A ailable online a www. ajou nals.in
RA JOURNAL OF APPLIED RESEARCH
ISSN: 2394-6709
DOI:10.47191/ aja / 11i11.03
Volume: 11 Issue: 11 No embe 2025
In e na ional
Open Access
Impac Fac o - 8.553
Page no.- 978-987
978
Rina T esnawa i1, RAJAR Volume 11 Issue 11 No embe 2025
Financial Pe o mance and I s Impac on S ock P ice Vola ili y
Rina T esnawa i1, Mi na Diani a2, Ka ika Wulanda i3
1,2,3Facul y o Economics and Business, Widya ama Uni e si y, Indonesia
ARTICLE INFO
ABSTRACT
Published Online:
06 No embe 2025
Co esponding Au ho :
Rina T esnawa i
The pu pose o he s udy is o assess how PT Adhi Ka ya (Pe se o) Tbk.'s s ock p ice is impac ed
by i s inancial pe o mance using qua e ly da a om 2013 o 2023. This s udy employs a
quan i a i e me hodology g ounded in signaling heo y and u ilizes seconda y da a de i ed om
he company's inancial s a emen s. The sample consis s o 44 qua e ly obse a ions selec ed
using a census app oach. In his model, he s ock p ice se es as he dependen a iable, while
he deb - o-equi y a io (DER), e u n on asse s (ROA), cu en a io (CR), and o al asse
u no e (TATO) se e as he independen a iables. This s udy's en-yea obse a ion pe iod
and assessmen o inancial pe o mance du ing and a e he COVID-19 pandemic a e key
con ibu ions. Because o i s no able s ock p ice dec ease, PT. Adhi Ka ya (Pe se o) Tbk. was
chosen as he esea ch objec . The ci cums ances made i a pe inen case o in es iga e how
inancial indica o s ope a e as ma ke signals in he ace o economic unce ain y. We an icipa e
ha he esul s will p o ide empi ical e idence o he ex en o which inancial pe o mance
in luences s ock p ice mo emen s. These insigh s ha e he po en ial o assis business manage s
in making mo e in o med inancial decisions, in es o s in de eloping da a-d i en s a egies,
and policymake s in enhancing ma ke esilience.
KEYWORDS: TATO, DER, CR, ROA, and S ock P ice
1. INTRODUCTION
In economic sys ems, capi al ma ke s play a c ucial ole as a
enue o public in es men as well as a condui o co po a e
capi al aising (E buomwan & O amulu, 2024). Wi h equi ies
se ing as a c ucial gauge o company success and hopes o
he u u e, changes in s ock p ices a e commonly conside ed
indica ions o he s a e o he na ional economy (Zuh i &
Suskim Rian ani, 2020). In addi ion o in e nal ac o s like
i m pe o mance, ex e nal ac o s like legisla i e ac ions and
economic si ua ions can a ec s ock p ices (Va sa e al.,
2024). Financial pe o mance measu ed by measu es o
p o i abili y, liquidi y, sol ency, and ac i i y se es as an
objec i e depic ion o a company's s a e and po en ial and is
a c ucial ounda ion o in es men decision making
(P amudi o, 2023).
Figu e 1. S ock P ice o PT. Adhi Ka ya (Pe se o) Tbk.,
2013–2023
Sou ce: Indonesia S ock Exchange (IDX)
The s ock p ice o PT Adhi Ka ya (Pe se o) Tbk. luc ua ed
signi ican ly be ween 2013 and 2023, as shown in Figu e 1
La ge-scale p ojec s and op imis ic eelings in he
cons uc ion indus y we e p obably he main causes o he
d ama ic su ge in 2013–2014. Howe e , a signi ican d op
ook place in 2015–2016 as a esul o wo sening economic
and pe o mance ci cums ances. P ice ola ili y cha ac e ized
he 2017–2019 e a, and he COVID-19 pandemic in 2020–
2021 made he all e en wo se. The s ock p ice kep alling
e en when he economy s a ed o imp o e in 2022–2023,
sugges ing ha he company's eco e y was s ill no a i s
bes . Changes in inancial a ios like ROA, CR, DER, and
TATO a e in line wi h his end (Sa o o e al., 2023).
