Analysis of Fundamental Factors Affecting Stock Prices in
Automotive Companies Listed on the Indonesia Stock Exchange
Period 2014-2017
Iqbal Firdausi
1
, Ibrahim Daud
1
, Riswan Lutfi
1
and M. Fajar Ansari
1
1
STIE Indonesia Banjarmasin
Keywords: Price to Book Value (PBV), Debt to Equity Ratio (DER), Earning Per Share (EPS), Return on Assets
(ROA), the stock price
Abstract: This study aimed to analyse the effect of variable Return on Total Assets (ROA), Return on Equity (ROE),
Price to Book Value (PBV), Debt to Equity Ratio (DER), and Earning per Share (EPS) simultaneously to
the stock price of companies automotive listed on the Indonesia Stock Exchange and analyse the effect of
variable Return on Total Assets (ROA), Return on Equity (ROE), Price to Book Value (PBV), Debt to
Equity Ratio (DER), and Earning per Share (EPS) partially on stock prices of automotive companies listed
in Indonesia stock Exchange. The number of samples in this study as many as nine companies. Mechanical
analysis using multiple linear regression analysis. The analysis showed that the Return on Assets(ROA),
Return on Equity (ROE), Price To Book Value (PBV), Debt to Equity Ratio (DER), Earning Per Share
(EPS) simultaneously affect the stock price on the automotive company listed on the Indonesia Stock
Exchange. The analysis showed that partially Price to Book Value (PBV), Debt to Equity Ratio (DER), and
Earning Per Share (EPS) Return on Assets (ROA) effect on the stock price on the automotive company
listed on the Indonesia Stock Exchange. Price to Book Value (PBV), and Earning Per Share (EPS) positive
impact on stock prices and Debt to Equity Ratio (DER) negative impact on stock prices. While Return on
Assets (ROA) and Return on Equity (ROE) has no effect on stock prices.
1 INTRODUCTION
Unit price movement of shares by the stock
exchange is a very interesting phenomenon for
investors to do an analysis. For a reasonable stock
price movements will foster a belief in themselves
investors in the investment to buy or sell existing
shares. Generally, the purpose of investors invest
their funds in securities (securities) among others, is
to get a return (yield) is maximal at particular risk or
obtain certain results with minimum risk.
Stock market prices as a reflection of a company's
value, an increase or decrease a lot. Because stock
prices reflect both fundamental information,
technical, social and political. The share price on the
stock exchange is generally determined by the law
of supply and demand. More and more people buy
stocks, then the stock price will tend to rise,
otherwise more and more people
Figure 1: Development of Automotive Company
Stock Price
Fundamental strength can be seen from the financial
ratios that can be seen on a periodic basis such as
return on equity, return on investment, dividend
payout ratio and other ratios. For companies with
Firdausi, I., Daud, I., Lutfi, R. and Ansari, M.
Analysis of Fundamental Factors Affecting Stock Prices in Automotive Companies Listed on the Indonesia Stock Exchange Period 2014-2017.
DOI: 10.5220/0009501912571264
In Proceedings of the 1st Unimed International Conference on Economics Education and Social Science (UNICEES 2018), pages 1257-1264
ISBN: 978-989-758-432-9
Copyright
c
 2020 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved
1257

strong fundamentals, these financial ratios would be
significant enough to be analyzed.
Stock investors have an interest in the information
related to the dynamics of stock prices in order to
make decisions about stocks eligible to be selected.
Jogiyanto (2012: 88) observes that the stock price as
an indicator of the company's value will be affected
directly or indirectly by fundamental factors and
technical factors. Basically, the value of a stock is
determined by a company's fundamentals. Investors
make decisions to grow their money by buying
shares of the issuer after considering earnings,
growth in sales and assets for a certain period. In
addition, the future prospects of the company is very
important to be considered. The indicators taken into
consideration, among others, earnings per sare
(EPS), dividend per share (DPS) book value (BV)
return on equity (ROE),
Based on some of these needs, the researcher is
necessary to examine the influence of several factors
fundamental to the stock price, which is the object of
this research are companies engaged in the
automotive field are listed in the Indonesia Stock
Exchange. This caused that as one company of many
companies faced with the reality of efficiency at this
time, but was very large automotive company
contribution to the state economy as a whole for
building the infrastructure to facilitate the
development of various sectors. Sectors of the
automotive industry is a sector that is expected to
support the role of other sectors in promoting
economic growth.
This study followed up on the findings of previous
research results, found in this study combines a
range of variables that have been raised previous
investigators, particularly the independent variables
that have a significant effect on stock prices. This
study refers to or inspired by previous researchers
that examines some of the variables that affect stock
prices. As research Yanti and Safitri (2013), shows
that the Earning Per Share (EPS), Return on Assets
(ROA) and Book Value (BV) significantly affects
stock prices, while Return on Equity (ROE), the
Current Ratio (CR), price Earning Ratio (PER) and
Operating Profit Margin (OPM) has no effect on
stock prices. Another researcher,Indira and
Dwiastutiningsih (2014) shows that Net profit
margin and return on equity has no effect on stock
prices, while the earnings per share effect on stock
prices. Sari and Suhermin (2016), Argued that Net.
Profit Margin, Earnings Per Share significant effect
on stock prices, while Return on equity, price
earning ratio, and Price To Book Value no
significant effect on stock prices.
This study is a replication of the study Sari and
Suhermin (2016). The variables used by researchers
is the Return on Total Assets, Return on Equity,
Price to Book Value, Debt Equity Ratio and Earning
per Share in predicting stock prices.
2 THEORICAL FRAMEWORK
The investment decision is a matter of how the
financial manager should allocate funds into other
forms of investment which will bring benefits in the
future. Shape, manner, and the composition of the
investment will affect and support the level of
profits in the future. According Sutrisno (2001: 5)
future profits expected from the invested capital can
not be predicted with certainty. Therefore the
investment will involve risks or uncertainties. Risk
and expected return on investment that will greatly
affect the achievement of the objectives, policies,
and values of the company.
According Jogiyanto (2012: 200) the stock price can
be determined based on the book value (book value),
the market value (market value), and intrinsic value
(intrinsic value). Book value is the value of the
issuer's shares according to the company's books.
The market value is the value of shares on the stock
market and intrinsic value is the actual value of the
shares. The market value of a stock price that
occurred in the stock market at the appropriate time
determined by market participants (Jogiyanto, 2012:
201).
Fundamental factors measured by the ratio of return
on assets, return on equity, earnings per share, the
share price earnings and price to book value (Jackie
and Safitri, 2013). These five fundamental factors
such as return on equity, debt to equity ratio,
earnings per share, price earnings ratio and price to
book value simultaneously have a significant
influence on stock prices. Fundamental factors
according to (Weston, 2010: 199) consists of five
variables, namely ROA (Return on Total Assets),
ROE (Return on Equity), PBV (Price to Book
Value), b (Payout Ratio), DER (Debt Equity Ratio)
EPS (Earnings per Share). Natarsyah (2000)
explains that the variable return on assets, debt to
equity ratio and book value have an effect on stock
prices. In this research.
3 RESEARCH METHODS
This research is quantitative descriptive research
type ekplanasi, which is an object or purpose is to
explain the causal relationship or variables that are
UNICEES 2018 - Unimed International Conference on Economics Education and Social Science
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hypothesized. According Sugiyono (2015: 36)
quantitative descriptive research is research that is
based on data that can be calculated to produce a
solid quantitative assessment. Variables used to
affect the stock price is Return on Assets (ROA),
Return on Equity (ROE), Price to Book Value
(PBV), Debt to Equity Ratio (DER), and Earning
per Share (EPS) automotive company registered in
Indonesia Stock Exchange period 2014-2017. The
population in this study are all automotive
companies listed on the Stock Exchange as many as
13 companies. The sample in this study were taken
using non-random sampling method is purposive
sampling or based on certain considerations. The
number of samples that meet the criteria (purposive
sampling) in this study amounted to nine
automotive companies. Mechanical analysis using
multiple linear regression analysis.
