THE INFLUENCE OF EARNING PER SHARE, DEBT TO EQUITY,RETURN ON ASSET AND NET PROFIT MARGIN ON STOCK PRICES
 (A STUDY ON MANUFACTURING COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FROM 2018-2021)

Yulianti Anggrahini Dewi1), Hadi Samanto2)Suprihati3)
Faculty of Economics and Business, AAS Indonesia Institute of Technology and Business, Sukoharjo
Email: anggrahinidewi25@gmail.com

ABSTRACT

This study aims to determine the effects of earning per share, debt to equity, return on asset, and net profit margin on stock prices (A study on manufacturing companies listed on the Indonesia Stock Exchange from 2018-2021). The factors tested in this study are earning per share, debt to equity, return on asset, and net profit margin. Data collection in this study used the documentation method, which involved written data related to the tested factors and stock prices from 2018-2021. The data analysis method used in this study was multiple linear regression analysis with a significance level of 5% or 0.05. The results of the study prove that the earning per share variable with a significance value of 0.000 < 0.05, return on asset 0.001 < 0.05, and net profit margin 0.002 < 0.05 have an effect on stock prices in manufacturing companies listed on the Indonesia Stock Exchange. On the other hand, the debt to equity variable does not have an effect on stock prices in manufacturing companies listed on the Indonesia Stock Exchange, as indicated by the t-test results above 5%. The results of the F-test show that the variables earning per share, debt to equity, return on asset, and net profit margin collectively have an effect on dividend policy with an R2 value of 64.2%.
Keywords: Earning Per Share, Debt to Equity, Return on Asset, Net Profit Margin, Stock Prices

1.	Introduction
The development of the economy in the era of globalization has significant impacts on the business world. This phenomenon of globalization brings positive effects such as the rapid advancement of knowledge and technology, cultural exchange, and global economic development. One of the outcomes is the ease of establishing companies both domestically and internationally, providing opportunities for investors to invest their capital.
In facing business competition and maintaining the sustainability of a company, management often encounters challenges, especially in terms of financial or funding issues. One solution pursued is to seek additional funds through the capital market. The capital market is a place for the exchange of financial instruments, where sellers and buyers are connected with individuals in need of funds and those who invest their money in businesses listed in the Indonesian capital market.
Investment or transactions in the capital market involve the convergence of capital owners (investors) with loan funds (issuers). This plays a crucial role in increasing the company's revenue and profits, as well as influencing the stock prices traded in the capital market. Stock prices are an important indicator that reflects the performance of issuers and serves as a measure of overall company success.
Several factors that affect stock prices include Earning Per Share (EPS), Debt to Equity (DER), Return on Assets (ROA), and Net Profit Margin (NPM). EPS represents the earnings per share and affects the wealth of shareholders. DER is the comparison of debt usage to the company's equity. ROA indicates the contribution of assets to net profit, while NPM reflects the company's ability to generate value from net profit.
Previous studies have found varying results regarding the influence of these variables on stock prices. For example, a study by Girsang (2019) stated that stock prices are not influenced by EPS, while the research by Hutapea et al. (2017) found that ROA and NPM do not have a significant effect on stock prices, but DER has a significant effect. In the Indonesian Stock Exchange, ROA, NPM, and DER collectively affect stock prices in both industries and company components. Other studies, such as the research by Muliadi et al. (2016) on Net Profit Margin, found that NPM has a simultaneous positive and significant effect on stock prices. On the other hand, the study by Kurniawan (2020) showed that NPM has a significant negative effect on stock prices, ROA has no influence, while EPS has a positive influence on the stock prices of manufacturing companies during the 2016-2019 period.
The purpose of this study is to determine: 1) To identify and analyze the partial positive and significant effects of EPS, DER, ROA, and NPM on stock prices in manufacturing companies listed on the Indonesia Stock Exchange (BEI) from 2018 to 2021. 2) To determine and analyze the simultaneous effects of EPS, DER, ROA, and NPM on stock prices in manufacturing companies listed on the Indonesia Stock Exchange (BEI) from 2018 to 2021.
Based on the conceptual framework, the research hypotheses are as follows: 
H1: Earning per share, Debt to equity, Return on asset, and Net profit Margin have a positive and significant effect on stock prices.
 H2: Earning per share has a positive and significant effect on stock prices.
 H3: Debt to equity has a positive and significant effect on stock prices.
 H4: Return on asset has a positive and significant effect on stock prices.
 H5: Net profit margin has a positive and significant effect on stock prices.