Figu e 2. The ROA o PT Adhi Ka ya (Pe se o) Tbk.
om 2013 o 2023
Sou ce: adhi.co.id (p ocessed by he au ho )
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Rina T esnawa i1, RAJAR Volume 11 Issue 11 No embe 2025
PT Adhi Ka ya (Pe se o) Tbk.'s ROA dec eased om 2013 o
2014, as seen in Figu e 2, indica ing less e ec i e asse usage.
The dec easing end con inued, eaching i s lowes poin in
2017, despi e a mino ebound in 2016. In 2018–2020, he e
was ano he signi ican decline, which was mos ly caused by
he COVID-19 pandemic. Al hough ROA s a ed o imp o e
in 2021–2023, i hasn' ye eached i s p e-decline le el,
indica ing ha mo e e icien asse managemen echniques
a e equi ed o op imize p o i abili y (A wani e al., 2024).
Figu e 3. T end o he Cu en Ra io o PT Adhi Ka ya
(Pe se o) Tbk. o e he 2013–2023 Pe iod
Sou ce: adhi.co.id (p ocessed by he au ho )
Figu e 3 shows ha PT Adhi Ka ya (Pe se o) Tbk.'s cu en
a io inc eased om 2013 o 2015 bu hen s eadily declined
om 2016 o 2019 a e peaking, indica ing poo e sho - e m
liquidi y. The cu en a io hi i s lowes poin in 2020–2021,
indica ing a se ious liquidi y issue. Despi e a ise in 2022, he
a io declined in 2023, indica ing incomple e esolu ion o he
company's liquidi y issues (A chanskaia e al., 2023).
Figu e 4. The Deb -To-Equi y Ra io o PT Adhi Ka ya
(Pe se o) Tbk., om 2013 o 2023
Sou ce: adhi.co.id (p ocessed by he au ho )
The Deb - o-Equi y Ra io (DER) emained ela i ely high o
PT Adhi Ka ya (Pe se o) Tbk. om 2013 o 2015, indica ing
ha deb was mo e han equi y (Figu e 4). Ei he a dec ease
in deb o a gain in equi y was he cause o he s eep d op in
2015. None heless, he DER s eadily ose om 2016 o 2020,
peaking a ha ime, indica ing an inc ease in deb inancing.
The DER hen saw a no able d op in 2022 and s ayed
compa a i ely s eady in 2023, sugges ing ha he company's
capi al s uc u e had imp o ed due o a dec ease in deb o
equi y expansion (De iyan i e al., 2023).
Figu e 5. PT Adhi Ka ya (Pe se o) Tbk.’s To al Asse
Tu no e du ing 2013–2023
Sou ce: adhi.co.id, p ocessed by he au ho
The To al Asse Tu no e (TATO) o PT Adhi Ka ya
(Pe se o) Tbk. dec eased signi ican ly be ween 2013 and
2016, as shown in Figu e 5, indica ing a all in he e iciency
o asse usage o e enue gene a ion. TATO s ayed la gely
cons an om 2016 o 2022, sugges ing ha ope a ing
e iciency changed e y li le. Al hough he alue inc eased
sligh ly in 2022–2023, i was s ill qui e low, indica ing ha
asse u iliza ion e iciency has no ye eached i s ideal le el
(Ala ussi, 2021).
