The Influence of Fundamental Factors on Stock Price
Research to Mining Companies Listed on The Indonesia Stock Exchange
Pamella Pamella, Yayat Supriyatna and Leni Yuliyanti
Fakultas Pendidikan Ekonomi dan Bisnis, Universitas Pendidikan Indonesia, Bandung, Indonesia
Keywords: Fundamental Factors, Profitability, Liquidity, Leverage, Activity, Stock Price.
Abstract: This paper aims to prove the influence fundamental factors that consist of profitability, liquidity, leverage and
activity to towards the stock price at mining companies listed on Indonesia Stock Exchange in 2013-2015.
Profitability was measured by Return on Asset (ROA), liquidity was measured by Current Ratio (CR),
leverage was measured by Debt to Equity Ratio (DER) and activity was measured by Total Asset Turnover
(TATO). This research used descriptive study with verification method and documentation technique for
collecting data. This research also used secondary data which financial report and annual report from mining
companies in 2013-2015. The technique for collecting sample is based on purposive sampling to get 24
companies in three years from 2013 to 2015 with 72 observation data. The statistic analysis is used panel data
regression. The conclution of this research is in a simultaneously fundamental factors that consist of
profitability, liquidity, leverage and activity have a significant effect on stock price. In partially profitability
and activity has positive significant effect on stock price, liquidity hasn’t positive significant effect on stock
price and leverage has negative significant effect on stock price.
1 INTRODUCTION
Capital market is a means of obtaining the funds used
finance in investment with a mechanism for
collecting funds from public and circulate the funds
back into the productive sectors. Capital markets also
have an important role to national development and
especially for the development of business, as an
alternative source of external financing by the
company.
The alternative investments in the capital market
that has been chosen by the investors is a shares
because shares can give them big profits. According
to Hanafi (2012: 124), "Share is a proof of
ownership." Shares can be interpreted as a sign of
ownership an individual or business entity in an
enterprise, especially publicly traded companies who
trade shares on the capital market.
An investor must be understand about stock prices
and analysis of it first because the movement of stock
prices can’t be predicted certainty. The share of price
is value of a stock that reflects wealth of company and
the movement of stock prices will be directly
proportional with company performance.
During 2015, decrease in crude oil prices due to
slow energy demand from China as well as the supply
of oil from Saudi Arabia and Iran. The decline in
crude oil prices to the lowest level is the first time has
happened since the global financial crisis in 2008,
which then led to high inflation and soaring oil prices
accompanied by rising prices of subsidized fuel.
World oil prices are under pressure because of the
abundance of global oil supplies by the number
continues to increase.
If the decline in stock price the mining sector
allowed to continue, then will impact on the loss that
would be suffered by investors and the company,
because with this condition investors will assume that
the performance of mining companies has declined,
so investors will change his mind to invest and find
another company that can provide more benefits.
There are several approaches that can be used to
assess the price of a stock. Husnan (2009: 307) argues
that "To perform the analysis and stock picking, there
are two basic approaches, namely technical analysis
and fundamental analysis." Then Fischer and Jordan
(2005: 304) argues that "Fundamental factors are
factors that give information about the performance
of companies such as: the ability of management,
business prospects, the outlook for marketing and
other factors that influence such as socio-economic
540
Pamella, P., Supriyatna, Y. and Yuliyanti, L.
The Influence of Fundamental Factors on Stock Price - Research to Mining Companies Listed on The Indonesia Stock Exchange.
In Proceedings of the 2nd International Conference on Economic Education and Entrepreneurship (ICEEE 2017), pages 540-548
ISBN: 978-989-758-308-7
Copyright © 2017 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved

conditions, political, security, government
regulations and policies. "
Thus we can conclude that the fundamental factor
used to analyze the information provided by the
company, and is directly related to the performance
of the company as well as provide an overview of
management achievements in terms of management
of the company. This study focuses on the micro
approach that approaches that analyze companies
based on financial ratio analysis.
Signalling theory emphasizes that the information
that have relevance to the company becoming a
necessity for investors and businessmen. One of
information that can help investors and businessmen
in the decision that the information contained in the
financial statements. Fundamental factors focuses on
key data in the financial statements to take into
account whether the stock price accurately been
appreciated or not.
