Ilomata International Journal of Tax & Accounting P-ISSN: 2714-9838.
E-ISSN: 2714-9846
Volume 5.
Issue 3 July 2024 Page No.
The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Felix Feriadi1.
Indra Widjaja2.
Rogue S Evangelio3 Universitas Tarumanagara Indonesia, 3University of Phillipines Diliman Correspondent: feriadifelix1986@gmail.
Received : May 5, 2024 Accepted : June 23, 2024 Published : July 30, 2024 Citation: Feriadi & Widjaja.
The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk.
Ilomata International Journal of Management, 2.
, 764-781 https://doi.
org/10.
61194/ijtc.
ABSTRACT: This study examines the influence of critical financial indicators on the stock price of PT Adaro Energy Indonesia Tbk, with particular emphasis on Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) from 2008 to 2023.
Organizations encounter significant competitive challenges in escalating global economic integration, rendering financial performance analysis essential for strategic decision-making.
Although much study has been conducted on financial ratios, limited studies comprehensively investigate the collective impact of these factors on stock prices within Indonesia's energy industry, particularly over an extended data range.
This study employs a quantitative research methodology and multiple regression analysis, revealing that EPS strongly affects stock prices, underscoring its vital importance in shareholder value.
The data demonstrate that EPS and PER substantially influence stock prices independently, but DPR has no meaningful impact.
EPS.
PER, and DPR jointly exert a substantial effect, accounting for 65.
6% of the volatility in stock prices.
These insights enhance the comprehension of the significance of financial measures in stock valuation, offering strategic considerations for investors and corporate management in their decision-making processes.
Keywords: Earnings Per Share.
Price Earnings Ratio.
Dividend Payout Ratio, stock price.
PT Adaro Energy Indonesia Tbk, financial analysis, investment strategy This is an open-access article under the CC-BY 4.
0 license.
INTRODUCTION
Globalization, driven by economic progress, has intensified commercial competitiveness.
This needs organizations to flourish in changing work environments.
Thus, businesses must create the correct plan to sustain and improve operations.
However, firm growth takes significant funds.
External stock market fundraising is one way to get capital.
(AntaraNews, 2.
Law 8 of 1995 defines the capital market in Article 1 12.
Law 4 of 2023 modified it.
The Capital Market is part of the financial system, which comprises public offers and trading, investment management, public firms and issuers, and securities-related institutions and professions (OJK, 2.
764 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio Indonesia Stock Exchange (IDX) oversees and supports capital market activity.
Like traditional markets, the IDX is owned by shareholders or investment product sellers.
These firms are called securities companies (IDX, 2.
In the capital market, investors must carefully choose a corporation to hold their cash for effective fund allocation.
The most prominent capital market tool is equities.
(Liputan6, 2.
Thus, investors require stock price information to evaluate firms and make investment decisions.
Investors can reduce risk using this knowledge.
Investors acquire shares for dividends or capital gains.
Profit also increases a company's share value in the future.
(OJK, n.
Fundamental research should be done before investing in the company's shares.
Investors can assess issuer financial data using this strategy.
Financial statements may reveal the company's current position and assist in predicting its future (Desiyanti, 2.
A company's financial report can affect stock price swings and investor reactions.
Financial ratios are used for firm analysis or fundamental analysis.
Investors evaluate a firm, using the Price-Earning Ratio.
Dividend-Payout Ratio, and Earnings per Share.
2021 (Stiawan, 2.
EPS compares a company's profit after interest and taxes to its total share count.
Investors are more interested in a firm with a high EPS ratio because of its profit potential.
PER divides stock price by EPS.
This ratio estimates the company's future earnings potential for investors.
Company growth potential determines investors' willingness to boost the PER ratio.
PER ratios are higher for fast-growing companies and lower for slow-growing ones.
Since the PER ratio rises, the company's stock price increases, and vice versa.
Share prices always reflect firm performance.
Investors acquire and keep firm shares to profit from stock price growth.
Profit usually determines dividends and stock value.
In addition to the predicted rate of return, investors examine the dividend payout ratio.
Company dividends are At the GMS, shareholders approve dividends.
Investors must possess shares for a specified amount of time to get dividends.
No dividends will impact the stock price.
Thus, dividend-free corporations' stock values will not fall.
Dividends don't affect investors' decisions.
Still, dividends are strategic for corporations and investors.