4 ANALYSIS
Statistical data descriptive variable financial
statements Automotive seven companies listed in
Indonesia Stock Exchange the sample in this study
are shown in Table 1.
Table 1: Descriptive Statistics Data Years 2014-
2017
variables Minimum maximum mean Std. deviation
ROA '2014 1.00 14,00 6.5967 4.07517
ROE 1.78 18.00 8.0073 5.72768
PBV 0.58 4.82 1.9133 1.27919
DER 10,00 220.00 93.7767 72.64915
EPS 69.44 701.67 332.86 200.56088
Stock price)* 204 7425 2965.67 2464.902
ROA '2015 0.10 23.00 7.2344 8.59986
ROE 1.10 32.00 7.7827 9.70541
PBV 0.14 2.65 1.1367 0.87450
DER 9.00 220.00 77.0300 71.29975
EPS 29,48 768.33 233.14 235.47264
Stock price)* 125 6000 2355.00 2270.216
ROA '2016 1.92 22.00 6.6433 6.27163
ROE 3.00 14.05 7.4567 4.39658
PBV 0.14 2.40 , 8889 0.72433
DER 9.00 111.01 55.4778 39.26427
Note: * = In rupiah
Source: Processed Data.
From Table 1 it appears that the average value of
the highest stock price in 2014 amounted to
2965.67,while the lowest average occurred in 2015
amounted to2,355, This shows that the general
condition of the economy in 2015 is not so good. In
2016 and 2017, the average stock price began to
rise, means that the performance of the economy
has begun to improve. Under these conditions, it
can be concluded that the business of automotive
companies listed in Indonesia Stock Exchange is
experiencing a rise in overall performance.
Multiple Linear Regression Analysis
The test results of multiple linear analysis
using
SPSS version 18 is as follows:
Table 2: Results of Multiple Linear
Regression
Testing
Coefficient
s standardized
variables
unstandardiz
ed Coefficients
t
Sig
.
B
Std.
Error beta
constants
6,
690 .340
19.66
5 0,000
ROA
0,
005 0,0240,031 .220 0.827
ROE
0,
012 0,0220.081 0.554 .584
PBV
0.
555 0.1360,495 4.071 0,000
DER
-
0.005 0,002.280 2,312 0,028
EPS
0,
002 0,0010,365 2,553 0,016
Source: Data processed writer
Based on Table 2 above, the share price can be
entered into the multiple regression equation as
follows:
HS = 6,690 + 0,005.ROA + 0,012.ROE +
0,555.PBV - 0,005 0,002.EPS DER + + e
From equation The above regression can be
interpreted that:
1.
Constants (a)
In the multiple linear regression equation above
is known to a constant value (a) of 6.690 means that
if the variable Return on Assets, Return on Equity,
Price To Book Value, Debt to Equity Ratio and
Earning Per Share is equal to 0, then the stock price
(Closing Price ) amounting to Rp 6,690.
2. The regression coefficient Return on Assets
(b1) 0,005
B1 coefficient is 0.005, indicating a positive
correlation direction (unidirectional) between the
Return on Assets with a share price (Closing Price).
A positive sign indicates the influence of Return on
Assets direction of the share price (Closing Price),
ie if the variable Return on Assets increased share
price (Closing Price) will rise, assuming variable
Analysis of Fundamental Factors Affecting Stock Prices in Automotive Companies Listed on the Indonesia Stock Exchange Period
2014-2017
1259

Return on Equity, Price To Book Value, Debt to
Equity Ratio, and Earning Per Share constant.
3. The regression coefficient Return on Equity
(b2) amounted to 0,012
B2 coefficient is 0.012, indicating a positive
correlation direction (unidirectional) between the
Return on Equity at stock price (Closing Price).
A positive sign indicates the influence of Return
on Equity in the direction of the share price
(Closing Price), ie if the variable Return on
Equity increased share price (Closing Price) will
rise by assuming the variable Return on Assets,
Price To Book Value, Debt to Equity Ratio, and
Earning Per Share constant.