Thus, the fundamental factor is one way to assess
the stock through the observation of various
indicators related to the economic conditions of a
company so this research will focus on the analysis of
companies using financial ratios as a measure of the
company's performance to be examined.
In this context, this paper aims to prove the
influence fundamental factors that consist of
profitability, liquidity, leverage and activity to
towards the stock price at mining companies listed on
Indonesia Stock Exchange in 2013-2015.
2 LITERATURE REVIEW
2.1 Stock
Fahmi (2012: 81) defines, "Stocks are paper proof of
ownership participation capital / funds at a company
that is clearly stated nominal value, and the company
name followed by clear rights and obligations to each
holder". Meanwhile, according Rusdin (2006: 68)
shares is "The certificate showing proof of ownership
of a company, and shareholders have the right to
claim or income from the assets of the company."
It can be concluded that the stocks are securities
that show ownership of the company so that
shareholders have the right to claim on dividends or
other distributions by the company to its
shareholders.
2.2 Stock Price
Hartono (2010: 8) defines, "The share price is the
price that occurred in the stock market at the
appropriate time determined by the behavior of the
market and is also determined by demand and supply
of the relevant shares in the capital market". While
Rusdin (2006: 73) defines that, "The stock price is the
price of a stock when the market is in progress."
It can be concluded that the share price is the price
of a stock that occurred in the capital market and is
determined by the demand and the offer. Then the
stock price becomes a sign of a person or entity
ownership in a company.
2.3 Factors Affecting on the Stock
Price
Arifin (2007: 116) states that the fluctuating factors
on stock prices, namely:
 Fundamental conditions Issuer
 Law of Demand and Supply
 Interest Rate (SBI)
 Foreign exchange
 Foreign Funds in Stock
 Stock Price Index (CSPI)
 News and Rumors
While Fahmi and Lavianti (2009: 72) states that
there are some conditions and situations that can
result in fluctuating stocks, namely:
 Micro and macro economic conditions
 The company's policy in deciding to expand
(expansion)
 Substitution of directors suddenly
 Their directors or commissioners of the
companies involved in a crime and the case has
been entered into the court
 A company's performance is steadily declining
in every time
 Systematic risk, which is a form of risk that
occurs as a whole and has contributed to the
company involved
 The effect of market psychology has reduced the
share purchase technical conditions
It can be concluded that an investor must be able
to read the situation and market conditions so that
investment activities can be run well then investors
should be able to anticipate the various possibilities
that occur to observe the situation and the market
conditions.
2.4 Fundamental Analysis
Husnan (2009: 315) states that "The fundamental
analysis tries to predict stock prices in the future by
estimating the value of the fundamental factors that
affect stock prices and establish the relationship of
these variables in order to obtain the estimated price
The Influence of Fundamental Factors on Stock Price - Research to Mining Companies Listed on The Indonesia Stock Exchange
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of the stock." While Liembono (2015: 1) states
"basically, fundamental analysis aims to look at the
performance of a company and assess whether the
price of its shares on the stock exchange in
accordance with the fundamental financial condition
of the company. In fundamental analysis of a
company, which is seen is the company's financial
statements. "
Therefore through fundamental analysis, the
expected potential investors will know how the
company's operations one through the financial
statements of the company for the value of a stock is
strongly influenced by the performance of the
company concerned.
Husnan and Pudjiastuti (2006: 137), states
"Stages in conducting fundamental analysis consists
of (1) calculate the macroeconomic conditions or the
overall market conditions, (2) calculate the overall
industry conditions, and (3) calculate the specific
conditions of the company."
Therefore, fundamental analysis is an analytical
study of the economic, industrial and condition of the
company. Then fundamental analysis is oriented key
data in the financial report and closely related to the
company's financial condition is described through
the company's financial performance.
Hery (2015: 166) states that the types of financial
ratios commonly used to assess the financial
condition and performance of the company, among
others:
2.4.1 Liquidity Ratio
This ratio describes the company's ability to meet its
short term obligations immediately due. One
indicator that can be used to measure the liquidity is
the Current Ratio (CR).
