The Influence of Fundamental and Macroeconomic Analysis on Stock Price

Abstract

<p>The purpose of this research is to analyze the effect of fundamental and macroeconomic analysis on stock price. The research was conducted at a coal company listed on the Indonesia Stock Exchange. Fundamental analysis measured by current ratio, debt to equity ratio (DER), earning per share (EPS), return on assets (ROA), and total assets turnover (TATO), while macroeconomic analysis is measured by inflation and exchange rate. Current ratio (CR) has a positive effect on Stock Price. Strengthening this level of liquidity can provide information to investors to decide to buy shares of companies that tend to be healthy and stable. Return on assets (ROA) has a positive and significant influence on stock price. Efforts to maximize the level of profitability by increasing the value of return on assets can provide information to investors that investments invested in the company will provide good profit. The impact of stock prices will rise. While debt to equity ratio (DER), earning per share (EPS) and total assets turnover (TATO) have no effect on Stock Price. Macroeconomic analysis shows: (a) Inflation rate has no effect on stock price of coal company. This can be because the inflation rate in Indonesia is at the level of 6% -7% per year and included in the category of mild inflation. Mild inflation resulted in very slow economic growth, not affecting stock prices. The exchange rate has a negative and significant effect on coal company stock price. If the Rupiah is depreciated then the stock price of the coal company will decrease.</p>

The Impact of Fundamental Factors on the Share Price of Micro-Sized Nasdaq Listed Technology Companies

“…However, the return on assets is significantly positively related to the share price which means that a percentage unit increase in the return on assets will enhance the share price by 0.591 percent, considering that the rest of the predictor variables are constant. The return on assets had a positive significant association with the share price (Gursida, 2017;Sakia & Sugiyono, 2019).…”

“…Sakia and Sugiyono (2019) proposed that return on assets had a positive significant impact on the stock price of LQ45 Company. Another study (Gursida, 2017) investigated that return on assets positively significantly affected the share price, and the current ratio positively affected the share price, while total assets turnover, debt equity ratio, and earning per share showed no impact on the stock price. Tawakkal and Sugiyono (2018) argued that earning per share had a positive significant relationship with the share price.…”

Determinants of Manufacturing Companies' Stock Price in the Primary Consumer Sector

“…The research conducted by Gursida (2017), Cahyaningrum and Antikasari, (2017), Ariesa et al, (2020) and Zaman, (2021) show that there is a positive influence between profitability on stock price. However, the results of research by Aminah, Arifiati, and Supriyanto, (2016) and Prayogo and Lestari, (2018) show a negative influence between profitability and stock price.…”

Analisa Rasio Keuangan terhadap Pergerakan Harga Saham pada Perusahaan Sektor Properti Periode 2017-2020

“…Rasio pendapatan per lembar saham (EPS) tidak berdampak terhadap harga saham perusahaan sebab banyaknya penjualan properti yang serupa sehingga tidak menciptakan profit yang menarik investor agar membeli saham. Adapun hasil hipotesis ini juga relevan terhadap penelitin yang dilakukan oleh (Gursida, 2017), (Sausan et al, 2020), serta (Widati et al, 2021). Namun berbeda hasilnya dengan hasil penelitian yang dilaksanakan oleh (Budiman, 2015), yang mengemukakan akan profitabilitas berdampak signifikan positif pada nilai perusahaan.…”

“…Maka perusahaan properti dipaksa untuk meminjam utang untuk menjaga cashflow perusahaan, investor sudah tidak asing dengan statement tersebut. Hasil hipotesis ini relevan dengan penelitian (Gursida, 2017) dan (Alliffah, 2018).…”