Technium Vol. 2, Issue 7 pp.

324-335 (2020)
ISSN: 2668-778X
www.techniumscience.com

The Effect of Return On Asset (ROA), Debt to Equity

Ratio (DER), and Earning Per Share (EPS) on Stock
Prices in the Mining Sector on the Indonesia Stock
Exchange for the 2015 - 2019 Period

Andri Setiawan
Faculty of Economics and Business, Widyatama University, Bandung, Indonesia
andri.setiawan@widyatama.ac.id

Muhammad Bayu Aji Sumantri

Faculty of Economics and Business, Widyatama University, Bandung, Indonesia
muhammad.bayu@widyatama.ac.id

Abstract. Stock Exchange is a market where a company is buying and selling securities. In
Indonesia, this place of buying and selling is known as Indonesia Stock Exchange (IDX).
Companies listed on the stock exchange are companies that are open to the public. In the data
presented by the IDX, there are several companies with different sectors. This study aims to
examine the effect of Return on Asset (ROA), Debt to Equity Ratio (DER), and Earning Per
Share (EPS) on share prices in mining sector companies on the Indonesia Stock Exchange from
2015 to 2019. The population in this study are 48 companies and the number of samples
studied after going through thestage purposive sampling was 32 companies. The population in
this study are mining sector companies listed on the IDX. Data analysis using Fixed Effect
Model from panel data regression analysis. The method used in this research is descriptive and
verification methods with quantitative analysis. The results showed that the variable Debt to
Equity Ratio (DER) had no significant effect on stock prices. Meanwhile, Return on Asset
(ROA) and Earnings per Share (EPS) have a positive and significant effect on stock prices. The
results of this study are expected that the variable Return on Assets (ROA), Debt to Equity
Ratio (DER), and Earnings per Share (EPS) can be used as a reference, both by company
management and by investors in determining the right investment strategy.

Keywords. Return on Asset (ROA), Debt to Equity Ratio (DER), Earning Per Share (EPS),
and Stock Price.

1. Introduction
Industrial development in this era of globalization has developed tremendously, even for some
people they are more familiar with the term industry 4.0 (four point o) which means that there
have been many changes including integration between the internet and the business world or
production in an industry, and of course every company in the industrial world as it is today
must be able to develop its company more effectively, efficiently, with the help of technology
which will certainly encourage the company's performance to be better.

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In the economic aspect in Indonesia, in the last five years, it has developed positively and
quite significantly (Angelina, S., & Nugraha, 2020). Indonesia's economic growth was
recorded to have increased from 4.88 percent in 2015 to 5.17 percent in 2018. As for the first
semester of 2019, Indonesia's economic growth reached 5.06 percent. Then, the
unemployment rate decreased from 5.81 percent in February 2015 to 5.01 percent in February
2019. The poor continued to decline from 11.22 percent in March 2015 to 9.41 percent in
March 2019, the lowest in the history of the Republic of Indonesia. Source:
(https://money.kompas.com)
Even some companies in the industrial sector 4.0 experienced a significant increase in
financial performance. This is because the company management can develop the company
by managing investments in the form of properties, securities, and also very good stock
management. In addition, Indonesia's advanced economy and optimization of industry 4.0
also strongly support the company's financial performance.
However, the mining sector has experienced a decline in financial performance in the last five
years which has affected the company's share price. For on 11 November 2016, the example,
JCI collapsed by 218.33 points or 4.01% to the level of 5,231.97 after foreign funds ran away
by more than IDR 2 trillion. Meanwhile, the LQ45 index closed down 47.90 points or 5.17%
to the level of 878.31. On August 13, 2018, the JCI fell by 3.55% to the level of 5,861.25.
This fall was the deepest since 11 November 2016. At that time, JCI also fell by 4.01%. On
March 25, 2019, the JCI closed down by 114.02 points or 1.75% to 6,411.25. Of the 533
stocks, 109 shares rose, 315 were corrected, and 109 were stagnant. Source:
(https://www.cnbcindonesia.com)

Indonesia Stock Exchange

1895

1890

1885

1880

1875

1870

1865
2015 2016 2017 2018 2019

Figure 1. Decline in Share Prices in the Mining Sector 2015-2019

Source: Indonesia Stock Exchange (2020)

