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958
JOSS :
Journal of Social Science
THE EFFECT OF PROFITABILITY, SOLVABILITY, AND LIQUIDITY
ON STOCK PRICES BEFORE AND DURING THE COVID-19
PANDEMIC
Achmad Furqaan Dc
1
, Asep Darmansyah
2
Institut Teknologi Bandung, Jawa barat, Indonesia
Email: [email protected]
1
2
KEYWORDS
Profitability,
Solvency,
Liquidity, Share
Prices, Covid-19
Pandemic.
ABSTRACT
This research aims to determine the effect of profitability, solvency, and
liquidity on stock prices. Profitability in this research is proxied by the return
on assets (ROA) and return on equity (ROE) ratio, solvency is proxied by the
debt to asset ratio (DAR) and debt to equity ratio (DER), and liquidity is
proxied by the cash ratio (CR), quick ratio (QR) and cash ratio. The type of
research used in this research is quantitative research using multiple linear
regression analysis and the Wilcoxon Signed Ranks Test. The results of this
research show that return on assets does not affect stock prices before and
during the Covid-19 pandemic. return on equity influences stock prices
before and during the Covid-19 pandemic. The debt-to-asset ratio does not
affect stock prices before and during the Covid-19 pandemic. Debt to Equity
Ratio influences stock prices before and during the Covid-19 pandemic. The
current ratio influences share prices before and during the Covid-19
pandemic. The quick ratio did not affect stock prices before and during the
COVID-19 pandemic. The cash ratio did not affect share prices before and
during the Covid-19 pandemic. Return on Assets (ROA), Return on Equity
(ROE), Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Cash Ratio
(CR), Quick Ratio (QR), and Cash Ratio together affect stock prices before
and during the covid-19 pandemic. Wilcoxon Signed Ranks Test results show
that Return on Assets (ROA), Return on Equity (ROE), Debt to Asset Ratio
(DAR), Debt to Equity Ratio (DER), Cash Ratio (CR), Quick Ratio (QR) do
not There were differences before and during the Covid-19 pandemic. In
contrast, cash ratios and share prices had differences before and during the
Covid-19 pandemic.
INTRODUCTION
The development of the Industrial Revolution 4.0 era means that every company in its
operational activities must maximize the resulting financial performance. Financial
performance reported to the public reflects the level of profit and condition of the company so
financial reports greatly influence investors' perceptions of investing in the company.
The company displays a profit in a financial report, of course, this will make investors
invest in the company. One way for investors to invest in a company is to buy shares. Shares
are an illustration of financial performance. If the company's share price falls, this will indicate
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information that the company's performance is declining. So share prices are influenced by
financial performance (Anwar, 2021).
The development of share prices is important information for investors. The instability
of share prices that occurs on the stock exchange requires investors to base their analysis and
effective investment decisions, including information regarding the company's financial reports
(Dewi & Suwarno, 2022). The share price is the price per share prevailing in the capital market.
The share price is a very important factor and investors must pay attention to it when investing
because the share price shows the issuer's performance (Fadila & Nuswandari, 2022).
The characteristics of the stock market were also influenced by the Covid-19 pandemic
which caused a market decline there and increased market inefficiency. It also has a detrimental
effect on the stock market and influences investors' decision-making (Pitaloka et al., 2020). The
COVID-19 pandemic has affected several company sectors so it has had a significant impact
on financial performance which has hurt the share prices produced by the company. This
condition causes the level of investor confidence to become weak in the company, so investors
are hesitant to invest in the capital market, especially in the stock sector. As a result, some
investors chose to sell their shares because share prices fell even below the fair price or PBV.
This is why the capital market situation is not conducive (Rianti, 2021).
Company share prices after and during COVID-19 are seen from information on the
issuer's performance through profitability ratios. The ratio of a company's capital to all
monetary investments can be used to measure its ability to generate profits (Wahasusmiah,
2022). Profitability is a company's ability to generate profits, shown by profits generated from
sales and investment income. High profitability will have a positive impact on the company
because it can increase company value, increase investor confidence, and attract new investors
to invest (Novika & Siswanti, 2022).
The profitability ratio is a ratio that shows the comparison of profits in a certain period
by calculating profits and assets. The high profit obtained by the company determines that the
company's profitability ratio is said to be good. Therefore, profitability ratios are an important
part of the company (Khoiriah, n.d.). The profitability ratio in this research is calculated using
Return on Assets (ROA) and Return on Equity (ROE).
Return On Assets (ROA) describes a company's ability to gain profits using assets. ROA
aims to measure the return on invested capital using all assets owned by the company. The
higher the ROA value, the more effective it is in providing returns to investors so that the share
value will increase (Dewi & Suwarno, 2022). Meanwhile, Return on Equity (ROE) shows the
company's ability to utilize company funds to generate maximum profits. The higher the ROE
ratio, the better the company's profitability level, which can increase share prices (Christine &
Winarti, 2022).
Share prices are also influenced by the level of solvency in a company. Solvency relates
to the long-term ability to pay ongoing debts (Candra & Wardani, 2021). Solvency can be
calculated using the solvency ratio, which compares the amount of assets owned by a company
with the debt that must be borne. If a company has a high solvency ratio, it will make investors
reluctant to invest, because it has a higher risk of bankruptcy (Sari & Gunawan, 2023).
The solvency ratio shows the company's ability to fulfill its financial obligations if the
company is liquidated, both short-term and long-term financial obligations. A company is said
to be solvable if the company has sufficient assets or wealth to pay all its debts, conversely if
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the amount of assets is insufficient or smaller than the amount of debt, it means the company
is insolvent (Fadila & Nuswandari, 2022).
This ratio is useful for knowing the amount of funds provided by borrowers (creditors
and company owners). Low solvency can increase investor confidence to invest capital in the
company so that it can increase share prices. However, high solvency can cause share prices to
decline because the profits earned by the company tend to be used to pay its debts rather than
distributing dividends (Evangeline & Suwitho, 2021). The solvency ratio in this research is
calculated using the Debt to debt-asset ratio (DAR) and Debt to debt-equity ratio (DER).
Debt to Asset Ratio (DAR) shows the company's ability to fulfill its obligations in paying
debts. If the company can pay debts without a shortage of funds, the company's performance is
said to be good, which will make investors believe in investing in the company concerned so
that the share price offered will increase. (Fassya, 2022). Meanwhile, the Debt to Equity Ratio
(DER) describes the company's ability to pay off obligations, such as debt payments. Therefore,
the DER ratio is considered important, both for companies and investors who will invest their
capital. The higher the DER ratio, the more uncertain the company's profitability and its
inability to fulfill its debt payment obligations (Dewi & Suwarno, 2022).
Liquidity also influences and drives the rate of change in share prices based on the
company's ability to meet its long-term obligations. The liquidity ratio is the company's ability
to fulfill all its obligations when they fall due, the liquidity ratio assumes that current assets are
the main source of meeting its short-term obligations. If a company is unable to pay off all its
obligations, investors will assume that the company is not able to manage its assets well, which
will have an impact on the value of the company's share price (Hardini & Mildawati, 2021).
The solvency ratio in this research is calculated using the current ratio, Quick Ratio, and cash
ratio.
Current Ratio (current ratio) is a measure of a company's ability to pay short-term
obligations or debts that are immediately due when they are collected in full (Husain, 2021).
The greater the ratio of the company's current assets and current liabilities, the higher the
company's ability to cover its short-term liabilities. If the Current Ratio (CR) is low, it will
indicate a problem with liquidity, while a high Current Ratio (CR) is not necessarily good,
because investors will assume that the large amount of funds is disturbing which results in a
lack of the company's ability to generate profits (Hardini & Mildawati, 2021).
Quick Ratio (QR) is used when a company wants to measure the company's ability to
fulfill its short-term obligations (Ganar & Kusmiyati, 2021). Quick Ratio (QR) is a measure
used to determine a company's ability to meet short-term obligations if all liquid assets are sold.
