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
- 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
- Nafa Ira Riyandini, Mohamad Trio Febriyantoro, THE EFFECT OF LEADERSHIP STYLE, EMPLOYEE EFFECTIVENESS, SUPERVISOR SUPPORT ON EMPLOYEE PRODUCTIVITY, EMPLOYEE SATISFACTION DIMENSION AT PT. JAYA CONSTRUCTIO , Research Trend in Technology and Management: Vol. 1 No. 3 (2023): Research Trend in Technology and Management
- Ade Prayoga, Lilik Nurcholidah, The Influence of Service Quality, Trust, and Consumer Satisfaction on Consumer Loyalty (Case Study Of Cv.Lima Satu Tiga Transportation Services) , Research Trend in Technology and Management: Vol. 3 No. 1 (2025): Research Trend in Technology and Management (in progress)
- Wafa Rahma Hidayah, Ati Sumiati, Sri Zulaihati, The Influence of Institutional Ownership, Managerial Ownership, Independent Board of Commissioners, and Firm Size on Earnings Management in Indonesian Banking Companies (2021–2024) , Research Trend in Technology and Management: Vol. 3 No. 2 (2025): Research Trend in Technology and Management (in progress)
- Risa Novia Pratama Sari, Fendi Saputra, The Effect of Customer Relationship Marketing Commitment, Communication, and Satisfaction on Customer Loyalty : Case Study on Scarlett Whitening in the city of South Tangerang , Research Trend in Technology and Management: Vol. 1 No. 3 (2023): Research Trend in Technology and Management
- Chinelo Patience Ohanyere, Ekwutosi Theresa Ezeanorue, Emeka Alex Akwaeze, Assessing the impact of management by objectives on non-financial dimensions of organizational performance , Research Trend in Technology and Management: Vol. 4 No. 1 (2026): Research Trend in Technology and Management
- Algam Algam Octada, Adam Zakaria, Windy Permata Suyono, PREPARATION OF 3D VIRTUAL GAME-BASED AUDIT SIMULATION APPLICATIONS FOR PROSPECTIVE AUDITORS , Research Trend in Technology and Management: Vol. 4 No. 2 (2026): Research Trend in Technology and Management (on progres)
- Joana Andalina Risamasu, Pompong B. Setiadi, Sri Rahayu, Rifda Fitrianti, Analysis of the Carrying Capacity of Road Infrastructure Towards the Acceleration of Economic Development Performance of Fakfak Regency (Case Study of Community Readiness for the Development of Siboru Airport Road Access) , Research Trend in Technology and Management: Vol. 2 No. 2 (2024): Research Trend in Technology and Management
- Narzullaev Elmurod Shukhrat ogli, ORGANIZATIONAL MECHANISM OF MANAGING THE DEVELOPMENT OF SOCIAL ENTREPRENEURSHIP IN UZBEKISTAN , Research Trend in Technology and Management: Vol. 1 No. 3 (2023): Research Trend in Technology and Management
- Moh. Fitrah Ramadhan, Janiman Janiman, Arinal Muna, Taxpayer compliance factor related to technology: the influence of e-registration, e-spt, e-filling, and e-billing usage , Research Trend in Technology and Management: Vol. 1 No. 2 (2023): Research Trend in Technology and Management
You may also start an advanced similarity search for this article.