2.4.2 Leverage Ratio
This ratio describes the company's ability to meet all
obligations. One indicator that can be used to measure
the leverage is Debt to Equity Ratio (DER).
2.4.3 Activity Ratio
This ratio is used to measure the efficiency of the
utilization of the resources owned by the company, or
to assess the company's ability to run the company's
daily activities. One indicator that can be used to
measure the activity is the Total Asset Turnover
(TATO).
2.4.4 Profitability Ratio
This ratio describes the company's ability to generate
profits. One indicator that can be used to measure
profitability is Return on Assets (ROA).
3 METHODS
The research design used in this research is
descriptive and verification. Descriptive method used
in this study to describe and explain an overview of
the fundamental factors that consisted of profitability,
liquidity, leverage and activity in the mining sector
companies listed on the Stock Exchange in 2013-
2015. While the verification method used in this study
to test the effect of the fundamental factors that
consisted of profitability, liquidity, leverage and
activity to the stock price on mining companies listed
on the Stock Exchange in 2013-2015.
The independent variable of this research is a
fundamental factor consisting of profitability,
liquidity, leverage and activity. While the dependent
variable is the stock price. The population in this
research that mining companies listed on the Stock
Exchange in 2013-2015. The population in this study
is the mining sector companies listed on the Indonesia
Stock Exchange and companies engaged in the
mining sector amounted to 44 companies. Sampling
technique used is purposive sampling with certain
criteria in order to take a sample of 24 companies as
follows.
Table 1: Sample company.
No.
Company name
1
PT. Adaro Energy Tbk
2
PT. Atlas Resources Tbk
3
PT. ATPK Resources, Tbk
4
PT. Baramulti Suksessarana, Tbk
5
PT. Golden Energy Mines Tbk
6
PT. Harum Energy Tbk
7
PT. Resource Alam Indonesia Tbk
8
PT. Samindo Resources, Tbk
9
PT. Perdana Karya Perkasa Tbk
10
PT. Petrosea Tbk
11
PT. Toba Bara Sejahtera Tbk
12
PT. Ratu Prabu Energy Tbk
13
PT. Benakat Petroleum Energy Tbk
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14
PT. Elnusa Tbk
15
PT. Surya Esa Perkasa Tbk
16
PT. Medco Energi Internasional, Tbk
17
PT. Interinsco Radiant Utama Tbk
18
PT. Aneka Tambang (Persero), Tbk
19
PT. Cita Mineral Investindo, Tbk
20
PT. Vale Indonesia Tbk
21
PT. J Asia Pacific Resources, Tbk
22
PT. SMR Utama Tbk
23
PT. Timah (Persero) Tbk
24
PT. Mitra Investindo, Tbk
Research will be conducted on 24 samples of the
company's financial statements for the three-year
study period, namely from the years 2013-2015 so
that the data observed in this study amounted to 72
data.
3.1 Classic Assumption Test
Before performing regression tests, performed first
classical assumption. For a multiple regression
analysis of the assumptions used are as follows:
 JB value calculated at 27.57 while Chi Square
with df = 5, then df = 67 at α = 5% is 87.11.
Normal distribution of data.
 The correlation coefficient between independent
variables never be more than 0.8. There is no
problem of multicollinearity.
 The value of t-statistic and probability value was
not significant (greater than 0.05). No problem
heteroskedastisitas
 Durbin-Watson value of 2.1923, which means
1.7366 <2.1923 <(4-1.5029) or 1.7366 <2.1923
<2.4971. There is no autocorrelation.
3.2 Panel Data Regression Models
Based on the operationalization of the variables
mentioned above, the variable X1 is profitability, X2
is liquidity, X3 is leverage, variable X4 is activity and
Y is the stock price. Regression analysis will give you
an idea how much value if the stock price of
profitability, liquidity, leverage and activity change
(increase or decrease).
