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THE EFFECT OF CURRENT RATIO, RETURN ON EQUITY, FIRM SIZE, AND DEBT-TO-EQUITY RATIO ON STOCK PRICES OF COAL SUBSECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE DURING THE 2021–2025 Yesi Safitri; Rico Nur Ilham; Ghazali Syamni; Muttaqien; Frengki Putra Ramansyah
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 5 No. 3 (2027): January - ON PROGRESS
Publisher : PT. Radja Intercontinental Publishing

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Abstract

This study aims to analyze the effect of the Current Ratio (CR), Return on Equity (ROE), Firm Size, and Debt-to-Equity Ratio (DER) on the stock prices of coal subsector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. The research population consisted of all 34 coal subsector companies listed on the IDX, with a final sample of 26 companies selected using purposive sampling, resulting in 130 panel data observations. Secondary data, including annual financial statements and year-end closing stock prices, were analyzed using panel data regression with EViews software. The Random Effects Model (REM) was selected as the most appropriate model based on the Chow test, Hausman test, and Lagrange Multiplier test. The results indicate that, partially, the Current Ratio (CR), Return on Equity (ROE), and Debt-to-Equity Ratio (DER) have no significant effect on stock prices, while Firm Size has a positive and significant effect. Simultaneously, all four independent variables have a significant effect on stock prices, with an adjusted R-squared value of 0.1553, indicating that the model explains 15.53% of the variation in stock prices, while the remaining 84.47% is explained by other factors outside the model. These findings suggest that investors in the coal sector place greater emphasis on a company's scale and stability than on conventional financial ratios when making investment decisions.
Co-Authors . Zulfan Abd Majid, M. Shabri Aditya Aditya Aisyah Putri Andriani Siregar Aiyub Aiyub Akhyar, Chairil Alifcha Novanda Alya Maulisa Alya Maulisa Amalia Fitri Amalia Fitri Amelia Nufara Arilasta Irawan Arsya Ardana Arya Permana Ginting Arya Permana Ginting Azhar , Bambang Ali Nugroho Bambang Arjuna Putra Bambang Arjuna Putra Darmawati Darmawati Muchtar Darmawati Mukhtar Darmawati Mukhtar Delia Ananda Delia Ananda Ella Nabila EM Yusuf Iis Faisal Faisal, Faisal Farica Yusrina Lubis Frengki Putra Ramansyah Harley Agustian Harley Agustian Hasatiru Auwa Hasatiru Auwa Hasibuan, Ahmad Fauzul Hakim Hawa Zahrani Hendra Raza Herman Fithra Husaini Husaini Husaini Husaini Ikhsan Nur Ilham Ikhsan Nur Ilham Ikram Ikramuddin, Ikramuddin Indah Sari Yusmita Indah Sari Yusmita Intan Ulia Intan Ulia Iqbaal Fauzi Pakpahan Irnianita Irnianita Iswadi Iswadi Bensaadi Jamilah Juilimursyida Ganto Juliana Ariska Jullimursyida Jumadil Saputra Jummaini Khaira Khirnika Nirda Lala Merlita M. Shabri Abdul Majid Marzuki Marzuki Marzuki Mawardati Mawardati Miladi Sutanti Muchtar, Darmawati Muhammad Dava Rizki Muhammad Dava Rizki Muhammad Hafidz Akbar Muhammad Hafizh Muti Miftahul Jannah Muttaqien Muttaqien Muttaqien Muttaqien Muttaqien Muttaqien Nadia Amanda Nadia Mulya Nadiatun Nisa Nasir Azis Naz’aina Neo Agustina Nuhfil Hanani Nur Balkis Nur Faliza Nurfazila Nurhasanah Nurlela Nurlela Nurlela Nurlela Rabiatul Adawiah Berasa Rahmatillah Rahmatillah Raisa Salsabila Rasyidin M. Ratna Husein Reza Hendri Yana Reza Hendri Yana Rico Nur Ilham Rifky Ramandha Riga Sanjaya Ristati Ristati Said Musnadi Sari Yulis Terfiadi Sari Yulis Terfiadi Silvia Ananda Silvia Ananda Siswoyo Adi wijaya Siti Elan Nisa Siti Elan Nisa Sri Arini Suci Puji Suryani Syifa Azzahra Syifa Azzahra T.M Azani Teuku Rully Thasrif Murhadi Wahyuddin Wahyuddin Wahyuddin Wardhiah Wardhiah, Wardhiah Wasni Maisarah Widyana Verawaty Siregar Wirdha Ramadhani Yesi Safitri Zahrul Fuadi Zamzami Zainuddin Zaufani Putri Khairun Zaufani Putri Khairun Zuhra Zuhra Zulfan Zulfan Zulfan Zulfan Zulkifli