ANALISIS FUNDAMENTAL TERHADAP HARGA SAHAM: STUDI EMPIRIS PADA PERUSAHAAN SUB-SEKTOR PERKEBUNAN KELAPA SAWIT YANG TERDAFTAR DI BURSA EFEK INDONESIA
DOI:
https://doi.org/10.30738/eden.v9i1.4835Keywords:
ROA, ROE, DAR, Price of StockAbstract
The primary objective of this study is to examine the influence of Return on Assets (ROA), Return on Equity (ROE), Debt-to-Asset Ratio (DAR), and Price Book Value (PBV) on the Stock Price (PS) of Palm Oil Plantation Sub-Sector Companies in Indonesia. The population in this study consists of companies listed on the Indonesia Stock Exchange, with a sample of 20 companies selected using purposive sampling techniques, resulting in a total of 120 balanced panel observations. The observation period is six years (2019-2024). Hypothesis testing using panel data regression. The panel model selection was conducted thru the Chow test, the Hausman test, and the Lagrange Multiplier test, which indicated that the random effects model was more appropriate than the common or fixed effects models. Therefore, estimation was performed using a random effects model with the Estimated Generalized Least Squares (EGLS) approach.
The partial results show that PBV has a positive and significant effect on ROA and ROE, which have positive coefficients but are not statistically significant. DAR shows a positive influence on stock prices and is significant at a 10% significance level. Simultaneously, the F-test results indicate that the variables ROA, ROE, DAR, and PBV collectively have a significant effect on stock prices. The coefficient of determination value shows that the model's ability to explain variations in stock prices is relatively limited.
The research contributes scientifically and can be utilized by future researchers focusing on other financial performance ratio variables.
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