Annual dividend payments show good management and cash flow stability to the organization.
This will promote firm growth and investor confidence, affecting stock prices.
Higher Dividend Payout Ratios (DPR) improve stock Advances in technology and information increase competition amongst issuers, affecting their Every company must increase product quality to please customers.
Leading Indonesian mining and coal business PT Adaro Energy Indonesia Tbk implements this technique.
Adaro now has numerous integrated energy enterprises.
Company subsidiaries work in mining, power production, port services, ship loading, significant ship transportation, marketing, and It operates a mine in South Kalimantan and aims to lead Southeast Asia's mining and energy industry.
(IndonesiaInvestments, n.
765 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio Table 1.
Last Five Years PT Adaro EPS.
PER.
DPR, and Stock Price
Earning Per Share
Price Earning Ratio
Dividend Price Ratio
Year
USD
Times 0,05309 2,91 48,74 0,08032 3,05 40,11 0,02927 5,39 69,63 0,00459 22,07 99,92 0,01264 8,47 61,88 Source: Researcher Processed Data, 2024
Stock Price
USD
0,15439
0,24474
0,15768
0,10138
0,10697
The stock price of PT Adaro Energy Indonesia Tbk fluctuates often.
Like EPS.
PER, and DPR, it changes every period.
Stock investors may purchase, sell, or hold according to swings.
Due to varied occurrences, many factors must be addressed.
In contrast, the author uses the study's concerns as a basis for writing and analysis.
Based on the above analysis, the research model framework is as follows:
Figure 1.
Framework (Source: Processed Image, 2.
This research analyzes the effects of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the stock price of PT Adaro Energy Indonesia Tbk over the 2008Ae2023 period.
By examining these financial indicators, the study aims to understand their partial and simultaneous impacts on stock prices.
It offers a comprehensive perspective on their significance in investment decisions within Indonesia's energy sector.
This research is important for both academic and practical reasons.
Academically, it enhances the existing body of knowledge on financial performance analysis within Indonesia's energy sector, specifically focusing on long-term data trends.
Practically, the findings provide actionable insights for corporate management to improve shareholder value and for investors seeking data-driven decision-making strategies.
By identifying the relative impacts of EPS.
PER, and DPR, this study equips stakeholders with practical tools to optimize investment decisions and operational strategies METHOD This research was quantitative.
Sugiyono .
defines the quantitative approach as a positivist research method used to study a population or sample.
Researchers gather and analyze data using quantitative or statistical methods to test theories.
The study employs time series data.
Financial report data spans 2008-2023.
The reason for selecting the 2008Ae2023 time frame is twofold.
First, 2008 marks the initial public offering (IPO) of PT Adaro Energy Indonesia Tbk, signifying the 766 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio availability of comprehensive and standardized financial data following the company's listing on the stock exchange.
Second, 2023 represents the most recent data, ensuring the study incorporates the latest economic developments and trends.
By encompassing this time frame, the research captures a complete and up-to-date picture of the company's financial performance and its effects on stock prices.
The author employs descriptive, correlational, and causal approaches in this study.
(Nazir, 2014:.
Descriptive techniques are methods used to assess a system of ideas, an item, a scenario, a group of people, or a category of occurrences at a certain period.
This descriptive research aims to depict the details, nature, and relationships of the phenomena being examined in a rigorous, factual, and accurate manner.
At PT Adaro Energy Indonesia Tbk, the author will determine if events or facts impact stock price and the independent variables .
arnings per share, price-earnings ratio, and dividend payment rati.
The correlational technique, according to (Sugiyono, 2019:.
, seeks to determine the link between two or more variables.
According to Sugiyono .
, the causal research approach considers the potential of a causal link between the independent variable, which influences, and the dependent variable, which is influenced.
The data analysis used in this study is Multiple Linear Regression.
This model was chosen to determine how much influence the independent variables have on the dependent variables, partially or together.
Before the regression model is used to test the hypothesis, the following are first carried out:
This study conducted classical assumption tests to ensure the regression model's validity.
These tests included a normality test to confirm that the data follows a normal distribution, a multicollinearity test to detect high linear correlations among independent variables, a heteroscedasticity test to check for unequal variances in the error terms, and an autocorrelation test to identify any relationships between residuals.
