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Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh parsial dan simultan antara Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), dan Earning Per Share (EPS) terhadap harga saham perusahaan perbankan yang tercatat di Bursa Efek Indonesia (BEI) periode 2022–2025. Pendekatan yang digunakan adalah kuantitatif asosiatif berbasis data sekunder dari laporan keuangan tahunan. Populasi mencakup 59 bank, dengan sampel sebanyak 11 bank kategori KBMI 3 dan KBMI 4 yang dipilih melalui metode purposive sampling, sehingga menghasilkan 44 data observasi. Teknik analisis data menggunakan regresi linear berganda dengan bantuan program SPSS versi 25. Hasil uji parsial (uji t) menunjukkan bahwa ROA tidak berpengaruh signifikan terhadap harga saham, sedangkan ROE, NPM, dan EPS terbukti berpengaruh secara signifikan. Secara simultan (uji F), keempat variabel independen tersebut terbukti memiliki pengaruh signifikan terhadap harga saham. Secara praktis, temuan ini memberikan implikasi manajerial bagi investor untuk menjadikan indikator fundamental profitabilitas sebagai acuan utama dalam menentukan keputusan investasi di sektor perbankan.
Kata Kunci: return on assets; return on equity; net profit margin; earning per share; harga
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References
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- Enow, S. T. (2023). Valuing equity securities using fundamental analysis: Evidence from international stock markets. International Journal of Research in Business and Social Science (2147- 4478), 12, 153–158. https://doi.org/10.20525/ijrbs.v12i6.2644
- Fathi, S., Mohammadin, Z., & Azarbayjani, K. (2025). Corporate finance signaling theory: an empirical analysis on the relationship between information asymmetry and the cost of equity capital. International Journal of Disclosure and Governance, 22, 629–643. https://doi.org/10.1057/s41310-024-00261-4
- Fitriano, Y., & Herfianti, M. (2021). Analisis Pengaruh Return On Asset ( ROA ) , Return On Equity ( ROE ) Dan Net Profit Margin ( NPM ) Terhadap Harga Saham ( Studi Pada Perusahaan Perbankan Yang Listed Di Bursa Efek Indonesia Periode 2015-2018 ). Journal Ekombis Review, Vol.9 No.2; July 2021 Page 193-205, 9(2), 193–205. https://doi.org/https://doi.org/10.37676/ekombis.v9i2.1330
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- Mustaqim, F., Rakhman, L. O. A., Ode, A., & Daholu, A. (2024). PENGARUH RETURN ON ASSETS ( ROA ) , NET PROFIT MARGIN ( NPM ) , DAN EARNING PER SHARE ( EPS ) TERHADAP HARGA SAHAM PADA PERUSAHAAN PERBANKAN DI BURSA EFEK INDONESIA PERIODE 2018-2022. JIAR: Journal Of International Accounting Research, 3(02), 140–157. https://doi.org/https://doi.org/10.62668/jiar.v3i02.1385
- Nur Ahmadi Bi Rahmani. (2020). Pengaruh Roa ( Return On Asset ), Roe ( Return On Equity ), Npm ( Net Profit Margin ), Gpm ( Gross Profit Margin ) Dan EPS ( Earning Per Share ) Terhadap Harga Saham Dan Pertumbuhan Laba Pada Bank Yang Terdaftar Di Bursa Efek Indonesia Tahun 2014 -2018. Human Falah, Volume 7.
