Are the Most Dominant Affecting Stock Prices Other Than ROE?

Irawati Junaeni


There are several ways that companies can use in obtaining external funds, one of which is the capital market. Stock is one of the most popular capital market instruments. Stock prices are often used as a reference in investing. Stock prices can rise and fall depending on supply and demand in the capital market. This study aims to determine the variables that influence stock prices in retail companies listed on the Indonesia Stock Exchange (IDX). The technique used in this study was purposive sampling. This study also uses multiple linear regression analysis. The results of the research partially show that the Return on Equity variable and sales growth have a significant influence on stock prices, while the Total Asset Turn Over and Accounts Receivable Turnover have no significant effect on stock prices. Simultaneously, Return on Equity, sales growth, Total Asset Turn Over, and Accounts Receivable Turnover have a significant effect on stock prices with a coefficient of determination of 62.04%.

Full Text:



Asnita. (2013). The Influence of Financial Performance on Stock Prices in the Pharmaceutical Industry on the Stock Exchange in the 2008-2010 Period. Journal of Management Dynamics, 1(No. 2), 106–120.

Asri, J. D. (2011). ). The Effect of Earning Per Share (EPS), Debt to Equity Ratio (DER), and Asset Growth on Changes in Stock Prices Case Study of Agricultural Sector Companies that Listed on the Indonesia Stock Exchange 2003-2008. . . Ekono Incentive Journal, 5(No.1), 1–7.

Azianur, R. and A. (2013). Effect of Liquidity, Profitability, Activities, and Solvability Ratios on Stock Prices in the Palm Oil Industry Sector on the Indonesia Stock Exchange. Journal of Proceedings of the National Seminar, Vol. 3, No. 1., 3(1).

Deitiana, T. (2013). Effect of Current Ratio, Return On Equity, and Turn Over Total Assets on Dividend Payout Ratio and Implications on LQ 45 Company Stock Prices. Journal of Business and Accounting, 15(1), 82–88.

Husaini, A. (2012). Effect of Variables Return On Assets, Return On Equity, Net Profit Margin, and Earning Per Share on Company Stock Prices. Profit Journal, 6(1), 45–49.

Hutami. (2012). Effect of Dividend per Share, Return On Equity, and Net Profit Margin on the Stock Prices of Manufacturing Industry Companies that are listed on the Indonesia Stock Exchange Period 2006-2010. Nominal Journal, 1(1), 104–123.

Kasmir. (2015). Analysis of Financial Statements. Jakarta: PT RajaGrafindo Persada. Jakarta: PT.Rajagrafindo Persada.

Lambey, R. (2014). Analysis of the Effect of Financial Ratios on Stock Prices at Banks in the Indonesia Stock Exchange. Journal of Accountability, Vol. 3, No. 1. Journal of Accountability, 3(1).

Maftukhah and Wardoyo. (2012). Effect of Fundamental Factors Affecting Stock Prices in Food and Beverage Companies Registered on the Indonesia Stock Exchange 2008-2010. Journal of Management Dynamics, 1(1), 78–92.

Mahapsari, N. R. and T. A. (2013). Effect of Profitability, Asset Structure, and Sales Growth on Stock Prices with Capital Structure as an Intervening Variable in Manufacturing Companies on the Indonesia Stock Exchange. Nominal Journal, 2(1), 137–158.

Marfuatun and Indarti. (2012). The Effect of Earning Per Share, Debt to Equity Ratio, and Return On Equity on LQ-45 Company Stock Prices on the Indonesia Stock Exchange. Asset Journal, 14(1), 63–73.

Pasaribu R. B. F. (2008). Fundamental Variable Influence on the Prices of Go Public Company Shares on the Indonesia Stock Exchange (IDX) for the 2003-2006 Period. Journal of Economics and Business, 2(2), 101–113.

Rahayu E. A. and Susilowibowo J. (2014). Effect of Cash Turnover, Accounts Receivable Turnover, and Inventory Turnover on the Profitability of Manufacturing Companies. Journal of Management Sciences, 2(4), 1444–1455.

Rahmandia F. (2013). Factors Affecting Company Stock Prices in the Consumer Sector Industrial Sector Listed on the Stock Exchange Period 2007-2011. University of Surabaya Student Scientific Journal, 2(1), 1–21.

Ratih, D., Prihatini A. E. Saryadi. (2014). Effect of EPS, PER, DER, ROE on Stock Prices in Mining Sector Companies Listed on the Indonesia Stock Exchange (IDX) for 2010-2012. Journal of Business Administration, Vol. 3, No. 1, things 1-12. Journal of Business Administration, 3(1), 1–12.

Sondakh, J. J. and K. M. (2011). Effect Analysis of Per Share Dividend and Earning Per Share on Stock Prices at a Go Public Company on the Indonesia Stock Exchange for the 2006-2008 Period. Journal of Accounting and Auditing Research. Journal of Accounting and Auditing Research, 2(1), 4–23.

Stephen A., R. (2005). Corporate Finance (seventh Ed). Singapore: McGraw-Hill International.

Sugiyono. (2013). Educational Research Methods (Quantitative Approach, Qualitative, and R & D). Bandung: Alfabeta.

Takarini, N. and Hendrarini H. (2011). Financial Ratio and Its Effect on Company Stock Prices Registered in the Jakarta Islamic Index. Journal of Business and Banking, 1(2), 93–104.

Utami, N. S. (2018). ANALISA KINERJA SEKTOR RITEL INDONESIA. ECOPRENEUR.12, 1 No. 1, 43–48. nielsen. (n.d.). data 2014.

Yuliarti, N. C. (2013). Fundamental Factors Affecting Changes in Stock Prices (Empirical Study on Financial Companies Listed on the Stock Exchange in 2009 and 2010). Jember Accounting Journal, 11(1), 16–40.



  • There are currently no refbacks.

Published by : Association of International Business & Professional Management

Editorial Office:
Association of International Business and Professional Management (AIBPM) JL. Kahuripan No. 9 Hotel Sahid Montana, Malang, Indonesia
+62 341 366222

ISSN 2655-2035 (Online)

Asia pacific journal of management and education (APJME) INDEXED: