Keywords: Return on Assets; Return on Equity; Debt to Equity Ratio; Stock Price; Basic Materials
Abstract
This research explores whether profit-generating capacity and financing structure indicators help account for changes in the market value of shares issued by IDX-listed firms operating in the Basic Materials sector between 2017 and 2024. The analysis focuses on Return on Assets (ROA), Return on Equity (ROE), and Debt to Equity Ratio (DER). Employing a quantitative approach, the study covers eight companies chosen under predetermined sampling criteria, resulting in 64 firm-year observations. Financial statement information and year-end share prices were used as secondary data and processed with IBM SPSS 26. The analytical procedure incorporated descriptive statistics, diagnostic assumption tests, multiple linear regression, individual and joint hypothesis testing, and determination analysis. The empirical evidence indicates that neither ROA nor ROE demonstrates a statistically meaningful relationship with share prices, as reflected in significance values of 0.882 and 0.872. DER, however, exhibits a significant positive relationship, with a significance value of 0.000. Collectively, the three indicators are statistically relevant in explaining share price movements, supported as evidenced by an F-value of 8.400 with a significance level of 0.000. The model explains 29.6% of the observed variation in share prices, as shown by an R Square of 0.296, while DER provides the strongest explanatory contribution among the variables considered.
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