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UnlaUnla

Journal Almana : Jurnal Manajemen dan BisnisAlmana : Jurnal Manajemen dan Bisnis Abstract

The fluctuation of stock prices in the food and beverage sector reflects investor responses to various financial performance indicators. This study aims to analyze the influence of Net Profit Margin (NPM), Return on Assets (ROA), and Earnings Per Share (EPS) on stock prices in 19 food and beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2023 period. Using a descriptive-verificative approach, the research employs multiple linear regression analysis based on secondary data from audited financial statements. The findings reveal that NPM has a significant negative effect on stock prices, indicating that higher margins do not always attract investor interest. ROA, although positively associated, does not have a statistically significant effect. In contrast, EPS has a significant positive impact, suggesting it is a key factor influencing investor decisions. Simultaneously, NPM, ROA, and EPS together significantly affect stock prices. These results underscore the importance of EPS as a reliable performance measure, while also suggesting that other qualitative or external factors may moderate the relationship between profitability ratios and market valuation. This research provides practical insights for investors, financial analysts, and company management in evaluating and responding to firm performance indicators.

Conclusion

The study concludes that Earnings Per Share (EPS) is the most influential factor affecting stock prices, with an increase in EPS tending to drive stock prices higher.Net Profit Margin (NPM) demonstrates a negative relationship with stock prices, suggesting higher margins do not always equate to increased stock value.Return on Assets (ROA) does not have a statistically significant impact on stock prices, indicating other factors may play a more substantial role in market dynamics.

Future Research

Penelitian selanjutnya dapat memperluas analisis dengan memasukkan variabel-variabel lain yang mungkin memengaruhi harga saham, seperti tingkat utang perusahaan, rasio lancar, atau faktor-faktor makroekonomi seperti inflasi dan suku bunga. Hal ini akan memberikan gambaran yang lebih komprehensif mengenai faktor-faktor yang memengaruhi valuasi perusahaan di sektor makanan dan minuman. Selain itu, studi yang lebih mendalam dapat dilakukan untuk menguji pengaruh moderasi dari faktor-faktor eksternal, seperti sentimen pasar atau perubahan regulasi pemerintah, terhadap hubungan antara rasio keuangan dan harga saham. Dengan memahami bagaimana faktor-faktor ini berinteraksi, investor dan manajer perusahaan dapat membuat keputusan yang lebih tepat. Terakhir, penelitian dapat difokuskan pada analisis perbandingan antara perusahaan-perusahaan dengan kinerja tinggi dan rendah di sektor makanan dan minuman untuk mengidentifikasi praktik-praktik terbaik yang dapat meningkatkan nilai perusahaan dan menarik investor.

References

1. The Effect of ECB Unconventional Monetary Policy on Firms’ Performance during the Global Financial... doi.org/10.3390/jrfm16050258The Effect of ECB Unconventional Monetary Policy on FirmsAo Performance during the Global Financial doi 10 3390 jrfm16050258
2. Exploring the Influence of Earnings Management on the Value Relevance of Financial Statements: Evidence... mdpi.com/2227-7072/12/3/72Exploring the Influence of Earnings Management on the Value Relevance of Financial Statements Evidence mdpi 2227 7072 12 3 72
3. The Influence of NPM, ROA, and EPS on Stock Prices in Food and Beverage Firms | Almana : Jurnal Manajemen... journalfeb.unla.ac.id/index.php/almana/article/view/2847The Influence of NPM ROA and EPS on Stock Prices in Food and Beverage Firms Almana Jurnal Manajemen journalfeb unla ac index php almana article view 2847

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File size	447.22 KB
Pages	11
DMCA	Report