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All Journal Greenation International Journal of Economics and Accounting
Linda Wahyu Marpaung
Sekolah Tinggi Ilmu Ekonomi Eka Prasetya, Medan, Indonesia
Economics, Econometrics & Finance

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Fundamental Determinants of Stock Prices: Evidence from Manufacturing Firms Listed on the Indonesia Stock Exchange Susan Grace Veranita Nainggolan; Amirul Afif Muhamat; Desma Erica Maryati; Linda Wahyu Marpaung
Greenation International Journal of Economics and Accounting Vol. 4 No. 4 (2026): Greenation International Journal of Economics and Accounting (September - Octob
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i4.866

Abstract

This study examines the effects of fundamental factors on the stock prices of manufacturing firms listed on the Indonesia Stock Exchange (IDX) during 2019–2023. The independent variables comprise profitability (Return on Assets/ROA), liquidity (Current Ratio/CR), leverage (Debt-to-Equity Ratio/DER), and earnings performance (Earnings per Share/EPS). Using secondary panel data and panel regression analysis, the study evaluates both individual and joint effects of these variables on stock prices. The results show that ROA and EPS have positive and statistically significant effects on stock prices, whereas DER has a negative and significant effect. CR does not exhibit a statistically significant effect. Collectively, the fundamental variables significantly explain variations in stock prices, underscoring the relevance of firm-level financial performance in equity valuation. This study contributes empirical evidence from an emerging-market context by clarifying the relative roles of profitability, liquidity, leverage, and earnings performance in explaining stock-price variation. The findings offer practical implications for investors and corporate managers in interpreting financial indicators and making more informed investment and financing decisions.
Co-Authors Amirul Afif Muhamat Desma Erica Maryati Susan Grace Veranita Nainggolan