4. The regression coefficient Price To Book Value
(b3) of 0.555
B3 coefficient is 0.555, indicating a positive
correlation direction (unidirectional) between
Price To Book Value at stock price (Closing
Price). A positive sign indicates the influence
Price To Book Value direction of the share price
(Closing Price), ie if the variable Price To Book
Value increases then the stock price (Closing
Price) will rise by assuming the variable Return
on Assets, Return on Equity, Price To Book
Value, debt to Equity Ratio and Earning Per
Share constant.
5. The regression coefficient Debt to Equity Ratio
(b4) of -0.005
B4 coefficient is -0.005, indicating a
negative correlation direction (opposite) of the
Debt to Equity Ratio at stock price (Closing
Price). The negative sign indicates the effect of
Debt to Equity Ratio opposite to the stock price
(Closing Price), ie if the variable Debt to Equity
Ratio increased share price (Closing Price) will
fall by assuming the variable Return on Assets,
Return on Equity, Price To Book Value, and
Earning Per Share constant.
6. The regression coefficient Earning Per
Share (b5) of 0.002
B5 coefficient is 0.002, indicating a positive
correlation direction (unidirectional) between
Earning Per Share with stock prices (Closing
Price). A positive sign indicates the influence
Earning Per Share direction of the share price
(Closing Price), ie if the variable earning per
share increased share price (Closing Price) will
rise by assuming the variable Return on Assets,
Return on Equity, Price To Book Value and
Debt to Equity Ratio constant.
Hypothesis testing
1.
Test F (Testing Simultaneous / Concurrent)
This test is performed to examine the effect of
the Return on Assets (ROA), Return on Equity
(ROE), Price To Book Value (PBV), Debt to Equity
Ratio (DER), Earning Per Share (EPS)
simultaneously to the stock price. Simultaneous test
results can be seen in Table 3 below:
Table 3: Model Eligibility Test Result (Test F)
Model
Sum of
d
f
mean
F Sig.
Square
s
Squar
e
Regression 24.721 5 4.944 8.408 0,000
residual 17.641
3
0 0.588
Total 42.362
3
5
Source: Data processed writer
based on F test results in Table 3 is known that
the significant value of 0.000, it can be seen Return
on Assets (ROA), Return on Equity (ROE), Price To
Book Value (PBV), Debt to Equity Ratio (DER),
Earning Per Share (EPS) simultaneously significant
effect on stock prices on automotive companies
listed in Indonesia Stock Exchange (BEI).
2. Simultaneous Determination coefficient (R2)
The coefficient of determination or R-square
shows the percentage of how much influence the
independent variable on the dependent variable
simultaneously (Ghozali, 2012: 97). Here is rated R
- square obtained from the analysis.
Table 3. Calculation Results The coefficient of
determination R2 Model Summary
Model R
R
Square
Ad
j
usted
R
Std. Error of
S
q
uare the Estimate
1 0.764
.58
4 .514 0.76683
Source: Data processed writer
Based on Table 3 obtained R2 of 0.584 or 58.4%
means that the variability of the variable share price
can be explained by the variability of Return on
Assets (ROA), Return on Equity (ROE), Price To
Book Value (PBV), Debt to Equity Ratio (DER ),
Earning Per Share (EPS) amounted to 76.4%, while
the remaining 41.6% is explained by other variables
not included in this regression model.
While the correlation coefficient (R) is used to
measure the closeness of the relationship
simultaneously between independent variables
consisting Return on Assets (ROA), Return on
Equity (ROE), Price To Book Value (PBV), Debt to
Equity Ratio (DER), Earning per Share (EPS) jointly
to the stock price. Multiple correlation coefficient
indicated by (R) of 0764, or 76.4%, which means
that the correlation or relationship between the
UNICEES 2018 - Unimed International Conference on Economics Education and Social Science
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independent variables consisting of Return on Assets
(ROA), Return on Equity (ROE), Price To Book
Value (PBV), Debt to Equity Ratio (DER), Earning
Per Share (EPS) jointly to the stock price has strong
relations / strong.
