Return on Equity, Earnings Per Share, and Their Impact on Stock Prices: An Empirical Study in the Mining Sector
(Return On Equity, Earnings Per Share, Dan Dampaknya Pada Harga Saham: Studi Empiris Di Sektor Pertambangan)
DOI:
https://doi.org/10.30762/al-muhasib.v5i2.3223Keywords:
Return on Equity, Earnings Per Share, Stock Price, Mining, Fundamental AnalysisAbstract
This study aims to analyze the effect of Return on Equity (ROE) and Earnings Per Share (EPS) on the share price of PT Indo Tambangraya Megah Tbk (ITMG) for the period 2018–2023. The background of this study is based on the inconsistency of previous empirical findings regarding the relationship between these two financial ratios and stock prices, especially in the cyclical mining sector. Using a quantitative approach and multiple linear regression analysis, this study utilizes secondary data from monthly financial reports and closing stock prices. The test results show that ROE and EPS have a positive and significant effect, both partially and simultaneously, on stock prices. However, the coefficient of determination (R²) of 0.395 indicates that the two variables only explain 39.5% of the variation in stock prices, while the rest is influenced by external factors such as global commodity prices and macroeconomic conditions. These findings reinforce the relevance of fundamental analysis in mining sector stock investment, while also emphasizing the importance of considering external contextual factors in investment decision-making.
References
Andriani, Andriani. “Jumlah Investor Syariah Dan Harga Saham (Potret Harga Saham Pada JII Masa Pandemi Covid-19).” Proceedings of Islamic Economics, Business, and Philanthropy 1, no. 1 (2022): 25–39.
Anoraga, Pandji, and Piji Pakarti. “Pengantar Pasar Modal (Edisi Revisi), Cetakan Kelima, PT.” Rineka Cipta: Jakarta, 2006.
Bilson, Simamora. Analisis Multivariat Pemasaran - Google Books, 2002.
Brigham, Eugene F, and Joel F Houston. “Dasar-Dasar Manajemen Keuangan,” 2006.
Fahimsyah, Moh, and Afif Nur. “Pengaruh Return on Asset (ROA) Dan Return on Equity (ROE) Terhadap Harga Saham (Studi Kasus Saham Consumer Goods Industry Yang Terdaftar Di Jakarta Islamic Index 2018-2022).” IAIN Kediri, 2023.
Fahmi, Irham. “Analisis Kinerja Keuangan: Panduan Bagi Akademisi, Manajer, Dan Investor Untuk Menilai Dan Menganalisis Bisnis Dari Aspek Keuangan,” 2012.
———. Pengantar Pasar Modal: Panduan Bagi Para Akademisi Dan Praktisi Bisnis Dalam Memahami Pasar Modal Indonesia. Penerbit Alfabeta, 2012.
Hartono, Jogiyanto. Teori Dan Praktik Portofolio Dengan Excel. Penerbit Salemba, 2024.
Hidayat, Wastam Wahyu. Konsep Dasar Investasi Dan Pasar Modal. Uwais Inspirasi Indonesia, 2019.
Husnan, Suad. “Dasar-Dasar Teori Portofolio Dan Analisis Sekuritas Edisi Ketiga.” Yogyakarta: UPP AMP YKPN 3 (2001): 34–35.
Jefferson, Jere, and Naning Sudjatmoko. “Shopping Saham Modal Sejuta Dari Nol Sampai Mahir!,” 2018.
Kasmir, Dr, and L K Lainnya. “Analisis Laporan Keuangan Edisi Revisi.” Jakarta: Rajawali Pers, 2019.
Kasmir, K. “Pengantar Manajemen Keuangan: Edisi Kedua.” Jakarta: Prenada Media Group, 2016.
Pemerintah Republik Indonesia. “Undang-Undang Republik Indonesia Nomor 25 Tahun 2007 Tentang Penanaman Modal.” (No Title), 2007.
Priyatno, Duwi. “Paham Analisa Statistik Data Dengan SPSS.” Yogyakarta: MediaKom, 2010.
Purnomo, Geby, and Hendri Soekotjo. “Pengaruh DER, EPS, ROA, ROE Terhadap Return Saham Perusahaan Kosmetik Di BEI.” Jurnal Ilmu Dan Riset Manajemen (JIRM) 8, no. 7 (2019): 1–18. https://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/2322.
Rahmani, Hani Fitria. “Pengaruh Return On Asset (Roa), Price Earing Ratio (Per), Earning Per Share (Eps), Debt To Equiy Ratio (Der) Dan Price To Book Value (Pbv) Terhadap Harga Saham Pada Pt. Bank Negara Indonesia (Persero) Tbk, Periode 2005-2016.” Jurnal Penelitian Ekonomi Dan Akuntansi 4, no. 1 (2019): 963–78.
Ramdani, Syachrul. “Pengaruh Earning Per Share (EPS), Dan Return On Equity (ROE) Terhadap Harga Saham.” Innovative: Journal Of Social Science Research 4, no. 4 (2024): 465–74.
Rochman, Rochman, and Pawenary Pawenary. “Analisis Laporan Keuangan Dalam Menilai Kinerja Keuangan Pt Harum Energy Periode 2014-2019.” Jurnal Ekonomi Manajemen Sistem Informasi 2, no. 2 (2020): 171–84.
Roni, Roni, Didi Pangestu, Nur Afridah, and Andi Yulianto. “Pengaruh Return on Equity (RoE) Dan Earning Per Share (EPS) Terhadap Harga Saham (Studi Di Bursa Efek Indonesia Periode 2017-2018).” Journal of Accounting and Finance (JACFIN) 2, no. 2 (2020): 30–36.
Sari, Petty Aprilia, and Imam Hidayat. “Analisis Laporan Keuangan,” 2022.
Spence, Michael. “Signaling in Retrospect and the Informational Structure of Markets.” American Economic Review 92, no. 3 (2002): 434–59.
Sri Handini, M M, and M M Erwin Dyah Astawinetu. Teori Portofolio Dan Pasar Modal Indonesia. Scopindo Media Pustaka, 2020.
Sudana, I Made, and Novietha I Sallama. “Manajemen Keuangan Perusahaan: Teori Dan Praktik,” 2015.
Sugiyono. Metode Penelitian Bisnis. Bandung: Alfabeta, 2017.
———. Metode Penelitian Kombinasi. Bandung: Alfabeta, 2016.
Triawan, Rinaldi, and Atina Shofawati. “Pengaruh ROA, ROE, NPM Dan EPS Terhadap Harga Saham Perusahaan Di Jakarta Islamic Index (JII) Periode 2011-2015.” Jurnal Ekonomi Syariah Teori Dan Terapan 5, no. 7 (2018): 543–57.
Zulfikar, Z, and M Si. “Pengantar Pasar Modal Dengan Pendekatan Statistika.” CV Budi Utama, 2016.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Nuryatin Fiqhiyyah, Mundhori Mundhori, Irfan Harmoko
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
1.jpg){kind=logo}
