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1423
JOSS :
Journal of Social Science
THE EFFECT OF ROA, CR, AND DER ON STOCK PRICES IN THE FOOD AND
BEVERAGE SECTOR LISTED ON THE INDONESIAN STOCK EXCHANGE (BEI)
IN 2018-2022
Boby Nata Kusuma
1
, Mohamad Iqbal Syafeiq
2
, Rupi’ah
3
, Erwin Budianto
4
Universitas Swadaya Gunung Jati, Indonesia
E-mail: [email protected]
1
2
,
3
4
KEYWORDS
Effect of ROA, stock
price, food sector,
Indonesia stock
exchange.
ABSTRACT
The purpose of this study is to ascertain how the food and beverage industry
companies listed on the Indonesia Stock Exchange (IDX) are affected by
return on assets, debt-to-equity ratios, and current ratios. The Multiple
Linear Regression technique and Purposive Sampling of 23 companies
over a 5-year research period are applied to secondary data. The SPSS
software, version 29, was used to conduct this investigation. They
discovered that stock prices are negatively impacted by ROA and CR but
not by DER. Then, stock prices are simultaneously impacted by CR, DER,
and ROA.
INTRODUCTION
A nation's stock market is one of its most vital economic components. The stock
exchange is where investors purchase and sell shares of companies that are listed, and stock
values are determined by the interplay of several market, financial, and economic elements.
The food and beverage industry has garnered significant attention in the realm of stock trading
in recent times. Investors find this industry appealing due to its steady growth, and a number
of factors can influence the share prices of businesses in this industry.
Businesses in the food and beverage subsector are industrial processors that transform
raw materials into semi-finished or finished products. Food and beverage businesses are
among the subsectors with the potential for significant growth since the community needs
them, making their prospects both today and in the future attractive.
In 2021, there was a decline of 620 points, or 21.53%, in the share price of PT Mayora
Indah Tbk (MYOR). PT FKS Food Sejahtera Tbk (AISA) was the next to fall, dropping
47.18% to IDR 206 per share in 2021; www.kontan.co.id. In 2020, PT. Indofood CBP Sukses
Makmur Tbk (ICBP) saw a 7.78% fall in share price to Rp. 9,775 per share, while PT.
Indofood Sukses Makmur Tbk (INDF) saw a 3.42% decline to Rp. 7050 per share. These
facts are based on Kontan.co.id. Regarding PT. Campina Ice Cream Industry Tbk (CAMP) at
Rp. 188 per share, it is down 6.93%, PT. Indofood Sukses Makmur Tbk (-6.83%) and PT.
Sekar Bumi Tbk (SKBM) (-6.83%) to Rp. 300 per share, according to CNBC Indonesia
(Haryanto, 2020). Share prices in the food and beverage sub-sector fell as a result of the
company's declining net profit margin and resulting drop in dividend payments. Taking into
account how much the food and beverage subsector depends on future expansion.
Volume 3 Number 6 June 2024
p- ISSN 2963-1866- e-ISSN 2963-8909
Vol 3, No 6 June 2024
The Effect Of ROA, CR, And DER On Stock Prices In The Food
And Beverage Sector Listed On The Indonesian Stock Exchange
(BEI) In 2018-2022
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https://joss.al-makkipublisher.com/index.php/js
The impact of ROA, CR, and DER on food and beverage industry stock prices from
2018 to 2022 will be the main topic of this study. Given how important the food and beverage
industry is to people's everyday lives and how much of an impact it has on the world economy,
this title is a pertinent research topic. We will go over some of the significance of this research
in this background, along with the theoretical framework that guides it.
The following is a list of share prices of 110 food and beverage sub-sector companies,
there are only 23 companies that meet the criteria listed on the Indonesia Stock Exchange
(IDX) for the period 2018-2022.