An investor in managing investment needs must be able to understand company stock data,
one of which is is to understand several company ratios such as profitability, liquidity, value
added, leverage, etc. Apart from that, a good investor must also be able to analyze stock

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prices, because stock price movements are very volatile and influenced by several micro and
macro economic indicators. This can cause the company's performance to decline and even go
bankrupt, so it will be very difficult to determine which stocks will be profitable for long-term
investments that expect highrates dividend and capital gains for the company.
Assessing the company's performance can be done with fundamental and technical analysis.
In conducting performance assessment of the company can be done financial ratio analysis
containing elements of ROA, DER, and EPS.
The researcher intends to contribute empirical evidence with real data regarding the factors
that influence stock prices. This research can also be used as a consideration for companies to
make decisions in investing in an indexed company in IDX to investigate the role of ROA,
DER, and EPS to the Share Price in the Mining Sector in the IDX Period 2015 – 2019.

2. Theoretical Framework
Signal Theory
Signal theory (Signaling theory) originated from the writings of George Akerlof in his 1970
work "The Market for Lemons", which introduced the term asymmetric information
(information asymmetry). Akerlof (1970) studied the phenomenon of imbalance of
information about the quality of products between buyers and sellers, by conducting tests on
the used car market.
Signaling Theory or signal theory developed by Ros in 1997, states that company executives
who have better information about their company will be motivated to convey this
information to potential investors so that the company's stock price increases.

Relationship between Signal Theory and Financial Performance

Signal theory was developed in economics and finance to account for the fact that company
managers generally have better and faster information than outside investors. Therefore, as an
owner must first know the condition of the company from a company manager. (Sulistyanie,
A., & Bayu Aji Sumantri, 2020).
Financial reports are intended to be used by various parties, including the company's
management itself. However, those who are most concerned with financial reports are
actually external users (outside management). Internal users (management) have direct
contact with the entity or company and are aware of significant events that have occurred, so
that their level of dependence on accounting information is not as high as external users.
Information in the form of the level of profitability, liquidity, or rate of return on assets or
also how much profit is obtained from the assets used.
Stock Price
According to (Brigham, E. F., & Houston, 2011) Share price determines shareholder wealth.
Maximizing shareholder wealth translates into maximizing the company's share price. The
price of a share at any given time will depend on the cash flows an "average" investor is
expected to receive in the future if an investor buys shares.
The stock price is the closing price of the stock market during the observation period for each
type of stock sampled and its movements are always observed by investors.
If the demand for shares is too much then the share price will tend to increase, and when the
stock supply is too much then the share price will tend to decrease. (Sartono, 2014). It can be
concluded that the stock price is formed on demand and the supply in the buying and selling

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market of shares which investors must always observe because of its relatively fast
fluctuations and is usually the closing price.
Technical and fundamental analysis can be used to analyze stock prices. Technical Analysis
emphasizes more on external factors that affect the listed companies stock prices rise and fall
as well as rise and fall of demand and supply of shares (Nugraha, N. M., & Riyadhi, 2019).
The method used to analyze stocks is by observing the stock price for several periods which is
then made a chart / table. This approach argues that stock prices are influenced by a certain
fashion flow, without neglecting external factors, such as economic policies and so on.
Fundamental Analysis carried out with the purpose of the fundamental aspects of a company's
foray into the capital market (Pasaribu, 2008). Broadly speaking, this analysis is to find
important steps to identify fundamental or principal factors (such as sales, costs, sales growth,
dividend policy, etc.) that are expected to affect future stock prices. If the company's ability
increases (resulting in increased profit), the share price will also increase. In other words,
profitability will affect stock prices (Husnan, S., & Pudjiastuti, 2012).