Capital Market
 "The capital market is an organized market where various activities involve the trading of securities or long-term financial instruments offered by issuers (companies in need of funds) to the investing public (investors) for investment purposes" (Berlianty, et al., 2021).
Stock
 In Fahmi's book (2018), the definition of stock is: a. Evidence of capital participation or ownership of funds in a corporation. b. Documents stated with different nominal values, company names, and subsequently with the rights and obligations determined for each shareholder. c. Stocks offered for sale.
Stock Price 
Priantono et al. (2018) state that stock price is a very important factor and needs to be considered by investors because it reflects the performance of the issuer, which is one of the benchmarks for the overall success of a company. This definition implies that stock price is an amount.
Earning Per Share (EPS) 
Kasmir (2018) explains that a low EPS indicates that management has not succeeded in increasing shareholders' wealth, and earnings per share, also known as the book value ratio, is a statistic used to assess management's success in creating profit for shareholders. On the other hand, a high EPS indicates that shareholders' wealth will increase. To determine the amount of earnings per share, it can be observed from the company's financial statements. This ratio is calculated as follows: EPS = Net income per share / Number of shares outstanding.
Debt-to-Equity (DER)
Ratio Kasmir (2018) states that this ratio is used to calculate how much personal capital is used as debt collateral. The risk associated with the potential bankruptcy of a company increases with a higher debt-to-equity ratio, making it less favorable. The profit margin of a company can be influenced by the amount of debt it carries. Essentially, investors prefer companies with a low debt ratio because the lower the debt ratio, the greater the level of loss experienced by investors if the company is liquidated. This ratio is calculated as follows: Debt-to-Equity Ratio = Total debt / Equity.
Return on Assets (ROA) 
"The ratio called return on assets (ROA) shows the extent to which assets contribute to net profit. The estimation of net profit from every rupiah included in total assets is determined using this ratio" (Hery, 2018). The significance or magnitude of a company's ability to generate profit is determined by this financial ratio. The ROA ratio is determined as follows: ROA = Net profit after tax / Total assets x 100%.
Net Profit Margin (NPM) 
Net Profit Margin (NPM) is defined as the profit after all costs and income tax divided by net sales. It represents the portion of net profit after tax in relation to sales. As a result, it shows the extent or magnitude of a company's ability to derive value from its net profit. The NPM ratio is calculated as follows: NPM = Net profit after tax / Net sales.
2.	Research Method
Types of research
This study is quantitative. Sugiyono, (2019) stated that "quantitative method, specifically the research method used for studying specific populations and samples, involves data collection using research instruments, and data analysis is quantitative/statistical in order to test established hypotheses."
Data source
The research data is derived from studies or literature reviews conducted in various publications and is based on research-related records. This study was conducted by obtaining data from books. In addition to books, research data was also obtained from the internet. The research data can be found on the official website of the Indonesia Stock Exchange, which is www.idx.co.id.
Population
Sugiyono (2019) defines population as a generalized area consisting of objects/subjects with specific quantities and characteristics determined by the researcher to be studied and subsequently draw conclusions from. There are 35 manufacturing companies listed on the Indonesia Stock Exchange between 2018 and 2021 that are considered as the population for this research.
Sample
Sugiyono, (2019) states, the sample is part of the number and characteristics of the population.  In this study, researchers used purposive sampling technique.  In this study there were 43 research samples that had been selected according to the criteria of the existing population.
Data collection technique 
Sugiyono (2019) states, "Because data collection is the main objective of research, the data collection procedure is the most important stage. Researchers will not obtain data that meets the established data standards if they do not understand the data collection methods." In this study, the data collection technique involves obtaining financial reports from manufacturing companies listed on the Indonesia Stock Exchange (BEI) for the years 2018 to 2021.
Data analysis technique
In this research, the data analysis technique used includes descriptive statistical analysis, classical assumption tests, multiple linear regression analysis, F-test, t-test, and coefficient of determination (R2) test.

3.	Results and Discussion
3.1.	 Results
3.1.1  Hypothesis testing
A.	Multiple linear regression analysis
Multiple independent variables are used in a regression model known as multiple linear regression. Multiple linear regression analysis is conducted to verify the direction and strength of the influence of independent variables on the dependent variable (Ghozali, 2018).
Model	Unstandardized Coefficients	Standardized Coefficients	t	Sig.	
					
