Factors Affecting the Stock Price: The Role of Firm Performance

Factors Affecting the Stock Price: The Role of Firm Performance

This study examined the effect of Debt Equity Ratio (DER), Net Profit Margin (NPM), and Size on stock prices with company performance as measured by Return on Assets (ROA) as a mediating variable. The sample used is 136 manufacturing companies listed on the Indonesia Stock Exchange (IDX) in the 2014...

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Veröffentlicht in:The Journal of Asian finance, economics, and business economics, and business, 2021-02, Vol.8 (2), p.165-173
Hauptverfasser: SUKESTI, Fatmasari, GHOZALI, Imam, FUAD, Fuad, KHARIS ALMASYHARI, Abdul, NURCAHYONO, Nurcahyono
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container_issue 2
container_start_page 165
container_title The Journal of Asian finance, economics, and business
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creator SUKESTI, Fatmasari
GHOZALI, Imam
FUAD, Fuad
KHARIS ALMASYHARI, Abdul
NURCAHYONO, Nurcahyono
description This study examined the effect of Debt Equity Ratio (DER), Net Profit Margin (NPM), and Size on stock prices with company performance as measured by Return on Assets (ROA) as a mediating variable. The sample used is 136 manufacturing companies listed on the Indonesia Stock Exchange (IDX) in the 2014-2018 period. This research was tested using a Warp PLS statistical test tool to prove the proposed hypothesis. The results showed that DER has a significant negative effect on ROA and a significant positive effect on Stock Price. NPM has a significant positive effect on ROA as well as a significant positive effect on Stock Price. While Size has a significant positive effect on ROA but has no effect on Stock Price. ROA has a significant positive effect on Stock Price. ROA does not act as a mediating variable in the relationship between Size and Stock Price; however, ROA acts as a mediating variable in the DER and Stock Price relationship, as well as, in the relationship between NPM and Stock Price. The implications of the results of this study can be used by investors in making investment decisions, paying attention to the company's financial aspects, namely DER, NPM, Size, and ROA.
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