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All Journal JURNAL ECONOMINA
N. Neni Triana
Program Studi Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Buana Perjuangan Karawang, Indonesia

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The Influence of Earnings Per Share, Return on Assets, and Return on Equity on BCA Stock Prices Vivi Priscilla; N. Neni Triana; Thomas Nadeak
JURNAL ECONOMINA Vol. 5 No. 8 (2026): JURNAL ECONOMINA, Agustus 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi 45 Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/economina.v5i8.3675

Abstract

This study empirically analyzes the impact of EPS, ROA, and ROE on the stock price of PT Bank Central Asia Tbk from 2008 to 2023. Quantitative verification uses multiple linear regression on 64 purposively selected quarterly observation data. The analysis is conducted after passing the classical assumption test, incorporating the Cochrane-Orcutt transformation to mitigate the limitations of time series autocorrelation. Simultaneous testing shows that EPS, ROA, and ROE influence stock prices (sig 0.000) with an Adjusted R Square value of 71.9%, which Hair et al. (2021) indicate a strong model ability to explain stock price variations. ROA has a positive and significant effect on stock prices, while EPS and ROE decrease them. Asset management efficiency (ROA) is the strongest fundamental signal considered by investors, while increases in EPS and ROE in blue-chip stocks are not always responded positively because the market tends to anticipate this information (priced-in). This study provides guidance for banking investors to prioritize the ROA ratio in investment decisions and for bank management to maintain operational efficiency to maintain market confidence.