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All Journal Jurnal Akuntansi & Auditing Indonesia Almana : Jurnal Manajemen dan Bisnis
Restuningsih, Jumi
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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The Influence of NPM, ROA, and EPS on Stock Prices in Food and Beverage Firms Restuningsih, Jumi; Hertina, Dede
Almana : Jurnal Manajemen dan Bisnis Vol 9 No 2 (2025): August
Publisher : Bandung: Prodi Manajemen FE Universitas Langlangbuana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36555/almana.v9i2.2847

Abstract

The fluctuation of stock prices in the food and beverage sector reflects investor responses to various financial performance indicators. This study aims to analyze the influence of Net Profit Margin (NPM), Return on Assets (ROA), and Earnings Per Share (EPS) on stock prices in 19 food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. Using a descriptive-verificative approach, the research employs multiple linear regression analysis based on secondary data from audited financial statements. The findings reveal that NPM has a significant negative effect on stock prices, indicating that higher margins do not always attract investor interest. ROA, although positively associated, does not have a statistically significant effect. In contrast, EPS has a significant positive impact, suggesting it is a key factor influencing investor decisions. Simultaneously, NPM, ROA, and EPS together significantly affect stock prices. These results underscore the importance of EPS as a reliable performance measure, while also suggesting that other qualitative or external factors may moderate the relationship between profitability ratios and market valuation. This research provides practical insights for investors, financial analysts, and company management in evaluating and responding to firm performance indicators.
ESG, Audit Quality, and Political Connections on Firm Value: The Mediating Role of Leverage and Profitability Restuningsih, Jumi; Gusni, Gusni
Jurnal Akuntansi dan Auditing Indonesia Vol 29, No 2 (2025)
Publisher : Accounting Department, Faculty of Business and Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jaai.vol29.iss2.art13

Abstract

This study investigates the impact of environmental, social, and governance (ESG) practices, audit quality, and political ties on firm value, with leverage and profitability as mediators. Using data from 18 ESG Leader firms (2021–2024) and analyzed through Structural Equation Modeling (SEM) with SmartPLS 4, the research explores both direct and indirect effects. Results show ESG and audit quality do not directly affect firm value but become significant when mediated by leverage and profitability. Political connections negatively influence firm value directly but exert a positive effect indirectly through financial performance. Leverage and profitability emerge as key mediators, explaining much of the variation in firm value and underscoring the role of financial mechanisms in transmitting non-financial factors. The study contributes originality by integrating governance, audit quality, and political connections with financial performance offer a more comprehensive interpretation of firm value.
Co-Authors Dede Hertina Gusni, Gusni