PENGARUH FAKTOR FUNDAMENTAL TERHADAP HARGA SAHAM DENGAN NILAI PERUSAHAAN SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN MANUFAKTUR SEKOR INDUSTRI DASAR & KIMIA YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2022-2024

Abstract

This study aims to analyze the influence of fundamental factors specifically the Debt to Equity Ratio (DER), Return on Equity (ROE), and Current Ratio (CR) on stock price and firm value in basic industry and chemical sector manufacturing companies listed on the IDX during the 2022–2024 period. The study employs a quantitative approach using secondary data sourced from the financial and annual reports of these companies, as published via the Indonesia Stock Exchange. Purposive sampling was used, resulting in a sample of 11 companies that met the criteria, yielding a total of 33 observations over the 2022–2024 period. Data analysis was conducted using SmartPLS version 3.0, involving classical assumption tests (normality and multicollinearity), structural equation modeling, the coefficient of determination, and hypothesis testing via the bootstrapping method. The results indicate that the Debt-to-Equity Ratio (DER) has a significant negative effect on firm value, whereas Return on Equity (ROE) and Current Ratio (CR) have a positive but insignificant effect on firm value; furthermore, DER, ROE, and CR all have a positive but insignificant effect on stock price. The test results show that firm value mediates the effect of the Debt-to-Equity Ratio (DER) on stock price, but it does not mediate the effects of Return on Equity (ROE) and Current Ratio (CR) on stock price.