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The purpose of this study is to examine the effect of Good Corporate Governance (GCG), financial performance, and Earning Per Share (EPS) on firm value. The object of this research consists of state-owned enterprises (SOEs) listed on the Indonesia Stock Exchange during the period of 2021–2024. This study employs a quantitative approach using secondary data in the form of annual financial statements as the primary source. The sample was selected using purposive sampling based on predetermined criteria, ensuring that only companies with complete data and consistent reporting were included in the analysis. The independent variables analyzed include the audit committee, independent commissioners, institutional ownership, Return on Assets (ROA), and Earning Per Share (EPS). Multiple linear regression analysis was used to process the data in this study, allowing the researchers to examine the simultaneous and partial effects of the variables on firm value. The findings indicate that firm value is significantly influenced by financial performance, particularly ROA, highlighting the importance of operational efficiency and profitability in enhancing shareholder wealth. While certain GCG variables such as institutional ownership showed positive influence, other elements like audit committees and independent commissioners produced mixed results, suggesting that governance mechanisms may have varying effects depending on organizational context. Meanwhile, EPS demonstrated inconsistent results in relation to firm value, implying that market perceptions of earnings may not fully capture the impact on overall firm valuation. This study provides insights for policymakers, investors, and corporate managers on the relative importance of governance and financial indicators in value creation for state-owned enterprises.

Shares trading below their intrinsic value present compelling return opportunities, particularly for long‑term investors. This study aims to assess the valuation of eight food‑and‑beverage issuers listed on the Indonesia Stock Exchange (IDX) over the 2021–2025 period using two market‑based valuation instruments: the Price to Earnings Ratio (PER) and the Price to Book Value (PBV). A quantitative descriptive design was employed, and a purposive sampling technique selected eight issuers: INDF, ICBP, MYOR, ROTI, GOOD, CLEO, CMRY, and CAMP. The sectoral benchmarks obtained were an average industry PER of 22.64 times and an average industry PBV of 3.45 times. Comparative analysis reveals that INDF (PER 7.38x; PBV 0.59x), ICBP (PER 17.60x; PBV 1.83x), ROTI (PER 18.86x; PBV 2.47x), and CAMP (PER 16.59x; PBV 1.78x) are undervalued relative to the industry average and therefore merit consideration as buy candidates, while MYOR, GOOD, CLEO, and CMRY are overvalued. INDF emerges as the most attractive investment candidate because its PBV remained consistently below 1.00 throughout the observation window, a condition recognized in value‑investing literature as deeply undervalued. The findings reinforce the argument that combining PER and PBV serves as a reliable tool for identifying high‑potential stocks from a fundamental analysis perspective.

This study investigates the determinants of dividend payout policy in energy sector firms listed on the Indonesia Stock Exchange during the 2020–2024 period. Dividend policy is a critical issue in emerging markets, especially in capital-intensive industries with high investment needs and earnings volatility. The research examines whether profitability and ownership structure—specifically institutional and managerial ownership—significantly influence dividend payout decisions, considering firm characteristics. The study analyzes the effect of profitability, institutional ownership, and managerial ownership on the dividend payout ratio, while controlling for firm size and leverage. A quantitative approach is used, employing pooled ordinary least squares (OLS) regression on 245 firm-year observations. Dividend payout ratio is measured as dividend per share divided by earnings per share, profitability is proxied by return on equity, and ownership variables are expressed as shareholding proportions. Descriptive analysis and classical assumption tests precede hypothesis testing. The results show that profitability positively and significantly affects dividend payout, suggesting that firms with better financial performance tend to distribute higher dividends. Firm size also positively influences dividend policy, while leverage negatively impacts it, reflecting the role of financial capacity and capital structure. However, institutional and managerial ownership do not show significant effects on dividend payout decisions. The findings indicate that dividend policy in Indonesian energy firms is primarily driven by financial performance and structural characteristics rather than ownership-based governance mechanisms. This study offers sector-specific evidence that refines agency and signaling perspectives on dividend policy in emerging markets, with practical implications for managers, investors, and regulators.

This study aims to analyze the effect of Current Ratio (CR), Debt to Asset Ratio (DAR), and Inventory Turnover on Earning Per Share (EPS). This research employs a quantitative method with a causal-comparative ex-post facto approach. The population includes food and beverage companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2023 period. The sampling technique used purposive sampling, resulting in 10 companies with a total of 40 observations. Data analysis was conducted using multiple linear regression utilizing SPSS version 25 software. The results indicate that partially, CR, DAR, and Inventory Turnover each have a significant effect on EPS. Simultaneously, these three independent variables significantly affect EPS with a determination coefficient of 83.7%. The implications of this study emphasize the importance of liquidity management, solvency, and inventory efficiency in improving corporate share profitability.

