PENGARUH ROA, ROE, DAN EPS TERHADAP HARGA SAHAM DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI PADA PERUSAHAAN MAKANAN DAN MINUMAN DI ISSI 2019–2024

Alvan Naufal Khoirullah; Titin Agustin Nengsih; Kurniyati Kurniyati

doi:10.59003/nhj.v6i2.2276

Authors

Alvan Naufal Khoirullah Universitas Islam Negeri Sulthan Thaha Saifuddin Jambi
Titin Agustin Nengsih Universitas Islam Negeri Sulthan Thaha Saifuddin Jambi
Kurniyati Kurniyati Universitas Islam Negeri Sulthan Thaha Saifuddin Jambi

DOI:

https://doi.org/10.59003/nhj.v6i2.2276

Keywords:

firm size, ISSI, profitability, stock price

Abstract

This study examines the effects of return on assets (ROA), return on equity (ROE), and earnings per share (EPS) on stock prices and the moderating role of firm size in food and beverage companies consistently listed on the Indonesia Sharia Stock Index during 2019–2024. A quantitative explanatory design was applied to secondary data from seven purposively selected firms, producing 42 firm-year observations. The analysis used moderated regression analysis, winsorization of extreme ROE values, ROE orthogonalization, and the Cochrane–Orcutt correction. The results show that ROA and ROE have no significant partial effect, whereas EPS has a significant negative effect on stock prices. The three profitability ratios are jointly significant. Firm size strengthens the effect of ROA, does not moderate ROE, and strengthens the negative effect of EPS. The moderation model increases adjusted R² from 0.230 to 0.293.

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