Abstract
The financial sector capital market has experienced considerable dynamics and fluctuations in the post-COVID-19 period that have not always moved in line with companies’ financial fundamentals. An empirical anomaly occurred in 2023, when improvements in financial ratios were followed by a weakening of the sectoral stock price index. Objective This study examines the effects of Return On Assets (ROA), Earning Per Share (EPS), and Price to Book Value (PBV) on stock prices of financial sector companies listed on the Indonesia Stock Exchange (IDX) during 2021–2025. Method: A quantitative explanatory approach was employed. Using purposive sampling, 13 companies were selected, resulting in 65 observations. Data were analyzed using multiple linear regression. Results: ROA has no significant effect on stock prices (Sig. 0.053 > 0.05), while EPS and PBV have positive and significant effects (Sig. 0.000 < 0.05). Simultaneously, ROA, EPS, and PBV significantly affect stock prices, with a coefficient of determination of 52.2%. Conclusion EPS and PBV are stronger determinants of investor decisions than ROA. The findings confirm the applicability of signaling theory in the Indonesian capital market.
How to Cite
| Issue | Vol. 5 No. 2 (2026) |
| Section | Articles |
| DOI | 10.58477/ebima.v5i2.516 |
| Publication Date | 2026-12-30 |
| Pages | 95-104 |
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This work is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.