Table 1
Criteria for Companies listed on the stock exchange
No
Issuer Code
Years
ROA
CR
DER
Share Price
1
UNVR
2018
0,388164967
0,747659542
1,576224249
9.457
2019
0,35801754
0,652899572
2,909487033
9.153
2020
0,348851443
0,660927285
3,159023998
7.816
2021
0,301971227
0,614071086
3,412715802
5.369
2022
0,292866449
0,608232789
3,582672213
4.423
2
HMSP
2018
0,290508905
4,301965806
0,31800686
3.994
2019
0,269562998
3,27609023
0,426658946
3.014
2020
0,172753811
2,454135534
0,642582264
1.687
2021
0,13443284
1,881379426
0,818700613
1.188
2022
0,115424187
1,685149604
0,944858547
948
3
ICBP
2018
0,135559119
1,951733408
0,51349478
8.810
2019
0,138468716
2,535694735
0,451357769
10.701
2020
0,071615928
2,257612549
1,058671169
10.043
2021
0,067041665
1,799184891
1,148052551
8.682
2022
0,04962636
3,096528431
1,006255493
8.771
4
MYOR
2018
0,100071818
2,65459785
1,059305167
2.697
2019
0,107753589
3,439651902
0,920705533
2.423
2020
0,106088636
3,694254894
0,754651657
2.211
2021
0,060802947
2,328183719
0,753309652
2.442
2022
0,088438223
2,620826782
0,735620654
2.628
5
INDF
2018
0,051398014
1,066289874
0,933974053
6.739
2019
0,061359848
1,272071153
0,774799692
7.323
2020
0,053648724
1,373263142
1,061417085
6.967
2021
0,062640597
1,341060248
1,060915446
6.418
2022
0,050947187
1,786004413
0,927231842
6.443
6
GGRM
2018
0,112784105
2,058062631
0,530959224
75.549
2019
0,138348139
2,061906485
0,544199951
71.681
2020
0,097807791
2,912284086
0,336092131
47.171
2021
0,062306011
2,09073236
0,517405769
35.303
2022
0,031387306
1,903694694
0,530743035
27.037
7
MLBI
2018
0,42388184
0,778355951
1,47487101
15.915
2019
0,416320268
0,731923663
1,52786414
18.141
The Effect Of ROA, CR, And DER On Stock Prices In The Food
And Beverage Sector Listed On The Indonesian Stock Exchange
(BEI) In 2018-2022
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2020
0,0982371
0,888541968
1,028333215
10.928
2021
0,2278734
0,73757176
1,658416405
8.464
2022
0,274086665
0,765395677
2,144116839
8.816
8
ULTJ
2018
0,12628209
4,398130553
0,163543915
1.254
2019
0,156749221
4,444073637
0,168569331
1.408
2020
0,126759344
2,403354647
0,83073975
1.592
2021
0,172379887
3,112559981
0,441548144
1.557
2022
0,130888953
3,17001602
0,266835249
1.472
9
STTP
2018
0,096947806
1,848464473
0,598158878
4.076
2019
0,167475082
0,624465715
0,341505405
3.594
2020
0,182264109
2,405043034
0,290164434
7.738
2021
0,157574562
4,164854051
0,187344282
7.803
2022
0,13604003
4,852881044
0,168602825
7.645
10
ROTI
2018
0,028943218
3,571241783
0,50632812
1.108
2019
0,05051555
1,693329708
0,5139648
1.274
2020
0,037871454
3,830309936
0,379374168
1.248
2021
0,067664706
2,653192278
0,460585847
1.359
2022
0,104652157
2,099340809
0,540498919
1.295
11
TSPC
2018
0,089272965
2,516171303
0,448590868
1.528
2019
0,0710821
2,78082297
0,445815472
1.581
2020
0,091642003
2,958679258
0,427680805
1.290
2021
0,09101901
3,291888712
0,402749086
1.496
2022
0,91581759
2,483320412
0,50037579
1.410
12
CLEO
2018
0,075858612
1,640032711
0,312292479
247
2019
0,105012754
1,174683952
0,624878801
423
2020
0,101279998
1,722776102
0,465153239
469
2021
0,134040607
1,529970145
0,34605458
464
2022
0,115497693
1,812284347
0,42895161
493
13
DLTA
2018
0,221939762
7,198305763
0,186388332
5.337
2019
0,222874326
8,050495993
0,175038296
6.804
2020
0,100740058
7,498495316
0,201668206
4.806
2021
0,14364548
4,809025986
0,295541164
3.839
2022
0,176000202
4,56390736
0,306172716
3.817
14