Once all the requirements for the regression model were satisfied, the next step was hypothesis This step aimed to determine whether the proposed hypothesis could be accepted or The data analysis for this stage was performed using two essential methods: the F-test to assess the overall significance of the model and the T-test to evaluate the importance of individual RESULT AND DISCUSSION Earning Per Share at PT Adaro Energy Indonesia Tbk in 2008-2023 Year Table 2.
Earning per share at PT Adaro Energy Indonesia Tbk in 2008-2023
Earning After Tax
Number of Shares Earning Per Share
Growth
Thousands USD
Thousands of Shares USD
0,05309
-33,90
0,08032
174,43
767 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio
0,02927
0,00459
0,01264
0,01306
0,01511
0,01046
0,00477
0,00556
0,00731
0,01205
0,01721
0,00773
0,01452
0,00313
Source: Researcher Processed Data .
537,20 -63,65 -3,24 -13,57 44,43 119,51 -14,31 -23,96 -39,28 -29,98
122,67
-46,78
363,49
Significant growth is evident based on PT Adaro Energy Indonesia Tbk EPS growth statistics from 2008 to 2023.
EPS increased 537% in 2021 and 174% in 2022, indicating a financial improvement for the company.
However.
EPS declines in other years because of profit shrinkage or stock price increases without compensation.
Kasmir .
states that a good EPS must be positive and stable over time to indicate consistent company profitability.
Additionally, good EPS must be above the industry average to show company growth.
PT Adaro's EPS increased significantly from 2021 to 2023 compared to the energy sector, especially the mining, gas, and petroleum subsector.
This shows that while EPS Adaro does not increase yearly, the company still has a solid competitive position.
Comparison of Earning per share of PT Adaro and the Industry Average .
n rupia.
Year Adaro Industry 899,00 22,65 1134,00 26,76 202,20 3,95 Table 3.
Source: Researcher Processed Data .
PT Adaro Energy Indonesia Tbk has demonstrated strong performance potential, evidenced by positive EPS that exceeds the industry average for many years.
The organization must ensure consistent and favorable EPS growth to preserve and enhance sustainable profitability.
PT Adaro can improve its financial standing by sustaining competitive performance within the industry.
Price Earning Ratio at PT Adaro Energy Indonesia Tbk in 2008-2023 Table 4.
Price Earning Ratio at PT Adaro Energy Indonesia Tbk in 2008-2023
Stock price
Earning Per Share
Price Earning Ratio
Growth
Year
USD
USD
Times 768 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio
0,15439
0,24474
0,15768
0,10138
0,10697
0,08390
0,13729
0,12615
0,03733
0,08360
0,08942
0,16443
0,19519
0,28362
0,18404
0,04429
0,05309
2,91
0,08032
3,05
0,02927
5,39
0,00459
22,07
0,01264
8,47
0,01306
6,42
0,01511
9,09
0,01046
12,06
0,00477
7,83
0,00556
15,03
0,00731
12,23
0,01205
13,65
0,01721
11,34
0,00773
36,70
0,01452
12,68
0,00313
14,14
Source: Researcher Processed Data .
-4,56 -43,44 -75,59 160,73 31,76 -29,29 -24,65 53,94 -47,89 22,95
-10,42
20,31
-69,09
189,55
-10,35
Table 4 shows that PT Adaro Energy Indonesia Tbk's PER fluctuated from 2008 to 2023.
Company stock price and EPS volatility induced this shift.
Higher PER values mean higher stock prices, indicating market optimism about the company's prospects.
Conversely, a low PER suggests a cheaper stock.
According to Carolina .
, investors consider PER below ten inexpensive, whereas a negative PER signals losses and should be avoided.
A high PER suggests stock speculation.
Hence, it should be below 15 (Sitorus & Hutasoid, 2.
The industry's average PER can be used to evaluate a company's PER.
An above-average PER shows that the company's stock price is higher than competitors in the same sector.
Table 5.
Comparison of Price Earning Ratio of PT Adaro and Industry Average .
n units of tim.
Year Adaro Industry 2,65 8,27 3,39 6,45 11,00 10,00 Source: Researcher Processed Data .
Table 5 shows that in 2023.
PT Adaro's PER .
was below the energy sector average .
making its shares cheaper.
PT Adaro's 2022 PER was 3.
39, below the industry average of 6.
Adaro's PER .
was slightly above the industry average .
in 2021, indicating market Thus.
PT Adaro's PER varied but was typically below the industry average, making it a cheap energy stock.