Fulfilling good company obligations will be one of investors' considerations when investing.
As more and more investors invest in the company's shares, it will have an impact on the
company's share price (Janrosl & Tipa, 2022).
The cash Ratio is useful for determining the security of a company's liquidity, as a basis
for decision-making in overcoming company liquidity problems, as well as measuring the
company's financial performance between accounting periods (Azizah et al., 2022). Companies
that have a high Cash Ratio value can influence share prices because the Cash Ratio shows the
company's ability to pay short-term debt. So, it can attract investors' interest in buying shares.
On the other hand, if the Cash Ratio shows a low ability of current assets to pay debts, it will
hurt the company and investors (Sinaga et al., 2021).
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COVID-19 has hurt the development of companies, especially companies listed on the
Indonesia Stock Exchange (BEI). Mining, oil and gas, manufacturing and service companies
are companies affected by the COVID-19 pandemic, this has caused companies to experience
a decline in generating profits and experience losses respectively. Mining companies in their
operational activities experience losses, this is proven by the realization of investment in the
mineral and coal mining sector as of October 2020 which only reached 37.3%, so they did not
reach the predetermined realization target (Umah, 2020). The data on profitability, solvency,
liquidity, and share prices for mining companies before and during the COVID-19 pandemic.
METHOD RESEARCH
The type of research used in this research is quantitative research. Quantitative research
is a research method based on the philosophy of positivism, used to research certain populations
or samples, collecting data using research instruments, and quantitative or statistical data
analysis, with the aim of testing predetermined hypotheses (Sugiyono, 2018). According to
(Creswell & Poth, 2016) quantitative research is an approach to testing objective theory by
testing the relationship between variables. These variables, in turn, can be measured using
instruments, so that quantity data can be analyzed using statistical procedures. This research
aims to determine the influence of profitability, solvency, and liquidity on share prices before
and during the COVID-19 pandemic.
Research design is a research design that is used as a guide in carrying out the research
process. The research begins by determining the samples used in the study including mining,
oil and gas, manufacturing, and service companies listed on the Indonesian Stock Exchange
(IDX). Then, data collection is carried out from financial reports which contain the variables
used in the research, then the descriptive analysis will be carried out. which is followed by
multiple linear regression analysis so that it will obtain research results and then determine
conclusions and suggestions in research.
RESULTS AND DISCUSSION
Descriptive Statistical Analysis Test
Descriptive statistical analysis tests are statistics used to analyze data by providing an
overview or description of data seen from the average, maximum, minimum, and standard
deviation values (Ghozali, 2018). Descriptive statistical analysis in this research includes the
variables return on assets (ROA), return on equity (ROE), debt to asset ratio (DAR), debt to
equity ratio (DER), cash ratio (CR), quick cash ratio (QR) and share price. The results of
descriptive statistical analysis in this research can be seen in the table below:
Table 1
Descriptive Analysis Test Results
Descriptive Statistics
N
Minimum
Maximum
Mean
Std.
Deviation
ROA_before_Pandemic
60
.005
.365
.08935
.072166
ROA_during_Pandemic
60
.003
.585
.10180
.115271
Ln_ROE_before_Pandemic
60
-4.42
-.74
-2.2145
.76705
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Ln_ROE_ during _Pandemic
60
-4.71
-.33
-2.3383
.95034
Ln_DAR_ before _Pandemic
60
-3.17
-.31
-1.0875
.59391
Ln_DAR_ during _Pandemic
60
-2.43
-.03
-1.0105
.47407
DER_ before _Pandemic
60
.043
2.809
.79957
.622533
DER_ during _Pandemic
60
.097
2.485
.78120
.514471
CR_ before _Pandemic
60
.141
12.840
2.76627
2.396500
CR_ during _Pandemic
60
.380
10.074
2.52183
1.827257
QR_ before _Pandemic
60
.141
11.884
2.03137
1.869695
QR_ during _Pandemic
60
.201
9.744
1.87940
1.470039
Cash_Ratio_ before _Pandemic
60
.009
8.523
.90370
1.302296
Cash_Ratio_ during _Pandemi
60
.01
8.53
1.0423
1.29367
Ln_Harga_Saham_ before
_Pandemic
60
3.91
10.47
7.2617
1.76832
Ln_Harga_Saham_ during
_Pandemic
60
3.91
10.57
7.1098
1.74707
Valid N (listwise)
60
Sources: Source Output SPSS, 2023.
Classic assumption test
The classical assumption test aims to determine whether the regression estimation results
are free from bias (error) and as a basis for testing hypotheses and drawing conclusions. The
classic assumption tests in this research include the normality test, multicollinearity test,
heteroscedasticity test, and autocorrelation test.
Normality test
The normality test is intended to test whether, in the regression model, the residual values
have a normal distribution or not (Ghozali, 2018). The normality test in this study was carried
out based on the one-sample Kolmogorov-Smirnov test with a significance level of 5%. The
normality test results can be seen in the table below:
Table 2
Stock Price Normality Test Results Before the Covid-19 Pandemic
One-Sample Kolmogorov-Smirnov Test
Unstandardized
Residual
N
60
Normal Parameters
a,b
Mean
.0000000
Std.
Deviation
1.27870562
Most Extreme
Differences
Absolute
.110
Positive
.110
Negative
-.064
Test Statistic
.110
Asymp. Sig. (2-tailed)
.069
c
a. Test distribution is Normal.
b. Calculated from data.
c. Lilliefors Significance Correction.
Sources: from Output SPSS, 2023.
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The results of the stock price normality test before the COVID-19 pandemic in the 2017-
2019 period showed that the Asymp-sig value was obtained. (2-tailed) of 0.069. This shows the
value of Asymp-sig. (2-tailed) is greater than 0.05 (0.069 > 0.05), so it can be concluded that
the data used in the regression model is normally distributed.
Table 3
Price Normality Test Results During the Covid-19 Pandemic
One-Sample Kolmogorov-Smirnov Test
Unstandardized
Residual
N
60
Normal Parameters
a,b
Mean
.0000000
Std.
Deviation
1.13957476
Most Extreme
Differences
Absolute
.070
Positive
.070
Negative
-.058
Test Statistic
.070
Asymp. Sig. (2-tailed)
.200
c,d
a. Test distribution is Normal.
b. Calculated from data.
c. Lilliefors Significance Correction.
d. This is a lower bound of the true significance.
Sources: from Output SPSS, 2023.
The results of the stock price normality test during the COVID-19 pandemic in the 2017-
2019 period showed that the Asymp-sig value was obtained. (2-tailed) of 0.200. This shows the
value of Asymp-sig. (2-tailed) is greater than 0.05 (0.200 > 0.05), so it can be concluded that
the data used in the regression model is normally distributed
Multicollinearity Test
This multicollinearity test is intended to test whether there is a high or perfect correlation
between the independent variables or not in the regression model (Ghozali, 2018). The
multicollinearity test in this research was seen based on the tolerance value and variance
inflation factor (VIF). The results of the multi-connect arity test can be seen in the table below:
Table 4
Stock Price Multilinearity Test Results Before the Covid-19 Pandemic
Coefficients
Model
Collinearity Statistics
Tolerance
VIF
1
(Constant)
ROA
.240
4.173
DER
.273
3.665
CR
.192
5.208
The Effect Of Profitability, Solvability, And Liquidity On Stock
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QR
.217
4.609
Cash_Ratio
.409
2.447
Ln_ROE
.267
3.740
Ln_DAR
.126
7.927
a. Dependent Variable: Ln_stock price before_Pandemi
Sources: from Output SPSS, 2023.
Table 5
Results of the Multilinearity Test of Stock Prices During the Covid-19 Pandemic
Coefficients
Model
Collinearity Statistics
Tolerance
VIF
1
(Constant)
ROA
.273
3.656
DER
.216
4.626
CR
.179
5.601
QR
.120
8.316
Cash_Ratio
.108
9.272
Ln_ROE
.298
3.354
Ln_DAR
.147
6.809
a. Dependent Variable: Ln_Stock Prices during
pandemic-19
Sources: From Output SPSS, 2023.
