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All Journal Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal Jurnal Riset Keuangan dan Akuntansi (JRKA) The Accounting Journal of Binaniaga Inovator : Jurnal Manajemen JURNAL AKUNIDA JIAFE (Jurnal Ilmiah Akuntansi Fakultas Ekonomi) JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Journal of Humanities and Social Studies Jurnal Ilmiah Akuntansi Kesatuan Jurnal Indonesia Sosial Sains The Es Accounting and Finance West Science Accounting and Finance
Agung Fajar Ilmiyono
Universitas Pakuan
Arts Humanities Astronomy Biochemistry, Genetics & Molecular Biology Chemistry Computer Science & IT Decision Sciences, Operations Research & Management Earth & Planetary Sciences Economics, Econometrics & Finance Education Energy Environmental Science Immunology & microbiology Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Materials Science & Nanotechnology Neuroscience Physics Social Sciences Other

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Stock Price Determinants in Defensive Industries: The Role of Macroeconomic Factors and Profit Growth in Indonesia’s Pharmaceutical Sector Ellyn Octavianty; Agung Fajar Ilmiyono; Nilda Tartilla; Davina Dwi Andriani
Jurnal Ilmiah Akuntansi Kesatuan Vol. 13 No. 4 (2025): JIAKES Edisi Agustus 2025
Publisher : Institut Bisnis dan Informatika Kesatuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37641/jiakes.v13i4.3582

Abstract

Stock price fluctuations are shaped by both macroeconomic conditions and firm-level performance, making them a central focus in capital market research. The pharmaceutical sector, as part of the consumer goods industry, is often classified as a defensive sector where demand remains relatively stable during economic uncertainty. This study examines the effect of inflation, interest rates, and profit growth on the stock prices of pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange (IDX) from 2014 to 2020. Using purposive sampling of eight firms and multiple linear regression analysis, the results show that the three variables have no significant impact on stock prices, either individually or collectively. The findings contribute theoretically by clarifying the limited relevance of traditional macroeconomic indicators in defensive industries, suggesting that sectoral and firm-specific factors may play a more dominant role. Practically, the study advises investors to focus on regulatory frameworks, product innovation, and public health dynamics when evaluating pharmaceutical equities. From a policy perspective, the results imply that conventional monetary instruments exert limited direct influence on defensive industries, highlighting the need for sector-specific policies to sustain investor confidence and industry growth. Keywords: Inflation, Interest Rates, Profit Growth, Stock Prices, Pharmaceutical Sector
PENGARUH LIKUIDITAS, EARNING PER SHARE DAN PRICE BOOK VALUE TERHADAP HARGA SAHAM MELALUI KEBIJAKAN DIVIDEN Andini Nurwulandari; Qania Tsany Putri Nurul Ulfah; Agung Fajar Ilmiyono
JIMFE (Jurnal Ilmiah Manajemen Fakultas Ekonomi) Vol 8, No 1 (2022): Vol 8, No. 1 (2022)
Publisher : Universitas Pakuan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34203/jimfe.v8i1.5081

Abstract

ABSTRAKPenelitian ini bertujuan untuk menguji  pengaruh current ratio, earning per share dan price book value terhadap harga saham melalui kebijakan dividen. Sampel penelitian dipilih menggunakan metode purposive sampling dan diperoleh 20 perusahaan subsektor asuransi dan perusahaan efek. Metode analisis data menggunakan metode Partial Least Square. Hasil penelitian menunjukkan current ratio dan PBV berpengaruh positif dan signifikan  secara langsung terhadap kebijakan dividen; EPS tidak berpengaruh langung terhadap kebijakan dividen; current ratio dan PBV berpengaruh langsung terhadap harga saham, EPS tidak berpengaruh secara langsung terhadap harga saham,  kebijakan dividen berpengaruh langsung terhadap harga saham; current ratio dan EPS tidak berpengaruh secara langsumg terhadap harga saham melalui kebijakan dividen; dan PBV berpengaruh terhadap harga saham melalui kebijakan dividen. Hal ini mengimplikasikan pentingnya investor melakukan analisis fundamental perusahaan yaitu melakukan analisis terhadap rasio-rasio keuangan, terutama pada rasio likuiditas untuk mengetahui kemampuan perusahaan dalam memenuhi kewajibannya. Hal tersebut dapat dilakukan untuk mengetahui keadaan keuangan perusahaan tersebut dan dalam memprediksi tingkat resiko yang akan dihadapi dalam berinvestasi pada perusahaan tersebut.ABSTRACTThis study aims to examine the effect of the current ratio, earnings per share, and price-book value on stock prices through dividend policy. The research sample was selected using the purposive sampling method and obtained 20 insurance and securities companies. The data analysis method used the Partial Least Square method. The results showed that the current ratio and PBV had a direct positive and significant effect on dividend policy; EPS has no direct effect on dividend policy; current ratio and PBV have a direct effect on stock prices, EPS has no direct effect on stock prices, dividend policy has a direct effect on stock prices; current ratio and EPS have no direct effect on stock prices through dividend policy; and PBV affect stock prices through dividend policy. This implies the importance of investors conducting fundamental analysis of the company, namely analyzing financial ratios, especially liquidity ratios to determine the company's ability to fulfill its obligations. This can be done to find out the financial condition of the company and predict the level of risk that will be faced in investing in the company
Co-Authors Abdul Kohar Adinugraha, Muhammad Rafli Agustina, Rima Auliyamartha Aldillah, Zhafira Huriya Andini Nurwulandari Annisa Tiaranti Armadi, Dion Achmad Daniela, Annisaa Fitriyana Davina Dwi Andriani Ellyn Octavianty Hendro Sasongko Heni Nelawati Heni Pujiastuti Hurriyaturrohman Hurriyaturrohman Hutasoit, Mei Indah Setiarini Erganda Indrayono , Yohanes Indrayono, Yohanes Jalaludin Al Mahali Joko Supriyanto Malik, Adinda Nilda Tartilla Nur Alvi, Putri Alian Nurmala Ahmar Qania Tsany Putri Nurul Ulfah Retno Martanti Endah Lestari Rochman Marota Salsabila, Sharah Slamet, Budiman Suratno Suratno Taroji, Bunyamin Achmad Tri Widyastuti Veithzal Rivai Zainal