Economics and Business Journal
Vol. 4 No. 6 (2026): September

EPS, DPS, and TATO as Determinants of Stock Prices for Food and Beverage Companies Listed on the IDX (2018–2024)

Nuryani Ambri (Program Studi Manajemen Fakultas Ekonomi dan Bisnis, Universitas Negeri Makassar)
Nurman (Fakultas Ekonomi dan Bisnis, Universitas Negeri Makassar)
Nurul Fadilah Aswar (Fakultas Ekonomi dan Bisnis, Universitas Negeri Makassar)
Anwar Ramli (Fakultas Ekonomi dan Bisnis, Universitas Negeri Makassar)
Abdul Rahman (Fakultas Ekonomi dan Bisnis, Universitas Negeri Makassar)



Article Info

Publish Date
04 Oct 2026

Abstract

This study aims to analyze the influence of Earnings Per Share (EPS), Dividend Per Share (DPS), and Total Asset Turnover (TATO) on a company's stock price. This analysis was conducted to determine the extent to which these financial performance indicators are considered by investors in assessing and determining investment decisions on the company's shares.. The data used are secondary data obtained from the company's financial statements during the study period. The research sample consisted of 12 companies with an observation period of 7 years, resulting in 84 observational data. The data analysis technique used was panel data regression analysis to examine the relationship between the independent and dependent variables. In addition, model feasibility tests and partial tests were conducted to determine the effect of each independent variable on stock prices. The results showed that Dividend Per Share (DPS) has a positive and significant effect on stock prices. Meanwhile, Earnings Per Share (EPS) and Total Asset Turnover (TATO) showed a positive but insignificant effect on stock prices. These findings indicate that investors tend to pay more attention to dividend distribution information than other financial indicators. Dividend payments are perceived as a positive signal regarding the stability of the company's performance and future prospects, thus increasing investor confidence and impacting share prices on the capital market.

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Journal Info

Abbrev

go

Publisher

Subject

Economics, Econometrics & Finance

Description

Economics and Business Journal (ECBIS) | ISSN (e): 2963-7589 is an international peer-reviewed, open access scientific journal dedicated to the advancement and dissemination of research results that support high-level research in the fields of Economics, Management and Business, this journal ...