THE RELATIONSHIP BETWEEN RETURN ON EQUITY, CURRENT RATIO, AND DEBT TO EQUITY RATIO ON STOCK PRICE WITH PRICE EARNING RATIO AS A MODERATING VARIABLE IN TELECOMMUNICATION SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE IN 2020 – 2023
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Devano Alfa Rizky(1)
Management Study Programme, Faculty of Economics and Business, University Swadaya Gunung Jati
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Dhea Amelia(2)
Management Study Programme, Faculty of Economics and Business, University Swadaya Gunung Jati
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Erwin Budianto(3*)
Management Study Programme, Faculty of Economics and Business, University Swadaya Gunung Jati
(*) Corresponding Author
Keywords:
Return On Equity, Current Ratio, Debt to Equity Ratio, Price Earning Ratio
Abstract
While accounting for the price-earnings ratio, this study aims to isolate the effect of debt-to-equity, return-on-equity, and current ratios on stock prices. From 2020 to 2023, nine companies that were listed on the Indonesia Stock Exchange were selected for this study using a sample approach. The data was analyzed quantitatively using a variety of approaches in SPSS 23, including multiple linear regression and moderation regression analysis. Aside from the current ratio, the results show that no other variable significantly affects stock price. Furthermore, the ratio of debt to equity to stock price is moderated by the ratio of stock price to net income.
Keywords: Return On Equity; Current Ratio; Debt to Equity Ratio; Price Earning Ratio
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References
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https://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/download/3977/3988
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Christia, S. E. N., Simorangkir, E. N., & Hutagalung, G. (2021). The Effect of Current Ratio and Debt to Equity Ratio on Stock Prices with Return on Equity as an Intervening Variable in Food and Beverage Companies. Journal of Social Science, 2(2), 126–134. https://doi.org/https://doi.org/10.46799/jss.v2i2.107
Ghozali, I. (2018). Aplikasi Analisis Multivariete Dengan Program IBM SPSS 23 (5th ed.). Universita DIPONEGORO.
IBC Team. (2024, September 12). Building a Connected Indonesia through Digital Infrastructure and Connectivity. Indonesia Business Council (IBC).
Indriawati, & Nurfadillah, M. (2020). Pengaruh Current Ratio dan Earning Pershare Terhadap Harga Saham Dengan Price Earning Ratio Sebagai Variabel Moderasi. Borneo Student Research, 1(2), 680–687.
https://journals.umkt.ac.id/index.php/bsr/article/view/848
Kasmir. (2017). Analisis Laporan Keuangan (10th ed.). PT Raja Gravindo Persada.
Lestari, N. A., Antony, & Alhidayatullah. (2023). Evaluation Of Stock Through Fundamental Analysis With The Dividend Discount Model (DDM) Approach. International Journal of Indonesian Business Review, 2(1), 85–95. https://doi.org/10.54099/ijibr.v2i1.499
Lubis, P. K. D., Silalahi, H. H. B., Sinaga, A. F., Sapma, P. N., & Sitio, V. (2024). Pasar Modal Dan Pengaruhnya Terhadap Perekonomian Di Indonesia. Jurnal Akuntansi, Keuangan Dan Auditing, 5(1), 196–214.
https://doi.org/https://doi.org/10.56696/jaka.v5i1.10755
Maisah, & Nurfadillah, M. (2020). Pengaruh Current Ratio Dan Return On Invesment Terhadap Harga Saham Dengan Price Earning Ratio Sebagai Variabel Moderasi. Borneo Student Research, 1(3), 2058–2067.
https://journals.umkt.ac.id/index.php/bsr/article/view/779
Mustahidda, R., Suyatno, M. I. Y., & Kusumawardani, A. (2024). Peran Price Earning Ratio Sebagai Pemoderasi Hubungan Antara Leverage Dan Profitabiltas Terhadap Harga Saaham Perusahaan Sektor Teknologi Pada Tahun 2021dan 2022. Jurnal Ekonomi Bisnis Dan Manajemen, 2(1), 58–68.
https://doi.org/https://doi.org/10.59024/jise.v1i4.543
Nuraidi, T. A. (2021). Capital Budgeting Pada Proyek Teknologi 5G. Jurnal Manajemen Bisnis Dan Kewirausahaan, 5(2), 135–140.
