ANALYSIS OF THE EFFECT OF EARNING PER SHARE (EPS) AND RETURN ON EQUITY (ROE) ON STOCK PRICES: A STUDY OF STATE-OWNED ENTERPRISE (BUMN) ISSUERS ON THE INDONESIA STOCK EXCHANGE IN THE 2015-2024 PERIOD

Nur Aliyah Marwah; Hety Budiyanti; Annisa Paramaswary Aslam

doi:10.31538/iijse.v9i2.9527

Nur Aliyah Marwah Universitas Negeri Makassar, Makassar, Indonesia
Hety Budiyanti Universitas Negeri Makassar, Makassar, Indonesia
Annisa Paramaswary Aslam Universitas Negeri Makassar, Makassar, Indonesia

DOI: https://doi.org/10.31538/iijse.v9i2.9527

Keywords: Earnings Per Share (EPS), Return on Equity (ROE), Stock Price, Parent State-Owned Enterprises

Abstract

This study aims to determine: (1) the effect of Earning Per Share (EPS) on stock prices in parent state-owned enterprise issuers, (2) the effect of Return on Equity (ROE) on stock prices in parent state-owned enterprise issuers, and (3) the effect of Earning Per Share (EPS) and Return on Equity (ROE) together on stock prices in parent state-owned enterprise issuers listed on the Indonesia Stock Exchange. This study uses a quantitative approach with an associative research type. The data used are secondary data obtained from annual financial reports and stock price data of parent state-owned enterprise issuers listed on the Indonesia Stock Exchange during the 2015–2024 period. The sampling technique was carried out by purposive sampling. The data analysis method used is panel data regression with the help of EViews software. The results of the study indicate that: (1) Earning Per Share (EPS) partially has a positive and significant effect on the stock price of parent BUMN issuers with a value (p-value 0.02 < 0.05), (2) Return on Equity (ROE) partially has a positive and significant effect on the stock price of parent BUMN issuers with a value (p-value 0.01 < 0.05), and (3) Earning Per Share (EPS) and Return on Equity (ROE) simultaneously have a significant effect on the stock price of parent BUMN issuers with a value (p-value 0.000 < 0.05). In addition, company size as a control variable also strengthens the relationship between the company's fundamental performance and stock prices.

Downloads

Download data is not yet available.

References

Alamsyahbana, M. I., Mukhram, M., Sholichah, F., Tahir, I. B., Rudiyanto, R., Zuhra, J. I., Nasution, A. R., Sawitri, E. N. D., Bachtiar, M., Ayuandiani, W., & Mahfuddin, R. (2024). Pasar Modal Pasar Modal (Vol. 1, Number 1). Otoritas Jasa Keuangan. https://accurate.id/ekonomi-keuangan/pengertian-pasar-modal-lengkap/

Andreas, H. H. (2024). Cash Flow, Board Independence, Financial Distress in State-Owned Enterprises (SOE) Companies in Indonesia. KRISNA: Kumpulan Riset Akuntansi, 16(1), 1–11. https://doi.org/10.22225/kr.16.1.2024.1-11

Azilla, Susilowati, Rifai, M. D. K., & Sagita, I. (2023). Pengaruh Ukuran Perusahaan, Leverage Dan Profitabilitas Terhadap Harga Saham Perusahaan (Studi Pada Perusahaan Lq45 Yang Terdaftar Di Bursa Efek Indonesia). E-Logis: Jurnal Ekonomi Logistik, 4(1), 45–55. https://doi.org/10.70375/e-logis.v4i1.15

Bafera, J., & Kleinert, S. (2023). Signaling Theory in Entrepreneurship Research: A Systematic Review and Research Agenda. Entrepreneurship: Theory and Practice, 47(6), 2419–2464. https://doi.org/10.1177/10422587221138489

Basyarudin, G. R. (2024). Peran Pasar Modal Bagi Investasi Di Indonesia. Jurnal Riset Ilmiah, 1(11), 1131–1137.

Budhijana, R. B. (2022). The Effect Of Dividend Policy, Financial Performance And Environmental Performance On Investor Reactions. Journal of Contemporary Administration and Management (ADMAN), 3(5), 5–8. https://doi.org/10.61100/adman.v1i1.2

Darmawan, A., & Utami, M. R. (2018). Pengaruh der, roa, roe, eps dan mva terhadap harga saham pada indeks saham syariah indonesia. Journal of Applied Managerial Accounting, 2(2), 206–218.

Destria, P., & Lukito, C. P. (2024). Pengaruh Return on Equity ( ROE ) dan Price to Book Value ( PBV ) terhadap Harga Saham ( Studi Kasus Pada Perusahaan Subsektor Industri Semen yang Terdaftar di Indonesia Stock Exchange Periode 2017-2023 ). Cakrawala: Jurnal Ekonomi, Manajemen Dan Bisnis, 1(1), 99–110.

Dewi, S. P. A. K. N. G. (2025). Pengaruh ROA, EPS, DER, dan Ukuran Perusahaan terhadap Harga Saham Perusahaan Perusahaan Sektor Makanan dan Minuman yang Tercatat di BEI. Neraca, 20(1), 100–107. https://doi.org/10.32832/neraca

Goinones, & Ridwan. (2024). Pengaruh Kebijakan Dividen Dan Return on Equty Terhadap Return Saham. Journal Economic Insights, 3(1), 27–36. https://doi.org/10.51792/jei.v3i1.100

Handayani, A. (2021). Pengaruh Earning Per Share (EPS) Dan Return On Equity (ROE) Terhadap Harga Saham (Studi Kasus pada Bank BUMN yang Terdaftar di Bursa Efek Indonesia Periode 2017 � 2019). JURNAL SEKURITAS (Saham, Ekonomi, Keuangan Dan Investasi), 4(2), 169–179.

Husni, M., Anggriawan, M. A., & Wahyuni, N. (2024). Pengaruh Volatilitas Harga Saham, Frekuensi Perdagangan Dan Return Saham Terhadap Bid-Ask Spread Pada Perusahaan Yang Terdaftar Di Indeks Lq45 Periode 2019 � 2022. Journal of Management : Small and Medium Enterprises (SMEs), 17(2), 341–354. https://doi.org/10.35508/jom.v17i2.14484

Indah, S. (2024). Pengaruh Earning Per Share (Eps) Dan Return On Equity (Roe) Terhadap Harga Saham Pada Sektor Perbankan Bumn Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2022. Accounting and Management Journal, 8(1), 403. https://doi.org/10.32832/manager.v3i3.3903

Indah, S., Lestari, E., Sasono, A. D., & Indrihastuti, P. (2024). Liquidity, Solvency, and Profitability Ratio Analysis as a Financial Performance Measurement Tool at PT Telkom Indonesia (Persero) Tbk for the Period 2020-2022. Journal of Economics and Business Letters, 4(2), 63–77. https://doi.org/10.55942/jebl.v4i2.308

Irsad, M., & Sudarsi, S. (2022). Analisis Rasio Keuangan Sebagai Alat Ukur Kinerja Keuangan Pada Perusahaan Rokok Yang Go Publik Di Bursa Efek Indonesia Tahun �. Jurnal Ilmiah Akuntansi, 12(1), 186–196. https://ejournal.undiksha.ac.id/index.php/JJA/article/view/37247

Isbahi, M. B., Zuana, M. M. M., & Toha, M. (2024). The Multi-Social Relation of the Cattle Industry in the Plaosan Subdistrict Animal Market of Magetan Regency. Malacca: Journal of Management and Business Development, 1(1), 31–46. https://doi.org/10.69965/malacca.v1i1.51

Mathews, M., Daud, S. N., & Gill, D. K. (2021). The Relationship between Liquidity Ratios and EPS. International Journal of Academic Research in Business and Social Sciences, 11(8), 1450–1457. https://doi.org/10.6007/ijarbss/v11-i8/10841

Miranti, M., Naiggolan, K., & Situmorang, H. (2024). Pengaruh Laba Per Saham (Earning Per Share) dan Nilai Buku Per Saham (Book Value Per Share) terhadap Harga Saham pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Economics, Business and Management Science Journal, 4(1), 6–14. https://doi.org/10.34007/ebmsj.v4i1.418

Muhonis, & Susanti. (2021). Pengaruh Roa, Der, Size, Dan Eps Terhadap Harga Saham Perusahaan Manufaktur. Jurnal Paradigma Akuntansi, 3(2), 703–711. https://doi.org/10.24912/jpa.v3i2.11720

Muttaqien, Kusmayadi, D., & Suroso, E. (2024). Pengaruh Kepemilikan Institusional, Profitabilitas dan Tingkat Volatilitas Saham terhadap Nilai Perusahaan. Jurnal Nuansa : Publikasi Ilmu Manajemen Dan Ekonomi Syariah, 2(3), 384–400. https://doi.org/10.61132/nuansa.v2i3.1248

Nainggolan. (2019). Pengaruh Eps, Roe, Npm, Der, Per Terhadap Harga Saham Pada Perusahaan Perbankan Yang Terdaftar Dibursa Efek Indonesia Periode 2014-2017. Jurnal Manajemen, 5(1), 61–70.