P io s udies ha e shown ha ROA has an e ec on s ock
p ices (Ha isda e al., 2025); (Widyak o e al., 2023);
(Sep iawan e al., 2025); (Sep iano e al., 2024); (Ramadhan
e al., 2024); (Sinu a e al., 2025); (Se iawan e al., 2022);
(Choi iyah e al., 2021); (Melinda & Be liani, 2024);
(Ramadhani & Ra nasa i, 2022); and (Ilyas e al., 2023). Bu
esea ch by (K isdayan i, 2021); (Mo oh & Sup iyan o,
2024), and (Maulana & Rochaya un, 2023) came o he
opposi e conclusion: he e is no co ela ion be ween ROA
and s ock p ices. P e ious s udies ha e shown ha ROA has
an e ec on s ock p ices (Ha isda e al., 2025); (Widyak o e
al., 2023); (Sep iawan e al., 2025); (Sep iano e al., 2024);
(Ramadhan e al., 2024); (Sinu a e al., 2025); (Se iawan e
al., 2022); (Melinda & Be liani, 2024); (Ramadhani &
Ra nasa i, 2022); and (Ilyas e al., 2023). Howe e , esea ch
by (K isdayan i, 2021); (Mo oh & Sup iyan o, 2024); and
(Maulana & Rochaya un, 2023) did no ind a s ong
co ela ion be ween ROA and s ock p ices. Based on s udies
conduc ed by a ious esea che s, including (Baha uddin e
al., 2022); (Nanang Su yana & S i Dewi Anggadini, 2020);
(Musneh e al., 2021); (Şanlı, 2024); (Ha inu din, 2022);
(Nu mayasa i e al., 2021); (Ahmed e al., 2023); (Sa &
Panig ahi, 2025); and (Zandi e al., 2021). (Muslikin & Alim,
2023); (Si o us & Elina y, 2017); (A diansyah e al., 2020);
(Nu wulanda i & Wahid, 2024); (Sil e e al., 2023);
(Khoi iah, 2022); and (Zacky, 2021). They ound ha his
a io did no signi ican ly al e hings. P e ious s udies ind
no e idence ha DER in luences s ock p ice luc ua ions
(Na alia e al., 2020); (Nu hikmawa y e al., 2020); (El-Mas y
e al., 2024); (Hocky e al., 2023); (Shikumo & Ma anda,
2020); (Aha on & Yagil, 2019); (Aymanns & Fa me , 2015);
(Albulescu, 2022); (Guasoni & Maye ho e , 2019). (Oebi e
“Financial Pe o mance and I s Impac on S ock P ice Vola ili y”
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al., 2023); (Alghi a i e al., 2022); (Mukh a e al., 2022);
(Les a i & Ma e a, 2024); (Tahe inia e al., 2024);
(Sa yana ayana & Rao, 2023); and (Malahaya i e al., 2022)
all disco e ed a o able co ela ions be ween DER and s ock
p ices. Se e al s udies ha e demons a ed ha TATO does
no signi ican ly a ec s ock p ice changes. These s udies
include (Alba e al., 2023); (A hahi y e al., 2024);
(Nu wulanda i & Wahid, 2024); and (Pu i Z & Akba , 2024).
The s ock p ice beha io can be signi ican ly a ec ed by,
among o he hings, (A ismu ia, 2024); (Sa o o e al., 2023);
(Bu ky & Su iawina a, 2020); and (A gyaneza &
Damayan i, 2024).
These da a don' add up, which means he co ela ion be ween
inancial me ics and s ock p ices isn' linea . Also, mos o
he p e ious s udies jus looked a one company o sho
pe iods o ime and didn' analyze i ho oughly. This esea ch
looks a he impac o ROA, CR, DER, and TATO on PT.
Adhi Ka ya (Pe se o) Tbk. s ock p ices om 2013 o 2023.
In ligh o he impo ance o inancial me ics in shaping
in es o sen imen , his s udy in ends o o e comp ehensi e
empi ical e idence on he link be ween a na ional
cons uc ion company's inancial pe o mance and s ock
alua ion.