Heteroscedasticity Test
The heteroscedasticity test means that there are variable variants in the regression model
that are not the same. If the opposite happens, the variable variants in the regression model
have the same value, it is called homoscedasticity (Ghozali, 2018). The heteroscedasticity test
in this study was seen based on scatterplot graphs. The results of the heteroscedasticity test in
this research can be seen in the image below:
Figure 1
Results for Stock Prices Before the Covid-19 Pandemic
Sources: From Output SPSS, 2023
The results of the heteroscedasticity test on stock prices before the COVID-19 pandemic
based on the scatterplot graph show that the points are spread above and below the number 0
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on the Y axis so that there is no clear pattern in the graph. So it can be concluded that there are
no symptoms of heteroscedasticity.
Figure 2
Test Results During the Covid-19 Pandemic
Sources: From Output SPSS, 2023.
The results of the heteroscedasticity test on stock prices during the COVID-19 pandemic
based on the scatterplot graph show that the points are spread above and below the number 0
on the Y axis so there is no clear pattern in the graph. So it can be concluded that there are no
symptoms of heteroscedasticity.
Autocorrelation Test
This autocorrelation test is intended to test whether, in a linear regression model, there
is a correlation between the residual error in period t and the error in period t-1 (previous)
(Ghozali, 2020: 181). The autocorrelation test in this study is based on the Durbin-Watson
value. The results of the autocorrelation test in this study can be seen in the table below:
Table 6
Stock Price Autocorrelation Test Results Before the Covid-19 MPandemic
Model Summary
Model
Durbin-Watson
1
.752
a. Predictors: (Constant), Ln_DAR, Ln_ROE,
Cash_Ratio, DER, ROA, QR, CR
b. Dependent Variable:
Ln_Harga_Saham_Sebelum_Pandemi
Sources: From Output SPSS, 2023.
The results of the stock price autocorrelation test before the Covid-19 pandemic obtained
a Durbin-Watson value of 0.752. This shows that the Durbin-Watson value is between -2 and
2 (-2 < 0.752 < 2), so it can be concluded that there are no symptoms of autocorrelation in this
study.
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Table 7
Price Autocorrelation Test Results During the Covid-19 Pandemic
Model Summary
Model
Durbin-Watson
1
.898
a. Predictors: (Constant), Ln_DAR, Ln_ROE,
Cash_Ratio, ROA, DER, CR, QR
b. Dependent Variable: Ln_Stock Prices during
pandemic
Sources: From Output SPSS, 2023.
The results of the stock price autocorrelation test before the Covid-19 pandemic obtained
a Durbin-Watson value of 0.898. This shows that the Durbin-Watson value is between -2 and
2 (-2 < 0.898 < 2), so it can be concluded that there are no symptoms of autocorrelation in this
study.
Multiple Linear Regression Analysis Test
The multiple linear regression analysis test aims to determine the direction and how much
influence the independent variables including return on assets (ROA), return on equity (ROE),
debt to asset ratio (DAR), debt to equity ratio (DER), cash ratio (CR). ), quick ratio (QR), and
cash ratio to the dependent variable, namely share price. The results of the multiple linear
regression analysis test in this research can be seen in the table below:
Table 8
Multiple Linear Regression Analysis Test Results for Stock Prices Before the Covid-19
Pandemic
Coefficients
Model
Unstandardized Coefficients
Standardized
Coefficients
B
Std. Error
Beta
1
(Constant)
12.168
1.655
ROA
-4.850
5.019
-.198
DER
-1.688
.545
-.594
CR
-.528
.169
-.715
QR
.103
.204
.109
Cash_Ratio
.186
.213
.137
Ln_ROE
1.019
.447
.442
Ln_DAR
-.198
.841
-.067
a. Dependent Variable: Ln_Stock Prices during pandemic
Sources: From Output SPSS, 2023.
Table 9
Test Results of Multiple Linear Regression Analysis of Stock Prices During the Covid-19
Pandemic
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Coefficients
Model
Unstandardized Coefficients
Standardized
Coefficients
B
Std. Error
Beta
1
(Constant)
12.507
1.496
ROA
-.600
2.621
-.040
DER
-2.520
.661
-.742
CR
-.819
.205
-.857
QR
.607
.310
.511
Cash_Ratio
.401
.372
.297
Ln_ROE
.678
.305
.369
Ln_DAR
1.261
.870
.342
a. Dependent Variable: Ln_Stock Prices during pandemic
Sources: From Output SPSS, 2023.
Hypothesis testing
Partial Test (Uji-T)
The partial test aims to determine whether the independent variables include return on
assets (ROA), return on equity (ROE), debt to asset ratio (DAR), debt to equity ratio (DER),
cash ratio (CR), and quick ratio. (QR) and cash ratio has a significant effect on the dependent
variable, namely share prices. The partial test in this research was carried out by comparing the
t-count and t-table values and using a significance level of 0.05. The t-table value is obtained
based on the formula degree of freedom (df) = n – k = 60 – 7 = 53, so the value is 2.00575. The
results of the partial test (t-test) in this research can be seen in the table below:
Table 10
Partial Test Results (T-Test) of Stock Prices Before the Covid-19 Pandemic
Coefficients
Model
Unstandardized Coefficients
Standardized
Coefficients
t
Sig.
B
Std. Error
Beta
1
(Constant)
12.168
1.655
7.351
.000
ROA
-4.850
5.019
-.198
-.966
.338
DER
-1.688
.545
-.594
-3.096
.003
CR
-.528
.169
-.715
-3.126
.003
QR
.103
.204
.109
.506
.615
Cash_Ratio
.186
.213
.137
.875
.385
Ln_ROE
1.019
.447
.442
2.279
.027
Ln_DAR
-.198
.841
-.067
-.236
.815
a. Dependent Variable: Ln_Stock Prices before pandemic 19
Sources: From Output SPSS, 2023.
Table 11
Partial Test Results (T-Test) of Stock Prices During the Covid-19 Pandemic
Coefficients
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Model
Unstandardized Coefficients
Standardized
Coefficients
T
Sig.
B
Std. Error
Beta
1
(Constant)
12.507
1.496
8.361
.000
ROA
-.600
2.621
-.040
-.229
.820
DER
-2.520
.661
-.742
-3.815
.000
CR
-.819
.205
-.857
-4.002
.000
QR
.607
.310
.511
1.958
.056
Cash_Ratio
.401
.372
.297
1.077
.287
Ln_ROE
.678
.305
.369
2.226
.030
Ln_DAR
1.261
.870
.342
1.449
.153
a. Dependent Variable: Ln_Stock Prices during pandemic
Simultaneous Test (F-test)
The simultaneous test aims to determine whether the independent variables include return
on assets (ROA), return on equity (ROE), debt to asset ratio (DAR), debt to equity ratio (DER),
cash ratio (CR), and quick ratio. (QR) and cash ratio jointly influence the dependent variable,
namely share prices. The simultaneous test in this research was carried out by comparing the
count value with the table and the significance was 0.05. The ftable value is obtained using the
formula degree of freedom (df) = 1 = k - 1 = 7 - 1 = 6 and df2 = n – k - 1 = 60 - 7 -1 = 52, so
the ftable value is 2.28. The results of the simultaneous test (f-test) in this research can be seen
in the table below:
Table 12
Simultaneous Test Results (F-Test) of Stock Prices Before the Covid-19 Pandemic
ANOVA
a
Model
Sum of
Squares
df
Mean
Square
F
Sig.
1
Regression
88.020
7
12.574
6.778
.000
b
Residual
96.470
52
1.855
Total
184.490
59
a. Dependent Variable: Ln_Stock Prices before pandemic 19
b. Predictors: (Constant), Ln_DAR, Ln_ROE, Cash_Ratio, DER, ROA, QR, CR
Sources: From Output SPSS, 2023.