Pulcini, F. (2022). Do Stock Prices Reflect Firms Fundamentals? An Empirical Analysis of a Large Global Sample. SSRN Electronic Journal, March. https://doi.org/10.2139/ssrn.4136728

Putri, I. A. J., Budiyanto, & Triyonowati. (2023). Financial Performance and Firm Value: The Role of Signaling Theory. International Journal of Scientific Research and Management, 11(04), 4776–4783. https://doi.org/10.18535/ijsrm/v11i04.em01

Rachmawan, & Setyorini. (2022). Pengaruh Dividend Yield, Earnings Per Share dan Profitabilitas Terhadap Return Saham Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2016 - 2020. Formosa Journal of Sustainable Research, 1(1), 1–20. https://doi.org/10.55927/fjsr.v1i1.624

Rejeki, I. S. (2023). Pengaruh Earning Per Share Dan Dividend Per Share Terhadap Harga Saham Pada Pt. Pembangunan Jaya Ancol Tbk Yang Terdaftar Di BEI Periode 2017-2022. Jurnal Penelitian Dan Pengabdian Masyarakat, 3(5), 1893–1906. https://doi.org/10.59141/comserva.v3i5.949

Riska, A., Wardani, D. T. K., Rohmawati, A., Ma�la, A., & Darsono, S. N. A. C. (2024). Analisis Pengaruh Kinerja Keuangan Perusahaan Terhadap Harga Saham Perusahaan Pada Indeks Sri Kehati Tahun 2015-2022. Journal of Business and Halal Industry, 1(4), 1–8. https://doi.org/10.47134/jbhi.v1i4.272

Salim, D. F., Rizki, I. A., & Rizal, N. A. (2024). Performance Evaluation of State-Owned Company Stocks in Indonesia. International Journal of Finance & Banking Studies, 12(4), 14–26. https://doi.org/10.20525/ijfbs.v12i4.3157

Sari, L., Esparesya, W., & Septiano, R. (2022). Pengaruh Earning Per Share dan Return on Equity Serta Debt To Equity Ratio terhadap Harga Saham Pada Perusahaan Sub Sektor Manufaktur yang Terdaftar Di Bursa Efek Indonesia Tahun 2016-2020. Jurnal Ilmu Manajemen Terapan, 3(5), 479–490.

Sepindo, Suhendro, & Chomsatu, Y. (2021). The Effect of Liquidity Ratio, Profitability Solvencyon Stock Price in Construction and Building Companies Listedon Indonesia Stock Exchange Period 2014-2018. Jurnal Ilmiah Akuntansi Dan Manajemen, 17(1), 7–12.

Shikumo. (2021). Effect of Share Capital on Financial Growth of Non-Financial Firms Listed at the Nairobi Securities Exchange. 5(2), 25–44.

Sukartaatmadja, I., Khim, S., & Lestari, M. N. (2023). Faktor-faktor Yang Mempengaruhi Harga Saham Perusahaan. Jurnal Ilmiah Manajemen Kesatuan, 11(1), 21–40. https://doi.org/10.37641/jimkes.v11i1.1627

Udjali, F. D., Murni, S., & Baramuli, D. N. (2021). Analisis Pengaruh Return on Asset, Return on Equity, Debt To Equity Ratio Dan Earning Per Share Terhadap Nilai Perusahaan Pada Indeks LQ-45 Di Bursa Efek Indonesia. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 9(2), 1155–1166.

Umar, A., & Savitri. (2020). Analisis Pengaruh Roa, Roe, Eps Terhadap Harga Saham. Jurnal Analisa Akuntansi Dan Perpajakan, 4(2), 92–98.

Untari, D., Suhendro, S., & Siddi, P. (2020). Pengaruh ROA, ROE dan PBV Terhadap Harga Saham Pada Perusahaan Sub Sektor Perbankan. Jurnal Investasi, 6(2), 71–76.

Utami, D., & Absari, A. (2022). The Effect of Financial Performance on share prices with Earnings Per Share as a Moderation Variable. Journal, International Humanities, 1(4), 418–425.

Utina, U., Monoarfa, M. A. S., & Selvi. (2024). Evaluasi Dampak Profitabilitas dan Leverage Terhadap Harga Saham Pada Perusahaan IDX Quality30 Periode 2020-2022. Jambura, 7(1), 487–497. http://ejurnal.ung.ac.id/index.php/JIMB

Wibowo, S. A. (2025). Penggunaan EViews dalam Pengujian Data Panel untuk Penelitian Akuntansi: Pendekatan Konseptual dan Aplikatif. 9(1). https://doi.org/10.18196/rabin.v9i1.26898

Widiana, A., & Yustrianthe, R. H. (2020). Pengaruh Kinerja Keuangan Terhadap Return Saham Perusahaan Badan Usaha Milik Negara. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 425–432. https://doi.org/10.37641/jiakes.v8i3.382

Yulianto, Y. (2025). Pengaruh kinerja keuangan pada harga saham perusahaan makanan dan minuman di bursa efek indonesia periode 2019-2021. 3(1).

Zakaria, S. D., Sudaryo, Y., & Sofiati, N. A. (2022). Analisis Pengaruh Return On Asset, Return On Equity, dan Earning Per Share Terhadap Harga Saham (Studi pada Perusahaan Perbankan BUMN yang Listed di Bursa Efek Indonesia Periode 2014-2018). Jurnal Indonesia Membangun, 21(1), 1–20.