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All Journal RESLAJ: Religion Education Social Laa Roiba Journal Economic and Business Horizon
Esi Fitriani Komara
Universitas Jenderal Achmad Yani, Indonesia
Religion Economics, Econometrics & Finance Education Environmental Science Social Sciences

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The Effect of Financial Performance Indicators on Stock Prices of Energy Companies Listed on the Indonesia Stock Exchange Septia Eka Putri; Esi Fitriani Komara
Economic and Business Horizon Vol. 5 No. 4 (2026): July
Publisher : LifeSciFi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54518/ebh.5.4.2026.1458

Abstract

Stock prices serve as an important indicator of corporate performance and investor confidence in the capital market. However, stock price movements in Indonesia’s energy sector during the 2021–2024 period exhibited considerable volatility, suggesting that variations in companies’ financial performance may influence investor valuation and market prices. This study analyzes the effect of return on assets, return on equity, net profit margin, and debt-to-equity ratio on stock prices of energy sector companies listed on the Indonesia Stock Exchange during 2021–2024. A quantitative explanatory approach was employed using secondary data from 30 purposively selected companies, yielding 120 observations. Panel data regression was conducted using EViews 14. The findings reveal that return on assets, return on equity, net profit margin, and debt-to-equity ratio do not individually have a significant effect on stock prices. However, these variables jointly exert a significant influence. The coefficient of determination (10.54%) indicates that financial performance explains a limited proportion of stock price variation, while 89.46% is attributable to factors outside the model. These findings suggest that stock prices in the energy sector are shaped not only by financial performance but also by external factors, including macroeconomic conditions, commodity price fluctuations, and market sentiment.
Pengaruh Current Ratio, Debt to Equity Ratio, dan Sales Growth Terhadap Kinerja Keuangan Pada Sektor Teknologi yang Terdaftar di Bursa Efek Indonesia Periode 2020-2024 Seisha Agil Putri Salsabila; Esi Fitriani Komara
Reslaj: Religion Education Social Laa Roiba Journal Vol. 8 No. 10 (2026): RESLAJ: Religion Education Social Laa Roiba Journal
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/reslaj.v8i10.13350

Abstract

This study aims to analyze the influence of Current Ratio, Debt to Equity Ratio, and Sales Growth on the financial performance of technology sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020–2024 period. The technology sector is experiencing pressure due to the industrial slowdown and the Tech Winter phenomenon, which has resulted in a decline in company profitability. This condition emphasizes the importance of liquidity management, capital structure, and sales growth as factors suspected of influencing financial performance. However, previous research on the influence of these three variables on financial performance has shown inconsistent results. This study uses a quantitative approach with a causal associative research method and utilizes secondary data. The sampling technique used purposive sampling, resulting in 10 companies as research samples with 50 observations during the 2020–2024 period. Data analysis was performed using panel data regression with the Random Effect Model (REM) as the best model based on the results of the model selection test. The results show that Current Ratio has no significant effect on financial performance, while Debt to Equity Ratio has a positive and significant effect, and Sales Growth has a negative and significant effect on financial performance. Simultaneously, all three variables have a significant effect on financial performance. These findings indicate that capital structure plays a role in improving financial performance, while high sales growth does not necessarily increase profitability, and liquidity levels have no significant impact. This research is expected to provide empirical evidence on the factors influencing the financial performance of technology companies in Indonesia.
Co-Authors Seisha Agil Putri Salsabila Septia Eka Putri