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All Journal International Journal of Economic Integration and Regional Competitiveness
Herlinda Maya Kumalasari
Muhammadiyah University of Sidoarjo, Indonesia

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CAPITAL CITY OF NUSANTARA (IKN): POSITIVE OR NEGATIVE SIGNAL? Muhammad Daffa Martiza Prasetyo; Herlinda Maya Kumalasari; Ika Oktaviyanti
International Journal of Economic Integration and Regional Competitiveness Vol. 2 No. 11 (2025): International Journal of Economic Integration and Regional Competitiveness
Publisher : Antis Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61796/ijeirc.v2i11.414

Abstract

Objective: The development of Indonesia’s new capital city (IKN) in East Kalimantan presents significant implications for companies involved in the project, especially those listed on the Indonesia Stock Exchange (IDX). This study aims to examine the effect of Return on Assets (ROA), Debt to Equity Ratio (DER), and trading volume on stock prices of contractor companies engaged in the IKN project. Method: A quantitative method using multiple linear regression was employed on secondary data from six selected companies during Q1 2022–Q3 2024. Results: The results indicate that ROA has a significant positive effect, DER has a significant negative effect, while trading volume has no significant effect on stock prices. Novelty: These findings highlight that profitability and capital structure are key determinants of stock price movements in the context of national-scale infrastructure projects.
AGRITECH: INVESTOR HOPE OR MARKET ILLUSION? Dodit Efendi; Herlinda Maya kumalasari
International Journal of Economic Integration and Regional Competitiveness Vol. 3 No. 4 (2026): International Journal of Economic Integration and Regional Competitiveness
Publisher : Antis Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61796/ijeirc.v3i4.515

Abstract

Objective: This study is motivated by the inconsistency between positive market sentiment regarding agritech technology collaboration and the declining movement of stock prices. The purpose of this study is to analyze the effect of Return on Assets (ROA), Debt to Assets Ratio (DAR), and Current Ratio (CR) on stock prices of agritech sector companies. Method: This research employs a quantitative method using panel data regression analysis. The data used are secondary data obtained from agritech companies listed on the Indonesia Stock Exchange during the 2022–2025 period, selected through a purposive sampling technique. The analysis was conducted using EViews 12 with the Random Effect Model (REM). Results: The results indicate that ROA and DAR have a positive and significant effect on stock prices, while CR has a negative and significant effect. Simultaneously, all independent variables significantly influence stock prices. Novelty: These findings suggest that investors tend to prioritize profitability and financing strategies over liquidity in making investment decisions. Therefore, not all financial ratios are equally responded to by the market in determining stock prices in the agritech sector.
Co-Authors Dodit Efendi Ika Oktaviyanti Muhammad Daffa Martiza Prasetyo