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All Journal Journal of Economics, Entrepreneurship, Management Business and Accounting
Romasi Lumban Gaol
Universitas Katolik Santo Thomas Medan, Indonesia
Economics, Econometrics & Finance

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The Data Paradox in Equity Valuation: A Panel Data Study of IDX Large-Cap Stocks Joana L. Saragih; Novi Natalia Padang; Romasi Lumban Gaol; Riko Fridolend Sianturi
Journal of Economics, Entrepreneurship, Management Business and Accounting Vol 4 No 5 (2026): Volume 4, Issue 5, September 2026
Publisher : CV. Sakura Digital Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61255/jeemba.v4i5.1739

Abstract

Purpose – This paper empirically investigates the determinants of equity valuation during anomalous macroeconomic periods, focusing on the stock price levels of large-capitalization ("Big Cap") companies listed on the Indonesia Stock Exchange (IDX). Design/methodology/approach – The research utilizes a panel data regression model on a purposive sample of 16 Big Cap firms over the 2019–2024 period, yielding 96 firm-year observations. The study analyzes the impact of four fundamental variables: Return on Equity (ROE), Current Ratio (CR), Earnings per Share (EPS), and Debt to Equity Ratio (DER). Finding/Results – The empirical findings reveal a nuanced decoupling effect. Return on Equity (ROE), Current Ratio (CR), and Debt to Equity Ratio (DER) exhibited no statistically significant influence on closing stock prices at the 5% level. Conversely, Earnings per Share (EPS) demonstrated a highly significant positive effect on equity valuation (p = 0.0000). Originality/Value – Rather than confirming conventional linear relationships, the study highlights a sustained empirical anomaly during the 2019–2024 window where traditional metrics (ROE and CR) lacked predictive power. The paper proposes the "Data Paradox" as a theoretical framework to explain this decoupling, underscoring the need for future models to explicitly test macroeconomic stress interactions in emerging markets.
Co-Authors Joana L. Saragih Novi Natalia Padang Riko Fridolend Sianturi