	B	Std. Error	Beta	 	 	
(Constant)	369,938	85,689	 	4,317	0,000	
     EPS	0,048	0,006	0,784	8,193	0,000	
1   DER	-0,653	0,831	-0,075	.-0,786	0,437	
     ROA	0,604	0,172	0,343	3,519	0,001	
     NPM	0,097	0,029	0,329	3,311	0,002	

The regression analysis equation above provides the following interpretations:
Stock Price =369,938 + 0,048 EPS – 0,653 DER + 0,604 ROA + 0,097 NPM + e
a)	(constant = a) is 369.938, which means that if all independent variables, including EPS, DER, ROA, and NPM, are not applied, the Stock Price value would be 369.938.
b)	EPS (b1X1) has a regression coefficient of 0.048, which means that for every unit increase in EPS, the Stock Price will increase by 0.048, assuming all other factors remain constant.
c)	DER (b2X2) has a regression coefficient of -0.653, which means that for every unit increase in DER, the Stock Price will decrease by -0.653, assuming all other factors remain constant.
d)	ROA (b3X3) has a regression coefficient of 0.604, which means that for every unit increase in ROA, the Stock Price will increase by 0.604, assuming all other factors remain constant.
e)	NPM (b4X4) has a regression coefficient of 0.097, which means that for every unit increase in NPM, the Stock Price will increase by 0.097, assuming all other factors remain constant.

B.	Hypotesis Testing Simultaneously (F-test)
The F-test is conducted to test or determine whether the hypothesis of independent variables collectively or simultaneously affects the dependent variable. The significance level threshold for this test is set at 0.05.       
Model	Sum of Squares	Df	Mean Square	F	Sig.	
             Regression	6674202,863	4	1668550,716	19,857	0,000b	
1           Residual	3193092,765	38	84028,757			
             Total	9867295,628	42	 	 	 	
              The F-table value is calculated as follows: df = n(43) - k(5) - 1 = 39, and the obtained F-table value is 2.61. The calculated F-value (19.857) is greater than the F-table value (2.61) with a probability of 0.000. The significance value is less than 0.05 Based on this substantial F-test result, it can be concluded that EPS, DER, ROA, and NPM have an impact on the stock prices of manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2021. This indicates that the alternative hypothesis (Ha) is accepted, and the null hypothesis (H0) is rejected.
C.	Partial Hypotesis Testing (t-Test)
To determine how each independent variable affects the dependent variable, a t-test is conducted. Partial tests are used to assess the statistical significance of the partial influence of independent variables at a 5% significance level or a confidence level of 95%.
Model	Unstandardized Coefficients	Standardized Coefficients	T	Sig.	
					
	B	Std. Error	Beta	 	 	
(Constant)	369,938	85,689	 	4,317	0,000	
     EPS	0,048	0,006	0,784	8,193	0,000	
1   DER	-0,653	0,831	.-0,075	-0,786	0,437	
     ROA	0,604	0,172	0,343	3,519	0,001	
     NPM	0,097	0,029	0,329	3,311	0,002	
The significance level used in this study is 0.05. The results of the testing show that the t-value obtained for EPS is 8.193, for DER is -0.786, for ROA is 3.519, and for NPM is 3.311, with a t-table value of ± 1.68488.
a)	Influence of EPS on stock prices The variable EPS obtains a t-table value of 1.68488 and a t-value of 8.193. Therefore, the t-value (8.193) > t-table value (1.68488), and 0.000 < 0.05, which is considered significant. This indicates that H1 is accepted and H0 is rejected, indicating that EPS partially has a positive and significant impact on stock prices of manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2021.
b)	Influence of DER on stock prices The variable DER obtains a t-table value of -1.68488 and a t-value of -0.786. Therefore, the t-value (-0.786) > t-table value (-1.68488), and 0.437 > 0.05, which is not considered significant. This indicates that H1 is rejected and H0 is accepted, indicating that DER does not have a positive and significant impact on stock prices of manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2021.
c)	 Influence of ROA on stock prices The variable ROA obtains a t-table value of 1.68488 and a t-value of 3.519. Therefore, the t-value (3.519) > t-table value (1.68488), and 0.001 < 0.05, which is considered significant. This indicates that H1 is accepted and H0 is rejected, indicating that ROA partially has a positive and significant impact on stock prices of manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2021.
d)	Influence of NPM on stock prices The variable NPM obtains a t-table value of 1.68488 and a t-value of 3.311. Therefore, the t-value (3.311) > t-table value (1.68488), and 0.002 < 0.05, which is considered significant. This indicates that H1 is accepted and H0 is rejected, indicating that NPM partially has a positive and significant impact on stock prices of manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2021.
D.	Coefficient of determination (R2)
Ghozali, (2018) explains how the fit of the regression model is evaluated using the coefficient of determination. The coefficient of determination ranges from 0 (zero) to 1 (one) (0 R2). This test will determine how much influence the independent variables (net profit margin, return on assets, debt to equity, and earnings per share) have on stock prices.
Model	R	R Square	Adjusted R Square	Std. Error of the Estimate	
1	0,822a	0,676	0,642	289,87714	