Simultaneous test results on stock prices before the COVID-19 pandemic obtained an f-
count value of 6.778 and a significance of 0.000. This shows that the f-count value is greater
than the f-table (6.778 > 2.28) and the significance value is smaller than 0.05 (0.000 < 0.05).
So it can be concluded that the variables return on assets (ROA), return on equity (ROE), debt
to asset ratio (DAR), debt to equity ratio (DER), cash ratio (CR), quick ratio (QR) and cash
ratio are together influenced stock prices before the Covid-19 pandemic.
Table 13
Simultaneous Test Results (F-Test) of Stock Prices During the Covid-19 Pandemic
ANOVA
a
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Model
Sum of
Squares
df
Mean
Square
F
Sig.
1
Regression
103.464
7
14.781
10.031
.000
b
Residual
76.619
52
1.473
Total
180.083
59
a. Dependent Variable: Ln_Stock Prices during pandemic
b. Predictors: (Constant), Ln_DAR, Ln_ROE, Cash_Ratio, ROA, DER, CR, QR
Sources: From Output SPSS, 2023.
Simultaneous test results on stock prices before the COVID-19 pandemic obtained an f-
count value of 10.031 and a significance of 0.000. This shows that the f-count value is greater
than the f-table (10.031 > 2.28) and the significance value is smaller than 0.05 (0.000 < 0.05).
So it can be concluded that the variables return on assets (ROA), return on equity (ROE), debt
to asset ratio (DAR), debt to equity ratio (DER), cash ratio (CR), quick ratio (QR) and cash
ratio are together having an influence on stock prices during the Covid-19 pandemic.
Determination Coefficient Test
The coefficient of determination test aims to measure how far the ability of independent
variables includes return on assets (ROA), return on equity (ROE), debt to asset ratio (DAR),
debt to equity ratio (DER), cash ratio (CR), quick ratio (QR) and cash ratio in explaining
variations in the dependent variable, namely share prices. The results of the coefficient of
determination test in this research can be seen in the table below:
Table 14
Stock Price Determination Coefficient Test Results Before the Covid-19 Pandemic
Model Summary
Model
R
R
Square
Adjusted R
Square
Std. Error of
the Estimate
1
.691
a
.477
.407
1.36206
a. Predictors: (Constant), Ln_DAR, Ln_ROE, Cash_Ratio, DER,
ROA, QR, CR
b. Dependent Variable: Ln_Stock Prices before pandemic 19
Sources: From Output SPSS, 2023.
The results of the coefficient of determination test on stock prices before the COVID-19
pandemic showed that an R-square value was obtained of 0.477. This shows that return on
assets (ROA), return on equity (ROE), debt to asset ratio (DAR), debt to equity ratio (DER),
cash ratio (CR), quick ratio (QR) and cash ratio have an influence amounting to 47.7% of the
share price variable while the remaining 52.3% was influenced by other variables not examined
in this research.
Table 15
Stock Price Determination Coefficient Test Results During the Covid-19 Pandemic
Model Summary
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Model
R
R
Square
Adjusted R
Square
Std. Error of
the Estimate
1
.758
a
.575
.517
1.21386
a. Predictors: (Constant), Ln_DAR, Ln_ROE, Cash_Ratio, ROA,
DER, CR, QR
b. Dependent Variable: Ln_Stock Prices during pandemic
Sources: From Output SPSS, 2023
The results of the coefficient of determination test on stock prices during the COVID-19
pandemic showed that an R-square value was obtained of 0.575. This shows that return on
assets (ROA), return on equity (ROE), debt to asset ratio (DAR), debt to equity ratio (DER),
cash ratio (CR), quick ratio (QR), and cash ratio have an influence 57.5% of the share price
variable while the remaining 42.5% is influenced by other variables not examined in this
research.
Wilcoxon Signed Ranks Test
The Wilcoxon signed rank test aims to compare two related samples to see if there are
differences between two paired samples. The Wilcoxon signed rank test uses a significance
level of 5% or 0.05. The results of the Wilcoxon signed rank test can be seen as follows:
Table 16
Wilcoxon Signed Ranks Test Results
Variable
Probability Value (Asymp. Sig)
Information
Return on Asset (ROA)
0,723
There is no difference
Return on Equity
(Ln_ROE)
0,261
There is no difference
Debt to Asset Ratio
(Ln_DAR)
0,501
There is no difference
Debt to Equity Ratio
(DER)
0,653
There is no difference
Current Ratio (CR)
0,763
There is no difference
Quick Ratio (QR)
0,659
There is no difference
Cash Ratio
0,014
There are differences
Harga Saham (Ln_Harga
Saham)
0,047
There are differences
Sources: From Output SPSS, 2023
Important Discovery
Return on Assets (ROA) Influences Stock Prices Before the Covid-19 Pandemic.
The results of research regarding the influence of return on assets on stock prices before
the COVID-19 pandemic obtained a t-value of -0.966 and a significance of 0.815. This shows
that the t-count value is smaller than the t-table -2.00575 (-0.966 < -2.00575) and the
significance is greater than 0.05 (0.338 > 0.05). So it can be concluded that return on assets did
not affect stock prices before the Covid-19 pandemic.
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Return on assets (ROA) is a ratio that measures the success of stock investments made
relative to the number of assets that will be used by a company (Lorenza et al., 2022). Return
on Assets (ROA) is applied in measuring management effectiveness for generating profits with
existing assets. The greater the profit you have, the more investors who want to invest their
capital will increase. When the company is profitable, the share price will rise (Gitman et al.,
2015).
Return on assets (ROA) is taken into consideration by investors when investing in shares
because ROA acts as an indicator of the company's use of assets to earn profits. The higher the
ROA shows that the company's performance is increasing. This makes it attractive for investors
to invest their capital and can have an impact on share prices. Increasing demand for shares
will cause share prices to increase (Marlina et al., 2022).
The results of this research show that return on assets did not affect stock prices before
the Covid-19 pandemic, this was because the company had not been able to improve its
performance so the level of profit generated by the company was not fully optimal, this of
course the company did not give a positive signal to investors. so that share prices do not
increase.
(Pangaribuan & Suryono, 2019) stated that return on assets (ROA) only shows the
company's internal capabilities, while share prices can be influenced by factors from outside
the company, such as market conditions and inflation. This research supports research
conducted by (Marlina et al., 2022) which states that ROA did not have a significant effect on
stock prices before the Covid-19 pandemic.
Return on Assets (ROA) Influences Stock Prices During the Covid-19 Pandemic.
The results of research regarding the influence of return on assets on stock prices during
the Covid-19 pandemic, the t-value was -0.229 and the significance was 0.820. This shows that
the t-count value is smaller than the t-table -2.00575 (-0.299 < -2.00575) and the significance
is greater than 0.05 (0.820 > 0.05). So it can be concluded that return on assets has no effect on
stock prices during the Covid-19 pandemic.
Return on Assets (ROA) aims to evaluate the effectiveness and efficiency of company
management in managing all company assets. The greater the return on assets (ROA) means
the more efficient the use of company assets or in other words, with the same amount of assets
greater profits can be generated and vice versa (Nurlia & Juwari, 2019).
The higher the Return on Assets (ROA), the better the asset productivity to obtain net
profits. This will increase the company's attractiveness to investors because the more investors
it attracts, the better the rate of return. This also has an impact on the company's share price on
the capital market, so if ROA increases it will also affect the company's share price (Junaidi &
Zulgani, 2011).
The results of this research show that return on assets had no effect on stock prices during
the Covid-19 pandemic, this is because the Covid-19 pandemic caused stock market conditions
to become unstable, so many companies experienced a decline in the level of income and profits
generated so that investors focusing more on external factors such as government policy and
so on, this can of course have an impact on the level of share prices produced by the company.