MERK
2018
0,920997195
1,371946267
1,437124164
6.454
2019
0,086849612
2,508539254
0,516907916
3.589
2020
0,077322489
2,547060278
0,51775226
2.714
2021
0,128291031
2,714873062
0,50029411
3.347
2022
0,173313003
3,327780877
0,37029869
4.426
15
CAMP
2018
0,061683304
10,83919311
0,134233168
456
2019
0,072582407
12,63378709
0,133805934
495
2020
0,040524514
13,26725492
0,126998651
246
2021
0,086612257
13,30905304
0,116699417
277
2022
0,112820613
10,67082349
0,141613929
281
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And Beverage Sector Listed On The Indonesian Stock Exchange
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16
WIIM
2018
0,040732
5,918556344
0,249033063
217
2019
0,021029287
6,023957877
0,257799781
229
2020
0,106851779
3,663316183
0,361419774
263
2021
0,093527866
2,932256994
0,434458827
620
2022
0,115107343
2,83571895
0,444969009
566
17
2018
0,042759667
1,224425002
1,202870568
1.285
SJLT
2019
0,056829088
1,290066523
1,079083866
1.555
2020
0,054945126
1,53670549
0,901595758
1.525
2021
0,095064249
1,793328754
0,640945524
2.119
2022
0,072453108
1,629750952
0,749103263
2.116
18
HOKI
2018
0,118858108
2,678399118
0,34745999
700
2019
0,12221743
2,985911143
0,322815856
233
2020
0,041941772
2,244002989
0,368816409
197
2021
0,011993159
1,602819639
0,464844492
218
2022
0,000110892
3,269105582
0,213414187
138
19
SKBM
2018
0,009006614
1,3832684
0,702292769
523
2019
0,000525714
1,330096826
0,757430828
439
2020
0,00306164
1,360577444
0,838559182
334
2021
0,01507642
1,311287791
0,985346882
363
2022
0,042422408
1,44231395
0,901549864
381
20
WOOD
2018
0,052706452
1,292331403
0,876416203
458
2019
0,039512293
1,296133963
1,043315532
786
2020
0,052844626
1,330301664
0,963473943
427
2021
0,078707885
2,068290256
0,867114596
740
2022
0,025462222
2,432328313
0,849792866
585
21
KDSI
2018
0,055167542
1,169324278
1,50628365
831
2019
0,051122722
1,239789324
1,061227711
1.145
2020
0,04830831
1,655162623
0,949416791
822
2021
0,051221389
1,839783861
0,929925746
887
2022
0,059067135
2,242368901
0,747132745
1.021
22
KLBF
2018
0,137618905
4,657703484
0,186445681
189
2019
0,125222567
4,354683622
0,213051183
183
2020
0,124073071
4,115976952
0,23463552
603
2021
0,125922506
4,445187594
0,206939831
1.054
2022
0,126648925
3,771177092
0,232787602
981
23
PYFA
2018
0,045157358
2,757520896
0,572864026
189
2019
0,048965857
3,527685859
0,529645219
183
2020
0,096703489
2,890453205
0,450057413
603
2021
0,006794663
1,296190408
3,824781568
1.054
2022
1,81164834
1,819145359
2,437422715
981
Source: Indonesia Stock Exchange (IDX)
In light of previous research findings, the study "The Effect of ROA, CR, and DER on
The Effect Of ROA, CR, And DER On Stock Prices In The Food
And Beverage Sector Listed On The Indonesian Stock Exchange
(BEI) In 2018-2022
Vol 3, No 6 June 2024
Joss.Al-Makkipublisher.Com/Index.Php/Js
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Stock Prices in the Food and Beverage Sector listed on the IDX in 2018-2022" is relevant.
Examining the effects of return on assets and current ratio on the stock prices of food and
beverage firms listed on the Indonesia Stock Exchange between 2018 and 2022 is the goal of
this study, A study was conducted between 2018 and 2022 to investigate the effects of the
debt to equity ratio, return on assets, and current ratio on the stock prices of companies in the
food and beverage sector that are listed on the Indonesia Stock Exchange.