Investors may consider this while assessing PT Adaro Energy Indonesia Tbk The Price-to-Earnings Ratio (PER) of PT Adaro Energy Indonesia Tbk is favorable, as it aligns with the industry average benchmark and is perceived as appropriate by investors, neither too high nor too low from a fundamental analytical standpoint.
769 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio Dividend Payout Ratio at PT Adaro Energy Indonesia Tbk 2008-2023 Year Table 6.
Dividend Payout Ratio at PT Adaro Energy Indonesia Tbk 2008-2023
Dividend Per Share
Earning Per Share
Dividend Price Ratio
Growth
USD
USD
0,02588
0,05309
48,74
21,51
0,03222
0,08032
40,11
-42,39
0,02038
0,02927
69,63
-30,32
0,00459
0,00459
99,92
61,47
0,00782
0,01264
61,88
29,10
0,00626
0,01306
47,93
-7,38
0,00782
0,01511
51,75
71,34
0,00316
0,01046
30,21
-39,00
0,00236
0,00477
49,52
16,70
0,00236
0,00556
42,43
32,08
0,00235
0,00731
32,13
5,75
0,00366
0,01205
30,38
-35,47
0,00810
0,01721
47,08
2,63
0,00354
0,00773
45,87
106,91
0,00322
0,01452
22,17
-50,21
0,00139
0,00313
44,52
Source: Researcher Processed Data .
According to the statistics in Table 6.
PT Adaro Energy Indonesia Tbk continuously disbursed dividends to shareholders from 2008 to 2023 despite variations in the payment rate.
This DPR modification signifies the company's internal policy, which may be affected by annual financial situations and financing priorities.
Consequently, while PT Adaro Energy demonstrates a commitment to distributing dividends, the dividend payment policy is contingent upon the company's economic success and long-term plan.
Stock Price of PT Adaro Energy Indonesia Tbk in 2008-2023 Table 7.
Stock Stock Market Price of PT Adaro Energy Indonesia Tbk in 2008-2023
Stock price
Stock price
Growth
Year
Exchange rate
USD
416,00
0,15439
-36,92
731,00
0,24474
55,21
269,01
0,15768
55,53
105,01
0,10138
-5,22
901,01
0,10697
27,49
481,00
0,08390
-38,89
548,00
0,13729
8,83
436,00
0,12615
237,92
770 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio
795,00
0,03733
440,00
0,08360
189,00
0,08942
670,00
0,16443
068,00
0,19519
991,00
0,28362
400,00
0,18404
950,00
0,04429
Source: Researcher Processed Data .
-55,34 -6,51 -45,61 -15,76 -31,18 54,10 315,52 According to Table 7, the peak stock price in 2022 was IDR3,850, reflecting an increase of 55%.
In 2009, the stock price had the most significant gain, rising by 316% relative to the previous year.
The most critical loss was in 2015, when the stock price plummeted from IDR1,150 the last year to IDR515, indicating a decrease of 55%.
The volatility of this stock price exemplifies market dynamics and variations in investment value affected by macroeconomic factors and the company's overall performance.
The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk This study will evaluate how Earning Per Share.
Price Earning Ratio, and Dividend Payout Ratio affect PT Adaro Energy Indonesia Tbk stock prices.
Table 8 provides PT Adaro Energy Indonesia Tbk stock price data during 2008Ae2023 by Earnings Per Share.
Price Earning Ratio, and Dividend Payout Ratio:
Table 8.
Earning Per Share.
Price Earning Ratio, and Dividend Payout Ratio on PT Adaro
Energy Indonesia Tbk Stock Prices in 2008-2023
Earning Per Share
Price Earning Ratio
Dividend Price Ratio
Stock Price
Year
USD
Times USD
0,05309
2,91
48,74
0,15439
0,08032
3,05
40,11
0,24474
0,02927
5,39
69,63
0,15768
0,00459
22,07
99,92
0,10138
0,01264
8,47
61,88
0,10697
0,01306
6,42
47,93
0,08390
0,01511
9,09
51,75
0,13729
0,01046
12,06
30,21
0,12615
0,00477
7,83
49,52
0,03733
0,00556
15,03
42,43
0,08360
0,00731
12,23
32,13
0,08942
0,01205
13,65
30,38
0,16443
0,01721
11,34
47,08
0,19519
0,00773
36,70
45,87
0,28362
771 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio
0,01452
0,00313
12,68
22,17
14,14
44,52
Source: Researcher Processed Data .
