The Factors That Affect Stock Prices in Manufacturing Industrial Companies Listed on IDX

  • Rina Institut Bisnis dan Keuangan Nitro
  • Gafar Samalam Institut Bisnis dan Keuangan Nitro
  • Feronica Fungky Muchsidin Institut Bisnis dan Keuangan Nitro
Keywords: Return on Assets, Current Ratio, Financial Performance, Stock Price


In this study, we examined the sector food and beverage as many as 15 companies. However, the number of companies that meet the criteria as a sample is only 8 companies. Type of data used in this study is quantitative secondary data and is in the form of a combination of cross-section and time-series data which includes: 1) Financial statements (balance sheet, income statement, cash flow) listed on the Indonesia Stock Exchange from 2017 to December 2020. 2) The development of the number of manufacturing companies listed on the Indonesia Stock Exchange from 2017 to 2020. Data for this study are in the form of financial reports (annual reports) of companies that are manufacturing industry companies listed on the Indonesia Stock Exchange from 2017 – 2020. Method The statistical method used to test the hypothesis is to use multiple regression with the help of software SPSS 23.0. The result of this study shown Based on the results of research and discussion, researchers can take the following conclusions: 1) The variable Return on Asset (ROA), which is an indicator of the level of profitability, has a positive and significant effect on stock prices. This shows that the higher the profitability, the greater the share price invested by investors in the company. 2) The variable Current Ratio (CR), which is an indicator of the level of liquidity, harms stock prices. This indicates that a higher level of liquidity will harm changes in stock prices. This is because the ratio of current assets and current liabilities is too high which indicates that many company funds are unemployed (little activity) which in turn can harm company performance in the eyes of investors.


Download data is not yet available.


Degryse, H., De Jonghe, O., Jakovljević, S., Mulier, K., & Schepens, G. (2019). Identifying credit supply shocks with bank-firm data: Methods and applications. Journal of Financial Intermediation, 40(March 2018), 100813.

Fadila, D., & Yuliani. (2015). Peran Roa sebagai Pemediasi CAR, NPL dan LDR bank pembangunan daerah di Indonesia. Jurnal Manajemen Dan Bisnis Sriwijaya, 13(2), 217–228.

Field, A., Miles, J., & Field, Z. (2013). Discovering Statistics Using SPSS. In Sage (Vol. 81, Issue 1).

Garson, G. D. (2016). Partial Least Squares: Regression and Structural Equation Models. Statistical Associates Publishers. 978-1-62638-039-4

Georgescu Iuliana, et al. (2014). ScienceDirect Fair value accounting and market reaction: evidence from Romanian listed companies. Procedia -Social and Behavioral Sciences, 143, 827–831.

Ghozali, I. (2011). Ekonometrika: teori, konsep dan aplikasi dengan SPSS 17. Badan Penerbit Universitas Diponegoro. Semarang Indonesia.

Ghozali, I. (2013). Aplikasi Analisis Multivariate Dengan Program IBM dan SPSS. In aplikasi analisis multivariate dengan program ibm spss 19 (p. 113).

Kumar, J., & Vaidya, G. A. K. (2017). Does Ownership Structure Influence Firm Value? Evidence from India. 263.

Mait, H. A., Laporan Keuangan, A., Andres Maith Fakultas Ekonomi dan Bisnis, H., & Akuntansi Universitas Sam Ratulangi Manado, J. (2013). Analisis Laporan Keuangan Dalam Mengukur Kinerja Keuangan Pada Pt. Hanjaya Mandala Sampoerna Tbk. Jurnal EMBA, 6191(3), 619–628.

Prasetyorini, B. F. F. (2013). Pengaruh ukuran perusahaan, leverage, price earning ratio dan profitabilitas terhadap nilai perusahaan. Jurnal Ilmu Manajemen (JIM), 1(1).

Priastuti, S., & Lestariningsih, M. (2016). Analisis Perbandingan Laporan Keuangan. 5.

Samadi, A. H., Owjimehr, S., & Halafi, Z. N. (2020). The cross-impact between financial markets, Covid-19 pandemic, and economic sanctions: The case of Iran. Journal of Policy Modeling.

Venugopal, A., Krishnan, T. N., Upadhyayula, R. S., & Kumar, M. (2020). Finding the microfoundations of organizational ambidexterity - Demystifying the role of top management behavioural integration. Journal of Business Research, 106(December 2018), 1–11.

Yanuesti, et. a. (2017). Pengaruh Struktur Modal Terhadap Profitabilitas (Studi Pada Perusahaan Food and Baverages Yang Terdaftar di BEI Tahun 2013-2016). Jurnal Administrasi Bisnis, 51(1).

Yessentay, A., Kireyeva, A. A., Khalitova, M., & Abilkayir, N. A. (2020). Financing of healthcare facilities in pension system assets of ecologically problematic regions in Kazakhstan. Journal of Asian Finance, Economics and Business, 7(7), 531–541.

Zhang, J., Wang, G., & Yan, C. (2020). Can foreign equity funds outperform their benchmarks? New evidence from fund-holding data for China. Economic Modelling, 90(May), 11–20.

Zhu, Y., Zhou, L., Xie, C., Wang, G. J., & Nguyen, T. V. (2019). Forecasting SMEs’ credit risk in supply chain finance with an enhanced hybrid ensemble machine learning approach. International Journal of Production Economics, 211(September 2018), 22–33.

How to Cite
Rina, Gafar Samalam, & Feronica Fungky Muchsidin. (2021). The Factors That Affect Stock Prices in Manufacturing Industrial Companies Listed on IDX. Point Of View Research Management, 2(2), 94 - 103. Retrieved from