ROA
(Fahmi, 2012) said that ROA is how the company is able to provide returns from investments
already provided by investors and in accordance with the expectations of the investment.
Profitability ratio can be calculated with ROA that serves to measure the company's ability to
generate profit from all assets owned by the company (Sutrisno, 2013).
According to (Tandelilin, 2010) the formula for finding ROA :

𝑁𝑒𝑡 𝐼𝑛𝑐𝑜𝑚𝑒
𝑅𝑂𝐴 = 𝑥 100%
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠

DER
DER is used to compare debt with equity, which means how much debt the company
finances. Increasing debt can be a risk for a company, which means the company's poor
performance and unhealthy financial condition are likely to cause stock prices to fall.
Investors can choose a low DER because investors' interests will be better protected if there is
a decline in business at the company concerned.
(Gitman, 2012) said DER is a ratio that measures the proportion of liabilities and equity in
financing the company's assets.
Based on several definitions that have been described, it can be said that DER should be able
to measure how much debt the company finances and the company's performance to meet its
obligations with the equity owned by the company.

According to (Kasmir, 2014) The formula for finding DER :

𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡
𝐷𝐸𝑅 =
𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡𝑦

EPS
EPS is also known as earnings per share. That is the amount of net income (after tax) obtained
from per share outstanding (Alwi, 2008). If the EPS ratio makes a big profit for shareholders

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then the management of the company is considered successful, the greater the profit provided
by a company will certainly make investors more interested in investing in the company
which means the more demand investors have to buy shares (Adhitira, A. T., & Yustina,
2017). In essence, Investors or potential stock investors use EPS to analyze the company's
financial value to profit from the shares owned.
(Sunariyah, 2006) said EPS is a ratio calculated from stock market price divided by earnings
per share. The higher this ratio, the better the company's performance. However, if the EPS is
too high, this indicates that the price of the shares being offered is very high or very irrational.
According to (Brigham, E. F., & Houston, 2011), the formula for looking for EPS :

𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝐴𝑓𝑡𝑒𝑟 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑇𝑎𝑥

EPS =
𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑆ℎ𝑎𝑟𝑒𝑠 𝑂𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔

Framework for Thinking

A framework of thought is an explanation that provides a concept or description of a theory -
theories related to all the factors that have been identified as the object of the problem. The
independent variables tested in this study were ROA (X1), DER (X2), and EPS (X3) and the
dependent variables were Stock Price.

Effect of ROA on Stock Prices

Based on the test results by (Khoir, V. B., Handayani, S. R., & Zahroh, 2013), it was found
that a positive and significant influence of ROA value on the share price which means there is
a direct relationship between ROA and share price. The growing ROA shows that the total
assets used for the company's operations are able to increase the value of the share price and
provide profit for the company (Martalena, 2011).
The point is that ROA with high value shows the company is able to generate profit from
investments invested by shareholders is also high. This encourages the formation of a positive
image that affects the increasing share price and is in line with the increase in the company's
ROA. The conclusion is:
H1: ROA has a positive and significant effect on stock prices.

Effect of DER on Stock Prices

According to research conducted by (Marfuatun, S. & Indarti, 2012), it shows that the DER
has a positive but insignificant effect on stock prices. So that the more costs of borrowing or
debt to a company can increase the risk burden borne by the company (Muksal, 2016).
The high DER will greatly affect the decline in the share price and the decision of investors in
funding the company. The conclusion is:
H2: DER has a positive but insignificant effect on stock prices.

Effect of EPS on Stock Prices

According to research conducted by (Munggaran, A., Mukaram, & Sarah, 2017) likewise, it
shows that the existence of EPS has a positive and significant effect on stock prices.
The greater the value of a company's EPS, the greater the probability of dividend value that
the company will distribute to investors. This also underlies the influence of positive investor

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opinion on companies with high EPS values. The positive opinion ultimately helps lift the
company's share price in the stock market. The conclusion is:
H3: EPS has a positive and significant effect on stock prices.

Effect of ROA, DER, EPS on Stock Prices

It can be concluded that the simultaneous relationship between ROA, DER and EPS can have
a significant influence on the share price. The fourth hypothesis in this study is:
H4: ROA, DER, and EPS have a simultaneous significant effect on the Share Price.

