Journal of Governance, Taxation, and Auditing
Vol. 4 No. 1 (2025): Journal of Governance, Taxation and Auditing (July - September 2025)

Determinants of Stock Prices of Basic Materials Sector Manufacturing Companies Listed on The Indonesian Stock Exchange

ARIANI, Indri (Unknown)
PERMATASARI, Devi (Unknown)



Article Info

Publish Date
14 Oct 2025

Abstract

This study aims to analyze the effects of Return on Assets (ROA), Return on Equity (ROE), Debt to Equity Ratio (DER), and Earnings per Share (EPS) on stock prices of manufacturing companies in the basic materials sector listed on the Indonesia Stock Exchange (IDX) during 2022–2024. A quantitative approach with multiple linear regression was employed. The sample was determined using purposive sampling, resulting in 35 firms observed over three years, for a total of 105 firm-year observations. The study uses secondary data drawn from annual reports published on the official IDX website. This study examines the effects of ROA, ROE, DER, and EPS on the stock prices of basic materials manufacturing issuers listed on the IDX over 2022–2024, using a quantitative approach and multiple linear regression. The model satisfies OLS prerequisites (normal residuals, no multicollinearity or heteroskedasticity, and no autocorrelation after correction), allowing for valid inferential interpretation. The results show that EPS has a positive and significant effect on stock prices, while ROA, ROE, and DER have no significant effect.

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Journal Info

Abbrev

JoGTA

Publisher

Subject

Economics, Econometrics & Finance

Description

Journal of Governance, Taxation and Auditing (JoGTA) is a journal developed by PT Keberlanjutan Strategies Indonesia (Sustainability Strategies Indonesia). The International Journal of Environmental, Sustainability and Social Science aims to related to current research on the scope of the journal ...