This study aims to examine the effect of profitability ratios, namely Earnings per Share (EPS), Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE), on the stock price of PT Ciputra Development Tbk during the 2016–2023 period. The research employs a quantitative approach with a causal research design using secondary data derived from quarterly financial statements and stock closing prices published by the Indonesia Stock Exchange. The data were analyzed using multiple linear regression, supported by classical assumption tests, partial hypothesis testing (t-test), simultaneous testing (F-test), and the coefficient of determination (R²). The results show that EPS, NPM, and ROA do not have a significant effect on stock prices, while ROE has a positive and significant effect. Simultaneously, all profitability variables do not significantly influence stock prices. The coefficient of determination indicates that profitability ratios explain a relatively small proportion of stock price variation, suggesting that stock prices in the property sector are influenced more by external and market-related factors than by short-term profitability indicators. These findings imply that ROE is the most relevant profitability indicator for investors in assessing property sector stocks, while other profitability ratios play a limited role.

Studi ini berfokus pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia (BEI) antara tahun 2020 hingga 2023 dan mengkaji bagaimana harga saham dipengaruhi oleh Earnings Per Share  (EPS) sebagai pemoderasi dan rasio keuangan sebagai variabel independennya. Ada dua rasio keuangan yang diteliti yaitu Capital Adequacy Ratio (CAR) dan Return on Assets (ROA). Penelitian ini menggunakan pendekatan Ordinary Least Squares (OLS). Hasil penelitian menunjukkan bahwa ROA berpengaruh terhadap harga saham, sedangkan CAR tidak berpengaruh. Selain itu, telah terbukti bahwa EPS memoderasi hubungan antara return on assets (ROA) dan harga saham. Diharapkan hasil penelitian ini akan berguna sebagai referensi untuk studi mendatang dan mendorong penelitian terkait topik yang sama.

This study investigates the impact of Environmental, Social, and Governance (ESG) Risk Ratings on stock prices of companies listed in the ESG Leaders Index on the Indonesia Stock Exchange during the period 2020–2023. Using the Ohlson (1995) valuation model as the theoretical framework, the research examines the value relevance of financial information—proxied by Book Value per Share (BVPS) and Earnings per Share (EPS)—and non-financial information in the form of ESG risk ratings. The study employs purposive sampling, resulting in an unbalanced panel dataset of 120 firm-year observations. Panel regression analysis with the Random Effect Model (REM) is applied, supported by classical assumption tests and sensitivity analysis. The findings reveal that BVPS has a positive and significant effect on stock prices, highlighting its role as a stable and value-relevant measure for investors. By contrast, EPS shows a positive but insignificant relationship, confirming the declining relevance of earnings in the Indonesian market. Moreover, ESG Risk Ratings exhibit a negative but statistically insignificant effect, suggesting that while firms with higher ESG risks tend to be valued lower, sustainability considerations are not yet consistently incorporated into equity valuation by Indonesian investors. These results imply that financial fundamentals, particularly BVPS, remain the dominant factor in stock price determination, whereas ESG information has not yet achieved value relevance in the Indonesian context. The study underscores the need for stronger regulatory enforcement, standardized ESG disclosure, and greater investor awareness to enhance the integration of sustainability risks into capital market decision-making.

Underpricing continues to be a prominent issue within the Indonesian capital market, as many firms conducting an Initial Public Offering (IPO) tend to set initial share prices below their subsequent market value. This research investigates the moderating role of underwriter reputation in the relationship between profitability, financial leverage, and earnings per share (EPS) on IPO underpricing among firms listed on the Indonesia Stock Exchange (IDX). Utilizing a purposive sampling technique, the study analyzes data from 176 companies. The data are processed using Moderated Regression Analysis (MRA) with the help of STATA software. The findings reveal that profitability, measured by return on assets (ROA), significantly influences underpricing. In contrast, financial leverage (proxied by the debt-to-equity ratio) and EPS show no statistically significant effect. Moreover, underwriter reputation is shown to moderate the negative impact of both ROA and EPS on underpricing but does not moderate the relationship between the debt-to-equity ratio and underpricing. These results offer valuable insights into signaling theory and information asymmetry, highlighting the importance of firm fundamentals and intermediary reputation in IPO pricing strategies. The study contributes to a better understanding for investors, issuers, and regulators involved in the IPO decision-making process.