0,18404 0,04429 SPSS version 30.
0 will be utilized to ascertain the statistical relationship between stock prices.
Test of Classical Assumptions The multiple linear regression model is effective if it satisfies data normality and is free from conventional assumptions such as multicollinearity, autocorrelation, and heteroscedasticity (Usman & Akbar, 2017:.
Normality Test The dependent and independent variables in the regression equation are assessed for normal distribution by a normality test.
A regression model is effective when applied to normal or almost normal data.
Statistical tests can determine normalcy.
Figure 2.
One-Sample Kolmogorov-Smirnov Test ( Source: Researcher-Processed Data .
The One-Sample Kolmogorov-Smirnov Test indicates that the four variables are normally distributed, as seen by the asymptotic significance .
-taile.
above 5%.
The four variables have a normal distribution, as indicated by the asymptotic significance .
-taile.
above 5%.
Four variables possess values exceeding 0.
05, signifying a normal distribution.
772 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio Figure 3.
P-P Plot Source: Processed Data by Researcher .
Another observation is that the residuals of EPS.
PER, and DPR concerning the dependent variable of stock price and the independent variables EPS.
PER, and DPR remain distributed around the diagonal line and adhere to the diagonal trajectory (P-P plot lin.
The study's results demonstrate that the research data follows a normal Multicollinearity Test The multicollinearity test of the regression model assessed the relationship among independent variables.
Multicollinearity is identified by computing the tolerance and Variance Inflation Factor (VIF) values in SPSS version 30.
Figure 4.
Results of the Multicollinearity Test (Collinearity Tolerance and VIF Statistic.
Source: Researcher-Processed Data .
The SPSS findings indicate a tolerance value 0.
730 for EPS, 0.
724 for PER, and 0.
987 for DPR, with corresponding VIF values of 1.
371, 1.
382, and 1.
013, respectively.
The regression model test indicates no multicollinearity issues since the tolerance value exceeds 10 and the VIF value is below 10.
Heteroscedasticity Test 773 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio The Heteroscedasticity Test assesses whether the residuals of the regression model exhibit uneven variance.
The distribution picture of the model may suggest heteroscedasticity.
the data points lack a discernible pattern, .
the data points are distributed both above and below zero, and .
the data points do not cluster exclusively above or below, then heteroscedasticity is absent.
Figure 5.
Results of Heteroscedasticity Test (Scatterplo.
Source: Researcher-Processed Data .
The scatterplot displays points positioned both above and below zero.
The regression model exhibits no heteroscedasticity.
Autocorrelation Examination Autocorrelation arises in time series and cross-sectional data due to the dependence of residuals across observations.
The Durbin-Watson (DW) test may be used to identify autocorrelation in time series data.
Figure 6.
Results of the Autocorrelation Test (Durbin-Watso.
Source: Researcher Analyzed Data .
774 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio Figure 7.
Durbin-Watson Table (=5%) The Durbin-Watson (DW) Test yielded a value of 1.
According to the Durbin-Watson Table, with a significance level of = 5%, three independent variables, and a time series duration of 16 years .
= .
, the DL value is 0.
85, and the DU value is 1.
The value of 4 - DU is 2.
2723, whereas the value of 4 - DL is 3.
According to the DurbinWatson criterion, if DL < DW < DU or 4 - DU < DW < 4 - DL, the test findings indicate no definitive judgment concerning autocorrelation can be drawn.
Figure 8.
Autocorrelation Test Results (Runs Tes.
Source: Researcher Processed Data .
775 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio The Runs Test is employed to get conclusive findings, while the Durbin-Watson test does not yield definitive outcomes.
In the Runs Test, decision-making relies on the Asymp.
Sig .
-taile.
if this value surpasses the significance threshold of 0.
05, it is inferred that autocorrelation is absent.
Per the testing requirements, the Runs Test findings demonstrate that there is an absence of autocorrelation in the data.
Analysis of Multiple Linear Regression Multiple linear regression examines the predictive relationship between independent variables and a dependent variable.
This study uses multiple regression analysis to forecast how two or more independent variables as predictive factors might be adjusted to enhance or diminish the dependent variable.
Sugiyono .
presents the following equation model:
Y = Stock Price a = Intercept (Constan.
b1,2,3 = Regression coefficient of each independent variable X1 = Earning Per Share X2 = Price Earning Ratio X3 = Dividend Payout Ratio e = error, disturbance variable The calculation will use the SPSS 30.