General panel data regression equation is as
follows:
Yit = β0 + β1Xit + β2Xit + β3Xit + β4Xit + eit
The formulation of the panel data regression in
this study are as follows:
HSit = β0 + β1ROAit + β2CRit + β3DERit + β4TATOit + eit
3.3 Panel Data Estimation Techniques
According Rohmana (2013: 232) panel data
estimation techniques can use models with PLS
model (common effect), the fixed effect model,
random effect models. The discussion of test that will
be used to obtain the right model in estimating panel
data regression is as follows:
3.3.1 Significance Tests Fixed Effect through
the F test statistics
The formulation of the hypothesis in statistical F test
is expressed as follows:
 H
0
: Follow the model of OLS
 Ha : Follow the model Fixed Effect
The criteria for acceptance and rejection as
follows:
 If the p-value> 5% then H0 is accepted.
 If the p-value ≤ 5% then H0 is rejected.
3.3.2 Significance Tests Random Effect
through Lagrange Multiplier test (LM
test)
The hypothesis is as follows:
 H
0
: Model follow Random
 Ha : Model follow OLS
The criteria for acceptance and rejection as
follows:
 If the value of LM statistic is greater than the
value of chi-square Statistically, the null
hypothesis is rejected.
 If the value of LM statistics> critical value of
chi squares then rejected and accepted.
3.3.3 Significance Tests Fixed Effect or
Random Effect through Hausman Test
With the acceptance criteria as follows:
 If the value of the Hausman statistic is greater
than the critical value then the right model is
the fixed effect model.
The Influence of Fundamental Factors on Stock Price - Research to Mining Companies Listed on The Indonesia Stock Exchange
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 Conversely, if the value of the Hausman
statistic is less than the critical value then the
right model is a model Random Effect.
3.4 Regression Coefficients
Simultaneous Test (Test F)
The statistical test F basically indicates whether all
the independent variables included in the model have
jointly influence on the dependent variable /
dependent. By hypothesis as follows.
 H0 : Vsimultaneous independent variable no
effect on the dependent variable
 Ha : V independent variable simultaneously
affect the dependent variable
Testing criteria:
 If the value of F count> F table, then H0
rejected and H1 accepted.
 If the value of F ≤ F table, then H0 and H1
rejected.
3.5 Partial Regression Coefficient Test
(T Test)
Significance test of regression coefficients basically
shows how far the influence of the explanatory
variables / independent individual variation in the
dependent variable explained by assuming other
independent variables remain valuable. The
formulation of a hypothesis is as follows.
3.5.1 Profitability (X1)
 H0 : profitability is not a positive influence
on stock prices
 Ha: profitability has a positive effect on
stock prices
3.5.2 Liquidity (X2)
 H0 : Liquidity is not a positive effect on stock
prices
 Ha: liquidity has a positive effect on stock
prices
3.5.3 Leverage (X3)
 H0 : leverage no negative effect on stock
prices
 Ha: leverage negatively affect the stock
price
3.5.4 Activities (X4)
 H0 : No activity has a positive effect on stock
prices
 Ha: activity has a positive effect on stock
prices
With the following criteria.
 If t
count
≤ t
table
value, then
H
0
Ha accepted and
rejected
 If the value of t> t table value, then
H
0
rejected and Ha accepted
4 RESULTS AND DISCUSSION
4.1 Profitability
Profitability indicators Return on Assets shows that
the return on assets of any company listed mining
sector in the Stock Exchange in 2013-2015 has a
value that fluctuates and tends to decline.
Companies with the average value of the highest
ROA from 2013 to 2015, namely PT Resource Alam
Indonesia Tbk with an average value of ROA of 0.16
or 16%. This means that any use of the assets of PT
Resource Alam Indonesia Tbk amounting to Rp 1.-
can generate a profit of USD 18.- for the company.
Although the value of its profitability remains below
the industry standard of 40%, the profitability of PT
Resource Alam Indonesia Tbk is higher when
compared with other mining companies. This is due
to the average performance of PT Resource Alam
Indonesia Tbk in generating profits from the use of
the entire assets of the company is greater when
compared with other companies and the management
of PT Resource Alam Indonesia Tbk able to maintain
commodity prices amid oversupply of coal on the
market and the weakening of growth global economy.
