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Pranoto, Madeline Guenevere
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Economics, Econometrics & Finance

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The Effect of Changes in Long-Term Liabilities on the Share Price of PT Kalbe Farma Tbk Melodious, Heavenly; Pranoto, Madeline Guenevere; Elizabeth Tiur Manurung
Ilmu Ekonomi Manajemen dan Akuntansi Vol. 6 No. 2 (2025): Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Publisher : Universitas Mohammad Husni Thamrin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37012/ileka.v6i2.3136

Abstract

This study aims to examine the effect of long-term liabilities on the stock price of PT Kalbe Farma Tbk during the 2017–2024 period using a simple linear regression approach. The long-term liabilities variable was analyzed to determine its contribution to variations in stock price based on the company’s historical financial data. The results indicate a negative regression coefficient of –1.82849 × 10⁻¹⁰, suggesting that an increase in long-term liabilities tends to be associated with a decline in stock price. However, the p-value of 0.3860 reveals that this relationship is not statistically significant at the 5 percent significance level.  This finding is further supported by the ANOVA results, which show a Significance F value of 0.3860, confirming that the regression model as a whole does not have explanatory power. The coefficient of determination (R Square = 0.0269) demonstrates that only 2.69% of the stock price variability can be attributed to changes in long-term liabilities, while the remaining portion is influenced by other factors such as macroeconomic conditions, market sentiment, and the company’s operational performance. The negative coefficient aligns with capital structure theory, the principle of accounting conservatism, and Signaling Theory, indicating that increases in long-term obligations may raise investors’ perceptions of risk. Nonetheless, the statistical insignificance suggests that long-term liabilities are not a key determinant considered by investors when evaluating the stock price of PT Kalbe Farma Tbk.
The Impact of Changes in Long-Term Liabilities on the Stock Price of PT Aneka Tambang Tbk Pranoto, Madeline Guenevere; Melodious, Heavenly; Elizabeth Tiur Manurung
Ilmu Ekonomi Manajemen dan Akuntansi Vol. 6 No. 2 (2025): Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Publisher : Universitas Mohammad Husni Thamrin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37012/ileka.v6i2.3137

Abstract

This study aims to examine the effect of long-term liabilities on the stock price of PT Aneka Tambang Tbk using the company’s financial data. In the mining industry, which is highly affected by commodity price fluctuations and large capital requirements, long-term liabilities serve as an important financing source to support business expansion and operational activities. However, increasing long-term liabilities may also raise the company’s financial risk, which can influence investor perception and stock price movements. This research uses long-term liabilities and stock price data of PT Aneka Tambang Tbk from 2017 to 2024 with a total of 30 observations. A simple linear regression method is applied to analyze the relationship between long-term liabilities as the independent variable and stock price as the dependent variable. The results show that long-term liabilities have a negative and statistically significant effect on the stock price, with a regression coefficient of -2.53516×10⁻⁷ and a p-value of 7.0484×10⁻⁶, which is below the 0.05 significance level. This indicates that an increase in long-term liabilities tends to be negatively perceived by the market. The Adjusted R Square value of 0.5023 suggests that approximately 50.23% of the variation in PT Aneka Tambang Tbk’s stock price can be explained by changes in long-term liabilities, while the remaining variation is influenced by other factors such as global commodity prices, operational performance, government policies, and investor sentiment. Therefore, this study highlights the importance of prudent management of long-term liabilities, as it plays a significant role in maintaining the market value and investor confidence in PT Aneka Tambang Tbk
The Effect of Changes in Long-Term Liabilities on Share Price of PT Jasa Marga (Persero) Tbk Pranoto, Madeline Guenevere; Maratno, Sylvia Fettry Elvira
Ilmu Ekonomi Manajemen dan Akuntansi Vol. 6 No. 2 (2025): Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Publisher : Universitas Mohammad Husni Thamrin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37012/ileka.v6i2.3178

Abstract

This study aims to examine the effect of long-term liabilities on the stock price of PT Jasa Marga (Persero) Tbk using the company’s financial data. As an infrastructure company operating toll road networks, PT Jasa Marga requires substantial long-term financing to support the development and maintenance of its assets. Long-term liabilities serve as a major funding source; however, an increase in these liabilities may raise financial risk, which in turn can affect investor perception and stock price movements. This research uses data on long-term liabilities and stock prices of PT Jasa Marga (Persero) Tbk for the period 2017–2024, with a total of 30 observations. The data were analyzed using a simple linear regression method to examine the relationship between long-term liabilities as the independent variable and stock price as the dependent variable. The results show that long-term liabilities have a negative but statistically insignificant effect on the stock price. This is indicated by a regression coefficient of –2.30764 × 10⁻⁸ and a p-value of 0.0577, which is higher than the 0.05 significance level. Furthermore, the R Square value of 0.1227 indicates that only 12.27% of the variation in the stock price of PT Jasa Marga (Persero) Tbk can be explained by changes in long-term liabilities, while the remaining variation is influenced by other factors such as macroeconomic conditions, government policies in the infrastructure sector, operational performance, and market sentiment. Thus, this study indicates that although long-term liabilities have a negative directional relationship with the stock price, their impact is not statistically strong. Therefore, changes in the stock price of PT Jasa Marga (Persero) Tbk are more strongly influenced by external and other fundamental factors beyond the company’s long-term liability structure.
Co-Authors Elizabeth Tiur Manurung Maratno, Sylvia Fettry Elvira Melodious, Heavenly