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R. Aryanti Ratnawati
Universitas Sangga Buana YPKP
Economics, Econometrics & Finance

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THE IMPACT OF FINANCIAL LEVERAGE ON EARNINGS PER SHARE IN THE INDONESIAN BANKING SECTOR Erik Nugraha; Febi Wulandari; R. Aryanti Ratnawati
Multifinance Vol. 3 No. 3 (2026): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i3.522

Abstract

Earning Per Share (EPS) is a ratio used to measure the net income earned by a company relative to the number of outstanding shares, serving as a key indicator for investors in assessing a company’s profitability and potential returns. However, an increase in Financial Leverage does not necessarily lead to a higher EPS. This study aims to examine and analyze the effect of Financial Leverage, measured by the Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER), on Earning Per Share (EPS) in banking sector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2023 period. The research method employed is a quantitative approach using panel data regression analysis. The research data were obtained from the annual financial statements of 22 companies selected through purposive sampling. The results indicate that Financial Leverage measured by the Debt to Asset Ratio (DAR) has a significant effect on Earning Per Share (EPS), while Financial Leverage measured by the Debt to Equity Ratio (DER) has a negative and significant effect on Earning Per Share (EPS). However, simultaneously, Financial Leverage does not have a significant effect on Earning Per Share (EPS).
THE EFFECT OF RETURN ON EQUITY (ROE) AND DIVIDEND POLICY ON STOCK RETURNS IN PROPERTY AND REAL ESTATE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE PERIOD 2020–2024 Resti Alfatin; Rakha Rajendra; R. Aryanti Ratnawati; Kusmadi Kusmadi
Multifinance Vol. 3 No. 3 (2026): Multifinance
Publisher : PT. Altin Riset Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61397/mfc.v3i3.518

Abstract

This study aims to analyze the effect of Return on Equity (ROE) and Dividend policy projected by Dividend Payout Ratio (DPR) on Stock Returns in property and real estate sector companies listed on the Indonesia Stock Exchange (IDX). The data used in this study are quarterly panel data from 7 companies during the period 2020Q1 to 2024Q4, resulting in a total of 140 observations. The analysis method used is panel data regression with the Chow test and Hausman test stages for model selection. Classical assumption tests (normality, multicollinearity, heteroscedasticity, and autocorrelation) are also conducted to ensure the validity of the model. The results of this study indicate that the Fixed Effect Model (FEM) is the chosen model based on a series of tests. The classical assumption test indicates that the model residuals are normally distributed, proven to be free from multicollinearity, heteroscedasticity, and autocorrelation problems. Simultaneously, ROE and dividend policy (DPR) have a significant effect on stock returns. Partially, Return on Equity (ROE) is found to have a negative and significant effect on Stock Return, while Dividend Payout Ratio (DPR) has a positive and significant effect on Stock Return. These findings provide implications for investors in making investment decisions and for company management in formulating financial policies.
Co-Authors Erik Nugraha Febi Wulandari Kusmadi Kusmadi Rakha Rajendra Resti Alfatin