While companies with the average value of the
lowest ROA from 2013 till 2015, namely PT SMR
Utama Tbk and PT Bayan Resources Tbk with an
average value of ROA of -0.10 or -10%. This is
because PT SMR Utama Tbk suffered losses in the
year 2013 to 2014 and PT Bayan Resources, also
suffered losses from 2014 to 2015 so that the value of
ROA for both companies is negative. The losses
caused by PT SMR Utama Tbk and PT Bayan
Resources Tbk is not able to maintain the price of
commodities in the market and are not able to
compete with other mining companies.
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4.2 Liquidity
Liquidity as measured by the Current Ratio Current
Ratio indicates that the value of any mining company
listed on the Stock Exchange in 2013-2015 has a
value that fluctuates and tends to decline.
Companies with the average value of the highest
CR from 2013 to 2015, PT SMR Utama Tbk with an
average value CR of 5.42 or 542%. This means that
every USD 1.- current liabilities the company is able
to be guaranteed by current assets of Rp 5,42.- This
shows that during 2013 to 2015 the company has a
number of assets are more likely to pay all debts of
the company that is due soon. The Company was able
to maintain its liquidity amid the global economic
slowdown has been to create cash.
While companies with the average value of the
lowest CR from 2013 till 2015, namely PT Atlas
Resources Tbk with an average value CR of 0.32 or
32%. It proves that the management of PT Atlas
Resources Tbk has a problem in liquidation due to the
company's inability to pay a debt that must be met
with current assets owned by the company.
4.3 Leverage
Leverage as measured by Debt to Equity Ratio
indicates that the value of Debt to Equity Ratio of
each mining company listed on the Stock Exchange
in 2013-2015 has a value that fluctuates and tends to
rise.
Companies with an average value of DER highest
from 2013 to 2015, PT Radiant Utama Tbk Interinsco
with an average value of DER of 2.65 or 265%. It
shows that during 2013 to 2015 the company's
management use more debt than capital to fund its
operations.
While companies with the average value of the
lowest DER from 2013 till 2015, namely PT Harum
Energy Tbk and PT Golden Energy Mines Tbk with
an average value of DER of 0.27 or 27%. It proves
that the management company can manage its
operations with the use of debt are few and tend to
rely on the company's capital.
4.4 Activity
Activity as measured by the Total Asset Turnover
indicates that the value of Total Asset Turnover from
any mining company listed on the Stock Exchange in
2013-2015 has a value that fluctuates and tends to
decline.
Companies with the average value of the highest
TATO from 2013 to 2015, PT Resources Alam
Indonesia Tbk with an average value of 1.75 TATO,
or 175%, but average values are still below the
average for the industry standard for asset turnover ie
2 or 200%. While companies with the average value
of the lowest TATO from 2013 till 2015, namely PT
SMR Utama Tbk with an average value TATO of
0.01 or 1%.
4.5 Stock Price
The average stock price the mining sector with the
indicator closing price during the 3 years from 2013
to 2015 amounted to USD 945.- per share. From the
theory outlined above, the ideal stock price is the
stock price above the average value of the company.
When compared to the average price of the company
shares the mining sector amounted to Rp 945.- per
share then only 46% of mining companies whose
share price is above average. The remaining 54% of
mining companies were below the average during the
3 years of the study period.
Companies with an average stock price highs
from 2013 to 2015, namely PT Vale Indonesia Tbk
with an average value of Rp 2.637.- per share. This
proves that the management of PT Vale Indonesia
Tbk is able to manage the operations of the company
in generating higher revenues. High stock price also
reflects the good performance of the company. While
the average share price lows from 2013 to 2015
experienced by PT Perdana Karya Perkasa Tbk with
an average value of US $ 75.- per share. This shows
the poor condition of the company's performance
because the company is not able to manage the
operations of the company with good use to generate
income.
4.6 Regression Coefficients
Simultaneous Test (Test F)
This study used panel data, which combines cross-
section data and time-series data. From the research
procedures for panel data showed that the better this
study using Random Effect models.