- Nurwahidah, U. A., Nurlaela, Gaffar, S., Lisdawati, A. T., & Mashuddin. (2025). Pengaruh Earning Per Share (Eps) Dan Return On Investment (Roi) Terhadap Harga Saham Pada Pt. Ultrajaya Milk Industry Trading & Company, Tbk. Jurnal Ilmiah Neraca : Ekonomi Bisnis, Manajemen, Akuntansi, Vol. 8 No. 1 (2025): November 2024-April 2025, 37–49. https://jurnal.stie-lpi.ac.id/index.php/neraca/article/view/168/131
- Pasukodewo, T., & Susanti, N. (2020). Finance & Banking Studies The Impact of Profitability on Stock Valuation and Its Impact on Corporate Value. International Journal of Finance & Banking Studies, 9(2). https://doi.org/https://doi.org/10.20525/ijfbs.v9i2.728
- Pratama, A. R. Y., Prapanca, D., & Sriyono. (2024). Return on Assets (ROA), Return on Investment (ROI), Earning Per Share (EPS) against share prices (case study of automotive subsector companies and components listed on the Indonesian Stock Exchange in 2020–2023). Management Studies and Entrepreneurship Journal (MSEJ), 5(2), 5755–5769. http://journal.yrpipku.com/index.php/msej
- Purdianto, A., Parlina, N. D., & Apriliani, D. (2022). THE INFLUENCE OF NET PROFIT MARGIN AND EARNING PER SHARE ON STOCK PRICES IN VARIOUS INDUSTRIAL SECTOR COMPANIES LISTED ON THE IDX FOR THE 2015-2019. 2(1), 243–253. https://doi.org/https://doi.org/10.55047/marginal.v2i1.390
- Purwanto, & Safira, E. B. (2020). The influence of fundamental analysis and systematic risk towards stock price of banks in Indonesia. Journal of Business Studies and Management Review, 3(2), 44–52.
- Tantianty, C. W., & Uzliawati, L. (2023). Pengaruh Earning Per Share ( EPS ) Terhadap Harga Saham PT BNI Tbk. 11(1). https://doi.org/10.37641/jiakes.v11i1.1546
- Uzzahra, D. F., Yusuf, F. A., & Kenedi. (2025). Pengaruh total assets turnover, debt to equity ratio dan return on equity terhadap harga saham pada PT Aneka Tambang Tbk yang terdaftar di Bursa Efek Indonesia periode 2015–2024. J. Ilm. Manaj. Dan Kewirausahaan, 4(3), 534–544. https://doi.org/10.55606/jimak.v4i3.4930
- Wairisal, P. L. (2024). Implikasi Return on Equity (ROE) dalam membangun kinerja perusahaan yang berkelanjutan. J. Ilmu Pendidikan, Ekon. Dan Teknol., 1(4), 238–249.
References
Agustin, R., B, N. N., Sinarasri, A., & Sukesti, F. (2023). Financial Ratio and Stock Returns in Indonesia Equity Markets : A Signaling Theory Approach. 277–292. https://doi.org/10.2991/978-94-6463-154-8
Enow, S. T. (2023). Valuing equity securities using fundamental analysis: Evidence from international stock markets. International Journal of Research in Business and Social Science (2147- 4478), 12, 153–158. https://doi.org/10.20525/ijrbs.v12i6.2644
Fathi, S., Mohammadin, Z., & Azarbayjani, K. (2025). Corporate finance signaling theory: an empirical analysis on the relationship between information asymmetry and the cost of equity capital. International Journal of Disclosure and Governance, 22, 629–643. https://doi.org/10.1057/s41310-024-00261-4
Fitriano, Y., & Herfianti, M. (2021). Analisis Pengaruh Return On Asset ( ROA ) , Return On Equity ( ROE ) Dan Net Profit Margin ( NPM ) Terhadap Harga Saham ( Studi Pada Perusahaan Perbankan Yang Listed Di Bursa Efek Indonesia Periode 2015-2018 ). Journal Ekombis Review, Vol.9 No.2; July 2021 Page 193-205, 9(2), 193–205. https://doi.org/https://doi.org/10.37676/ekombis.v9i2.1330
Hartati, S., & Hastuti, D. (2025). PENGARUH RETURN ON ASSET ( ROA ), RETURN ON EQUITY ( ROE ) DAN EARNING PER SHARE ( EPS ) TERHADAP HARGA SAHAM PADA SEKTOR PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA ( BEI ) PADA TAHUN 2021-2024. 5(1), 596–606.
