The Influence of Company Fundamental Factors and Macroeconomic Factors on Stock Prices of Automotive Sector Companies Listed on the Indonesia Stock Exchange (IDX) for the 2017–2025 Period
Abstract
This study aims to analyze the effect of company fundamental factors and macroeconomic factors on stock prices of automotive sector companies listed on the Indonesia Stock Exchange. The independent variables are Return on Equity (ROE), Debt to Equity Ratio (DER), Current Ratio (CR), Firm Size, Inflation, and the Composite Stock Price Index (IHSG), while stock price is the dependent variable. The study uses a quantitative explanatory approach and secondary data from six automotive companies selected through purposive sampling. Panel data regression is estimated using Pooled Least Square, Fixed Effect Model, and Random Effect Model. Model selection is conducted using the Chow and Hausman tests, followed by multicollinearity, heteroskedasticity, and autocorrelation tests. The thesis reports that Fixed Effect Model is the selected model and the final estimation uses robust standard errors. The results indicate that ROE, CR, and Firm Size have positive coefficients, while DER and Inflation have negative coefficients. The thesis conclusion also states a positive effect of IHSG on stock prices. Simultaneously, ROE, DER, CR, Firm Size, Inflation, and IHSG significantly affect stock prices. The findings indicate that stock-price movements in the automotive sector reflect the interaction between internal financial performance and external market conditions. The study provides implications for investors and corporate management in evaluating profitability, leverage, liquidity, firm scale, inflation, and market conditions when assessing automotive-sector stocks.
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