Economics and Business
ISSN 2775-9237 (Online)
Published: 25 October 2023
Stock Price Analysis Through Net Profit Margin, Debt to Assets Ratio, Cash Ratio, and TATO in Health Sector Companies on the Indonesia Stock Exchange for the 2019-2022 Period
Annisa Digmawati, Fanny Suzuda Pohan, Zainul Kisman
Trilogy University, Indonesia
Download Full-Text Pdf
Keywords: Cash Ratio, Debt to Assets Ratio, Net Profit Margin, Stock Price, TATO
This study intends to examine how the stock prices of health sector companies listed on the Bursa Efek Indonesia are affected by Net Profit Margin, Debt to Assets Ratio, Cash Ratio, and TATO. The research method employed is quantitative research, where the data used is secondary data in the form of health sector company’s financial reports published on the Bursa Efek Indonesia. The sampling technique used is a non-probability sampling approach, which uses the purposive sampling as a method. The sample in this study is 17 health sector companies listed on the Bursa Efek Indonesia for the 2019-2022 period. The analysis technique used is panel data regression analysis. According to the research, Cash Ratio partially has no impact on the stock price of the company, the Net Profit Margin, Debt to Assets Ratio, and TATO all have a significant impact. The stock price of the company is also impacted simultaneously by Net Profit Margin, Debt to Assets Ratio, Cash Ratio, and TATO.
Akbar, M. I., &; Gustyana, T. T. (2021). The effect of profitability, dividend policy and leverage on company value (case study on metal and mineral mining sub-sector companies listed on the Indonesia Stock Exchange for the period 2015-2019). eProceedings of Management, 8(5).
Alamsyah, M. F. (2019). The influence of profitability, company size and market value on share prices in the metal and mineral mining sub-sector on the Indonesia Stock Exchange (IDX). Journal of Management, 11(2), 170-178.
Anwar, A. M. (2021). The Effect of Current Ratio (CR), Debt to Equity Ratio (DER), Return On Asset (ROA) on Stock Price (Case study on food and beverage sector companies listed on IDX in 2017-2019). Scientific Journal of Accounting Students, 1(2), 146-157.
Central Bureau of Statistics (BPS). "[2010 Series] GDP Growth Rate 2010 Series (Percent), 2022", https://www.bps.go.id/indicator/11/104/1/-seri-2010-laju-pertumbuhan-pdb-seri-2010.html, accessed March 10, 2023.
Basuki, A. T., &; Prawoto, N. (2017). Regression Analysis in Economic and Business Research (Equipped with SPSS &; Eviews Application). Jakarta: PT Grafindo
Indonesia Stock Exchange. 2023. Stock List,https://www.idx.co.id/id, accessed February 2023
Indonesia Stock Exchange. 2023. Financial & Annual Report, https://www.idx.co.id/id, accessed February 2023
Efendi, Johan M. and Dwi Dewianawati. 2021. Financial Management. Yogyakarta: CV.Bintang Surya Madani.
Ghozali, Imam. 2020. Applications of Multivariate Analysis with IBM SPSS 23 Program, Ed.8. Semarang: Diponegoro University Publishing Board.
Gustmainar, J., &; Mariani, M. (2018). Analysis of the effect of current ratio, debt to equity ratio, gross profit margin, return on investment, and earnings per share on share prices in LQ 45 companies listed on the Indonesia Stock Exchange in 2010-2016. Bilancia: Scientific Journal of Accounting, 2(4), 465-476.
Hantono. 2018.The concept of financial statement analysis with ratio and SPSS approach. Yogyakarta: CV Budi Utama
Harpono, F. F., & Chandra, T. (2019). The Influence Of DER, ROE, PER, EPS, And DPS On Stock Prices Of Health And Pharmaceutical Companies That Listed On IDX For The Year 2010–2017. Bilancia, 3, 78.
Hidayat, S. (2020). The effect of Total Asset Turnover (TATO) and Debt to Equity Ratio (DER) on stock prices with profitability as an intervening variable (survey of food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange in 2012. Eqien-Journal of Economics and Business, 7(1), 102-110.
Islavella, N., &; Sari, N. R. (2022). The Effect of Return on Asset (ROA), Return on Equity (ROE), Current Ratio and Cash Ratio on Share Prices of Mining Companies Listed on the Indonesia Stock Exchange (2019-2021 Period). Axiom Journal of Accounting Research, 21(1), 67-80.
Ismawati, L. A., Wijayanti, A., &; Fajri, R. N. (2021). The Effect of Net Profit Margin, Price To Book Value, and Dividend Per Share on Share Prices in LQ 45 Index Companies. JAE (Journal of Accounting and Economics), 6(3), 40-48.
Karmila and Ida Ernawati. 2018. Capital Markets. Yogyakarta: KTSP.
Cashmere. (2018). Financial Statement Analysis. Eighth printing. Jakarta: King Grafindo
Kosasih, Dian Tami. 2021. Looking at the Potential of Health Sector Stocks until the End of 2021, https://www.liputan6.com/saham/read/4698321/melihat-potensi-saham-sektor-kesehatan-hingga-akhir-2021, accessed April 12, 2023.