METHOD RESEARCH
Research conducted over the past 5 years on food & beverage sector companies listed on
the Indonesia Stock Exchange (IDX) for the period 2018-2022. Data collection is taken through
the Indonesian Stock Exchange (IDX) which is issued periodically. The type of research
conducted is quantitative. According to (Sugiyono, 2016) quantitative research is used in this
report to manage populations and samples, using the positivism philosophy. This study uses
secondary data through the purpose sampling method, so that the use of data depends on the
documentation method. According to analysis (Sugiyono, 2016), documents are a collection of
events that have occurred in the format of text, sketches, or people who produce something.
Data Collection Technique
The research uses secondary data through the purposive sampling method, so the use of
data depends on the documentation method. According to analysis (Sugiyono, 2016),
documents are a collection of events that have occurred in writing, pictures, or masterpieces
made by someone.
Research Population and Sample
The results of the analysis show that population is an abstraction area consisting of
entities or materials that retain their value and personality (Sugiyono, 2016). Food and
beverage companies listed on the Indonesia Stock Exchange (IDX) amounted to 110 food
and beverage companies in 2018-2022. According to (Sugiyono, 2016), researchers used a
sample selection method with certain assessments. Purposive sampling is a sampling
technique with certain considerations. The number of research samples that met the sampling
criteria was twenty-three companies and the research lasted for five years, so 23 x 5 = 115
samples to be studied.
RESULTS AND DISCUSSION
Normality Test
Figure 1
Normality Test
Vol 3, No 6 June 2024
The Effect Of ROA, CR, And DER On Stock Prices In The Food
And Beverage Sector Listed On The Indonesian Stock Exchange
(BEI) In 2018-2022
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Imam Ghozali (2011: 161) states that a regression model satisfies the assumption of
normalcy if the data plot (dots) representing the real data follow the diagonal line and the points
are distributed around the diagonal line and follow the line direction. in order for the study's
independent and dependent variables to have a normal distribution.
Table 2
Multicollinearity Test Results
Coefficients
a
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
Collinearity
Statistics
B
Std. Error
Beta
Tolerance
VIF
1
(Constant)
315.092
60.310
5.225
.000
ROA
-4.877E-007
.000
-.204
-2.205
.030
.965
1.037
CR
-3.456E-008
.000
-.204
-2.060
.042
.847
1.181
DER
-1.787E-008
.000
-.048
-.477
.635
.819
1.221
a. Dependent Variable: Y
Based on the tolerance value > 0.10 and the VIF value <0.10, the multicollinearity test
findings indicate that the independent variables, which comprise the ROA, CR, and DER ratios,
do not exhibit multicollinearity. Therefore, it may be said that multicollinearity does not arise
in the regression model.
Figure 2
Heteroscedasticity Test
Based on the picture above, it can be seen that the distribution of data points spreads
randomly and does not form a certain clear pattern, and is spread both above and below the
number 0 on the y axis, so it can be concluded that there is no heteroscedasticity and is free
from heteroscedasticity.
The Effect Of ROA, CR, And DER On Stock Prices In The Food
And Beverage Sector Listed On The Indonesian Stock Exchange
(BEI) In 2018-2022
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Tabel 3
Uji Autokorelasi (durbin Watson)
Model
R
R Square
Adjusted R S
quare
Std. error Of
the estimate
Durbin-
watson
1
.282
a
.080
.055
260.1480
1.391
a. Predictors: (Constant), DER,ROA,CR
b. Dependent variable: Y
Andy Field Discovering Statistics Using SPSS (2011) states that if the durbin watson
value has a value between 1 and 3, then there are no autocorrelation symptoms (Chapter 7, p.
221).
Tabel 4
Uji Regresi Linier Berganda
Coefficients
a
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
Collinearity
Statistics
B
Std.
