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All Journal Journal of Multidisciplinary Academic Business Studies Annals of Justice and Humanity Global Academy of Multidisciplinary Studies Applied AI and Machine Learning Journal
Zaharuddin Zaharuddin
Universitas Panca Sakti, Bekasi, Indonesia
Humanities Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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The Effect of Earnings Per Share (EPS), Debt to Equity Ratio (DER), and Return on Equity (ROE) on Stock Prices Diaz Bayu Samudra; Zaharuddin Zaharuddin; Supriyadi Supriyadi
Applied AI and Machine Learning Journal Vol 1 No 2 (2026): June
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/aiml.v1i2.4174

Abstract

Purpose: This study examines the effect of Earnings Per Share (EPS), Debt to Equity Ratio (DER), and Return on Equity (ROE) on the stock prices of state-owned enterprises listed on the Indonesia Stock Exchange from 2020 to 2024. Research Methodology: Using purposive sampling, 16 firms were selected from a pool of 20, and data were collected over five years. This research employed descriptive and verification methods, analyzing secondary data through regression, correlation, F-test, t-test, and determination analyses to test the hypotheses. Results: The findings reveal that EPS, DER, and ROE simultaneously influence stock prices, with EPS having a positive significant effect and DER and ROE showing significant negative effects. Conclusions: This study concludes that EPS is a crucial factor in determining stock prices, while high DER and ROE may negatively impact investor perception. Limitations: This study is limited by its focus on state-owned enterprises, which may not represent the broader market, and by its reliance on secondary data, which could introduce reporting biases. Contributions: The findings provide valuable insights for investors and policymakers on the key financial indicators affecting stock prices, emphasizing the importance of monitoring EPS, DER, and ROE in evaluating the financial health of state-owned companies.
The Effect of Profitability and Leverage on Sustainability Report Disclosure Deru Darbeni; Zaharuddin Zaharuddin; Ratna Tri Hari Safariningsih
Annals of Justice and Humanity Vol. 5 No. 2 (2026): June
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/ajh.v5i2.4175

Abstract

Purpose: This study examines the effect of capital structure and tax avoidance on the value of manufacturing firms listed on the Indonesia Stock Exchange during 2020–2024, aiming to understand how these factors influence firm value, which reflects performance and investor trust. Research Methodology: The research utilizes secondary data from financial reports of 69 firms, selected through proportionate stratified random sampling from a population of 200 companies. Descriptive statistics and multiple regression analysis, using EViews 12, were applied to test the relationship between capital structure, tax avoidance, and firm value. Results: The findings indicate that capital structure and tax avoidance have a negative but statistically insignificant effect on firm value, suggesting they do not significantly influence changes in firm value during the study period. Conclusions: This study concludes that both capital structure and tax avoidance have a negative and insignificant effect on firm value in manufacturing companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The findings suggest that firm value is more influenced by other factors, such as profitability, company growth, corporate governance, and macroeconomic conditions, rather than capital structure and tax avoidance. Limitations: The research contributes to the understanding of the factors affecting firm value in emerging markets, highlighting that capital structure and tax avoidance alone may not be sufficient to explain firm value changes. Contributions: Future studies should consider other variables such as market conditions or corporate governance to provide a more comprehensive understanding of firm valuation.
The effect of financial ratios on stock prices of consumer goods companies Agustian Nugraha Putra; Zaharuddin Zaharuddin; Rhoma Iskandar
Journal of Multidisciplinary Academic Business Studies Vol. 3 No. 3 (2026): May
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jomabs.v3i3.4169

Abstract

Purpose: This study examines the effects of net profit margin, return on assets, and earnings per share on the stock prices of consumer goods companies listed on the Indonesia Stock Exchange during 2019–2024. This study also aims to address inconsistencies in previous findings and provide insights for investors and companies to make better financial and investment decisions. Research Methodology: This study employs a quantitative approach with secondary data sourced from the annual financial statements of 36 consumer goods companies listed on the Indonesia Stock Exchange (IDX) between 2019 and 2024. The analysis uses multiple linear regression to examine the effects of Net Profit Margin (NPM), Return on Assets (ROA), and earnings per share (EPS) on stock prices, with classical assumption tests ensuring data reliability before hypothesis testing. Results: The findings show that NPM and ROA have positive and significant effects on stock prices, while EPS has a significant negative effect. Conclusions: This study concludes that Net Profit Margin (NPM) and Return on Assets (ROA) positively influence stock prices, while earnings per share (EPS) negatively affects them, highlighting the complex relationship between profitability metrics and market performance. Limitations: The study's limitations include the exclusion of other potential influencing factors, such as liquidity, leverage, macroeconomic conditions, and market sentiment, which may also impact stock prices. Contributions: This study contributes to the understanding of how profitability indicators, particularly NPM and ROA, affect stock prices in the consumer goods sector, providing valuable insights for investors and financial analysts.
The Effect of Pressure, Opportunity, and Rationalization on Financial Reporting Fraud: Evidence from Manufacturing Companies Listed on the Indonesia Stock Exchange (2020–2024) Egta Ayu Fadhillah Sugiarto; Zaharuddin Zaharuddin; Supriyadi Supriyadi
Global Academy of Multidisciplinary Studies Vol. 3 No. 1 (2026): August
Publisher : Goodwood Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/gams.v3i1.4183

Abstract

Purpose: This study investigates the influence of pressure, opportunity, and rationalization, the three elements of the fraud triangle, on financial reporting fraud among manufacturing companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. Research Methodology: A quantitative descriptive-verification design was used with secondary data from published annual financial reports. Pressure was proxied by leverage ratio, opportunity by changes in accounts receivable, and rationalization by auditor turnover (DCHANGE). Fraudulent financial reporting was measured using the Beneish M-Score. A sample of 67 companies (335 firm-year observations) was selected using proportional stratified sampling. Multiple linear regression analysis was applied. Results: The results showed that opportunity significantly affected financial reporting fraud (? = 0.891, p < 0.001), while pressure and rationalization were insignificant. Together, the three factors explained some variation in fraud risk (F = 7.812, p < 0.001, R² = 0.066). Conclusions: Opportunities, particularly changes in accounts receivable, were found to significantly influence financial reporting fraud. Pressure and rationalization, though insignificant individually, explained some variation in fraud risk. Internal controls on receivables management are critical. Further research is needed to explore additional variables and alternative fraud-measurement models. Limitations: This study focuses only on the manufacturing sector with a five-year observation period, and the DCHANGE proxy for rationalization may underestimate its true effect. Contributions: The findings offer empirical evidence on the roles of fraud triangle elements in Indonesian manufacturing, providing insights for regulators, auditors, and corporate governance practitioners in fraud prevention.
Co-Authors Agustian Nugraha Putra Deru Darbeni Diaz Bayu Samudra Egta Ayu Fadhillah Sugiarto Ratna Tri Hari Safariningsih Rhoma Iskandar Supriyadi Supriyadi