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All Journal Khazanah Journal: Economics, Muamalah dan Entrepreneurship
Andi Nonong Sunrawali
Sekolah Tinggi Ilmu Ekonomi Tri Dharma Nusantara
Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Industrial & Manufacturing Engineering

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Pengaruh Debt To Equity Ratio Dan Debt To Assets Ratio Terhadap Harga Saham Pada PT. Kencana Energo Lestari, Tbk Sutriana Sutriana; Andi Nonong Sunrawali
Khazanah Journal: Economics, Muamalah & Entrepreneurship Vol. 3 No. 3 (2026)
Publisher : LPPM STIE Tri Dharma Nusantara - Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53654/kh.v3i3.843

Abstract

This study aims to analyze the effect of the Debt to Equity Ratio (DER) and Debt to Asset Ratio (DAR) on stock prices at PT Kencana Energi Lestari Tbk during the 2020–2024 period. This study employs a quantitative approach using secondary data in the form of the company’s financial statements and stock price data during the research period. The data were collected through documentation and analyzed using descriptive analysis and multiple linear regression analysis. The results show the regression equation Y = 245,893.36 + 3,488.84X₁ – 11,795.56X₂, with a correlation coefficient (R) of 92% and a coefficient of determination (R²) of 84%. The F-test results indicate that DER and DAR simultaneously have an effect on stock prices, but the effect is not statistically significant. The partial test results show that DER has a positive but statistically insignificant effect on stock prices, whereas DAR has a negative but statistically insignificant effect on stock prices. Thus, although DER and DAR jointly have a relatively strong explanatory power for variations in stock prices, as indicated by the R² value of 84%, neither variable demonstrates a statistically significant effect on the stock price of PT Kencana Energi Lestari Tbk during the study period.
Pengaruh Return On Assets dan Earning Per Share Terhadap Harga Saham Pada PT. Hanjaya Mandala Sampoerna Tbk Naufalia Ridwan; Andi Nonong Sunrawali
Khazanah Journal: Economics, Muamalah & Entrepreneurship Vol. 3 No. 1 (2025)
Publisher : LPPM STIE Tri Dharma Nusantara - Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53654/kh.v3i1.762

Abstract

Stock prices reflect a company’s value; when a company achieves good performance, its shares tend to attract many investors. The higher the company’s value, the higher its stock price. Company valuation is generally assessed through its financial performance. This study employs descriptive analysis using Return on Assets (ROA) and Earnings Per Share (EPS) to obtain an overview of the financial statements of PT Hanjaya Mandala Sampoerna, Tbk. Furthermore, multiple linear regression statistical analysis is used to examine the effect of Return on Assets and Earnings Per Share on stock prices. The results of the study yield the regression equation Y = −1,524.25 + 177.74X₁ + 0.18X₂, with a coefficient of determination (R²) of 0.8810 or 88.10%, and a correlation coefficient (r) of 0.9386, indicating a very strong relationship between the independent variables and the dependent variable. The findings show that Return on Assets and Earnings Per Share simultaneously have a significant effect on stock prices. Partially, Return on Assets has a positive and significant effect on stock prices, while Earnings Per Share has a positive but not significant effect on stock prices at PT Hanjaya Mandala Sampoerna, Tbk. Therefore, the hypothesis proposed by the author is accepted
Co-Authors Naufalia Ridwan Sutriana Sutriana