3.
Test t (Testing Partial)
The t-test is used to determine whether each
independent variable such as Return on Assets
(ROA), Return on Equity (ROE), Price To Book
Value (PBV), Debt to Equity Ratio (DER), Earning
Per Share (EPS) partially have influence the
dependent variable is the stock price. Here are the
results of calculation t test, which are shown in the
following table:
Table 4: Results of t-test and Level
Significant
varia
bles t
Sig
.
Information
ROA .220 0.827
N
ot significant
ROE 0.554 .584
N
ot significant
PBV 4.071 0,000 Significant
DER 2,312 0,028 Significant
EPS 2,553 0,016 Significant
Source: Data processed writer
Based on Table 4 above can be explained as
follows:
a. Test the Effect of Variable Return on Assets
Against share price
By using a significance level α = 0.05 was
obtained t value of 0.220 with sig. Return on
Assets 0827 variable that is greater than the
significance level α = 0.05, this means that the
variable Return on Assets no effect on stock
prices.
b. Test the Effect of Variable Return on Equity
Share Price
By using a significance level α = 0.05 was
obtained t value of 0.554 with sig. the
variablereturn on equity amounted to 0.584
greater than the significance level α = 0.05, this
means that the variable return on equity has no
effect on stock prices.
c. Test the Effect of Variable Price To Book Value
Of Shares price
By using a significance level α = 0.05 was
obtained t value of 4.071 with sig. variable Price
To Book Value 0,000 smaller than the
significance level α = 0.05, this means that the
variable Price To Book Value effect on stock
prices.
d. Test of Variables Influence Against Debt to
Equity Ratio Shares price
By using a significance level α = 0.05 was
obtained t value of -0.312 with sig. Debt to
Equity Ratio variable of 0.028 which is smaller
than the significance level α = 0.05, this means
that the variable Debt to Equity Ratio effect on
stock prices.
e. Test of Variables Influence Earning Per Share
Share Price
By using a significance level α = 0.05 was
obtained t value of 2.553 with sig. variable
Earning Per Share amounted to 0,016 less than
the significance level α = of 0.05%, this means
that the variable earning per share effect on
stock prices.
f. Partial determination coefficient (r2)
Coefficient determination is partially used to
determine which factor most influential of the
independent variables consisting of Return on
Assets (ROA), Return on Equity (ROE), Price
To Book Value (PBV), Debt to Equity Ratio
(DER), Earning Per Share (EPS) of the
company's stock price of automotive listed in
Indonesia stock Exchange (BEI). The level of
the coefficient of determination of each of these
variables are as follows:
Table 5: Partial Correlation Coefficient and
Determination
variab
les
The
correlation
Partial determination
(r2)
coefficient (r)
ROA 0,040 0,002
ROE .101 0,010
PBV 0,597 .356
DER .389 0.151
EPS 0.423 0.179
Source: Data processed writer
Based on Table 5 obtained partial determination
coefficient with the following explanation:
1) The coefficient of determination partial, Return
on Assets (ROA) of 0,002, this means that
approximately 0.2% which shows the
contribution of variable Return on Assets (ROA)
to the stock price on Automotive companies
listed in Indonesia Stock Exchange (BEI).
2) Partial determination coefficient variable Return
On Equity (ROE) amounted to 0,010 this means
that approximately 1% which indicates the
contribution of variable Return on Equity (ROE)
to share price Automotive companies listed in
Indonesia Stock Exchange (BEI).
Analysis of Fundamental Factors Affecting Stock Prices in Automotive Companies Listed on the Indonesia Stock Exchange Period
2014-2017
1261

3) The coefficient of determination partially Price
To Book Value (PBV) of 0.356 this means that
around 356 shows the magnitude of the
contribution of Price to Book Value (PBV) to
share price Automotive companies listed in
Indonesia Stock Exchange (BEI).
4) The coefficient of determination partially Debt to
Equity Ratio (DER) of 0.151 this means that
about 15.1% which shows the magnitude of the
contribution of Debt to Equity Ratio (DER) to
the stock price on Automotive companies listed
in Indonesia Stock Exchange (BEI).