0 program Figure 9.
Multiple Linear Regression Analysis Results Source: Researcher Processed Data .
The results of the SPSS version 30.
0 calculations can be arranged into a regression equation:
The constant of 0.
041 indicates that if EPS.
PER, and DPR are all zero, the stock price is USD The EPS regression coefficient (X.
962 indicates that a rise of USD 1 in EPS would elevate the stock price by USD 2.
962, while a reduction of USD 1 in EPS will reduce the stock price by USD 2.
962, providing PER (X.
and DPR (X.
are constant.
The PER regression coefficient (X.
007 indicates that a rise of 1 in the PER would elevate the stock price by USD 0.
007, while a fall of 1 in the PER will reduce the stock price by USD 007, providing EPS (X.
and DPR (X.
remain constant.
776 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio The regression coefficient of DPR (X.
001 indicates that a 1% rise in DPR would result in a fall in the stock price by USD 0.
001, provided EPS (X.
and PER (X.
are held constant.
Conversely, each 1% reduction in DPR will elevate the stock price by USD 0.
Determination Coefficient Analysis of the determination coefficient, the square of the correlation value multiplied by 100%, determines how much the independent variable (X) affects the dependent variable (Y).
For information, see the determination coefficient formula:
Description:
Kd = Determination Coefficient r = Correlation Coefficient Figure 10.
Determination Coefficient Test Results Source: Researcher Processed Data .
The determination coefficient is 0.
656 or 65.
Thus.
EPS.
PER, and DPR explain the stock price of PT Adaro Energy Indonesia Tbk.
The magnitude of the influence of EPS (X.
PER (X.
, and DPR (X.
simultaneously on the stock price (Y) of PT Adaro Energy Indonesia Tbk is 65.
4% is explained by other factors .
ot studie.
Hypothesis Testing Hypothesis testing uses statistical tests to determine the applicable hypothesis.
This study uses SPSS 30.
0 to process data.
Simultaneous testing (F Tes.
According to the F test, the stock price of PT Adaro Energy Indonesia Tbk is influenced by the Earning Per Share.
Price Earning Ratio, and Dividend Payout Ratio.
ANOVA calculations are used to calculate the F test and the probability of significance for this test.
777 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio Figure 11.
Simultaneous Test Results (F Tes.
Source: Researcher Processed Data .
The table findings indicate a significance value of 0.
001, which is less than 0.
05, leading to the rejection of H0 and the acceptance of Ha.
The stock price of PT Adaro Energy Indonesia Tbk is affected by Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR).
PT Adaro Energy Indonesia Tbk had a decline in stock prices along with reduced EPS.
PER, and DPR values in 2018.
In contrast.
EPS.
PER, and stock prices rose in 2016.
The stock price of PT Adaro Energy Indonesia Tbk influences EPS.
PER, and DPR.
EPS.
PER.
PER, and DPR affect the PT Adaro Energy Indonesia Tbk stock price.
Rising EPS.
PER, and DPR levels frequently lead to an appreciation in stock values.
Partial Testing (T-Tes.
Individual significance testing (T-Tes.
is used to determine whether there is a partial influence between the independent variables Earning Per Share.
Price Earning Ratio, and Dividend Payout Ratio on stock prices at PT Adaro Energy Indonesia Tbk.
Figure 12.
Partial Test Results (T-Tes.
Source: Researcher Processed Data .
EPS has a sig value of 0.
000 <0.
05, meaning Ha is accepted or H0 is rejected.
So, the PT Adaro Energy Indonesia Tbk stock price is partially influenced by EPS.
PER of 0.
001 <0.
05 indicates that Ha is accepted or H0 is rejected.
This means that PER partially affects the stock price of PT Adaro Energy Indonesia Tbk.
DPR results were obtained with a sig value of 0.
204> 0.
05, meaning H0 is accepted, so Ha is rejected.
So, partially, the Dividend Payout Ratio does not affect the stock price of PT Adaro Energy Indonesia Tbk.
778 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio
CONCLUSION
Based on the study results regarding the impact of Earning Per Share (EPS).
Price Earning Ratio (PER), and Dividend Payout Ratio (DPR) on the stock price of PT Adaro Energy Indonesia Tbk for the period 2008-2023, several key conclusions can be drawn.