https://doi.org/https://doi.org/10.24912/jmbk.v5i2.11181
Prasetya, A., & Fitra, H. (2022). Pengaruh ROE, ROA, EPS dan DER terhadap Harga Saham dengan PER sebagai Variabel Moderasi: Studi Empiris pada Perusahaan LQ-45 di Bursa Efek Indonesia. Jurnal Eksplorasi Akuntansi (JEA), 4(4), 712–725. https://doi.org/http://dx.doi.org/10.24036/jea.v4i4.554
Rahmat, & Nurfadillah, M. (2019). Pengaruh Debt To Equity Ratio dan Earning Per Share Terhadap Harga Saham dengan Price Earning Ratio sebagai Variabel Moderasi pada Perusahaan Manufaktur yang Terdaftar di BEI. Borneo Student Research, 1(1), 378–385.
https://journals.umkt.ac.id/index.php/bsr/article/view/664https://journals.umkt.ac.id/index.php/bsr/article/view/664
Rahmawati, S. D., & Putra, F. I. F. S. (2022). Stock return content analysis based on ratio method: Case study on infrastructure, utilities and transportation companies listed on IDX in 2018-2020. Asian Management and Business Review, 2(1), 53–62. https://doi.org/10.20885/ambr.vol2.iss1.art5
Ramadhan, A. R., & Zakaria, H. M. (2023). Pengaruh Rasio Profitabilitas Dan Rasio Leverage Terhadap Harga Saham Pada Perusahaan Telekomunikasi Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2021. Jurnal Ilmiah Wahana Pendidikan, 9(17), 154–160. https://doi.org/10.5281/zenodo.8293745
Rasdayanti, F., & Chaerudin, C. (2021). The Role Of Return On Equity, Debt To Equity Ratio And Current Ratio In Revealing The Stock Prices (This Research On Telecommunication Sub Sector Companies Which Have Been Listed On The Indonesia Stock Exchange 2012-2019). DIJEMSS: Dinasti Internasional Journal Of Education Management And Social Science, 2, 717–727.
https://doi.org/10.31933/dijemss.v2i4
Sa’adah, L., & Rustafi’ah, A. (2024). Kinerja Keuangan Pada PT. Telekomunikasi Indonesia (Persero) Tbk Periode 2019-2022. OPTIMAL Jurnal Ekonomi Dan Manajemen, 4(1), 268–279. https://doi.org/10.55606/optimal.v4i1.2788
Seok, S., Cho, H., & Ryu Doojin. (2024). Dual effects of investor sentiment and uncertainty in financial markets. The Quarterly Review of Economics and Finance, 95, 300–315. https://doi.org/https://doi.org/10.1016/j.qref.2024.04.006
Shalsabila, P. F., Septriana, I., Mardjono, E. S., & Saputro, D. F. H. (2023). Peningkatan Harga Saham Perusahaan Telekomunikasi Dilihat dari Rasio Pembiayaan Modal di Era Digitalisasi. SEIKO : Journal of Management & Business, 6(2), 327–342. https://journal.stieamkop.ac.id/index.php/seiko/article/download/6060/4076
Sowandi, C. L. N., & Pujiarti. (2023). The Effect of Current Ratio (CR), Debt to Equity Ratio (DER), and Earnings Per Share (EPS) on Stock Price in Telecommunications Sub-Sector Companies Registered at Indonesia Stock Exchange with 2014-2021 Period. ECo-Fin, 5(1), 44–55. https://doi.org/10.32877/ef.v4i1.454
Utami, W. W., & Triyonowati. (2021). Pengaruh Roe, Der, Eps, Per Terhadap Harga Saham Perusahaan Telekomunikasi Di Bursa Efek Indonesia. Ilmu Dan Riset Manajemen, 10(4), 1–22.
https://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/download/3977/3988
Zarefar, A., & Armadani, A. (2024). Do Fundamental Financial Ratios Affect The Company’s Stock Price? Indonesia Evidence. Jurnal Akuntansi Dan Keuangan Indonesia, 21(1), 49–63. https://doi.org/10.21002/jaki.2024.03
Published
2025-07-03
How to Cite
Rizky, D., Amelia, D., & Budianto, E. (2025). THE RELATIONSHIP BETWEEN RETURN ON EQUITY, CURRENT RATIO, AND DEBT TO EQUITY RATIO ON STOCK PRICE WITH PRICE EARNING RATIO AS A MODERATING VARIABLE IN TELECOMMUNICATION SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE IN 2020 – 2023. Journal of Management : Small and Medium Enterprises (SMEs), 18(2), 1065-1077. https://doi.org/10.35508/jom.v18i2.21142
Section
Articles