The COVID-19 pandemic means that the ROA value is not the only fundamental factor
that influences share prices, but more emphasis is placed on changing external factors
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(economic environment). Environmental conditions that are still in a pandemic state also make
investors reluctant to buy shares, even though companies have reduced prices through capital
market mechanisms (Meidy & Julica, 2023). The results of this research support research
conducted by (Marlina et al., 2022) which stated that ROA did not have a significant effect on
stock prices during the Covid-19 pandemic.
Return on Equity (ROE) Influences Stock Prices Before the Covid-19 Pandemic.
The results of research regarding the influence of return on equity on stock prices before
the COVID-19 pandemic obtained a t-value of 2.279 and a significance of 0.027. This shows
that the t-count value is greater than the t-table 2.00575 (2.279 > 2.00575) and the significance
is smaller than 0.05 (0.027 < 0.05). So it can be concluded that return on equity affected stock
prices before the COVID-19 pandemic.
Return on equity shows the company's ability to generate profits after tax using the
company's capital. Signaling theory states that companies with good quality will deliberately
send signals in the form of information, with the hope that information users can select the
quality of the company (Prasetya & Fitra, 2022).
The higher the return on equity ratio means that the company is considered capable of
generating high profits so that it will attract other investors to invest. The large number of
investors who are interested in buying shares will increase demand and the share price will rise.
Likewise, vice versa, the lower this ratio means that the company is deemed unable to generate
high profits, thus making investors less interested in buying shares which will cause demand
to fall and share prices to fall (Wijaya & Siswanti, 2023).
The results of this research show that return on equity affected share prices before the
Covid-19 pandemic. This shows that the higher the company uses equity to generate profits, it
shows that the company management is better at optimizing company performance so that it
can increase investment attractiveness and provide a positive signal to investors so that it can
increase the value of the company's share price. The results of this research can support
research conducted by (Meidy & and Julica, 2023) that return on equity (ROE) influences stock
prices.
Return on Equity (ROE) Influences Stock Prices During the Covid-19 Pandemic.
The results of research regarding the influence of return on equity on stock prices during
the COVID-19 pandemic obtained a t-value of 2.226 and a significance of 0.030. This shows
that the t-count value is greater than the t-table 2.00575 (2.226 > 2.00575) and the significance
is smaller than 0.05 (0.030 < 0.05). So it can be concluded that return on equity has an effect
on share prices during the Covid-19 pandemic.
Return on equity (ROE) aims to measure the amount of return on capital on shareholders'
investments. ROE is measured by the comparison between net profit and total capital (Rusnaeni
et al., 2022). A higher ROE will reflect a company that is successful in generating profits from
its capital. An increase in ROE will help boost the company's selling value which has an impact
on share prices (Kartiko & Rachmi, 2021).
Signaling theory states that ROE is one of the signals given to stakeholders where this
signal provides an overview of the company's ability to manage the funds provided by investors
to obtain profits, where this signal is expected by stakeholders to provide large income where
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the greater the ROE value means the better the company's ability to manage funds provided by
investors.
The results of this research show that return on equity has an effect on share prices during
the Covid-19 pandemic. This shows that the higher level of return on equity produced by the
company indicates that the financial condition of the company during the Covid-19 pandemic
is still optimal so that it can produce a good level of profit, of course, influences investors'
views that it has an impact on share price levels.
The results of this research support research conducted by (Anggita et al., 2023) which
states that ROE influences stock prices during the Covid-19 pandemic. This shows that a high
ROE will give a positive signal to investors so that it becomes a consideration for potential
investors in obtaining returns, considering the ongoing COVID-19 pandemic. High investor
interest in a company will increase share purchases and have a positive impact on increasing
the company's share price.
Debt to Asset Ratio (DAR) Influenced Stock Prices Before the Covid-19 Pandemic.
The results of research regarding the influence of the debt-to-asset ratio on stock prices
before the COVID-19 pandemic obtained a t-value of -0.236 and a significance value of 0.815.
This shows that the t-count value is smaller than the t-table -2.00575 (-0.236 < -2.00575) and
the significance is greater than 0.05 (0.815 > 0.05). So it can be concluded that the debt-to-
asset ratio did not affect stock prices before the Covid-19 pandemic.
The debt-to-asset ratio aims to compare all debt, including current debt, with all equity.
This ratio is useful for knowing the amount of funds provided by the borrower (creditor) and
the company owner (Chandra, 2021). The amount of company assets financed from debt or the
amount of company debt affects asset management. Capital owners will invest their capital if
the company's total debt is higher than the total assets owned (Ontario, 2021).
The results of this research show that the debt-to-asset ratio does not affect share prices.
This shows that the higher the debt-to-asset ratio owned by the company, the higher the level
of debt owned by the company and the lower the proportion of its capital owned by the
company. in financing the company's operational activities, this can of course give a negative
signal to investors so that it can reduce share price levels.
Pane et al., (2021) stated that the debt-to-asset ratio does not affect stock prices because
a high debt-to-asset ratio can indicate a high risk to the company. After all, the company has a
greater responsibility in paying off obligations to third parties. The results of this research
support the research conducted by Veny et al., (2022) which stated that DAR had an
insignificant negative effect on retail company share prices before Covid-19.
Debt to Asset Ratio (DAR) Influences Stock Prices During the Covid-19 Pandemic.
The results of research regarding the influence of the debt-to-asset ratio on stock prices
during the COVID-19 pandemic obtained a t-value of 1.449 and a significance value of 0.153.
This shows that the t-count value is smaller than the t-table 2.00575 (1.449 < 2.00575) and the
significance is greater than 0.05 (0.153 > 0.05). So it can be concluded that the debt-to-asset
ratio does not affect share prices during the Covid-19 pandemic.
The debt-to-asset ratio shows the company's ability to fulfill its obligations in paying
debts, if the company can pay debts without a shortage of funds then the company's
performance is said to be good which will make investors believe in investing in the company
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concerned so that the share price offered will increase (Priliyastuti and Stella in (Agustina &
Hendratno, 2019)
The results of this research show that the debt-to-asset ratio had no effect on share prices
during the Covid-19 pandemic, this was because the conditions of the Covid-19 pandemic
caused the company to experience problems in the company's operational activities, this was
due to the implementation of the PSBB which resulted in restrictions on operational activities.
carried out by the company, this of course has an impact on the company's performance in
generating profit levels so that the company uses debt to finance the company's operational
activities so that it can have an impact on decreasing share prices. The results of this research
support research conducted by Veny et al., (2022) which stated that DAR had an insignificant
positive effect on stock prices during the Covid-19 pandemic.
Debt to Equity Ratio (DER) Influenced Stock Prices Before the Covid-19 Pandemic.
The results of research regarding the influence of the debt-to-equity ratio on stock prices
during the COVID-19 pandemic obtained a t-value of -3.096 and a significance value of 0.003.
This shows that the t-count value is greater than the t-table -2.00575 (-3.096 > -2.00575) and
the significance is smaller than 0.05 (0.003 < 0.05). So it can be concluded that the debt-to-
equity ratio affected stock prices before the Covid-19 pandemic.
DER will be one of the important factors that investors must consider when making their
investments (Kurnianti et al., 2022). Debt to debt-to-equity ratio (DER) shows a company's
ability to pay off obligations, such as debt payments. Therefore, the higher the DER, the more
uncertain the company's profitability and ability to meet its debt repayment obligations (Sesilia
et al., 2021).
The results of this research show that the debt-to-equity ratio affected stock prices before
the Covid-19 pandemic. This shows that the higher the debt-to-equity ratio value, the worse
the level of financial performance, which has an impact on stock prices due to the value of the
equity owned by The company is unable to finance operational activities so the company uses
debt from external funding so that it can reduce share prices. Dinantara (2020) stated that a
high DER causes a company to have a higher risk of its company's liquidity. DER can describe
a company's funding sources that come from debt. This will have an impact on the stock market
reaction, stock trading volume, and stock prices.