2. LITERATURE REVIEW
Financial a io analysis, which ypically e alua es a
company's inancial pe o mance, undamen ally in luences
how s ock p ices change (Ma e al., 2018). Financial a ios
supply analys s and in es o s in o ma ion abou a company's
p o i abili y, liquidi y, le e age, and e iciency, among o he
a eas. In es o s can make be e decisions abou he possible
isks and e u ns o in es ing in a speci ic company by
analyzing hese a ios (Mulle e al., 2022). Cu en Ra io
(CR), To al Asse Tu no e (TATO), Deb o Equi y Ra io
(DER), and Re u n on Asse s (ROA) a e ou key inancial
me ics ha a e o en examined in ela ion o s ock p ices.
ROA is an impo an p o i abili y indica o ha measu es a
company's e iciency in le e aging i s asse s o gene a e
e enue (Pham e al., 2025). An ele a ed ROA shows
supe io ope a ional e iciency and he abili y o maximize
asse p oduc i i y, which o en boos s in es o con idence
and posi i ely in luences s ock p ices (Sa i e al., 2024). A
alling ROA may sugges ine iciency, educe in es o us ,
and pu downwa d p essu e on co po a e p icing (Azzah a &
And iana, 2025). Ex e nal ac o s, such as ma ke condi ions,
economic policies, and in es o expec a ions, may also ha e
an impac on he ela ionship be ween ROA and s ock p ices.
(Widyak o e al., 2023); (Sep iawan e al., 2025); (Ilyas e
al., 2023); (Ramadhani & Ra nasa i, 2022); (Melinda &
Be liani, 2024); (Choi iyah e al., 2021); (Se iawan e al.,
2022); (Sinu a e al., 2025); and (Sep iano e al., 2024)
p esen empi ical e idence indica ing ha ROA has a
signi ican impac on s ock p ices, demons a ing ha
inc eased asse p oduc i i y inc eases a company's
in es men appeal.
H1: ROA has a subs an ial impac on s ock p ices.
One measu e o liquidi y is he CR, which is used o assess a
company's abili y o pay i s sho - e m obliga ions wi h i s
cu en asse s (Kosz yán e al., 2022). I he cu en a io is
high, i means ha liquidi y is s ong, which is good news o
in es o s because i means ha de aul is less likely. An
ascending cu en a io may signi y p o icien liquidi y
managemen , hus bols e ing in es o con idence and
acili a ing s ock p ice g ow h (Wahyuning iyas e al., 2024).
None heless, an ex emely ele a ed CR may indica e unused
asse s, he eby diminishing in es men a ac i eness. A low
CR may signi y liquidi y isk, hus ha ming ma ke
pe cep ion. To gain a mo e holis ic iew o a company's
inancial si ua ion, he CR should be analyzed alongside o he
inancial measu es such as ROA, DER, and TATO
(Handayani & Sopian, 2025). Resea ch by (Baha uddin e al.,
2022); (Nanang Su yana & S i Dewi Anggadini, 2020);
(Musneh e al., 2021); (Şanlı, 2024); (Ha inu din, 2022);
(Ahmed e al., 2023); (Zandi e al., 2021); and (Nu mayasa i
e al., 2021) sugges s ha he CR has a pa ial bu signi ican
impac on s ock p ices, wi h imp o ed sho - e m sol ency
boos ing in es o sen imen and ma ke alua ion.
H2: The Cu en Ra io (CR) subs an ially in luences
s ock p ices.
