Pengaruh Rasio Kinerja Keuangan Terhadap Harga Saham Perusahaan Pertambangan

Abstract

This study analyzes the effect of Dividend Payout Ratio (DPR), Return on Assets (ROA), and Debt to Equity Ratio (DER) on the stock prices of mining companies listed on the Indonesia Stock Exchange (IDX) during 2021–2024. Stock price reflects firm value and investors' perceptions of a company's performance and prospects. The mining sector was selected because of its capital-intensive nature, high risk, and strong dependence on global commodity price fluctuations, which require comprehensive fundamental analysis. The study employs a quantitative approach using panel data regression. Secondary data were obtained from the annual financial statements of mining companies and stock price data published by the IDX. Sampling used a purposive technique, selecting companies consistently listed and publishing complete financial reports during the period, yielding 18 companies and 72 panel observations. Data were processed using EViews through the Common Effect, Fixed Effect, and Random Effect Models, with the best model determined by the Chow, Hausman, and Lagrange Multiplier tests. The Fixed Effect Model was selected. The results show that ROA has a positive and significant effect on stock price, while DPR and DER have no significant effect; simultaneously, the three variables significantly affect stock price. The study contributes to accounting and finance literature on fundamental analysis using panel data and provides a reference for investors and management in investment and financial decision-making.