Debt to Equity Ratio (DER) Influences Stock Prices During the Covid-19 Pandemic.
The results of the research regarding the influence of the debt-to-equity ratio on stock
prices during the COVID-19 pandemic showed that the t-value was -3.815 and the significance
value was 0.000. This shows that the t-count value is greater than the t-table -2.00575 (-3.815
> -2.00575) and the significance is smaller than 0.05 (0.000 < 0.05). So it can be concluded
that the debt-to-equity ratio has an effect on stock prices during the Covid-19 pandemic.
Debt to equity ratio (DER) can describe a company's funding sources which will result
in a stock market reaction that will automatically influence stock prices (Hantono in Sugitajaya
et al., 2020). A high debt-to-equity ratio can indicate that the company has a responsibility to
creditors to fulfill its obligations, therefore the company must maintain the DER value so that
the debt it has is not too high, because if the company has a high DER value it will make
investors not invest in the company because investors do not want to get involved which will
result in the company's share price falling (Hutapea et al in Agustina & Hendratno, 2019).
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The results of this research show that the debt-to-equity ratio has an effect on stock prices
during the Covid-19 pandemic, so it can be explained that the Covid-19 pandemic caused
companies to implement operational restrictions due to decreased demand and economic
uncertainty, which can have an impact on decreasing profit levels, so that The company needs
external funds to finance the company's operational activities, this, of course, gives a negative
perception among investors which has an impact on decreasing share prices. This research
supports research conducted by Zulaika (2020) which states that the debt-to-equity ratio has a
significant effect on share prices during the Covid-19 pandemic in pharmaceutical companies
listed on the Indonesia Stock Exchange.
Current Ratio (CR) Influences Stock Prices Before the Covid-19 Pandemic.
The results of research regarding the influence of the current ratio on stock prices before
the COVID-19 pandemic obtained a t-value of -3.126 and a significance value of 0.03. This
shows that the t-count value is greater than the t-table -2.00575 (-3.126 > -2.00575) and the
significance is smaller than 0.05 (0.003 < 0.05). So it can be concluded that the current ratio
affected stock prices before the COVID-19 pandemic.
The current ratio (CR) shows the extent to which current assets can guarantee payment
of current liabilities. The performance of a company's current ratio can reflect a company's
ability to pay its obligations so that it can influence the interest of capital owners to invest their
capital in the company (Ontario, 2021).
A high current ratio (CR) indicates good conditions because a high CR value shows that
a company can pay its obligations and meet all financial needs. The higher the company's
ability to meet short-term debt, shows that the company is very good. or healthy and will attract
investors to invest, so that share prices will increase (Anggadini & Damayanti, 2021).
The research results show that the current ratio has an effect on stock prices before the
Covid-19 pandemic, this shows that companies can optimize the company's financial
performance so that they have a good level of liquidity that the company can pay their short-
term obligations optimally, this, of course, gives a positive signal to investors so that it can
increase investors' confidence which has an impact on increasing share prices. The results of
this research support research conducted by Awalina et al., (2021) which states that the current
ratio influences share prices in both conditions, namely conditions before and during the Covid-
19 pandemic.
Current Ratio (CR) Influences Stock Prices During the Covid-19 Pandemic.
The results of research regarding the influence of the current ratio on stock prices during
the COVID-19 pandemic showed that the t-value was -4.002 and a significance value of 0.000.
This shows that the t-count value is greater than the t-table -2.00575 (-4.002 > -2.00575) and
the significance is smaller than 0.05 (0.000 < 0.05). So it can be concluded that the current ratio
has an effect on stock prices during the COVID-19 pandemic.
This current ratio measures the company's ability to pay current debts using its current
assets. The greater this ratio means the more liquid the company. Investors can use this ratio to
measure a company's ability to cover its current debts with its current assets (I Made Sudana
in Zulkarnain et al., 2021).
The current ratio is used to determine the company's ability to pay off its short-term debts,
thereby making investors interested in investing and causing share prices to soar. The current
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ratio shows the company's ability to meet the company's obligations. Where a high current ratio
can indicate good company performance in increasing company value, this will be followed by
an increase in share prices (Rahayu and Dana in Gunawan et al., 2020).
The results of this research show that the current ratio has an effect on share prices during
the Covid-19 pandemic. This shows that the company had a higher level of current assets
during the COVID-19 pandemic so the company had a stable level of liquidity even though it
was in the COVID-19 pandemic. 19, so that the share price produced by the company tends to
be stable. The results of this research support research conducted by Awalina et al., (2021)
which states that the current ratio influences share prices in both conditions, namely conditions
before and during the Covid-19 pandemic.
Quick Ratio (QR) influences stock prices during the Covid-19 pandemic.
The results of research regarding the effect of the quick ratio on stock prices before the
COVID-19 pandemic obtained a t-value of 0.506 and a significance value of 0.615. This shows
that the t-count value is smaller than the t-table 2.00575 (0.506 < 2.00575) and the significance
value is greater than 0.05 (0.615 > 0.05). So it can be concluded that the quick ratio did not
affect stock prices before the COVID-19 pandemic.
The quick ratio is a ratio used to measure how effective a company is in paying off short-
term obligations without being linked to inventory sales. A company is in good condition if the
quick ratio is higher and the company can meet short-term obligations. Investors will be
interested in buying shares of companies that have high liquidity and this will make share prices
rise (Sari, 2020).
Adequate company current assets illustrate good company performance. The company is
considered healthy because the company can maintain company operations and pay off its
obligations on time. Healthy companies will be one of investors' choices when investing. With
increasing investor interest in investing, it will certainly increase the company's share price
(Rahmi et al., 2022).
The results of this research showed that the quick ratio did not affect stock prices before
the Covid-19 pandemic, this was because the company had a low level of liquid assets so the
quick ratio level produced by the company would be lower. The low level of current assets
owned by the company indicates that the company is not effective in meeting and paying off
the level of short-term liabilities. This of course reduces the level of investor confidence,
resulting in a decline in share prices. The results of this research support research conducted
by Sari (2020) which states that the quick ratio (QR) does not affect the share prices of
pharmaceutical industry companies listed on the Indonesia Stock Exchange for the 2016 - 2019
period.
Quick Ratio (QR) influences stock prices during the Covid-19 pandemic.
The results of research regarding the effect of the quick ratio on stock prices before the
COVID-19 pandemic obtained a t-count of 1.958 and a significance value of 0.056. This shows
that the t-count value is smaller than the t-table 2.00575 (1.958 < 2.00575) and the significance
value is greater than 0.05 (0.056 > 0.05). So it can be concluded that the quick ratio has no
effect on stock prices during the COVID-19 pandemic.
The quick ratio is used to measure a company's ability to fulfill short-term obligations
through truly liquid current assets (Veronica & Adi, 2022). The quick ratio is related to the
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level of assets owned by the company that can meet its short-term obligations. Inventory can
be completely relied on, because inventory from cash resources can be obtained immediately,
and can even be easily sold in sluggish economic conditions (Veronica in Suprapto & Subagio,
2021).
The research results show that the quick ratio had no effect on stock prices during the
Covid-19 pandemic, this is because companies were unable to optimize company performance
during the Covid-19 pandemic which resulted in an unstable and fluctuating economy, this, of
course, caused investors to pay attention to the level of quick ratio, especially in paying off the
company's short-term obligations, so that a low quick ratio level can reduce investors' interest
in investing in the company, resulting in a decrease in the company's share price. The results
of this research support research conducted by Verlian (2023) which stated that the quick ratio
had no significant effect on stock prices during the Covid-19 pandemic.
Cash Ratio Influences Stock Prices Before the Covid-19 Pandemic.
The results of research regarding the influence of the cash ratio on stock prices before
the Covid-19 pandemic showed that the t-count value was smaller than the t-table 2.00575
(0.875 < 2.00575) and the significance value was greater than 0.05 (0.385 > 0 .05). So it can
be concluded that the cash ratio did not affect share prices before the Covid-19 pandemic.