First, the EPS of PT Adaro Energy Indonesia Tbk overall demonstrated competitive performance with positive values, often exceeding the industry average, particularly in 2021 and 2022, when significant increases were Despite fluctuations.
Adaro's strong EPS highlights the company's competitiveness.
ensure sustainable profitability.
Adaro must maintain stability and positive EPS growth.
Second, the PER of PT Adaro Energy Indonesia Tbk fluctuated during 2008-2023, often remaining below the energy industry average, which suggests that the companyAos shares were relatively undervalued.
This consistently lower-than-average PER indicates stable investment appeal with promising long-term prospects.
However, in 2021, the PER slightly exceeded the industry average, reflecting heightened market optimism.
Overall, the PER of PT Adaro Energy Indonesia Tbk remained reasonable from a fundamental analysis perspective, aligning with or slightly deviating from industry benchmarks.
Third.
PT Adaro Energy Indonesia Tbk consistently distributed dividends to shareholders throughout 2008-2023, even though the DPR fluctuated.
This reflects the companyAos policy of adjusting dividend distribution based on financial conditions and annual funding priorities, demonstrating a commitment to rewarding shareholders while balancing financial performance and long-term strategies.
Fourth, the stock price of PT Adaro Energy Indonesia Tbk experienced significant fluctuations over the analyzed period.
The stock peaked at IDR 3,850 in 2022, while the highest annual growth of 316% occurred in 2009.
Conversely, the most significant decline was in 2015, when the stock dropped by 55% to IDR 515.
These variations reflect the impact of macroeconomic conditions and company performance on its investment value.
Fifth, statistical analysis using SPSS revealed that EPS had a significant partial effect on the stock price of PT Adaro Energy Indonesia Tbk, as evidenced by a significance value of 0.
000, which is This finding led to the acceptance of the alternative hypothesis (H.
and the rejection of the null hypothesis (H.
Sixth, the PER was also found to have a significant partial effect on the stock price, with a significance value of 0.
001, less than 0.
Thus, the alternative hypothesis (H.
was accepted, and the null hypothesis (H.
was rejected, indicating a significant relationship.
Seventh, the DPR did not have a significant partial effect on the stock price, as noted in a significance value of 0.
greater than 0.
This result led to the rejection of the alternative hypothesis (H.
and the acceptance of the null hypothesis (H.
Finally, when EPS.
PER, and DPR were analyzed simultaneously, the study found a combined significant effect on the stock price of PT Adaro Energy Indonesia Tbk.
The overall significance value of 0.
001, below 0.
05, supported the acceptance of the alternative hypothesis (H.
and the rejection of the null hypothesis (H.
The determination coefficient of 65.
6% indicated that these three variables collectively explained the stock price, while other factors outside the scope of this study influenced the remaining 34.
779 | Ilomata International Journal of Tax & Accounting https://w.
org/index.
php/ijtc The Effect of Earnings Per Share (EPS).
Price Earnings Ratio (PER), and Dividend Payout Ratio (DPR) on the Stock Price of PT Adaro Energy Indonesia Tbk Feriadi.
Widjaja and Evangelio Based on the research conducted by the author, several suggestions are provided.
PT Adaro Energy Indonesia Tbk's performance is recommended to be sustained and enhanced by boosting profitability through increased product sales, improved efficiency, business expansion, product diversification, and better services.
Maintaining strong performance is crucial to retaining investor interest and confidence, preventing a loss of trust, and attracting new investors to purchase the company's shares.
This research suggests that the management should focus on improving EPS and PER to maintain the stock's appeal while optimizing dividend distribution policies to strengthen investor confidence.
Investors are advised to consider factors beyond just EPS.
PER, and DPR when purchasing shares in a company.
The findings of this study offer valuable insights for making investment decisions.
A high EPS indicates robust company performance, making such shares attractive for investors seeking growth opportunities.
A PER lower than the industry average signals undervaluation, making the stock more appealing.
However, the research reveals that DPR has an insignificant impact on stock prices, suggesting that investors prioritize potential profit growth over dividends.
Therefore, investors are encouraged to evaluate shares from a dividend perspective by considering EPS.
PER, and their comparison to industry averages.
Lastly, it is recommended that other researchers conduct further studies using additional independent variables and more extended research periods.
This approach would enable a more comprehensive comparison of results and deeper insights into the same topic.
REFERENCE