Pengaruh DER, ROE, dan EPS Terhadap Harga Saham Pada Perusahaan Sub Sektor Pulp dan Kertas Yang Terdaftar di BEI Periode 2018 – 2023

Abstract

This study aims to analyze the effect of Debt to Equity Ratio (DER), Return on Equity (ROE), and Earning Per Share (EPS) on stock prices of pulp and paper sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2023 period. This research employs a quantitative associative approach using secondary data obtained from annual financial statements and stock closing prices. The population consists of all pulp and paper sub-sector companies listed on the IDX, with six companies selected as samples through purposive sampling, resulting in 36 balanced panel observations. Data analysis was conducted using panel data regression with the Fixed Effect Model (FEM), selected based on Chow and Hausman tests. The results show that, partially, DER, ROE, and EPS do not have a significant effect on stock prices. However, simultaneously, DER, ROE, and EPS significantly affect stock prices, with a coefficient of determination (R²) of 94.7%. These findings indicate that investors tend to assess company performance holistically rather than relying on individual financial ratios. The study provides practical implications for corporate financial management and investment decision-making, particularly in capital-intensive industries such as pulp and paper.