Key Drivers of Stock Price Movements: Financial and Economic Indicators in Unilever Indonesia (2014–2023)

Rini Setiawati; Listri  Herlina

doi:10.47747/ijfr.v5i4.2288

Authors

Rini Setiawati Fakultas Ekonomi dan Bisnis, Universitas Indonesia Membangun, Bandung
Listri Herlina Fakultas Ekonomi dan Bisnis, Universitas Indonesia Membangun, Bandung

DOI:

https://doi.org/10.47747/ijfr.v5i4.2288

Keywords:

Financial Ratio, Marcroeconomic, Stock Price

Abstract

Multinational corporations are critical in ensuring financial market stability and boosting corporate performance, mainly through job creation and increased productivity. These contributions positively influence investor confidence and significantly impact stock market performance. As one of the leading multinational companies, PT Unilever contributes substantially to Indonesia's economic development. However, in recent years, PT Unilever has faced a notable decline in its stock prices. Such a decline can undermine investor trust, affecting the company’s investment strategies. For this reason, examining factors that influence stock price movements, including financial ratios and macroeconomic variables, becomes essential. This research investigates the influence of financial ratios and macroeconomic indicators on PT Unilever Indonesia Tbk's stock price fluctuations in 2014–2023. The variables analyzed include the Current Ratio (CR), Earnings Per Share (EPS), inflation, interest rates, and Gross Domestic Product (GDP). Using secondary data and a multiple linear regression approach, the study reveals that EPS and inflation positively and significantly impact stock prices. At the same time, interest rates and GDP exhibit a negative and significant effect. On the other hand, the CR variable does not significantly affect stock price movements

References

Ardillah, N., & Herlinawati, E. (2024). Analisis current ratio (CR), debt to equity ratio (DER) dan earnings per share (EPS) terhadap harga saham PT Waskita Karya Tbk periode 2015-2023. Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi), 8(2), 1824-1842. https://doi.org/10.31955/mea.v8i2.4246

Astuti, R., & Dkk. (2023). Ekonomi mikro di era digitalisasi. Batam: Yayasan Cendikia Mulia Mandiri.

Brealey, R. A., Myers, S. C., Allen, F., & Edmans, A. (2020). Principles of Corporate Finance (13th ed.). McGraw-Hill Education.

Brigham, E. F., & Ehrhardt, M. C. (2021). Financial management: Theory & practice (16th ed.). Cengage Learning.

Budiman, R. (2018). Rahasia analisis fundamental saham. Jakarta: Elek Media Komputindo.

Damodaran, A. (2012). Investment valuation: Tools and techniques for determining the value of any asset (3rd ed., University Edition). Wiley.

Edomiaty, T., Saeed, Y., & Hammam, R. (2018). The associations between stock prices, inflation rates, interest rates are still persistent: Empirical evidence from stock duration model. Journal of Economic, Finance and Administrative Science, 25(49), 149-161. https://doi.org/10.1108/JEFAS-10-2018-0105

Gitman, L. J. (2015). Principles of management finance (12th ed.). Boston: Pearson Education, Inc.

Herlina, L., & Nugroho, I. W. (2024). Stock price analysis of PT Bukit Asam Tbk: A comprehensive study. Dinasti Accounting Review, 2(1). https://doi.org/10.38035/dar.v2i1.639

Ilyas, S. R. (2022). Pengaruh indikator makroekonomi terhadap harga saham perusahaan (Studi pada perusahaan yang tercatat dalam indeks LQ45). Jurnal Ekonomi Manajemen Sistem Informasi, 4(1), 93-105. https://doi.org/10.31933/jemsi.v4i1

Istinganah, A., & Hartiyah, S. (2021). Pengaruh inflasi, suku bunga, nilai tukar rupiah, produk domestik bruto dan jumlah uang beredar terhadap indeks harga saham gabungan (IHSG) di Bursa Efek Indonesia (BEI) periode 2010 sampai 2019. Jurnal Ilmu Manajemen, 2(2), 245-252. https://doi.org/10.32500/jebe.v2i2.1739

Jaya, A., & Dkk. (2023). Manajemen keuangan. Padang: Global Eksekutif Teknologi.

