Pengaruh ROA, DER, Pertumbuhan Penjualan, dan Pertumbuhan Aset terhadap Harga Saham: (Studi Empiris pada Perusahaan Subsektor Makanan dan Minuman yang Terdaftar di BEI Periode 2021–2025)

Nurfahdah Nurfahdah (Universitas Budi Luhur)
Dicky Arisudhana (Universitas Budi Luhur)

Jurnal Ilmiah Manajemen dan Akuntansi
Vol. 3 No. 5 (2026): September: Jurnal Ilmiah Manajemen dan Akuntansi

Financial performance represents fundamental information that investors may use to evaluate a company’s condition and prospects and to formulate investment decisions. This study aims to examine the effect of ROA, DER, sales growth, and asset growth on stock prices of food and beverage subsector companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2025 period. The population comprised 101 food and beverage subsector companies listed on the IDX during the observation period. Using the purposive sampling method, 53 companies were selected based on the predetermined research criteria. This study employed secondary data obtained from the companies’ annual financial statements. The data were analyzed using multiple linear regression with the assistance of the Statistical Package for the Social Sciences (SPSS) version 22. The results demonstrate that ROA has a positive and significant effect on stock prices. In contrast, DER, sales growth, and asset growth do not have a significant effect on stock prices. These findings indicate that a company’s ability to generate profits through the utilization of its assets is a relevant indicator in explaining changes in stock prices. Conversely, leverage, sales growth, and asset growth do not demonstrate significant effects on the stock prices of food and beverage subsector companies during the observation period.