Error
Beta
Tolerance
VIF
1
(Constant)
315.092
60.310
5.225
.000
ROA
-4.877E-007
.000
-.204
-2.205
.030
.965
1.037
CR
-3.456E-008
.000
-.204
-2.060
.042
.847
1.181
DER
-1.787E-008
.000
-.048
-.477
.635
.819
1.221
a. Dependent Variable: Y
The regression equation in the table above can be explained as follows:
a. The constant of 315,092 means that if ROA, CR, and DER have a value of 0 (zero) then the
value of the dependent variable (Share Price) is 315,092.
b. The ROA coefficient value for variable X1 is -4.877. The negative coefficient value means
that if the ROA variable increases by one unit, the Y variable (Stock Price) will decrease by
-4.877.
c. The CR coefficient value for variable X2 is -3.456. The negative coefficient value means
that if the CR variable increases by one unit, the Y variable (Stock Price) will decrease by -
3.456.
d. The DER coefficient value for variable X3 is -1.787. The negative coefficient value means
that if the DER variable increases by one unit, the Y variable (Stock Price) will decrease by
-1.787.
Table 5
T Test (Partial Test)
Coefficients
a
Model
Unstandardized
Coefficients
Standardized
Coefficients
t
Sig.
Collinearity
Statistics
B
Std. Error
Beta
Tolerance
VIF
1
(Constant)
315.092
60.310
5.225
.000
ROA
-4.877E-
007
.000
-.204
-2.205
.030
.965
1.037
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And Beverage Sector Listed On The Indonesian Stock Exchange
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CR
-3.456E-
008
.000
-.204
-2.060
.042
.847
1.181
DER
-1.787E-
008
.000
-.048
-.477
.635
.819
1.221
a. Dependent Variable: Y
If the value of t count> t table, it means that the independent variable (ROA, CR, DER)
partially affects the dependent variable (Stock Price). The formula for finding the t table: t (α;
n-k) t = (α; 115-4) / = (0.05: 111) = 1.982
a. Partially the t test for ROA on Share Price is the t value of -2.205 while the t table is 1.982.
Then -2.205 < 1.982 with a significant value of 0.030 < 0.05. This means that ROA has a
negative and significant effect on Stock Price.
b. Partially the t test for CR on Stock Price is the t value of -2.060 while the t table is 1.982.
Then -2.060 < 1.982 with a significant value of 0.042 < 0.05. This means that CR has a
negative and significant effect on Stock Price.
c. Partially the t test for DER on Stock Price is the t value of -447 while the t table is 1.982.
Then -447 < 1.982 with a significant value of 0.635> 0.05. This means that DER has a
negative and insignificant effect on Stock Price.
Table 6
F TEST
ANOVA
a
Model
Sum of
Squares
df
Mean Square
F
Sig.
1
Regression
651430.444
3
217143.481
3.209
.026
b
Residual
7512144.243
111
67676.975
Total
8163574.687
114
a. Dependent Variable: Y
b. Predictors: (Constant), DER, ROA, CR
The dependent variable is simultaneously impacted by the independent variable if the
value of f count> f table. The f (k-1; n-k) f = (4 -1; 115-4) / f = (3; 111) = 2.69 is the formula
for determining the f table. The computed f value is 3,209 whereas the f table is 2.69 based on
the results of the f table test mentioned above. Next, 3.209> 2.69 with a significant value <0.05
or less than the probability value of 0.05. This indicates that the independent variables (ROA,
CR, and DER) together (simultaneously) significantly affect the dependent variable (stock
price).
Discussion
Effect of ROA on Stock Price
It is evident from the aforementioned study findings that Return On Assets has a
substantial and unfavorable impact. The test results of the regression with t statistics ROA -
2.205 < 1.982, with a significant value of 0.030 < 0.05, support these findings. This indicates
The Effect Of ROA, CR, And DER On Stock Prices In The Food
And Beverage Sector Listed On The Indonesian Stock Exchange
(BEI) In 2018-2022
Vol 3, No 6 June 2024
Joss.Al-Makkipublisher.Com/Index.Php/Js
1431
that ROA significantly and negatively affects stock price. According to studies (Fransiskus &
Murni, 2020; Mpali, 2023; Simatupang et al., 2023) ROA significantly influences stock prices.
The company's share capital and net income determine whether share prices rise or fall.
