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All Journal Jurnal Manajemen Strategi dan Aplikasi Bisnis Indonesian Journal of Business, Accounting and Management
Mustafa, Yusufi Arif
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Does profitability affect stock prices? Empirical evidence from the plastic and packaging sub-sector of the Indonesia Stock Exchange Apandi, Aden; Mustafa, Yusufi Arif; Kamilah, Siti; Amira, Siti
Indonesian Journal of Business, Accounting and Management Vol. 7 No. 2 (2024)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36406/ijbam.v7i2.9

Abstract

This study aims to analyze the effect of profitability ratios on stock prices of manufacturing companies in the plastic and packaging sub-sector listed on the Indonesia Stock Exchange (IDX) during 2019–2023. The profitability ratios examined are Return on Assets (ROA), Return on Equity (ROE), and Net Profit Margin (NPM). Using purposive sampling, five companies were selected, and secondary data were obtained from their annual financial reports. Data analysis was conducted through descriptive statistics, classical assumption tests, and panel data regression with the Random Effect Model (REM). The findings reveal that ROA and ROE have no significant effect on stock prices, while NPM has a positive and significant impact. These results indicate that investors tend to consider sales-based profitability rather than asset and equity efficiency when valuing stock prices in the plastic and packaging sub-sector. This study provides implications for investors, company management, and regulators in evaluating financial performance, formulating profitability strategies, and supporting capital market stability in Indonesia. Article Information:Received 7/10/2024 / Revised 11/12/2024 / Accepted 12/18/2024 / Online First 12/25/2024
Analisis rasio keuangan pada perusahaan sub sektor kimia yang terdaftar di Bursa Efek Indonesia Mustafa, Yusufi Arif; Apandi, Aden
Jurnal Manajemen Strategi dan Aplikasi Bisnis Vol 8 No 1 (2025)
Publisher : Lembaga Pengembangan Manajemen dan Publikasi Imperium

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36407/jmsab.v8i1.1766

Abstract

This study aims to analyze the financial performance of chemical sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period by using four key financial ratios: liquidity, solvency, activity, and profitability. The research employed a quantitative approach using time series trend analysis and comparative analysis among companies. The results indicate that, in general, chemical sub-sector companies maintain adequate liquidity levels, demonstrating their ability to meet short-term obligations. In terms of solvency, most companies are able to keep their debt proportions within a reasonable range, although several firms still rely heavily on external financing. For the activity ratio, companies such as PT Indo Acidatama, PT Unggul Indah Cahaya, and PT Budi Starch & Sweetener exhibit high efficiency in utilizing assets to generate sales. However, the profitability ratio (ROA) reveals that most companies operate below the 5% threshold, indicating suboptimal profit efficiency. Overall, the financial performance of the chemical sub-sector remains stable but not yet optimal, highlighting the need for improved operational efficiency, debt management, and asset utilization strategies to enhance competitiveness in the future.
Co-Authors Amira, Siti Apandi, Aden Siti Kamilah, Siti