International Journal of Finance Research
Vol. 6 No. 2 (2025): International Journal of Finance Research

The Effect of Debt to Equity Ratio, Return on Assets, and Inflation Level on Stock Prices: Empirical Study of Manufacturing Firms in the Consumer Good Industry Listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023

Wahyudi, Rahmat (Unknown)
Fatimah, Fatimah (Unknown)
Ladewi, Yuhanis (Unknown)



Article Info

Publish Date
30 Jun 2025

Abstract

This study aims to determine the effect of the debt-to-equity ratio, return on assets, and inflation rate on stock prices using an empirical analysis of manufacturing companies in the consumer goods sub-industry listed on the Indonesia Stock Exchange (IDX). The object of this study is 52 manufacturing companies in the consumer goods sub-industry, spanning the period from 2018 to 2023. The sample in this study was 47 manufacturing companies in the consumer goods sub-industry. The sampling technique used in this study is Purposive Sampling. In this study, the sample consisted of companies that published financial statements and reported losses for the years 2019 -2023.  The results of this study indicate simultaneously and partially (1) debt to equity ratio, return on assets, and inflation rate together have a positive and significant effect on stock prices (2) debt to equity ratio does not affect and is significant on stock prices (3) return on assets does not affect and is significant on stock prices (4) Inflation rate does not affect and is significant on stock prices.

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Journal Info

Abbrev

ijfr

Publisher

Subject

Economics, Econometrics & Finance Social Sciences

Description

International Journal of Finance Research (IJFR) is a peer-reviewed journal which publishes original research papers. IJFR has been published since 2020. It is currently published quarterly (March, June, September & December). Areas of research include, but are not limited to Finance and Investment, ...