The Effect of ROE, DER, and EPS on Stock Prices of IDX Energy Companies (2020–2024)

Farhatul Azizah; Acep Komara

doi:10.59431/ijer.v6i1.752

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The Effect of ROE, DER, and EPS on Stock Prices of IDX Energy Companies (2020–2024)

Farhatul Azizah, Dr. Drs. H. Acep Komara, SE., M.Si., Ak., CSRS

View Author Affiliations

Farhatul Azizah: Universitas Swadaya Gunung Jati, Indonesia
Dr. Drs. H. Acep Komara, SE., M.Si., Ak., CSRS: Universitas Swadaya Gunung Jati, Indonesia

DOI:

https://doi.org/10.59431/ijer.v6i1.752

Published:

March 28, 2026

Pages:

239-249

33

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21

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Abstract

This study examines the effects of Return on Equity (ROE), Debt to Equity Ratio (DER), and Earnings per Share (EPS) on the stock prices of companies in the IDX Energy sector during the 2020–2024 period. The research is motivated by the high volatility in the energy sector due to the COVID-19 pandemic, post-pandemic recovery, and global commodity price fluctuations, which may influence investor responses to firm fundamentals.Using a quantitative approach, this study analyzes secondary data from 15 companies selected through purposive sampling, resulting in 75 firm-year observations. The data were analyzed using panel data regression.The results show that ROE and DER have positive but statistically insignificant effects on stock prices, while EPS has a positive and statistically significant effect. Simultaneously, all variables significantly affect stock prices, with the model explaining 56.45% of the variation.These findings indicate that EPS is the most relevant financial indicator in explaining stock price movements of IDX Energy companies during the study period.

Keywords

Stock Price; Return on Equity; Debt to Equity Ratio; Earnings per Share; IDX ENERGY; Panel Data

Author Biographies

Farhatul Azizah

Universitas Swadaya Gunung Jati

Management Study Program, The Faculty of Economics and Business, Universitas Swadaya Gunung Jati, Cirebon City, West Java Province, Indonesia., Indonesia.

Dr. Drs. H. Acep Komara, SE., M.Si., Ak., CSRS

Universitas Swadaya Gunung Jati

Management Study Program, The Faculty of Economics and Business, Universitas Swadaya Gunung Jati, Cirebon City, West Java Province, Indonesia., Indonesia.

Article Identifiers

Article Title: The Effect of ROE, DER, and EPS on Stock Prices of IDX Energy Companies (2020–2024)
DOI: 10.59431/ijer.v6i1.752
Publication Date: 2026-03-28

Journal: Indonesian Journal Economic Review (IJER)
Volume: 6
Issue: 1
Pages: 239-249

References

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Issue Information

Article Details

Volume:	6
Issue:	1
Year:	2026
Published:	2026-03-28
Pages:	239-249
Section:	Articles

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How to Cite

Azizah, F., & Komara, A. (2026). The Effect of ROE, DER, and EPS on Stock Prices of IDX Energy Companies (2020–2024). Indonesian Journal Economic Review (IJER), 6(1), 239-249. https://doi.org/10.59431/ijer.v6i1.752