3. Research Methods
Data Sources
This research uses a quantitative approach which is a deductive process from research by
looking at general to specific patterns. The research method used in this study uses a
hypothesis through processing and statistical data testing, namely by descriptive-verification
analysis, the results of the research will be processed and conclusions drawn. The descriptive
research method is carried out in which the research interprets the data obtained based on the
facts that appear in the research period, so that a clear picture of the object under study will be
obtained (Octavia, D., & Nugraha, 2020; Susanti, N., Widajatun, V. W., Aji, M. B., &
Nugraha, 2020). This study uses The Data Panel. Panel data is a combination of time series
and cross-section (Ayunitha, 2020; Sugiyono, 2017). Data collection techniques from library
research and internet research by collecting data from financial statements, annual reports,
and other reports obtained through the IDX website.

Sample and Population

Analysis of this research is a company in the mining sector in the IDX research period 2015 to
2019. With a population of 48 banks and using purposive sampling (the desired criteria) there
were only 32 samples of mining companies in this study. According to (Nuryaman &
Veronica, 2015; Zulganef, 2018) that: "Purposive Sampling is a sampling technique of data
sources with certain considerations". The reason the researchers used the technique was
purposive sampling because not all samples had criteria that matched the phenomenon being
studied. Criteria for the banks sampled:
a. Mining companies listed on the IDX during the 2015-2019 research period
b. Mining companies that have complete financial reports during the 2015-2019 research
period
c. Mining companies that do not do stock split shares during the 2015-2019 research
period

Hypothesis Testing Design

The research data used multiple linear regression analysis aimed at measuring the intensity of
the relationship between two or more variables and making predictions of estimated Y values
over X. Data is processed using SPSS. There is a multiple linear regression model:

Y = α + β1 X1+ β2 X2+ β3 X3+ β4 X4

Information:
Y = Stock Price
α = Constant

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β 1,2,3 = Coefficient of Variables

X1 = ROA
X2 = DER
X3 = EPS

Classical assumption testing was also carried out in this study to determine whether the
regression model is a good regression model or not (Ghozali, 2011; Nugraha, N. M.,
Puspitasari, D. M., & Amalia, 2020; Widajatun, V. W., Rahmadzikrishafira, T. F., Nugraha,
N. M., & Susanti, 2020).
The first hypothesis testing aims to determine whether ROA, DER and EPS jointly affect the
stock price. The second hypothesis testing aims to determine whether ROA affects stock
prices. The third hypothesis testing aims to determine whether the DER affects stock prices.
The fourth hypothesis testing aims to determine whether EPS affects stock prices.

4. Result and Discussion

Multicolonierity Test Results
According to (Ghozali, 2011; Nariswari, T. N., & Nugraha, 2020; Widajatun, V. W., Nugraha,
N. M., & Ichsani, 2019) there are no multicollinearity symptoms, if thevalue Tolerance > 0.10
and the VIF value < 10.00.

Table 1. Multicollinearity Test

Coefficientsa
Standardized
Unstandardized Coefficients Collinearity Statistics
Model Coefficients t Sig.
B Std. Error Beta Tolerance VIF
(Constant) 1500.551 263.264 5.700 .000
ROA .323 .089 .290 3.620 .000 .666 1.501
1
DER .058 .054 .070 1.065 .289 .992 1.008
EPS .022 .005 .365 4.570 .000 .670 1.492
a. Dependent Variable: STOCK PRICE
Source: Data SPSS (2020)
X1 is 0.666, X2 is 0.992, and X3 is 0.670 greater than 0.10. Meanwhile, the VIF value of
variable X1 is 1,501, X2 is 1,008, and X3 is 1,492 less than 10.00. In conclusion there is no
multicolinearity.

Results of the Heteroscedasticity Test

According to (Ghozali, 2011; Susanti, N., Widajatun, V. W., Aji, M. B., & Nugraha, 2020)
there is no heteroscedasticity, if there is no clear pattern in the scatterplots image, and the dots
spread over and below the number 0 on the Y axis.

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Figure 2. Scatterplot Heteroscedasticity Test

Source: Data SPSS (2020)

Judging by the pattern of irregularly spread points at the top and below the number 0 on the Y
axis, heteroscedasticity does not occur.

Normality Test
Table 2. Normality Test

Figure 3. Histogram
Source: Data SPSS (2020)
It is known that the data follows the direction of the diagonal line indicating a normal
distributed pattern, so the regression model meets the assumption of normality.