Khairunnisa, Wulandari, & Rimawan, M. (2025). Pengaruh Return on Asset (ROA) dan Return on Equity (ROE) terhadap pertumbuhan laba pada PT Jasa Marga Tbk. Jurnal Publikasi Manajemen Informatika (JUPUMI), 4(3), 206–222. https://doi.org/10.55606/jupumi.v4i3.4101
Mustaqim, F., Rakhman, L. O. A., Ode, A., & Daholu, A. (2024). PENGARUH RETURN ON ASSETS ( ROA ) , NET PROFIT MARGIN ( NPM ) , DAN EARNING PER SHARE ( EPS ) TERHADAP HARGA SAHAM PADA PERUSAHAAN PERBANKAN DI BURSA EFEK INDONESIA PERIODE 2018-2022. JIAR: Journal Of International Accounting Research, 3(02), 140–157. https://doi.org/https://doi.org/10.62668/jiar.v3i02.1385
Nur Ahmadi Bi Rahmani. (2020). Pengaruh Roa ( Return On Asset ), Roe ( Return On Equity ), Npm ( Net Profit Margin ), Gpm ( Gross Profit Margin ) Dan EPS ( Earning Per Share ) Terhadap Harga Saham Dan Pertumbuhan Laba Pada Bank Yang Terdaftar Di Bursa Efek Indonesia Tahun 2014 -2018. Human Falah, Volume 7.
Nurwahidah, U. A., Nurlaela, Gaffar, S., Lisdawati, A. T., & Mashuddin. (2025). Pengaruh Earning Per Share (Eps) Dan Return On Investment (Roi) Terhadap Harga Saham Pada Pt. Ultrajaya Milk Industry Trading & Company, Tbk. Jurnal Ilmiah Neraca : Ekonomi Bisnis, Manajemen, Akuntansi, Vol. 8 No. 1 (2025): November 2024-April 2025, 37–49. https://jurnal.stie-lpi.ac.id/index.php/neraca/article/view/168/131
Pasukodewo, T., & Susanti, N. (2020). Finance & Banking Studies The Impact of Profitability on Stock Valuation and Its Impact on Corporate Value. International Journal of Finance & Banking Studies, 9(2). https://doi.org/https://doi.org/10.20525/ijfbs.v9i2.728
Pratama, A. R. Y., Prapanca, D., & Sriyono. (2024). Return on Assets (ROA), Return on Investment (ROI), Earning Per Share (EPS) against share prices (case study of automotive subsector companies and components listed on the Indonesian Stock Exchange in 2020–2023). Management Studies and Entrepreneurship Journal (MSEJ), 5(2), 5755–5769. http://journal.yrpipku.com/index.php/msej
Purdianto, A., Parlina, N. D., & Apriliani, D. (2022). THE INFLUENCE OF NET PROFIT MARGIN AND EARNING PER SHARE ON STOCK PRICES IN VARIOUS INDUSTRIAL SECTOR COMPANIES LISTED ON THE IDX FOR THE 2015-2019. 2(1), 243–253. https://doi.org/https://doi.org/10.55047/marginal.v2i1.390
Purwanto, & Safira, E. B. (2020). The influence of fundamental analysis and systematic risk towards stock price of banks in Indonesia. Journal of Business Studies and Management Review, 3(2), 44–52.
Tantianty, C. W., & Uzliawati, L. (2023). Pengaruh Earning Per Share ( EPS ) Terhadap Harga Saham PT BNI Tbk. 11(1). https://doi.org/10.37641/jiakes.v11i1.1546
Uzzahra, D. F., Yusuf, F. A., & Kenedi. (2025). Pengaruh total assets turnover, debt to equity ratio dan return on equity terhadap harga saham pada PT Aneka Tambang Tbk yang terdaftar di Bursa Efek Indonesia periode 2015–2024. J. Ilm. Manaj. Dan Kewirausahaan, 4(3), 534–544. https://doi.org/10.55606/jimak.v4i3.4930
Wairisal, P. L. (2024). Implikasi Return on Equity (ROE) dalam membangun kinerja perusahaan yang berkelanjutan. J. Ilmu Pendidikan, Ekon. Dan Teknol., 1(4), 238–249.