5) The coefficient of determination partially
Earning Per Share (EPS) of 0.179 this means that
approximately 17.9% which shows the
contribution of variable Earning per Share (EPS)
to share price Automotive company listed on the
Indonesia Stock Exchange (BEI).
From the test results of determination
partially (r2) above it can be concluded that the
variables that have a dominant influence on stock
prices in companies Automotive contained in the
Indonesia Stock Exchange (IDX) is Price to Book
Value (PBV) because it has a coefficient of
determination of partial greatest that is equal to
0.356 or 35.6% compared with the others.
5 RESULTS
Effect of Return on Total Assets (ROA), Return
on Equity (ROE), Price to Book Value (PBV), Debt
to Equity Ratio (DER), and Earning per Share
(EPS) simultaneously on stock price.
Based on the results of research conducted,
showed that the Return on Assets (ROA), Return on
Equity (ROE), Price to Book Value (PBV), Debt to
Equity Ratio (DER), Earning Per Share (EPS)
influence simultaneously to the stock price ,
Variable Return on Assets (ROA), Return on Equity
(ROE), Price to Book Value (PBV), Debt to Equity
Ratio (DER), Earning Per Share (EPS) obtained R2
of 0.838, or 83.8%, meaning that the variability of
the variable stock prices can be explained by the
variability of Return on Assets (ROA), Return on
Equity (ROE), price to Book Value (PBV), Debt to
Equity Ratio (DER), Earning Per Share (EPS)
amounted to 83.8%, while the remaining 16.2% is
explained by other variables not included in this
regression model.
One of the factors that affect stock prices is the
condition of the company in which these conditions
could be interpreted as the financial performance of
the company. The financial performance of the
company is something that is very important,
because the financial performance of a company can
influence and be used as a tool to determine whether
the company is experiencing growth or decline. The
share price is the selling price prevailing in the
market of securities determined by market forces
within the meaning depends on the strength of
demand (supply) and offer (sell request). According
Jogiyanto (2012: 200) the stock price can be
determined based on the book value (book value),
the market value (market value), and intrinsic value
(intrinsic value). Book value is the value of the
issuer's shares according to the company's books.
The market value is the value of shares on the stock
market and intrinsic value is the actual value of the
shares. Basically, the value of a stock is determined
by a company's fundamentals.
Return on Assets Influence on Stock Prices
Influence Return on Assets are tested on stock
prices shows that the t value of 0.220 to 0.827,
which means significantly at significantly> 0.05.
This indicates that the variable Return on Assets not
affect the company's share price on Automotive.
This may imply that the Return on Assets can not be
used as a basis for determining the rise and fall of
stock prices. The results of this study are not
consistent with research Hasthoro and Jepriyanto
(2011) and Mary and Safitri (2013) which states that
the Return on Assets significant effect on stock
prices. Return on assets connecting net income by
total assets measure the level of profitability of the
company over the use of assets. ROA also illustrates
the extent to which the ability of assets owned by
the company can generate profit (Weston, 2010:
Return on Equity Influence on Stock Prices
Effect of Return on Equity tested on stock prices
shows that the t value of 0.554 to 0.584, which
means significantly at significantly> 0.05. This
indicates that the variable return on equity has no
effect on the company's stock price Automotive.
This may imply that the return on equity can not be
used as a basis for determining the rise and fall of
stock prices. The results are consistent with research
Sari and Suhermin (2016), Indira and
Dwiastutiningsih (2014), Jackie and Safitri (2013)
which states that the Return on Equity partially no
significant effect on stock prices. But not in line
with the results of research and Jepriyanto Hasthoro
(2011) which states that the return on equity is
partially significant effect on stock prices.
Return on Equity(ROE) could serve as the basis
for making investment decisions stock. Return on
Equity (ROE)describe the rotation or the level of
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efficiency in the use of capital (equity). This shows
how much capital (equity) is able to generate a
profit, so it can be used as a stock investment
decisions. According to (Weston, 2010: 199), return
on equity shows the profits derived from (or be
right) own capital, and are often used by investors in
the purchase of shares of a company (as capital
itself becomes part owner).
