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All Journal JDM (Jurnal Dinamika Manajemen) SELAPARANG: Jurnal Pengabdian Masyarakat Berkemajuan TIJAB (The International Journal of Applied Business) JBMR: Journal of Business and Management Review Jurnal REKOMEN (Riset Ekonomi Manajemen) Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam E-Amal: Jurnal Pengabdian Kepada Masyarakat Journal of Ekonomics, Finance, and Management Studies Sasambo: Jurnal Abdimas (Journal of Community Service)
Pradana Jati Kusuma
Universitas Dian Nuswantoro
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Pengaruh Faktor Internal dan Eksternal Terhadap Harga Saham Subsektor Semen Ayu Rizky Yuniar; Pradana Jati Kusuma; Maria Safitri; Fakhmi Zakaria
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 4 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i4.11611

Abstract

This study examines the determinants of share prices of companies in the cement sub-sector on the Indonesia Stock Exchange (IDX), focusing on internal and external factors during the period 2020–2024. The internal factors analysed include the Debt to Equity Ratio (DER), Current Ratio (CR), and company age (AGE), while external factors include interest rates and Gross Domestic Product (GDP). The research method used is a quantitative approach based on secondary data sourced from the IDX, companies' annual financial reports, and statistical data released by the Central Statistics Agency (BPS). The research sample includes six cement sub-sector companies determined through purposive sampling, resulting in 120 quarterly panel data observations. The assessment was conducted using panel data regression with a Fixed Effect Model (FEM) selected from the Chow test and Hausman test, supported by classical assumption testing and hypothesis testing. The results of the study reveal that all independent variables simultaneously have a significant effect on stock prices. Individually, CR has a positive and significant effect, while AGE has a negative and significant effect on stock prices. Meanwhile, DER and interest rates produce an insignificant negative relationship, and GDP has a positive but insignificant effect. This study reveals that the movement of cement sub-sector stock prices can be explained by the interaction of internal and external factors, with liquidity and company age as the main determinants in conditions of overcapacity and macroeconomic uncertainty.
Co-Authors Almira Santi Samasta Amaliya Fitriyana Anak Agung Istri Sri Wiadnyani Ayu Rizky Yuniar Bobur Sobirov Chasanah, Amalia Nur Damar, Haunan Dina Destia Laila Safitri Dwi Eko Waluyo Fakhmi Zakaria Febrianur Ibnu Fitroh Sukono Putra Gde Bayu Surya Parwita Guruh Taufan Hariyadi Hartoyo Hartoyo Hendro Sasongko I Dewa Made Arik Permana Putra Laila Munzila Made Ika Prastyadewi Mahmud Mahmud Maria Safitri Mochammad Eric Suryakencana Wibowo Mujib, Miftachul Perdana, Tito Aditya Rudi Kurniawan Suhita Whini Setyahuni