Pengaruh Debt to Assets Ratio dan Return on Assets terhadap Harga Saham pada PT. Acset Indonusa, Tbk. Melalui Earning Per Share

Abstract

This study aims to analyze the effect of the Debt to Assets Ratio (DAR) and Return on Assets (ROA) on Earnings per Share (EPS) and their impact on stock prices, both directly and indirectly through the mediating role of EPS at PT Acset Indonusa, Tbk. The study employs a quantitative approach using secondary data in the form of financial statements and stock price data for the period 2020–2024. The analytical method used is path analysis with the SmartPLS approach.

The results indicate that DAR has a positive effect on EPS, while ROA has a negative effect on EPS. Furthermore, DAR has a positive but insignificant effect on stock prices, whereas ROA and EPS have negative effects on stock prices. Mediation testing shows that EPS is able to positively mediate the effect of ROA on stock prices, but is unable to mediate the effect of DAR on stock prices.

This study concludes that the influence of financial performance on stock prices is not always direct and may be affected by mediating variables such as Earnings per Share. These findings are expected to provide useful considerations for company management and investors in making financial and investment decisions