From the hypothesis testing using a panel data
regression models with the help of Eviews Random
Effect 9 shows that Fhitung> Ftable is 3.0976> 2.35,
so H0 is rejected and H1 accepted. It showsthat the
fundamental factor consisting of profitability,
liquidity, leverage and activity simultaneously affect
the stock price,
The Influence of Fundamental Factors on Stock Price - Research to Mining Companies Listed on The Indonesia Stock Exchange
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The regression model that applies is HS = 57.3810
+ 36.8607 + 14.8978 ROA CR - DER + 16.5038
34.4267 TATO. Where ROA, CR and TATO has a
positive influence on the share price, while the DER
has a negative effect on stock prices. with
constant(β
0
) Amounted to 57.3810 implies that if
profitability (X1it), liquidity (X2it), leverage (X3it)
and activity (X4it) has a value of 0 (zero), then the
company's stock price (YIT) would be worth
57.3810. Regression coefficient of 36.8067 means
that any increase in ROA amounted to 100%
(assuming other variables constant) it will raise the
price of shares amounted to 3680.67. Regression
coefficient of 14.8978 meaning that each increase of
100% CR (assuming other variables constant) it will
raise the price of shares amounted to 1489.78. -
34.4267 regression coefficient means that any
increase in DER 100% (assuming other variables
constant) will lower the share price of 3442.67.
Regression coefficient of 16.5038 meaning that each
increase of 100% TATTOO (assuming other
variables constant) it will raise the price of shares
amounted to 1650.38.
4.7 Profitability Influence on the Stock
Market
Results of testing the partial regression
coefficients through t test stated that profitability
indicators of return on assets (ROA) has a positive
effect on stock prices with a value of 2,881 t statistic.
This means that whenever there is an increase
profitability will increase stock prices and reverse any
decline in profitability then the stock price will
decline. Thus the results of research on the
profitability variable according to the initial
hypothesis, and in line with the theory that the
number of profits from the company is one of the
factors that affect stock prices.
Impairment ROA on mining companies led to a
decline in stock prices. The company could not
achieve a good profit in every year because it is
influenced by global economic conditions are
slowing economic growth in China, which have an
impact on the number of commodity supply so that
the average selling price of the commodity in
Indonesia decreased. The low profitability of the
company gives a bad signal (bad news) to investors
because investors can estimate how many of the gains
in the future. Declining profitability also reflects the
company's performance conditions are unstable and
make investors hesitate to invest so investors tend to
withdraw their funds and invest in the company of
other more promising sectors.
This shows that the market reacted to the
company's profitability information mining sector.
The statistical results meant that profitability
information proxied through ROA published in the
financial statements sufficiently informative to
investors in estimating the expected profit. The
results of this research was supported by the results of
research and Asteriou Dimitropulos (2009) which
states that the profitability indicators ROA positive
effect on the company's stock price.
4.8 Liquidity Influence on the Stock
Market
Results of testing the partial regression
coefficients through t test states that there is a positive
effect on the liquidity of the stock price with the value
t statistic of 1.6486. This is because the level of
liquidity of a company into consideration for creditors
in granting the loan funds to the company.
Rejection of this hypothesis is that because many
companies that have low liquidity value. Based on
Table 4.5 shows that there are 58% of the company
decreased liquidity due to the number of the
company's current liabilities greater than the amount
of current assets. The high current debts of companies
do not always indicate poor performance because it
can show the confidence gained from the company's
creditors in making an investment. When companies
are not able to settle all current liabilities, the
company will lose the confidence of creditors and the
opportunity to expand the business gets smaller.
Low liquidity makes companies have to face the
cost of scarcity (Shortage cost). The low liquidity
makes the level of receivables is low. Whereas for
creditors, lack of liquidity will lead to delays in
obtaining payment for interest and principal, or even
lose both. The low liquidity mining companies does
not affect the investor because the investor only see
the business activities of the company without seeing
its liquidity. In this study the variables CR liquidity
indicators are not taken into consideration for
investors in investing in the company so that the
results of this study are supported by the results of
research Ozlen (2014) which states that the liquidity
indicators CR has no effect on stock prices.
