Pengaruh DPS, EPS, ROE terhadap Harga Saham dengan Inflasi Sebagai Variabel Moderasi di JII70 Periode 2019-2023

Abstract

Introduction: Understanding stock price movements is crucial in capital market investment, as even minor fluctuations can significantly affect investor decisions. The Indonesia Composite Index (IHSG) has shown positive stock price trends, indicating capital market growth. However, this is not reflected in the Jakarta Islamic Index 70 (JII70), which experienced a correction and a decline in average stock prices. Internal factors such as Dividend Per Share (DPS), Earning Per Share (EPS), and Return On Equity (ROE) are generally stable indicators of a company's performance and are expected to influence stock prices. Research Methods: This study examines the effect of DPS, EPS, and ROE on stock prices, with inflation as a moderating variable, using data from companies listed in the JII70 for the 2019–2023 period. A quantitative method was applied, using secondary time series data obtained through documentation and literature review, including financial reports and inflation data from Bank Indonesia. The sample was selected through purposive sampling based on specific criteria. Data analysis involved classical assumption testing and multiple regression analysis using SPSS 25. Results: The findings reveal that DPS, EPS, and ROE significantly affect stock prices, but inflation does not moderate these relationships. Future studies are encouraged to consider other potential moderating variables. Conclusion: DPS and EPS positively affect stock prices, ROE has a negative effect, and inflation does not moderate these relationships in companies listed in the Jakarta Islamic Index 70 (JII70).