This study aims to test the influence of financial performance as measured by Current Ratio and Debt to Equity Ratio on stock returns. The data used are secondary data from the Annual Report. The sample used in this study was 15 Multifinance Sector companies listed on the Indonesia Stock Exchange for the period 2020-2023, so that the data observed was 60. The type of research used is descriptive and associative with a quantitative method that aims to determine the influence of independent variables on dependent variables, with SPSS analysis tool. The findings of this study indicate that the Current Ratio and Debt to Equity Ratio partially does not have a positive effect on stock returns. On the other hand, Earning per Share (EPS) has successfully influenced stock returns.

The aim of the research is to determine the position of share prices in measuring debt. to Equity Ratio , return on equity and Earning Per Share . The data used are the financial reports of the Food and Beverage sub-sector companies for the period 2020-2023. The findings of the research results show that DER and ROE partially have no effect on stock prices . Other findings show that stock prices can be influenced by the Earning Per Share variable.

The purpose of this study is to determine the effect of Current Ratio, Debt to Equity Ratio, Return On Asset, dan Earnings Per Share both simultaneously and partially on stock prices. The total of population in this study were 15 companies and the research sample was 13 financing service companies registered on the IDX, taken using criteria determined by the author. The analytical method used is multiple linear regression.  

The purpose of this research is to examine the variables that affect stock prices in the commerce and service and consumer products industries that are listed on the Indonesia Stock Exchange.  This research study is quantitative in nature.  The information was taken from annual and financial reports that were posted on the websites of the individual companies as well as the Indonesia Stock Exchange's official website (www.idx.co.id).  The population consists of all 137 consumer products, commerce, and service businesses that were listed on the Indonesia Stock Exchange between 2009 and 2013.  Seventy-seven businesses satisfied the sample requirements based on preset criteria.  Multiple linear regression analysis was used to examine the data.  The findings demonstrate that the three sets of variables—systematic risk, macroeconomic indicators, and firm fundamentals—all significantly and favorably affect stock prices at the same time.  Stock prices are positively and significantly impacted by the following factors, in part: Return on Equity (ROE), Earnings per Share (EPS), Book Value (BV), Net Profit Margin (NPM), and inflation.  In contrast, the market beta, GDP, exchange rate, and BI rate have no discernible effects, but the debt to equity ratio (DER) has a negative and substantial influence.  With an Adjusted R Square value of 62.4%, the study's independent variables may account for a significant portion of stock price fluctuations, with additional factors outside the model influencing the remaining 37.6%.

This study set out to investigate the connection between Nigerian deposit money banks' financial success and their dividend policies. This is accomplished by reviewing existing theoretical and empirical the signaling hypothesis served as the foundation for the study and the creation of literature. The Financial Statements and Annual Reports of 18 (18) Deposit Money Banks in Nigeria for the years 2015–2019 provided the data for this study, which used a longitudinal survey research approach. The arithmetic mean, standard deviation, minimum and maximum values, and the Auto-Regressive Distributed Lag (ARDL) regression technique were used to analyze the data produced for this study using both descriptive and inferential statistics. E-Views version 10 was used to calculate these. The study's conclusions showed that dividend policies had a mixed impact on the financial performance of Nigerian deposit money institutions. However, the dividend pay-out ratio significantly and negatively correlates with financial performance (return on equity), dividend yield has no discernible impact on the financial performance (ROE) of Nigerian deposit money institutions. The greatest African economy is that of Nigeria, which was rated as Determining the percentage of dividend payments that would improve financial performance in terms of return on equity requires management of deposit money banks to have a strong and sound dividend policy in place. They should also put in more effort to raise dividend yield and improve its influence on the financial performance (return on equity) of deposit money banks in Nigeria.

This study aims to determine the effect of Debt to Equity Ratio (DER), Return On Equity Ratio (ROE), Price Earning Ratio (PER), Earning Per Share (EPS) on Health Sector Companies listed on the Indonesia Stock Exchange in 2020-2023. The population in this study were all health sector companies listed on the IDX. The number of samples collected was 17 companies with 5 years of observation (85 observation data) that met the criteria. The analysis method used was the classical assumption test, multiple linear regression analysis, while hypothesis testing used Simultaneous and Partial tests. The results of this study indicate that DER has a positive and significant to stock prices, ROE is not affects stock prices, PER does not influence on stock prices, EPS has a positive and significant influence on stock prices.  

This study aims to determine the fair price of shares in determining stock investment decisions in state-owned banking issuers listed on the Indonesia Stock Exchange in 2019-2023. This research method uses a qualitative descriptive approach. There are three companies in the study that are the subjects of the study, namely PT Bank Rakyat Indonesia, PT Bank Negara Indonesia, and PT Bank Mandiri. Using fundamental analysis with stock valuation using the price earning ratio (PER) method. The study uses secondary data. The application of fundamental analysis with stock valuation using the price earning ratio (PER) method shows that in 2019, 2021, 2022 and 2023 BBRI, BBNI, and BMRI shares were undervalued (cheap), while in 2020 BBRI and BBNI shares were overvalued (expensive) and BMRI shares were undervalued (cheap).