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4.9 Leverage Influence on the Stock
Market
Results of testing the partial regression
coefficients through t test states that leverage using
indicators of debt to equity ratio (DER) negatively
affect the stock price with the value of t statistic of -
2.2332. These results indicate that if leverage
increases, the share price will decline. Conversely,
when leverage decreases, it will increase the
company's stock price so the leverage has a negative
correlation to the stock price. Thus the results of
research on leverage variable according to the initial
hypothesis, and in line with the theory that companies
that use excessive debt can result in a decrease in the
value of the company and adversely affects the
company's stock price.
Increasing the value of DER in the mining sector
companies led to a decline in stock prices. This is
because the use of debt in a larger amount of capital
owned by perusahhaan will cause interest expense.
The greater the debt owned by the company, the
greater the interest burden borne by companies that
profit resulting company would be small. This
resulted in reduced interest of investors to invest in
the company so that the company will be a shortage
of funds and lead to lower stock prices in the capital
market. Investors tend to prefer a low-level DER due
to low risks to be borne. If a company DER higher
then the company's stock price will be low because
when the company makes a profit, the company uses
the profits to pay down debt rather than distribute
profits.
Thus DER variables in this study are highly used
by the investor as consideration for investing so that
the results of this study are supported by the results of
research Pandansari (2012) which stated that the
leverage with DER indicators negatively affect the
stock price.
4.10 Influence Activities on the Stock
Market
Results of testing the partial regression
coefficients through t test states that the activities
using the indicators of total asset turnover (TATO)
positive effect on the stock price with the value of t
statistic of 1.6881. These results indicate the extent to
which assets the company has used in the activities of
the company and also shows how many times the
operating assets spins in a certain period. The higher
the activity of a company, the better for the company's
assets can be used effectively in order to create a sale
so that the profits that will be generated is also high,
then the better financial performance and impact on
the company's stock price increases. Conversely,
when the value of the low corporate activity will show
less optimal management of the company in the use
of assets to generate sales. This makes the company's
financial performance is bad and decrease the price of
shares in the capital market.
Thus the results of research on variable activity
according to the initial hypothesis, and in line with the
theory that the low value of the activity reflects that
the company has not been effective in managing their
assets. Impairment TATO on mining companies led
to a decline in stock prices. This is because the total
asset turnover as measured by sales volume is not
necessarily able to increase profits because there are
some of the profits are used to pay the company's
debt. The results are consistent with the results of
research and Oetomo Suwahyono (2006) which states
that the activity of the indicator TATO positive effect
on stock prices.
5 CONCLUSIONS
Based on the results of the discussion and the research
that has been done it can be concluded as follows:
Overview fundamentals consist of profitability by
using indicators Return on Assets (ROA) in the
mining sector companies listed on the Indonesian
Stock Exchange has continued to decline each year
with an average value of 0.05 or 5%, overview
fundamentals consist of liquidity by using indicators
Current Ratio (CR) in the mining sector companies
listed on the Indonesian Stock Exchange has
continued to decline each year with an average value
of 1.97 or 197%, overview of the fundamental factors
consisting of leverage by using indicators Debt to
Equity Ratio (DER) on mining companies listed on
the Indonesia Stock Exchange showing an upward
trend every year with an average value of 1.01 or
101%, overview of the fundamental factors that
consists of activities by using indicators Total Asset
Turnover (TATO) on mining companies listed on the
Indonesian Stock Exchange has continued to decline
each year with an average value of 0.69 or 69%,
illustration stock price as seen from the annual
closing price on mining companies listed on the
Indonesian Stock Exchange has continued to decline
each year with an average value of USD 945.- per
share, simultaneously fundamentals consist of
profitability, liquidity, leverage and activity influence
the stock price on mining companies listed on the
Indonesia Stock Exchange, fundamental factors
The Influence of Fundamental Factors on Stock Price - Research to Mining Companies Listed on The Indonesia Stock Exchange
547

consisted of profitability positive effect on the stock
price on mining companies listed on the Indonesia
Stock Exchange, fundamentals consist of liquidity no
positive effect on the stock price on mining
companies listed on the Indonesia Stock Exchange,
fundamental factors consisting of leverage negatively
affect the stock price on mining companies listed on
the Indonesia Stock Exchange. Fundamental factors
that consists of activity has a positive effect on stock
prices in the mining sector companies listed on the
Indonesia Stock Exchange.
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