Lubis, Mayang Sari. 2018. Research Methodology. Yogyakarta: Deepublish.
Maghfirah, S. (2018). Effect of Financial Ratio on Share Price of Companies Listed in Jakarta Islamic Index (JII). 1-136.
Martalena and Maya M. 2019. Introduction to Capital Market. Yogyakarta: ANDI OFFSET.
Menaung, C. A., Mangantar, M., &; Van Rate, P. (2022). ANALYSIS OF FINANCIAL PERFORMANCE OF SHARE PRICES OF FOOD AND BEVERAGE COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE FOR THE 2015-2019 PERIOD. EMBA Journal: Journal of Economic, Management, Business and Accounting Research, 10(1), 695-705.
Nazara, L. K., Sitorus, F. D., Perangin-angin, J. R. W., & Saputri, M. W. (2021). The effect of debt to equity ratio, return on equity, cash ratio, and total asset turn over on stock prices in service companies for the 2017-2019 period. Scientific Journal of Management, Economics, & Accounting (MEA), 5(2), 33-49.
Nurkholik, N., &; Kristianti, R. D. (2021). ANALYSIS OF STOCK PRICE DETERMINANTS IN FOOD AND BEVERAGE INDUSTRY SUB-SECTORS LISTED ON THE IDX. Dynamics of Financial and Banking Accounting, 10(1), 18-35.
Purwanti, Agustina. 2022. "Health Sector Performance Improves in the Middle of a Pandemic", https://www.kompas.id/baca/telaah/2022/03/01/kinerja-sektor-kesehatan-kian-meningkat-di-tengah-pandemi, accessed March 10, 2023
Daughter, V. A., &; Justicia, N. (2021). The impact of financial ratios on share prices of consumer goods companies listed on the Indonesia Stock Exchange. Lisyabab: Journal of Islamic and Social Studies, 2(1), 1-16.
Rahmawati, A., Ishak, D., &; Yusniar, Y. (2019). Determinants of stock prices on the Indonesia Stock Exchange (2014-2019 period). SEIKO: Journal of Management &; Business, 2(2), 256-262.
Rahmawati, S. A., Suharti, T., &; Yudhawati, D. (2023). The Effect of CR, ROE, and DAR on Share Prices in Mining Sector Companies. Journal of Management and Business Economics (JEMB), 2(1), 57-64.
Ramadhan, P. R., &; Nasution, D. A. D. (2020). Analysis of the determinants of share prices of agriculture sector companies listed on the Indonesia Stock Exchange. Journal of Accounting and Business Research, 20(2), 162-171.
Ristyawan, M. R. (2019). The effect of Return on Equity (ROE), Debt to Assets Ratio (DAR), Price to Book Value (PBV) and Net Profit Margin (NPM) on the return of shares of plantation sector companies listed on the Indonesia Stock Exchange for the period 2011-2017. Journal of Business Economics and Entrepreneurship, 8(1), 1.
Sari, D. I. (2020). The effect of quick ratio of total asset turnover and return on investment on stock price. Balance: Journal of Accounting and Business, 5(2), 123-134.
Sikapiuangmu.ojk.go.id. Causes of Ups and Downs in a Company's Share Price, https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Article/10507, accessed June 28, 2023
Sugiyono. (2017). Quantitative, Qualitative, and R&D Research Methods. Alfabeta: Bandung
Sugiyono. (2018). Educational Research Methods Quantitative, Qualitative, and R&D Approaches. Bandung: Alfabeta.
Sulistiawati, N., Rosmanidar, E., &; Ifazah, L. (2023). THE EFFECT OF DER, ROE, CR, NPM ON STOCK PRICES (Study on Palm Oil Plantation Industry Sub-Sector Companies in 2018-2021). Journal of Student Research, 1(4), 184-206.
Suteja, I gede Novian. (2018). Financial Performance Analysis with Altman Z-Score Method at PT Ace Hardware Indonesia Tbk. Monetary V (1): 12-17.
Tambunan, T. (2021). ANALYSIS OF THE INFLUENCE OF PER, EPS, ROA AND DER ON THE SHARE PRICE OF MACHINERY AND HEAVY EQUIPMENT SUB-SECTOR COMPANIES LISTED ON THE INDONESIA STOCK EXCHANGE IN 2015-2019. Jurakunman (Journal of Accounting and Management), 14(1), 66-77.
Tyas, N. H., & Siti Almurni, M. U. R. N. I. (2020). The effect of company size, profitability, and leverage on the share price of property and real estate companies listed on the Indonesia Stock Exchange in 2015 2018. The effect of company size, profitability, and leverage on the share price of property and real estate companies listed on the Indonesia Stock Exchange in 2015 2018.
Vijaya, David. 2017. Financial Management Concepts and Their Application. Jakarta: PT. Grasindo.
Zuhri, S., Juhandi, N., Sudibyo, H. H., &; Fahlevi, M. (2020). Determination of Share Prices of Food and Beverage Subsector Manufacturing Companies. Journal of Industrial Engineering &; Management Research, 1(2), 25-34.