This supports the idea that ROA serves as a proxy for profitability. In general, shareholders are
interested in knowing the likelihood of receiving their share capital as well as the earnings they
have reinvested as planted profits. The selling price and the degree of demand on the stock
market will be impacted by high and low ROA if the company's shares are traded there. The
return on assets (ROA) is the net return that the company has achieved from its total assets. A
higher ROA indicates a more efficient asset turnover and higher profit margin for the
organization.
Effect of CR on Stock Price.
It is evident from the aforementioned study findings that the Current Ratio has a
substantial and adverse impact. The test results of the regression with t statistics, CR -2.060 <
1.982 with a significant value of 0.042 < 0.05, support these findings. This indicates that the
stock price is significantly impacted by CR. Consistent with studies showing that CR has a
major impact on stock price (Maulana, 2023; Putra et al., 2021; Qorinawati & Santosa
Adiwibowo, 2019).
The analysis's findings show that the stock price of the food and beverage sector is
significantly impacted by CR information that can be found in financial statements. The higher
the CR, the more capable the business is of meeting its working capital requirements, which
are critical to sustaining the business's profitability and, ultimately, the stock price's
performance. This may boost investors' confidence in purchasing firm stock in order to boost
stock returns. But CR can also be a sign of inefficient use of cash and other short-term assets,
according to Giovanni (2013). Investors do not take CR into account while making investing
decisions due of this conflict.
Effect of DER on Stock Price
It is evident from the aforementioned study findings that the Debt to Equity Ratio has a
negative but negligible impact. The test results from regression with t statistics -447 < 1.982
and a significant value of 0.635>0.05 support these findings. This indicates that the impact of
DER on stock price is negligible and negative. According to studies (Hasanudin, 2022; Lubis
et al., 2021; Wahyudi & Deitiana, 2019), DER has a negligible and unfavorable impact on
stock prices.
A high debt-to-equity ratio (DER) means that the firm's overall debt load—which
includes both long- and short-term debt—is higher than its total equity capital. This means that
the company will be more dependent on outside parties, or creditors, to pay off its debts. An
rise in the burden owed to creditors will demonstrate the greater degree of risk associated with
a corporation and how reliant its capital sources are on outside parties. Investor interest in
funding the relevant company will decline as a result. The drop in stock prices is influenced by
this loss in investor interest, which lowers the company's return. Since DER indicates the
company's comparatively high risk, investors tend to steer clear of companies with high DER
levels, which can lead to price appreciation or depreciation and eventually affect stock returns.
In this instance, DER is less significant since investors take other aspects into account when
Vol 3, No 6 June 2024
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making investment decisions, resulting in the company's high and low leverage being
influenced by reasons other than managerial performance.
Effect of ROA, CR, and DER on Stock Price
Based on the analysis's findings and SPSS data processing, stock prices of food and
beverage sector businesses listed on the Indonesia Stock Exchange from 2018 to 2022 are
significantly impacted by the values of ROA, CR, and DER at the same time. According to
studies (Maulana, 2023; Basalama et al., 2017; Atarafly Simasima Sohilauw et al., 2022).
CONCLUSION
It is evident from the aforementioned study findings that Return On Assets has a
substantial and unfavorable impact. The test results of the regression with t statistics ROA -
2.205 < 1.982, with a significant value of 0.030 < 0.05, support these findings. This indicates
that ROA significantly and negatively affects stock prices. In addition to ROA, the Current
Ratio has a noteworthy adverse impact. The test results of the regression with t statistics, CR -
2.060 < 1.982 with a significant value of 0.042 < 0.05, support these findings. This indicates
that stock prices are significantly impacted by CR. DER, however, has a negative and little
impact, in contrast to the results of the Debt to Debt-Equity Ratio test. The regression test
results, which show a t statistic of -447 < 1.982 and a significant value of 0.635 > 0.05, support
these findings. This indicates that the impact of DER on stock prices is negligible and negative.
During the period of 2018–2022, the share price of firms in the food and beverage sector
listed on the Indonesia Stock Exchange is significantly impacted by the concurrent values of
ROA, CR, and DER.
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Copyright holders:
Boby Nata Kusuma
1
, Mohamad Iqbal Syafeiq
2
, Rupi’ah
3
, Erwin Budianto
4
(2024)
First publication right:
JoSS - Journal of Social Science
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