The cash Ratio is a measure of the liquidity ratio which is the company's ability to fulfill
its short-term obligations through the amount of cash and cash equivalents owned by the
company and can be used as a consideration in paying dividend debt which will influence the
smooth payment of dividends and will be information for investors who will be interested. with
the company's shares thereby moving the share price (Surianto, 2020).
The cash ratio can be a reflection of share prices because high or low fulfillment of short-
term obligations is an indicator for third parties in providing funding, through this it can cause
demand and supply for the company's share price, thereby increasing the price of shares owned
by the company (Azizah & Putra, 2022).
The results of this research show that the cash ratio did not affect share prices before the
Covid-19 pandemic. This shows that the lower the level of cash ratio owned by a company, the
greater the level of liquidity security of a company will decrease and cause the company to fail
to pay off its obligations. In the short term, this of course has an impact on reducing the level
of share prices in a company because investors are not interested in investing and buying shares
in the company. The results of research regarding the influence of the cash ratio on stock prices
before the Covid-19 pandemic showed that the t-count value was smaller than the t-table
2.00575 (0.875 < 2.00575) and the significance value was greater than 0.05 (0.385 > 0 .05). So
it can be concluded that the cash ratio did not affect share prices before the Covid-19 pandemic.
The cash Ratio is a measure of the liquidity ratio which is the company's ability to fulfill
its short-term obligations through the amount of cash and cash equivalents owned by the
company and can be used as a consideration in paying dividend debt which will influence the
smooth payment of dividends and will be information for investors who will be interested. with
the company's shares thereby moving the share price (Surianto, 2020).
The cash ratio can be a reflection of share prices because high or low fulfillment of short-
term obligations is an indicator for third parties in providing funding, through this it can cause
demand and supply for the company's share price, thereby increasing the price of shares owned
by the company (Azizah & Putra, 2022).
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The results of this research show that the cash ratio did not affect share prices before the
Covid-19 pandemic. This shows that the lower the level of cash ratio owned by a company, the
greater the level of liquidity security of a company will decrease and cause the company to fail
to pay off its obligations. In the short term, this of course has an impact on reducing the level
of share prices in a company because investors are not interested in investing and buying shares
in the company.
Cash Ratio Influences Stock Prices During the Covid-19 Pandemic.
The results of research regarding the influence of the cash ratio on stock prices during
the Covid-19 pandemic showed that the t-calculated value was smaller than the t-table 2.00575
(1.077 < 2.00575) and the significance value was greater than 0.05 (0.287 > 0, 05). So it can
be concluded that the cash ratio does not affect share prices during the COVID-19 pandemic.
The cash ratio is a liquidity ratio that is useful for knowing the company's cash flow in
meeting payment obligations (Pamungkas & Rosdiyati, 2022). Companies that have a high
cash ratio can influence share prices because the cash ratio shows the company's ability to pay
short-term debt. So, it can attract investors' interest in buying shares. On the other hand, if the
cash ratio shows a low ability of current assets to pay debts, it will hurt the company and
investors (Sinaga et al., 2022).
The research results show that the cash ratio has no effect on share prices during the
Covid-19 pandemic, this is because the Covid-19 pandemic creates a level of uncertainty, thus
having an impact on short-term financial levels, namely the cash ratio. Economic uncertainty
causes companies to tend to experience a decrease in the level of company liquidity so
companies have difficulty meeting their short-term obligations.
Return on Assets (ROA), Return on Equity (ROE), Debt to Asset Ratio (DAR), Debt to
Equity Ratio (DER), Current Ratio (CR), Quick Ratio (QR) and Cash Ratio
Simultaneously Influence Stock Prices Before the Covid-19 Pandemic.
The research results showed that the f-count value was 6.778 and the significance was
0.000. This shows that the f-count value is greater than the f-table (6.778 > 2.28) and the
significance value is smaller than 0.05 (0.000 < 0.05). So it can be concluded that the variables
return on assets (ROA), return on equity (ROE), debt to asset ratio (DAR), debt to equity ratio
(DER), cash ratio (CR), quick ratio (QR) and cash ratio are together influenced stock prices
before the Covid-19 pandemic.
Return on assets (ROA) aims to determine the company's ability to generate profits from
all assets. If the ROA is high, it means that the company's performance is getting better in
generating profits and is efficient in managing the company's assets, if the ROA value is high
it will attract investors and potential investors to invest in a company (Panca & Siswanti, 2022).
ROE affects share prices because the size of ROE reflects the size of share prices and ROE can
be a signal that shareholders will receive large returns which makes shareholders want to buy
shares, resulting in a spike in share prices (Amalya in Simbolon & Sudjiman, 2022).
The debt to assets ratio (DAR) aims to compare the level of use of assets and debt owned
by the company. This is because the company considered it difficult to fulfill its obligations.
The high value of the debt-to-assets ratio (DAR) will result in low demand for shares in the
capital market, which can reduce share prices (Sulistyo & Hermanto, 2020). Debt to equity
ratio (DER) can show the composition of funding in financing a company's operational
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activities or utilizing its debts. The lower the DER indicates the greater the capital used in the
company's operations, which can increase the share price. On the other hand, the greater the
DER, it shows that the capital structure utilizes more debt so that the company's burden and
dependence on external parties results in a greater level of risk, which has an impact on
decreasing share prices (Sugitajaya et al., 2020).
A high current ratio indicates that the company can pay off its short-term obligations with
the company's current assets, so the liquidation risk borne by the company is smaller and
shareholders also have a small risk of loss (Hidayat et al., 2020). The higher quick ratio value
of a company proves that the company has no obstacles in its operational activities and shows
the company's ability to fulfill its obligations, which does not take inventory into account,
which has an impact on increasing share prices (Marlina et al., 2022). The cash ratio value
increases the share price. Information on an increase in the cash ratio is indicated as a positive
signal for investors to purchase shares so that it has an impact on increasing share prices
(Dewanti, 2022).
The results of this research show that the higher the level of return on assets (ROA) and
return on equity (ROE), the higher the level of company profitability, and the lower the level
of debt-to-asset ratio (DAR) and debt-to-asset equity (DER). shows that the company does not
fully use funds from external parties in the form of debt and the higher the level of current ratio
(CR), quick ratio (QR), and cash ratio produced by the company, the company can fulfill its
short-term obligations effectively so that it can increase investor confidence and have an impact
on the increase in share prices.
Return on Assets (ROA), Return on Equity (ROE), Debt to Asset Ratio (DAR), Debt to
Equity Ratio (DER), Current Ratio (CR), Quick Ratio (QR), and Cash Ratio
simultaneously influence stock prices during the Covid-19 pandemic.
The research results showed that the f-count value was 10.031 and the significance was
0.000. This shows that the f-count value is greater than the f-table (10.031 > 2.28) and the
significance value is smaller than 0.05 (0.000 < 0.05). So it can be concluded that the variables
return on assets (ROA), return on equity (ROE), debt to asset ratio (DAR), debt to equity ratio
(DER), cash ratio (CR), quick ratio (QR) and cash ratio are together having an influence on
stock prices during the Covid-19 pandemic.
Return on assets (ROA) is a way to calculate the return on invested capital from all assets
owned by the company. Companies are more effective in generating profits for investors with
higher ROA values. In other words, if the ROA value tends to decrease, the company will
experience losses. Meanwhile, the level of return on equity (ROE) is the ability of a company
to generate profits based on certain shares, described by return on equity (ROE), which is one
of the most important profitability ratios. The higher the ROE value of a company, the more
effective it is at generating net profit after tax (Sesilia et al., 2021).
