PENGARUH VARIABEL FUNDAMENTAL PERUSAHAAN TERHADAP TERHADAP HARGA SAHAM SUB SEKTOR MAKANAN OLAHAN DI BURSA DI BURSA EFEK INDONESIA PERIODE 2018 – 2024
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Abstract
This study aims to analyze the influence of company fundamental
variables on stock prices in the processed food sub-sector listed on the
Indonesia Stock Exchange (BEI) during the period 2018–2024. The
independent variables used in this research include Price Earning Ratio
(PER), Price to Book Value (PBV), Return on Equity (ROE), Debt to Equity
Ratio (DER), and Earnings Per Share (EPS). The analytical method
employed is panel data regression using the Random Effect Model (REM),
selected after conducting Chow and Hausman tests. The results show
that PER, ROE, DER, and EPS have a significant effect on stock prices,
while PBV does not significantly affect stock prices. The simultaneous
test indicates that all independent variables together influence stock
prices, with an F-statistic probability of 0.000000. The Adjusted R
squared value of 0.868434 shows that 86.8% of the variation in stock
prices can be explained by the variables in the model, while the
remaining percentage is influenced by other factors outside the model.
This research provides implications for investors to use ROE and EPS as
key indicators in making investment decisions, while companies are
advised to maintain a balanced capital structure to avoid excessive debt
dependence. This study also contributes to academic literature
regarding the application of fundamental analysis in the processed food
sector in Indonesia.
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