PENGARUH DEBT TO EQUITY RATIO DAN RETURN ON ASSET TERHADAP HARGA SAHAM PADA SEBSEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Abstrak

This study aims to analyze the effect of the Debt to Equity Ratio (DER) and Return on Assets (ROA) on stock prices in food and beverage subsector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The food and beverage industry is one of the sectors that remained stable during the post-pandemic economic recovery, making it relevant to examine the financial factors influencing its stock price movements. The population includes all food and beverage subsector companies listed on the IDX, and the sample was selected using a purposive sampling technique, resulting in 22 companies as the research sample. Data were obtained from annual financial reports and analyzed using panel data regression with Eviews 12. The results indicate that DER has a significant negative effect on stock prices, suggesting that higher levels of debt tend to decrease the firm’s stock value in the eyes of investors. Meanwhile, ROA has no significant effect on stock prices, implying that profitability does not serve as a primary determinant of stock price movements in this subsector during the study period. These findings are expected to provide useful insights for investors and companies in understanding financial factors that influence stock valuation.

Kata kunci

• Debt to Equity Ratio
• Harga Saham
• Return on Asset
• Stock Price