The debt-to-asset ratio (DAR) shows the amount of collateral available to creditors. The
higher the debt-to-asset ratio (DAR), the greater the risk faced, and investors will ask for a
higher level of profit. A high ratio indicates a low proportion of own capital to finance assets
(Kurnianti et al., 2022) while equity debt A high ratio (DER) indicates that the obligations that
must be paid are greater so that the level of profit is smaller and can hurt share prices
(Nur'aidawati in Gunawan et al., 2020).
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A high current ratio means that the better the company pays off short-term debt, the
smaller the risk of liquidation experienced by the company so the risk borne by shareholders is
also smaller. This makes it a positive decision for investors to buy company shares, so that
demand for company shares increases, so share prices increase (Ratnaningtyas, 2021). The
higher the QR level, the better the short-term financial performance. A company is said to be
healthy if the company can maintain company operations and pay off its obligations on time
so that increasing investor interest in investing will increase the company's share price (Marlina
et al., 2022). The higher the cash ratio value, the higher the number produced in the cash ratio
calculation, so it can be said that the company has a healthy cash flow and can pay off company
debt with available company cash (Pamungkas & Rosdiyati, 2022).
The results of this study show that the levels of return on assets (ROA) and return on
equity (ROE), debt to asset ratio (DAR) debt to asset equity (DER), current ratio (CR), quick
ratio (QR) and cash ratios produced by companies, especially in the Covid-19 pandemic
conditions which have caused instability in economic conditions, have caused investors to pay
close attention to the level of return on assets (ROA) and return on equity (ROE), debt to asset
ratio (DAR) debt to asset equity (DER ), current ratio (CR), quick ratio (QR) and cash ratio
produced by the company, so that the better level of profitability, solvency and liquidity
produced by the company can provide a signal to investors so that it has a big impact on the
rise and fall of share prices.
Differences in Return on Assets (ROA), Return on Equity (ROE), Debt to Asset Ratio
(DAR), Debt to Equity Ratio (DER), Current Ratio (CR), Quick Ratio (QR) and Cash
Ratio and Stock Prices After and During the Covid-19 Pandemic.
The results of research on the return on asset (ROA) variable show that a probability
value (Asymp. sig) of 0.723 is obtained. This shows that the probability value (Asymp. sig) is
greater than 0.05 (0.723 > 0.05), so it can be concluded that there is no difference in return on
assets (ROA) before and during the COVID-19 pandemic. The results of this research are in
line with research conducted by (Marlina et al., 2022) which stated that there was no difference
in ROA between before and during the COVID-19 pandemic. This shows that the company
has not been able to improve company performance so the level of profits generated by the
company is not fully optimal the Covid-19 pandemic has caused stock market conditions to
become unstable, so many companies have experienced a decline in the level of income and
profits.
The results of research on the return on equity variable (Ln_ROE) obtained a probability
value (Asymp. sig) of 0.261. This shows that the probability value (Asymp. sig) is greater than
0.05 (0.261 > 0.05), so it can be concluded that there is no difference in return on equity
(Ln_ROE) before and during the Covid-19 pandemic. The results of this research are in line
with research conducted by Ramadhani et al., (2022) which states that there is no difference in
the return on equity variable for mining sector companies listed on the Indonesia Stock
Exchange between before the Covid-19 pandemic and the Covid-19 pandemic. The results of
this research show that companies can stabilize their financial performance conditions both
before the pandemic and during the pandemic so that this can have an impact on the rise and
fall of share prices.
The results of research on the debt-to-asset ratio (Ln_DAR) variable obtained a
probability value (Asymp. sig) of 0.501. This shows that the probability value (Asymp. sig) is
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greater than 0.05 (0.501 > 0.05), so it can be concluded that there is no difference in the debt-
to-asset ratio (Ln_DAR) before and during the Covid-19 pandemic. The results of this research
are in line with research conducted by Ayudhia et al., (2022) which stated that the debt-to-asset
ratio showed that there were no significant differences before and during the pandemic. The
results of this research indicate that the level of debt owned by the company is higher than the
level of assets owned by the company, indicating that the company has not been able to
optimize the resulting financial performance.
The results of research on the debt-to-equity ratio (DER) variable obtained a probability
value (Asymp. sig) of 0.653. This shows that the probability value (Asymp. sig) is greater than
0.05 (0.653 > 0.05), so it can be concluded that there is no difference in the debt-to-equity ratio
(DER) before and during the COVID-19 pandemic. The results of this research are in line with
research conducted by Hidayat (2022) which states that there is no significant difference in the
debt-to-equity ratio (DER) both before and during the Covid-19 pandemic. The results of this
research show that the level of equity owned by companies is still low so the company used
debt funds both before and during the Covid-19 pandemic.
The results of research on the current ratio (CR) variable obtained a probability value
(Asymp. sig) of 0.653. This shows that the probability value (Asymp. sig) is greater than 0.05
(0763 > 0.05), so it can be concluded that there is no difference in the current ratio (CR) before
and during the COVID-19 pandemic. The results of this research are in line with research
conducted by Ediningsih & Satmoko (2022) which states that the level of liquidity produced
by companies tends to be stable both before and during the Covid-19 pandemic so that
companies can pay their short-term obligations optimally.
The results of research on the quick ratio (QR) variable obtained a probability value
(Asymp. sig) of 0.659. This shows that the probability value (Asymp. sig) is greater than 0.05
(0659 > 0.05), so it can be concluded that there is no difference in the quick ratio (QR) before
and during the COVID-19 pandemic. The results of this research are in line with research
conducted by Suari & Yasa (2022) which stated that there was no difference in the quick ratio
between conditions before and during the Covid-19 pandemic. The results of this research show
that because the company has a low level of liquid assets, the quick ratio level produced by the
company will be lower before and during the COVID-19 pandemic, resulting in a decline in
share prices.
The results of research on the cash ratio variable obtained a probability value (Asymp.
sig) of 0.014. This shows that the probability value (Asymp. sig) is smaller than 0.05 (0.014 <
0.05), so it can be concluded that there is no difference in the cash ratio before and during the
COVID-19 pandemic. The results of this research show that before and during the COVID-19
pandemic, the company's QR value decreased, but some also experienced an increase,
indicating that there was a difference between before and during the COVID-19 pandemic.
The results of research on share prices (Ln_Share Price) obtained a probability value
(Asymp. sig) of 0.047. This shows that the probability value (Asymp. sig) is smaller than 0.05
(0.014 < 0.05), so it can be concluded that there is no difference in stock prices before and
during the COVID-19 pandemic. The results of this research support research conducted by
Permatasari et al., (2021) which stated that there were significant differences in share prices
before and during the Covid-19 pandemic in retail companies. The results of this research show
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that before and during the Covid-19 pandemic, it caused an increase or decrease in share prices
which could be influenced by both internal and external factors.
CONCLUSION
Implementation Plan
Based on the conclusions outlined, there is a recommended implementation plan to
increase share prices, namely as follows:
a. For mining, oil and gas, manufacturing, and service companies listed on the Indonesia Stock
Exchange, it is hoped that this can increase the profitability and liquidity produced by the
company so that the company can maximize the level of share prices obtained as well as
mining, oil, and gas, manufacturing and service companies listed on The Indonesian Stock
Exchange is expected to minimize the use of debt in financing company operational
activities so that it can attract investors' interest in investing and influence share price levels.
b. Investors are expected to pay more attention to the level of profitability, liquidity, and
solvency in the financial performance produced by the company and investors are also
expected to pay attention to other external factors such as the level of economic stability and
so on.
c. Return on equity (ROE), debt to asset ratio (DAR) and current ratio (CR) are variables that
can influence share price levels before and during the Covid-19 pandemic so they are
recommended for listed mining, oil and gas, manufacturing, and service companies. on the
Indonesian Stock Exchange further increases the values of these variables in maximizing
share prices.
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Copyright holders:
Achmad Furqaan Dc
1
, Asep Darmansyah
2
(2023)
First publication right:
JoSS - Journal of Social Science
This article is licensed under a Creative Commons Attribution-ShareAlike 4.0
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