Adjusted R Square is 0.642 which means that the EPS, DER, ROA, and NPM variables which can be called the coefficient of determination can explain 64.2% of the variation in stock prices, while the remaining 35.8% is explained by other factors not examined in this study.

3.2. Discussion
a)	The influence of Earning per share, Debt to equity, Return on asset, and Net profit margin on Stock Price.
The results of this study indicate that simultaneously, Earning per share (EPS), Debt to equity ratio (DER), Return on asset (ROA), and Net profit margin (NPM) have a positive and significant influence on Stock Price. This can be seen in the test table, where the calculated F-value is 19.857. Using the F-table with degrees of freedom df = n(43) - k(5) - 1 = 39, the critical F-value is 2.61. Therefore, the calculated F-value (19.857) is greater than the critical F-value (2.61) with a probability of 0.000. The probability value less than 0.05 indicates significance. This significant F-test indicates that the alternative hypothesis (Ha) is accepted, and the null hypothesis (H0) is rejected, meaning that EPS, DER, ROA, and NPM have an influence on the Stock Price of manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2021.
EPS, DER, ROA, and NPM collectively influence stock prices because these four variables serve as indicators that can be used as a basis for predicting stock prices. An increase in any of these variables indicates that the company is performing well, leading to more investors putting their money into it. The findings of this study are consistent with previous research (Hutapea et al., 2017) that stated the simultaneous influence of Return on asset, Net profit margin, and Debt to equity on Stock Price.
b)	The Influence of Earning per Share on Stock Price.
The research results indicate that Earning per Share (EPS) has a significant influence on stock prices, with a value of 0.000, which is less than 0.05. The stock prices of manufacturing companies listed on the Indonesia Stock Exchange are positively and significantly affected by the EPS variable. Based on data analysis and hypothesis testing conducted in this study, it is found that the alternative hypothesis (Ha) is accepted, and the null hypothesis (H0) is rejected because the calculated t-value (8.193) is greater than the critical t-value (1.68488), and the significance value is 0.000, which is less than 0.05. This means that an increase in book value or EPS indicates the management's success in achieving profits for shareholders and, consequently, has an impact on stock prices.
This finding is supported by research conducted by Dewi & Suayana (2013) and Kurniawan, Dhuhri (2020), which state that EPS has a positive and significant influence on stock prices. However, it contradicts the findings of Girsang, Larasati (2019), who stated that EPS does not have an influence on stock prices.
c)	The Influence of Debt to Equity on Stock Prices.
Debt-to-equity (DER) is a ratio that compares the use of debt to equity in a company. A higher ratio indicates higher financial risk for the company, while a lower ratio indicates lower risk for the company. According to the research findings, DER does not have an influence on stock prices because its significance value is relatively large, at 0.437, which is greater than 0.05. The stock prices of manufacturing companies listed on the Indonesia Stock Exchange are not positively and significantly affected by the DER variable. Based on the data analysis and hypothesis testing conducted in this study, it is found that the alternative hypothesis (Ha) is rejected, and the null hypothesis (H0) is accepted because the calculated t-value (-0.786) is greater than the critical t-value (-1.68488), and the significance value is 0.437, which is greater than 0.05.
With these results, it can be interpreted that the DER value in this study is relatively large, indicating a higher level of debt for the company. As a result of this condition, a higher DER indicates a greater dependence of the company on external sources and an increased level of risk for the company. For some investors, DER is seen as the company's responsibility to third parties or creditors who finance the company. If the DER is too high, the company's performance will be negatively affected as increased debt will raise the company's fixed costs and reduce profits. Having too much debt to equity increases the investment risk for shareholders.
This research contradicts the findings of Dewi & Suaryana (2013), which stated that debt to equity has a positive and significant influence on stock prices.

