Effect of Profitability Ratios on Stock Prices in Indonesian Transportation and Logistics Firms
- Authors
-
-
Maria Novita Ayu Tuerah
Universitas Sam Ratulangi Manado
-
Joanne Mangindaan
Universitas Sam Ratulangi Manado
-
Sandra Ingried Asaloei
Universitas Sam Ratulangi Manado
-
- Keywords:
- Array, Array, Array, Array, Array
- Abstract
-
This study examines the effect of Return on Assets and Return on Equity on stock prices of transportation and logistics sector companies listed on the Indonesia Stock Exchange during 2020–2024. The research was motivated by the strategic role of the transportation and logistics sector in Indonesia’s economy and the inconsistent findings of previous studies regarding profitability ratios and stock prices. This study employed a quantitative associative approach using secondary data from audited annual financial reports and stock closing prices. Purposive sampling was used to select 12 companies, resulting in 55 observations after data transformation. Data were analyzed using descriptive statistics, classical assumption tests, multiple linear regression, partial significance tests, simultaneous significance tests, and coefficient of determination analysis. The results indicate that Return on Assets does not have a significant effect on stock prices, while Return on Equity has a significant positive effect. Simultaneously, both variables significantly affect stock prices. These findings suggest that investors place greater emphasis on equity profitability than asset efficiency in assessing stock value. This research contributes to the development of financial performance analysis, particularly in understanding stock price determinants in Indonesia’s transportation and logistics sector.
- References
-
Abdullah, K., Jannah, M., Aiman, U., Hasda, S., Fadilla, Z., Taqwin, T., Masita, M., Ardiawan, K. N., & Sari, M. E. (2022). Metodologi penelitian kuantitatif (N. Saputra, Ed.). Yayasan Penerbit Muhammad Zaini.
Antara News. (2024, December 28). Investor pasar modal Indonesia capai 14,84 juta SID di akhir 2024. https://www.antaranews.com/berita/4555738/investor-pasar-modal-indonesia-capai-1484-juta-sid-di-akhir-2024
Arihta, T. S., Damanik, D. C., Manalu, S. H., & Khairani, R. (2020). Pengaruh return on assets (ROA), return on equity (ROE), current ratio (CR) terhadap harga saham pada perusahaan yang terdaftar di Bursa Efek Indonesia periode 2015–2018. Ekonomis: Journal of Economics and Business, 4(1), 169–176.
Azis, A., Muthmainnah, A., Puspita, C. P., Malinda, I. S. B., Irianto, E. D. A., Ghozali, Z., Situmeang, R. J., Syahrir, N., Man, S., & Suprayitno, D. (2024). Buku ajar manajemen investasi. PT Sonpedia Publishing Indonesia.
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of financial management (15th ed.). Cengage Learning.
Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 26. Badan Penerbit Universitas Diponegoro.
Hanafi, M. M., & Halim, A. (2016). Analisis laporan keuangan. UPP STIM YKPN.
Handini, S., & Astawinetu, E. D. (2020). Teori portofolio dan pasar modal. Qiara Media.
Hidayati, L. N., Friantin, S. H. E., & Putri, I. S. (2022). Pengaruh return on asset (ROA), return on equity (ROE), dan earning per share (EPS) terhadap harga saham pada perusahaan telekomunikasi yang terdaftar di BEI tahun 2013–2020. Solusi: Jurnal Ilmiah Bidang Ilmu Ekonomi, 20(3), 304–313.
Kasmir. (2018). Analisis laporan keuangan (11th ed.). PT RajaGrafindo Persada.
Matruty, D. J., Loppies, L. S., & Lawalata, M. J. (2023). The effect of return on asset, debt to equity ratio and current ratio on price to book value (Case study on food and beverage subsector companies listed on the Indonesian Stock Exchange period 2019–2021). Jurnal Ekonomi, 12(4), 1077–1082.
Nugraha, A. S., & Triyonowati. (2023). Pengaruh ROA dan ROE terhadap harga saham pada perusahaan perbankan di BEI. Jurnal Ilmu dan Riset Manajemen, 12(12), 1–16.
Organisation for Economic Co-operation and Development. (2025). Asia capital markets report 2025: The role of capital markets in increasing competitiveness. OECD Publishing. https://www.oecd.org/en/publications/2025/06/asia-capital-markets-report-2025
Pratiwi, A. N., & Rakhimah, F. A. (2024). Analisis return on asset (ROA): Tinjauan literatur dan implikasinya dalam pengukuran kinerja keuangan perbankan. Jurnal Ilmiah Ekonomi dan Manajemen, 2(6), 89–97.
Priadana, S., & Sunarsi, D. (2021). Metode penelitian kuantitatif. Pascal Books.
PT Kustodian Sentral Efek Indonesia. (2024). Statistik publik Desember 2024. https://www.ksei.co.id/files/Statistik_Publik_Desember_2024_v3.pdf
Puspita, P. I. A. (2023). Pengaruh ROA, ROE serta EPS terhadap harga saham pada sektor transportasi dan logistik yang terdaftar di Bursa Efek Indonesia tahun 2012–2016 (Undergraduate thesis, Universitas Semarang).