One inancial le e age measu e ha sheds ligh on a i m's
capi al s uc u e is he Deb o Equi y Ra io (DER), which
compa es he o al deb o he company o he equi y o i s
sha eholde s (Ramadan i e al., 2024). I in es o s see a high
DER as excessi e, i could lead o a decline in s ock p ice
because o he inc eased inancial isk associa ed wi h he
company's eliance on deb (Ma ingka, 2024). The inc ease
in DER is equen ly linked o ele a ed in e es liabili ies and
de aul isk, especially in he absence o su icien
p o i abili y (Zhou & Lok, 2024). I capi al-in ensi e
businesses e ec i ely manage hei deb and gene a e
adequa e e u ns, hey may jus i y a high DER. A low DER
indica es a cau ious capi al s uc u e ha minimizes isk
exposu e, al hough i may cons ain g ow h po en ial due o
diminished inancial le e age (Deng, 2024). (Oebi e al.,
2023); (Alghi a i e al., 2022); (Mukh a e al., 2022); (Les a i
& Ma e a, 2024); (Tahe inia e al., 2024); (Sa yana ayana &
Rao, 2023); and (Malahaya i e al., 2022) demons a e ha
DER signi ican ly impac s s ock p ices, as sus aining an
op imal DER bols e s in es o con idence and acili a es
s ock p ice app ecia ion.
H3: The Deb o Equi y Ra io (DER) subs an ially
in luences s ock alues.
The e iciency a io known as To al Asse Tu no e (TATO)
measu es how well a business u ns i s o al asse s in o
e enue (Pu wan o e al., 2021). A high TATO signi ies
e ec i e asse usage, which is ypically seen posi i ely by
in es o s, as i demons a es obus ope a ional pe o mance
and e enue-gene a ing po en ial (Bama e al., 2021).
Enhancing TATO is equen ly associa ed wi h p o i
expansion and heigh ened in es o con idence, po en ially
“Financial Pe o mance and I s Impac on S ock P ice Vola ili y”
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Rina T esnawa i1, RAJAR Volume 11 Issue 11 No embe 2025
p opelling s ock p ices upwa d. A low TATO indica es asse
unde u iliza ion and ope a ional ine iciency, which may
aise issues ega ding u u e inancial pe o mance (Layli
Meu ia, 2025). Ne e heless, TATO mus be e alua ed in
ela ion o indus y ea u es, as e iciency benchma ks di e
h oughou indus ies (Pa in e al., 2020). (A ismu ia, 2024);
(Sa o o e al., 2023); (Bu ky & Su iawina a, 2020); and
(A gyaneza & Damayan i, 2024) disco e ed ha TATO
s ongly in luences s ock p ices, indica ing ha e ec i e
asse managemen imp o es a company's ma ke alua ion.
H4: The TATO a io is a majo ac o ha a ec s s ock
p ices.
3. RESEARCH METHODOLOGY
This esea ch u ilizes a quan i a i e me hodology wi h an
associa i e desc ip i e amewo k. This me hodology
elucida es he co ela ion be ween inancial pe o mance
me ics and s ock p ices. U ilizing seconda y quan i a i e
da a collec ed om PT Adhi Ka ya (Pe se o) Tbk's (IDX-
lis ed) inancial s a emen s and s ock p ice a ia ions om
2013 o 2023, his s udy examines he company's
pe o mance. The inancial s a emen s o PT Adhi Ka ya
(Pe se o) Tbk o each qua e om Q1 2013 o Q4 2023
make up he s udy's popula ion. The 44 epo s including he
inancial accoun s we e ob ained om he o icial websi e o
he co po a ion, which may be ound a www.adhi.co.id. This
s udy employs he comple e popula ion as he sample,
esul ing in he analysis o 44 qua e ly inancial s a emen s
du ing an 11-yea pe iod.
The dependen a iable is he one ha changes as a esul o
changes in he independen a iables; his de ini ion is gi en
by Sahi (2022). This s udy uses he closing s ock p ice o PT
Adhi Ka ya (Pe se o) Tbk om 2013 o 2023 as i s dependen
a iable. The closing p ice is es ablished by he in e play o
supply and demand in he s ock ma ke and is documen ed a
he conclusion o he no mal ading session.
We calcula e he s ock e u n using he ollowing o mula:
𝑅𝑖𝑡+1 = 𝑃𝑖𝑡+1 − 𝑃𝑖𝑡
𝑃𝑖𝑡
whe e:
• 𝑅𝑖𝑡+1 = s ock e u n,
• 𝑃𝑖𝑡+1 = s ock p ice in he ollowing pe iod,
• 𝑃𝑖𝑡 = The s ock p ice ep esen s he cu en pe iod.