Price to Book Value Influence on Stock Prices
Influence Price To Book Value tested on stock
prices shows that the t value of 4.071 with
significant significant significant 0.000 <0.05. This
indicates that the variable Price to Book Value
influence the stock price on the company's
Automotive. It is understood that Price To Book
Value can be used as a basis for determining the rise
and fall of stock prices. Price to Book Value can
show how much the company is able to create value
for the company. Companies that went well
generally have PBV above 1, indicating a higher
market value than its book value. Hasill is in line
with research that has been done by Yanti and Safitri
(2013), that the Price to Book Value effect on stock
prices. But not according to Sari and Suhermin
research (2016),
Price to book value is the ratio between the
market price and the book value of shares. For
company-the company that runs well, generally this
ratio reached above one, which shows the stock
market value is greater than its book value. PBV is
another indicator used to assess the performance of
the company. The greater the ratio the higher PBV
companies rated by investors relative to the funds
that have been invested in the company (Weston,
2010: 199).
Debt to Equity Ratio Influence on Stock Prices
Effect of Debt to Equity Ratio tested on stock
prices shows that the t value of -2.312 with a
significant amounting to 0,028, which means a
significant <0.05. This indicates that the variable
Debt to Equity Ratio influence the stock price on
the company's Automotive. This may imply that the
Debt to Equity Ratio can be used as a basis for
determining the rise and fall of stock prices. This is
in line with research that has been done by Hasthoro
and Jepriyanto (2011), that the Debt to Equity Ratio
partially significant effect on stock prices.
Debt to equity ratiois the ratio between total debt
(long-term debt and current debt) to equity (capital
of ordinary shares and preference shares). A high
ratio indicates that the company uses a large debt to
finance its assets, whereas a low ratio indicates that
more companies use their own capital to finance its
assets. Debt to equity ratio also reflects the
company's financial structure, which also shows the
financial risk. The higher the percentage, it means
that the higher the financial risk faced by the
company (Weston, 2010: 199).
Per Share Earing Influence on Stock Prices
Earing influence Per Share were tested on stock
prices shows that the t value of 2,553 to 0,016,
which means significantly by significant <0.05. This
indicates that the variable earing Per Share influence
the stock price on the company's Automotive. This
may imply that the earing Per Share can be used as a
basis for determining the rise and fall of stock
prices. Increased Earning Per Share will boost the
share price. Earning Per Share is a ratio that
measures how much net profit generated
Automotive company for each share outstanding.
Hasill is in line with research that has been done by
Sari and Suhermin (2016) and Mary and Safitri
(2013), that earing Per Share effect on stock prices.
Earning per shareis a measure of a company's
ability to generate profit per share for the owner.
The greater the company's ability to generate profit
per share for the owner, it will affect the company's
stock price and vice versa. Information about a
company's EPS indicates the amount of net income
that the company is ready to share to all
shareholders of the company (Weston, 2010: 199).
6 CONCLUSIONS
Based on the results of the analysis indicate that
the Return on Assets (ROA), Return on Equity
(ROE), Price To Book Value (PBV), Debt to Equity
Ratio (DER), Earning Per Share (EPS)
simultaneously affect the stock price on the
automotive company listed on the Indonesia Stock
Exchange.
Based on the results of the analysis showed that
partially Price to Book Value(PBV), Debt to Equity
Ratio (DER), and Earning Per Share (EPS) Return
on Assets (ROA) effect on the stock price on the
automotive company listed on the Indonesia Stock
Exchange. Price to Book Value (PBV), and Earning
Per Share (EPS) positive impact on stock prices and
Debt to Equity Ratio (DER) negative impact on
stock prices. While Return on Assets (ROA) and
Return on Equity (ROE) has no effect on stock
prices.
Analysis of Fundamental Factors Affecting Stock Prices in Automotive Companies Listed on the Indonesia Stock Exchange Period
2014-2017
1263

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