Qodhari, D., & Musthofa, M. W. (2024). Analisis pengaruh return on equity dan earning per share terhadap harga saham PT Bank Syariah Indonesia Tbk. Jurnal Ekonomika dan Bisnis Islam, 6(3), 117–128. https://doi.org/10.26740/jekobi.v6n3.p117-128
Rahmah Fadillah, I., Nadiyah, N., Rohmah, L., Haryadi, D., & Wahyudi, W. (2024). “Profitability Ratio Analysis to Assess the Financial Performance.” International Journal of Applied Finance and Business Studies 11(4): 964–969. https://doi.org/10.35335/ijafibs.v11i4.243.
Rambe, N. A. I., Imam Muarif, Mangasi Sinurat, & Willy Cahyadi. (2024). Effect Of Return On Equity, Earning Per Share, Debt To Equity Ratio On Stock Return. Jurnal Ekonomi, 13(02), 1819–1829.
Riyanto, S., & Hatmawan, A. A. (2020). Metode riset penelitian kuantitatif. Deepublish.
Saputra, D. C., Resty, F., Gusteti, Y., & Ermawati, E. (2023). Pengaruh return on assets (ROA), return on equity (ROE), dan price earning ratio (PER) terhadap harga saham perusahaan sektor transportasi yang terdaftar di Bursa Efek Indonesia. Innovative: Journal of Social Science Research, 3(5), 1265–1275.
Sekaran, U., & Bougie, R. (2020). Research methods for business: A skill-building approach (8th ed.). John Wiley & Sons.
Sinurat, B., Agustina, A. E., & Wildan, M. A. (2025). The influence of return on assets (ROA) and return on equity (ROE) on stock prices in banking companies on the Indonesia Stock Exchange for the 2023–2024 period. International Journal of Economics, Management, and Research,4(2), 565–575. https://doi.org/10.55606/ijemr.v4i2.396
Wibowo, A. E. (2021). Metodologi penelitian: Pegangan untuk menulis karya ilmiah. Pustaka Pelajar.
Wijaya, R. (2019). Analisis perkembangan return on assets (ROA) dan return on equity (ROE) untuk mengukur kinerja keuangan. Jurnal Ilmu Manajemen, 9(1), 40–51.
- Cover Image
-
- Published
- 2026-06-25
- Section
- Articles
- License
-
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
How to Cite
Similar Articles
- Noviana Rismaniyah, Moh. Muklis Sulaeman, Diah Ayu Novitasari, Nanto Purnomo, The Influence of Promotion, Price, and Store Atmosphere on Consumer Purchase Interest at TB. Barokah Mulya Dumpi Lamongan , Research Trend in Technology and Management: Vol. 2 No. 4 (2024): Research Trend in Technology and Management
- Alhaniyah Nurshabrina, Etty Gurendrawati, Indah Muliasari, Analysis Of Sustainability Report Disclosures Based On Financial Performance at PT Jamkrindo , Research Trend in Technology and Management: Vol. 2 No. 1 (2024): Research Trend in Technology and Management
- Fitri Handayani, Ike Susanti, M.Chusnul Khitam, Yunni Rusmawati dj, The Influence of Physical Evidence, Price and Word Of Mouth on the Decision to Purchase Camphor Wood at UD. Source: Rizki , Research Trend in Technology and Management: Vol. 2 No. 3 (2024): Research Trend in Technology and Management
- Yunita Prastyaningsih, Mifthahul Rahmi, M. Najamudin Ridha, Rabini Sayyidati, Syapna, Rancang Bangun Sistem Informasi Produktivitas Pegawai Telkom Plasa Berbasis Web , Research Trend in Technology and Management: Vol. 4 No. 1 (2026): Research Trend in Technology and Management
- Siti Kholifah, Mohammad Muklis Sulaiman, The Effect of Facilities, Quality, and Price on Consumer Satisfaction at Welijo Cafe and Freshmarket , Research Trend in Technology and Management: Vol. 2 No. 3 (2024): Research Trend in Technology and Management
- Sania Aprilia, Istianah Setyaningsih, Muhammad Ikhwan, Analisis Pengembangan Sumber Daya Manusia Atlet Paralympic di Kabupaten Bekasi , Research Trend in Technology and Management: Vol. 3 No. 4 (2025): Research Trend in Technology and Management
- Yosi Ika Putri, Tutty Nuryati, Tri Yulaeli, Beti Nurbaiti, Endah Prawesti Ningrum, Factors Influencing of Tax Evasion: Tax Sanctions, Tax Understanding, and Love of Money. , Research Trend in Technology and Management: Vol. 3 No. 3 (2025): Research Trend in Technology and Management (in progress)
- Puguh Cahyono, Deajeng Octavianti Masfufah, The Effect of Price and Product Quality on Consumer Satisfaction Levels : Case Study On Consumers At Terracotta Cafe Lamongan , Research Trend in Technology and Management: Vol. 2 No. 3 (2024): Research Trend in Technology and Management
- Puguh Cahyono, Nur Laili, The Influence of Location, Price, and Facility on Interest in Revisiting Wego Lamongan Tourism : Case Study on Gondang Outbond Lamongan Educational Tourism , Research Trend in Technology and Management: Vol. 2 No. 3 (2024): Research Trend in Technology and Management
- Siska Aprilia Rahmawati, Tutty Nuryati, Tri Yulaeli, Beti Nurbaiti, Endah Prawesti Ningrum, Factors Effect Vehicle Taxpayer Compliance with Income Level as a Moderating Variable , Research Trend in Technology and Management: Vol. 3 No. 1 (2025): Research Trend in Technology and Management (in progress)
You may also start an advanced similarity search for this article.