Autocorrelation Test Results

Table 3. Autocorrelation Test
Model Summaryb
Adjusted R Std. Error of the
Model R R Square Durbin-Watson
Square Estimate
1 .581a .338 .325 3057.675 .773
a. Predictors: (Constant), EPS, DER, ROA
b. Dependent Variable: STOCK PRICE
Source: Data SPSS (2020)

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Known value dU (1.7792) is greater than DW value (0.773) and less than 4 – 1.7792 = (4 –
dU) = (2.2208). This regression model has autocorrelation.

Results of Partial t Test (Multiple Linear Regression)

According to (Amalia, S., Fadjriah, N. E., & Nugraha, 2020; Wijaya, J. H., & Nugraha, 2020)
If the value is Sig. < 0.05, it means that the independent variable (X) partially affects the
dependent variable (Y).

Table 4. Partial t Test

Coefficientsa
Standardized
Unstandardized Coefficients Collinearity Statistics
Model Coefficients t Sig.
B Std. Error Beta Tolerance VIF
(Constant) 1500.551 263.264 5.700 .000
ROA .323 .089 .290 3.620 .000 .666 1.501
1
DER .058 .054 .070 1.065 .289 .992 1.008
EPS .022 .005 .365 4.570 .000 .670 1.492
a. Dependent Variable: STOCK PRICE
Source: Data Processed (2020)

It is known that the t value of the variable ROA (X1) is greater than the t table ( 3,620 >
1,975) with a significance level below 0.05, namely 0.000, the t value of the variable DER
(X2) is smaller than the t table value (1.065 < 1.975) with a significance level above 0.05,
namely 0.289, and the t value of the variable EPS (X3) is greater than the t table value (4.570
> 1.975) with a significance level below 0.05, namely 0,000.
This means that ROA (X1) affects the Stock Price (Y), DER (X2) has no effect on stock
prices (Y), and EPS (X3) affects stock prices (Y).

Simultaneous F Test Results (Multiple Linear Regression)

According to (Ghozali, 2011; Nugraha, N. M., & Susanti, 2019) If the value is Sig. < 0.05, it
means that the independent variable (X) partially affects the dependent variable (Y).

Table 5. Simultaneous F Test

ANOVAa
Model Sum of Squares df Mean Square F Sig.
Regression 740291194.021 3 246763731.340 26.394 .000b
1 Residual 1449153667.134 155 9349378.498
Total 2189444861.155 158
a. Y : STOCK PRICE
b. X1,X2,X3 : EPS, DER, ROA
Source: Data SPSS (2020)
Known results significance value of ROA (X1), DER (X2), and EPS (X3) simultaneously
affect the Share Price (Y)
Coefficient of Determination (R2) Test

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Table 6. Model Summaryb

Model Summaryb
Adjusted R Std. Error of the
Model R R Square Durbin-Watson
Square Estimate
1 .581a .338 .325 3057.675 .773
a. Predictors: (Constant), EPS, DER, ROA
b. Dependent Variable: STOCK PRICE
Source: Data SPSS (2020)

In this case, variable X has an effect either partially or simultaneously on variable Y by

33.8%.

5. Conclusion
This study aims to analyze the effect of ROA, DER, and EPS on stock prices in com
This study aims to analyze the influence of ROA, DER, and EPS on the share price of
companies in the IDX period 2015-2019. The first hypothesis indicates that ROA has a
positive and significant effect on the share price. ROA that shows positive and significant
results makes investors have to take that into account and make decisions easier in investing in
the company.
DER in the second hypothesis is stated to have a positive but insignificant effect on the share
price. This indicates that the good solvency performance of the company is not the main
determining factor that can attract investors in the capital market.
EPS has a hypothesis of having a positive and significant effect on the share price. The positive
coefficient value indicates that EPS positively affected the share price of the company listed in
the IDX period 2015 – 2019. Thus the third hypothesis stating that EPS has a positive and
significant influence on the share price is acceptable.

The fourth hypothesis states that variable X (ROA, DER, and EPS) simultaneously has a
significant effect on the share price. From the calculation of the summaryb model table, it is
known that variable X has a simultaneous effect on variable Y of 33.8% with a positive value.
The remaining 66.2% were influenced by other factors not included in this regression model.

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