Kurniawan, A. (2019). Pengaruh inflasi, suku bunga, dan nilai tukar terhadap harga saham perusahaan perbankan. Jurnal Ilmu dan Riset Manajemen, 8(1). https://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/789

Mankiw, N. G. (2022). Macroeconomic (11th ed.). Macmillan Learning.

Mayasari, D., Herlinawati, E., & Dewi, L. K. (2024). Pengaruh current ratio (CR), earning per share (EPS) dan return on asset (ROA) terhadap harga saham pada PT XL Axiata Tbk periode 2012-2022. Jurnal Ekonomi, Manajemen dan Akuntansi, 10(2), 1377-1386. https://journal.lembagakita.org/index.php/jemsi/article/view/2321

Mishkin, F. S. (2017). Ekonomi uang, perbankan dan pasar keuangan (11th ed.). Jakarta: Selemba Empat.

Moorcy, N. D., Alwi, M., & Yusuf, T. (2021). Pengaruh inflasi, suku bunga, dan nilai tukar terhadap indeks harga saham gabungan di Bursa Efek Indonesia. Jurnal Geoekonomi, 12(1), 67-78. https://doi.org/10.36277/geoekonomi.v12i1.146

Mustaffa, M., & Syabani, M. (2021). Analysis of the influence from CR, EPS, ROE, DER on stock prices at basic industry and chemical sectors during year of 2017. Dinasti International Journal of Economic, Finance & Accounting, 1(6), 1013-1022. https://doi.org/10.38035/dijefa.v1i6.724

Nginang, Y. (2020). Pengaruh tingkat suku bunga dan promosi terhadap perolehan deposito pada PT Bank Tabungan Pensiunan Nasional Tbk yang terdaftar di Bursa Efek Indonesia. Economix, 5(1).

Novaldin, M. R., Nurrasyidin, M., & Larasati, M. (2020). Pengaruh current ratio, return on asset, earning per share, dan debt to equity ratio terhadap harga saham pada perusahaan manufaktur subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2015-2019. Jurnal Penelitian Ekonomi Akuntansi (JENSI), 4(1), 54-57. https://doi.org/10.33059/jensi.v4i1.2662

Nurasila, E., Yudhawati, D., & Supramono. (2019). Pengaruh inflasi dan suku bunga terhadap harga saham pada sektor industri barang dan konsumsi. Jurnal Ilmu Manajemen, 2(3), 389-402. https://doi.org/10.32832/manager.v2i3.3714

Ristiya, R., Suryaningprang, A., & Dkk. (2024). Pengaruh current ratio (CR), debt to equity ratio (DER), earning per share (EPS) dan price earning ratio (PER) terhadap harga saham. Jurnal Ekonomi Bisnis, Manajemen dan Akuntansi, 4(1), 278-290. https://doi.org/10.47709/jebma.v4i1.3622

Risyafli, I. Q., & Chaeruddin. (2021). The impact from return of equity (ROE), return of asset (ROA), and earning per shares (EPS) on primary consumer sector (consumer non-cyclicals) companies on the IDX during 2014-2019. Dinasti International Journal of Digital Business Management, 2(4), 706. https://doi.org/10.31933/dijdbm.v2i4.874

Sa’adah, L., & Nur’Ainui, T. (2020). Implementasi Pengukuran Current ratio, Debt To Equity ratio dan Return on Equity serta pengaruhnya terhadap return. Jombang: Universitas Kh. A Wahab Hasbullah.

Sandrina, I., Suryaningprang, A., & Dkk. (2023). Pengaruh current ratio, return on asset, dan return on equity terhadap harga saham. Jurnal Ilmiah Akuntansi dan Keuangan, 5(10), 3534. http://journal.ikopin.ac.id/index.php/fairvalue/article/view/2945

Satria, R., & Shabrina, N. (2022). Analisis tren harga saham PT Unilever Indonesia perspektif net profit margin, earning per share dan current ratio. Scientific Journal of Reflection, 5(1), 66-73. https://doi.org/10.37481/sjr.v5i1.426

Sudaryono. (2016). Metode Penelitian Pendidikan (1st ed.). Jakarta: Kharisma Putra Utama.

Waluyo, D. E. (2019). Ekonomika makro (7th ed.). Malang: Universitas Muhammadiyah Malang.