d)	 The Influence of Return on asset on Stock Prices.
The contribution of assets to net profit is measured by return on assets (ROA). This ratio is used to determine how much net profit can be generated by each unit of currency in total assets. This financial metric establishes the amount or value of a company's capacity to generate profits. According to the research findings, ROA has a significant influence on stock prices, with a value of 0.001, which is less than 0.05. The stock prices of manufacturing companies listed on the Indonesia Stock Exchange are positively and significantly affected by the ROA variable. Based on the data analysis and hypothesis testing conducted in this study, it is found that the alternative hypothesis (Ha) is accepted, and the null hypothesis (H0) is rejected because the calculated t-value (3.519) is greater than the critical t-value (1.68488), and the significance value is 0.001, which is less than 0.05. This means that the higher the ROA, the greater the contribution of assets to the generation of net profit from each unit of capital invested in total assets. Therefore, if a company's profit increases, the company is considered profitable.
These research findings are consistent with a study conducted by Annisa et al. (2019), which stated that ROA has a positive and significant influence on stock prices. However, it contradicts the findings of Kurniawan, Dhuhri (2020), who stated that ROA does not have an influence on stock prices.
e)	The Influence of Net profit margin on Stock Prices.
The profit of sales that has been adjusted for all expenses and income taxes is known as Net Profit Margin (NPM). This margin displays the net profit after taxes as a percentage of sales. Through net profit, we can assess the company's ability to create profit value. According to research findings, NPM has a significant influence on stock prices, with a coefficient of 0.002, which is less than 0.05. The stock prices of manufacturing companies listed on the Indonesia Stock Exchange are positively and significantly influenced by the EPS variable. Based on the data analysis and hypothesis testing conducted in this study, it is known that Ha is accepted, and H0 is rejected because the calculated t-value (3.311) > the critical t-value (1.68488), and the significance value of 0.002 < 0.05. 
This means that the larger the NPM, the greater the company's profit, and the company is deemed capable of generating earnings in accordance with the ratio of net profit margin after taxes to sales.
 The results of this study are consistent with the research conducted by Hutami (2012), which states that NPM has a positive and significant impact on stock prices.
4.  Conclusion
1.	When the calculated F-value in the F-test table is compared to the critical F-value of 2.61, using the formula df = n(43) - k(5)-1 = 39, the result shows that the calculated F-value (19.857) is greater than the critical F-value (2.61) with a probability of 0.000. Therefore, the proposed hypothesis is proven to be true.
2.	EPS has an influence on stock prices. This is evident from the calculated t-value (8.193) being greater than the tabulated t-value (1.68488), and the significance value being 0.000, which is less than 0.05. Thus, the proposed hypothesis is proven to be true.
3.	DER does not have an influence on stock prices. The calculated regression coefficient t-value (-0.786) is greater than the tabulated t-value (-1.68488), and the significance value of 0.437 is greater than 0.05. Therefore, the proposed hypothesis is proven to be true.
4.	ROA has an influence on stock prices. The calculated regression coefficient t-value (3.519) is greater than the tabulated t-value (1.68488), and the significance value of 0.001 is less than 0.05. Hence, the proposed hypothesis is proven to be true.
5.	NPM has an influence on stock prices. The calculated regression coefficient t-value (3.311) is greater than the tabulated t-value (1.68488), and the significance value of 0.002 is less than 0.05. Thus, the proposed hypothesis is proven to be true. 
Based on the conclusion, the suggested advice is:
1)	When investing in a company, it is important to pay attention to the values of EPS (Earnings per Share), DER (Debt-to-Equity Ratio), ROA (Return on Assets), and NPM (Net Profit Margin). These factors influence stock prices and serve as indicators of company performance.
2)	Companies should aim to increase their EPS value as it demonstrates management effectiveness in generating profits. A high EPS value also attracts investor interest as it indicates favorable conditions for shareholders.
3)	 Companies should strive to decrease their DER value as a high DER increases financial risks for the company and discourages investors from investing. Investors should consider the DER value before making investments as a high value indicates poor company performance.
4)	Companies should work towards increasing their ROA value as it reflects a significant contribution of assets to the company's profits. Consequently, the company's earnings rise, resulting in gains.
5)	 Companies should aim to increase their NPM value as it indicates an improved profitability of the company. A high NPM value signifies that the company is capable of generating profits in line with the net profit margin after taxes.
6)	 For future researchers, it is suggested to conduct research within the manufacturing subsector population. If using the same research topic, it is advisable to include additional independent variables to avoid excessively extreme data. Additionally, expanding the research period is recommended to obtain a more diverse sample.

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