Budiyono Budiyono, Suryo Budi Santoso


The purpose of this study is to analyze the effect of Earning per Share (EPS), Return on Equity (ROE), Price Earning Ratio (PER), Net Profit Margin (NPM), Debt to Equity Ratio (DER) towards share price. The population used in this study were 30 companies listed in the Jakarta Islamic Index (JII) during the 2014-2017 period. Sampling technique used was non-probability sampling with purposive sampling method and obtained samples of 17 companies per year which are most active in trading in the Jakarta Islamic Index (JII) group during 2014-2017 period. The analytical tool used to test the hypothesis in this study was multiple linear regression analysis using SPSS software. Hypothesis testing results indicate that EPS, ROE, PER, NPM, and DER variables simultaneously have positive and significant effect on share price. Partially, EPS and ROE variables have positive effect on share price. While, NPM have a negative effect on share price, PER and DER have no negative effect on share price, and. R Square testing result showed that the Adjusted R Square is 0.759. It means that 75.9% of the dependent variable which was stock price can be explained by independent variables namely EPS, ROE, PER, NPM, and DER, while the remaining 24.1% is affected by other variables that are not in the linear regression model.


EPS, ROE, PER, NPM, DER, Share Price

Full Text:



Arshad, Z., Arshaad, A. R., Yousaf, S., & Jamil, S. (2015). Determinants of Share Prices of listed Commercial Banks in Pakistan. 9.

Artha, D. R., Achsani, N. A., & Sasongko, H. (2014). Analisis Fundamental, Teknikal Dan Makroekonomi Harga Saham Sektor Pertanian. Jurnal Manajemen dan Kewirausahaan, 16(2).

Astuty, P. (t.t.). The Influence of Fundamental Factors and Systematic Risk to Share price on Companies Listed in the Indonesian Stock Exchange. 11.

Bhattarai, Y. R. (2016). Determinants of Share Price of Nepalese Commercial Banks. Economic Journal of Development Issues, 17(1–2), 187.

Bilal, Z. O., & Jamil, S. A. (2015). Does Dividend Policy Impact Stock Market Prices? - Evidence From Oman. 12.

Bratamanggala, R. (2018). The Factors Affecting Board Stock Price of Lq45 Stock Exchange 2012-2016: Case of Indonesia. 10.

Chemutai, J., Ayuma, Dr. C., & Yusufkibet, Dr. (2016). Effects of Capital Structure on Share Price Performance of Commercial Banks Listed in Nairobi Security Exchange, Eldoret, Kenya. IOSR Journal of Business and Management, 18(09), 122–133.

Darmadji, Tjiptono dan Hendy M. Fakhruddin. (2006). Pasar Modal Indonesia Pendekatan Tanya Jawab. Jakarta: Salemba Empat.

Datu, C. V., & Maredesa, D. (2017). Pengaruh Devidend Per Share Dan Earning Per Share Terhadap Harga Sahampada Perusahaan Go Public Di Bursa Efek Indonesia. 10.

Deitiana, T., & Chriselda, R. (2017). The Determinantion Of Market Prices Of Share In Indonesian Stock Exchange: An Analysis From Manufacture Industry. 13(1), 9.

Kumar, P. (2017). Impact Of Earning Per Share And Price Earnings Ratio On Market Price Of Share: A Study On Auto Sector In India.

Ervinta, T. V. (2013). Analisis Pengaruh Faktor Fundamental Dan Eva Terhadap Harga Saham Indeks Lq45 Yang Terdaftar Di Bursa Efek Indonesia Periode 2007-2011. 17, 21.

Fahmi, Irham. 2014. Analisis Laporan Keuangan. Bandung: Alfabeta

Firmana, A. I., Hidayat, R. R., & Saifi, M. (2017). Pengaruh Struktur Modal Dan Profitabilitas Terhadap Harga Saham (Studi Pada Perusahaan Asuransi yang Terdaftar di Bursa Efek Indonesia. 10.

Ghozali, Imam, 2013. Aplikasi Analisis Multivariate dengan Program SPPS 21, Semarang: Badan Penerbit Universitas Diponegoro

Halim, A., & BasridanFaisal, H. (2016). Pengaruh Intellectual Capital Terhadap Profitabilitas Dan Dampaknya Terhadap Harga Saham Perusahaan Sektor Keuangan Yang Terdaftar Di Bursa Efek Indonesia (Bei). 23(2), 18.

Herawati, A., & Putra, A. S. (2018). The Influence of Fundamental Analysis on Share price: The Case of Food and Beverage Industries. 11.

Kamar, K. (2017). Analysis of the Effect of Return on Equity (Roe) and Debt to Equity Ratio (Der) On Stock Price on Cement Industry Listed In Indonesia Stock Exchange (IDX) In the Year of 2011-2015. IOSR Journal of Business and Management, 19(05), 66–76.

Mussalamah, A. D. M. (2015). Pengaruh Earning Per Share (Eps), Debt To Equity Ratio (Der) Dan Return On Equity (Roe) Terhadap Harga Saham (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2007-2011). 19, 7.

Ozlen, S., (2014). The Effect of Company Fundamentals on Stock Values, European Researcher, 71(3):595-602. https://doi: 10.1387/issn.2219-8229

Riani, N.M., (2018). Pengaruh Kinerja Keuangan dan Tingkat Inflasi Terhadap Harga Saham Perusahaan Jasa Transportasi di Bursa Efek Indonesia, Forum Manajemen, 16 (1): 111- 122

Samsul, Muhammad. (2006). Pasar Modal dan Manajemen Portofolio. Edisi Pertama, Jakarta: Erlangga

Septiawan, T. (2015). Pengaruh Earnings Per Share, Net Profit Margin, Debt To Equity Ratio Terhadap Harga Saham. 16.

Sha, T. L. (2017). Pengaruh Kebijakan Dividen, Likuiditas, Net Profit Margin, Return On Equity, Dan Price To Book Value Terhadap Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia 2010 – 2013. Jurnal Akuntansi, 19(2), 276.

Suselo, D., Djazuli, A., Indrawati, N. K., & Najemen, Jurnalapnl. (2014). Pengaruh Variabel Fundamental dan Makro Ekonomi terhadap Harga Saham (Studi pada Perusahaan yang Masuk dalam Indeks LQ45). (66), 13.

Susilowati, E. M. (2015). The Effect Of Return On Asset, Return On Equity, Net Profit Margin, And Earning Per Share On Stock Price. (1), 15.

Tamuntuan, U. (2015). Analysing The Effect Of Return On Equity, Return On Assets And Earnings Per Share Toward Share Price: An Emperical Study Of Food And Beverage Companies Listed On Indonesia Stock Exchange. 15(05), 12.

Widayanti, R., & Colline, F. (2017.). Pengaruh Rasio Keuangan Terhadap Harga Saham Perusahaan Lq 45 Periode 2011-2015. 15.

Wijayanti, K. D. D., & Sulasmiyati, S. (2018). Di Daftar Efek Syariah Periode 2013-2016). 7.


Article Metrics

Abstract view : 0 times
PDF - 0 times


  • There are currently no refbacks.


Ruang Jurnal Manajemen Bisnis
Gedung Ki Bagus Hadikusuma (E3) Lantai 3, Universitas Muhammadiyah Yogyakarta, 
Jalan Brawijaya, Tamantirto, Kasihan, Bantul, Daerah Istimewa Yogyakarta, Indonesia
Website: - E-mail:
Phone: +62 274 387 656 (ext: 118)

Jurnal Manajemen Bisnis is licensed under Creative Commons Attribution 4.0 International Licensed