Independen a iables a e hose ha a ec o he a iables and
ac as causal agen s o al e a ions in he dependen a iable.
In he s uc u al model, hese ac o s a e designa ed as
exogenous a iables. This s udy iden i ies he independen
a iables as inancial pe o mance indica o s, quan i ied
using he ollowing a ios (Sewa e al., 2025):
1) Re u n on Asse s (Va iable X1)
ROA = Ne Income
To al Asse s x 100%
2) Cu en Ra io (CR) (Va iable X2)
CR = 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 x 100%
3) Deb o Equi y Ra io (DER) (Va iable X3)
DER = 𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
𝐸𝑞𝑢𝑖𝑡𝑦 x 100%
4) To al Asse Tu no e (TATO) (Va iable X4)
TATO = 𝑅𝑒𝑣𝑒𝑛𝑢𝑒
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 x 100%
4. RESULT
Desc ip i e S a is ics
In o de o p o ide a synopsis o he da a, desc ip i e s a is ics
we e used. You can see he minimum, maximum, mean, and
s anda d de ia ion o all he a iables in Table 1.
Table 1 Desc ip i e S a is ics
Va iable
N
Minimum
Maximum
Mean
S d.
De ia ion
ROA
44
0.0002
0.0420
0.0077
0.0093
CR
44
1.0152
1.5605
1.2846
0.1347
DER
44
2.1887
6.3209
4.4979
1.3014
TATO
44
0.0564
1.0081
0.3032
0.2074
S ock
P ice
44
2.49
3.43
3.0725
0.2542
Sou ce: P ocessed Da a using SPSS 26.0
The usual me ics indica e ha PT Adhi Ka ya (Pe se o) Tbk
consis en ly main ains a s ong Cu en Ra io (CR), a
ela i ely high Deb o Equi y Ra io (DER), and no ably
lowe Re u n on Asse s (ROA) and To al Asse Tu no e
(TATO) le els.
Mul iple Reg ession Analysis
Mul iple linea eg ession was employed o assess he
in luence o inancial pe o mance indica o s on s ock p ices.
The esul an eg ession equa ion is as ollows:
SP = 0.619 - 1.923ROA + 1.675CR + 0.066DER +
0.068TATO + ε
Acco ding o he analysis:
The Cu en Ra io (CR) has a ema kable posi i e impac on
s ock p ice (β = 1.675; p < 0.001).
The Deb o Equi y Ra io (DER) has a ema kable posi i e
impac (β = 0.066; p = 0.014).
Re u n on Asse s (ROA) and To al Asse Tu no e (TATO)
ha e li le o no impac on s ock p ice (p > 0.05).
Tes s o Classical Assump ions
• No mali y: A Kolmogo o –Smi no signi icance o
0.200, which exceeds 0.05, sugges s no mal esiduals.
• Au oco ela ion: The Du bin–Wa son s a is ic o
1.910 alls wi hin he pe missible ange, indica ing he
absence o au oco ela ion.
• He e oscedas ici y: Absence o he e oscedas ici y (p >
0.05).
• Mul icollinea i y: Tole ance alues exceed 0.1, and
VIF is below 10, signi ying he absence o
mul icollinea i y.
“Financial Pe o mance and I s Impac on S ock P ice Vola ili y”
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Pa ial Hypo hesis Tes ing ( - es )
Table 2 Pa ial Tes Resul s ( - es )
Va iable
Coe icien
(B)
- alue
Sig.
