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All Journal LOBI: Jurnal Ekonomi, Manajemen, Bisnis Islam
Sri Oktaviani
UIN Sunan Gunung Djati Bandung
Economics, Econometrics & Finance

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PROFITABILITAS DAN NILAI SAHAM: KAJIAN EMPIRIS NPM DAN ROA TERHADAP HARGA SAHAM PT. GUDANG GARAM TBK PERIODE 2014–2023 Sri Oktaviani; Azmi Fasa; Ruhenda; Dedi Suyandi
Lobi Vol. 3 No. 01 (2026): LOBI: Jurnal Ekonomi, Manajemen, Bisnis Islam
Publisher : Laboratorium FEBI UIN SGD Bandung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/lobi.v3i01.3205

Abstract

Stock valuation on the exchange is not solely driven by macroeconomic conditions but also by financial signals embedded in corporate disclosures. This study examines the extent to which two profitability indicators—Net Profit Margin (NPM) and Return on Assets (ROA)—shape share price movements of PT. Gudang Garam Tbk over a ten-year horizon (2014–2023). The departure point is an observed anomaly whereby profitability trends and stock price responses do not consistently align. A descriptive-quantitative design was adopted, drawing on quarterly financial data to generate 40 observational pairs. Analy­tical tools included simple and multiple linear regression, Pear­­­son correlation, coefficient of determination, and t- and F-significance tests. Sta­tis­tical outcomes reveal that: 1) NPM independently accounts for 54.2% of share price variation (t= 6.700; sig.= 0.000); 2) ROA contributes 16.6% independently (t = 2.754; sig.= 0.009); and 3) the two va­riables jointly explain 54.5% of price varia­tion (F = 22.196; sig.= 0.000). This pattern corro­bo­rates signalling theory, whereby trans­pa­rent profitability disclosures heighten investor attention toward a company's shares.
Co-Authors Fasa, Azmi Ruhenda Ruhenda Suyandi, Dedi