This study aims to determine the fair price of shares in determining stock investment decisions in state-owned banking issuers listed on the Indonesia Stock Exchange in 2019-2023. This research method uses a qualitative descriptive approach. There are three companies in the study that are the subjects of the study, namely PT Bank Rakyat Indonesia, PT Bank Negara Indonesia, and PT Bank Mandiri. Using fundamental analysis with stock valuation using the price earning ratio (PER) method. The study uses secondary data. The application of fundamental analysis with stock valuation using the price earning ratio (PER) method shows that in 2019, 2021, 2022 and 2023 BBRI, BBNI, and BMRI shares were undervalued (cheap), while in 2020 BBRI and BBNI shares were overvalued (expensive) and BMRI shares were undervalued (cheap).

This study aims to analyze the impact of Return on Equity (ROE), Return on Assets (ROA), and Earnings Per Share (EPS) on firm value in the tobacco sector companies listed on the Indonesia Stock Exchange (IDX). The results show that a high ROE, as seen in HMSP, reflects efficient equity management and positively contributes to increased firm value, while low ROE in GGRM and ITIC indicates inefficiency. ROA analysis reveals that all four issuers have very high average ROA, indicating efficiency in utilizing assets to generate profits. Regarding EPS, the increase in ITIC and WIIM reflects improved financial performance, whereas the decline in EPS at GGRM and HMSP may reduce investor attractiveness. Overall, the study concludes that ROE, ROA, and EPS are important indicators influencing firm value, although they should be considered along with other external factors for a more comprehensive understanding.

Stock returns are one of the indicators in investor investment decision making. Factors that influence stock returns are internal (fundamental) factors, namely ROA, DPR and EPS. The purpose of this study was to determine: the effect of Return On Asset (ROA) on Stock Returns, the effect of Dividend Payout Ratio (DPR) on Stock Returns, and the effect of Earnings Per Share (EPS) on Stock Returns in Industrial Sector companies listed on the Indonesia Stock Exchange in 2020-2022. The data analysis method used is multiple linear regression analysis. Findings: Return On Asset (ROA) has a positive and significant effect on Stock Returns, Dividend Payout Ratio (DPR) does not affect Stock Returns, and Earnings Per Share (EPS) does not affect Stock Returns. The implication of this study for investors is that they can use ROA as the main indicator in analyzing potential opportunities to gain profit from capital gains from stock returns before making investment decisions. The implication for management is to focus on strategies to optimize the use of assets to generate greater profits. Meanwhile, the implications for regulators and policy makers are to encourage transparency in financial reports and the preparation of capital market literacy programs.  

his study aims to analyze the influence of Profitability, Liquidity, Solvency, and Earnings Per Share on the Going Concern Audit Opinion in manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2022 period. The sample was selected using the purposive sampling method, resulting in 135 data points. The findings indicate that profitability has a significant negative effect on the going concern audit opinion. Liquidity is shown to affect the going concern audit opinion. Solvency also influences the going concern audit opinion. Furthermore, Earnings Per Share impacts the going concern audit opinion. Collectively, Profitability, Liquidity, Solvency, and Earnings Per Share are found to influence the going concern audit opinion.

The purpose of this study was to determine whether there is an effect of Earning Per Share (EPS), Return on Equity (ROE) and Net Profit Margin (NPM) on Stock Returns in the transportation sub-sector listed on the Indonesia Stock Exchange for the 2018-2021 period.The research method used is quantitative method, and uses a research population of 9 transportation companies. The sample technique used is purposive sampling method, the data in this study are financial statements in the form of ratios that represent each research variable and are processed using the SPSS Version 26 instrument measuring tool, the results of the t test (partial) Earning Per Share (EPS) hypothesis test research obtained that the tcount value < t table (0.559 < 2.036), with a sig value of (0.580 > 0.05) then H0 is accepted and HI is rejected. The t test (persial) Return On Equity (ROE) obtained that the value of tcount < ttable (-0.377 > 0.05), with a sig value of (0.580 > 0.05), then H0 is accepted and HI is rejected (-2.036) with a sig value of (0.709> 0.05), then H0 is accepted and HI is rejected. The t test (persial) Net Profit Margin (NPM) obtained tcount < ttable (0.952 < 2.036) with a sig value of (0.348 > 0.05), then H0 is accepted and HI is rejected, Based on these results it can be concluded that Earning Per Share (EPS), Return On Equity (ROE) and Net Profit Margin (NPM) have no significant negative effect on Stock Returns.