected by Good Corporate Governance and Financial Performance. Opción, Año, 36(26), 3261–3288. https://www.idx.co.
Ilva, E. F., Gusnardi, & Fenny, T. (2024). Pengaruh Kinerja Keuangan terhadap Harga Saham Perusahaan Sektor Pertambangan Sub Sektor Batu Bara yang Terdaftar di Bursa Efek Indonesia Periode 2018-2022. JIIP (Jurnal Ilmiah Ilmu Pendidikan), 7(6), 5609–5617. http://Jiip.stkipyapisdompu.ac.id
Indonesia Stock Exchange. (2025). Jakarta Islamic Index. IDX Syariah.
Indonesia Stock Exchange. (2023). Melalui Berbagai Pencapaian Tahun 2023, Pasar Modal Indonesia Tunjukkan Optimisme Hadapi Tahun 2024. Bursa Efek Indonesia.
Karki, D., Dahal, R. K., Perera, W. K. L., Wimalasiri, E. M., & Ghimire, K. (2024). The Relevanc of Financial Reformance in Determining Stock Prices of Insurance Companies. Intellectual Economics, 18(2), 308–328. https://doi.org/10.13165/IE-24-18-2-04
Khasanah, U., & Suwarti, T. (2022). Analisis Pengaruh DER, ROA, LDR, dan TATO terhadap Harga Saham pada Perusahaan Perbankan. FAIR VALUE: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(6), 2649–2667. www.bi.go.id
Latif, I. W., Murni, S., & Tawas, H. N. (2021). Analysis of Capital Adequacy Ratio (CAR), NonPerforming Loan (NPL), Loan to Deposit Ratio (LDR), Debt to Equity Ratio (DER), and Return On Assets (ROA) to Stock Prices in Banking Sector Companies Listed on the Stock Exchange Indonesia (Period 2015-2019). Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 9(4), 203–215.
Luwihono, A., Suherman, B., Sembiring, D., Rasyid, S., Kalbuana, N., Saputro, R., Prasetyo, B., Taryana, Suprihartini, Y., Asih, P., Mahfud, Z., & Rusdiyanto. (2021). Macroeconomic effect on stock price: Evidence from Indonesia. Accounting, 7(5), 1189–1202. https://doi.org/10.5267/j.ac.2021.2.019
Naftali, N., Azmi, I. N., & Haryono. (2024). Analisis Pengaruh Faktor Fundamental terhadap Harga Saham Perbankan. Akuntansi Dan Teknologi Informasi, 17(2), 175–191. https://doi.org/10.24123/jati.v17i2.6459
Nagina, R., & Othman, M. S. (2024). Determinants of Stock Prices in Telecommunication Industry: An Application of Fundamental Analysis. Journal of Infrastructure, Policy and Development, 8(5). https://doi.org/10.24294/jipd.v8i5.5358
Otoritas Jasa Keuangan. (2023). Kapitalisasi Pasar Pasar Indeks Syariah di Bursa Efek Indonesia.
Prihatni, R., Khafid, M., & Ulupui, I. G. K. A. (2020). Effect of Corporate Financial Performance on Change Stock Prices of Consumption Industry Companies Listed on the Indonesia Stock Exchange. Academy of Accounting and Financial Studies Journal, 24(4), 1–17. www.cnbcindonesia.com
Purba, D. S., Tarigan, W. J., Sinaga, M., & Tarigan, V. (2021). Pelatihan Penggunaan Software SPSS dalam Pengolahan Regressi Linear Berganda untuk Mahasiswa Fakultas Ekonomi Universitas Simalungun di Masa Pandemi Covid 19. Jurnal Karya Abdi, 5(2), 202–208.
Rao Kuntamalla, V., & Maguluri, K. J. (2023). Impact of Financial Ratios on Stock Prices of Manufacturing companies: Evidence from India. Bulgarian Academy of Sciences - Economic Research Institute Economic Studies Journal, 32(6), 169–181. https://www.researchgate.net/publication/382799543
Rusdiyanto, Hidayat, W., & Tjaraka, H. (2020). The Effect of Earning Per Share, Debt to Equity Ratio and Return On Assets on Stock Prices: Case Study Indonesian. Academy of Entrepreneurship Journal, 26(2), 1–10.
Saprianto, R., & Hutabarat, J. R. (2024). Pengaruh Cryptocurrency, Sustainability Report dan Nilai Tukar Rupiah terhadap Harga Saham pada Perusahaan Sektor Transportasi dan Logistik yang Terdaftar di Bursa Efek Indonesia Periode 2019-2022. Jurnal Education and Development, 12(3), 420. https://doi.org/10.37081/ed.v12i3.6109
Sari, L. A., & Riwayati, H. E. (2024). Analysis of The Company’s Internal and Factors on Stock Price. Jurnal Manajemen Dan Perbankan (JUMPA), 11(1), 37–49. https://doi.org/10.55963/jumpa.v11i1.596
Septiano, R., & Sari, L. (2024). Perubahan Net Profit Margin dan Dampaknya terhadap Harga Saham: Tinjauan Pada Industri Makanan dan Minuman. Jurnal Revenue Jurnal Akuntansi, 4(2), 731–738. https://doi.org/10.46306/rev.v4i2
Sholichah, F., Asfiah, N., Ambarwati, T., Widagdo, B., Ulfa, M., & Jihadi, M. (2021). The Effects of Profitability and Solvability on Stock Prices: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 885–894. https://doi.org/10.13106/jafeb.2021.vol8.no3.0885
Sihombing, P., & Zakchona, E. (2024). Determinants Of Profitability, Liquidity, Solvency, and Activity Ratios on the Stock Price with Dividend Payout as Moderating Variable. Jurnal Ekonomi Dan Bisnis, 27(Oktober), 1–24.
Sinurat, M., Daulay, M., Saputra, J., Sadalia, I., Nur Ilham, R., Bina Karya Tebing Tinggi, S., & Utara, S. (2020). Supply Chain Strategy for Assessing the Stock Prices of Property Sector Companies in Indonesia Stock Exchange. International Journal of Supply Chain Management, 9(4), 248–254. http://excelingtech.co.uk/
Sukesti, F., Ghozali, I., Fuad, F., Almasyhari, A. K., & Nurcahyono, N. (2021). Factors Affecting the Stock Price: The Role of Firm Performance. Journal of Asian Finance, Economics and Business, 8(2), 165–173. https://doi.org/10.13106/jafeb.2021.vol8.no2.0165
Sulaiman. (2024). International Journal of Accounting ond Economics Studies Analysis Of the Effect of Return On Assets and Return On Equity on Stock Prices PT. (Persero) Mandiri Bank Tbk. International Journal of Accounting and Economics Studies, 11(1), 14–17. www.sciencepubco.com/index.php/IJAES
Wahbi, A. A., Syahrudi, & Wibowo, P. A. (2024). Pengaruh Return on Asset, Linguiditas, dan Profitabilitas Terhadap Harga Saham dengan Data Panel. YUME: Journal of Management, 7(1), 574–582.
Zulpahmi, Indrawati, L., Shafrullah, F., Pamungkas Wibowo, B., Widodo Nugroho, A., & Shoffi Hana Fadhilah, A. (2024). Enhancing Corporate Social Responsibility (CSR) Transparency: The Role of Corporate Governance in Indonesia Mining Sector. Library Progress International, 44(3), 2140–2156.