Decision
ROA
-1.923
-0.230
0.819
No signi ican
CR
1.675
6.020
0.000
Signi ican
DER
0.066
2.586
0.014
Signi ican
TATO
0.068
0.193
0.848
No signi ican
Sou ce: SPSS 26.0 ou pu
Coe icien o De e mina ion (R²) Adjus ed R² = 0.508,
indica ing ha 50.8% o s ock p ice a ia ion is accoun ed o
by ROA, CR, DER, and TATO, wi h he emaining 49.2%
shaped by o he in luences.
5. DISCUSSION
This s udy analyzes he in luence o Re u n on Asse s (ROA),
Cu en Ra io (CR), Deb o Equi y Ra io (DER), and To al
Asse Tu no e (TATO) on he s ock p ice o PT Adhi Ka ya
(Pe se o) Tbk. The indings, de i ed om desc ip i e
s a is ics, mul iple eg ession, and classical assump ion es s,
elucida e he ela ionship be ween hese a iables and s ock
p ice luc ua ions du ing he s udy pe iod.
Using Re u n on Asse s (ROA) o De e mine S ock Value
The analysis e eals ha ROA does no signi ican ly
in luence PT Adhi Ka ya's s ock p ice, as shown by a - alue
o -0.230 and a signi icance le el o 0.819 (> 0.05). Al hough
ROA showcases a company's abili y o gene a e p o i s om
i s asse s, i doesn' ake cen e s age o in es o s when
e alua ing s ock p ices.
Th oughou he esea ch pe iod, despi e a signi ican
163.43% ise in ne p o i om IDR 81.24 billion in 2022 o
IDR 214.01 billion in 2023, he s ock p ice expe ienced a
d op. This indica es ha ex e nal ac o s, such as
mac oeconomic condi ions, ma ke mood, and long- e m
in es o con idence, exe a mo e signi ican in luence. The
1.26% inc ease in asse s (IDR 505.61 billion), mos ly om
ecei ables associa ed wi h he LRT Jabodebek p ojec and
enhanced ixed asse alua ion, did no di ec ly a ec he
s ock p ice. These indings align wi h he s udies o (Maulana
& Rochaya un, 2023); (Mo oh & Sup iyan o, 2024) and
(K isdayan i, 2021) all o which epo ed no signi ican
co ela ion be ween ROA and s ock p ices.
P esen Value's E ec on S ock Value
The ac ha CR has a signi ican bene icial impac on s ock
p ices is suppo ed by a - alue o 6.020 and a signi icance
le el o 0.000 (< 0.05). This sugges s ha i ms exhibi ing
g ea e liquidi y, as quan i ied by he cu en a io, a e likely
o possess ele a ed s ock p ices. In es o s pe cei e a high
cu en a io as an indica o o inancial s abili y and
ope a ional e iciency, implying ha he company can ul ill
i s sho - e m obliga ions. This ou come co obo a es he
indings o (Oebi e al., 2023); (Alghi a i e al., 2022);
(Mukh a e al., 2022); (Les a i & Ma e a, 2024); (Tahe inia
e al., 2024); (Sa yana ayana & Rao, 2023) and (Malahaya i
e al., 2022) all o whom documen ed a s ong bene icial
in luence o co po a e esponsibili y on s ock p ices.
How he Deb - o-Equi y Ra io (DER) A ec s S ock Value
Acco ding o he es esul s, which show a - alue o 2.586
and a signi icance le el o 0.014 (< 0.05), DER has a
signi ican bene icial impac on s ock p ices. In es o s see a
high DER as a po en ial signal o highe deb inancing,
which could spu expansion in he company h ough he use
o ex e nal inancing. The ma ke pe cei es he ise in DER
o PT Adhi Ka ya posi i ely, since he company adep ly
employs deb o und signi ican p ojec s, including he LRT
Jabodebek, an icipa ed o yield u u e e enue. These
indings a e consis en wi h he conclusions o (A ismu ia,
2024); (Sa o o e al., 2023); (Bu ky & Su iawina a, 2020);
and (A gyaneza & Damayan i, 2024) all o whom
de e mined ha DER posi i ely in luences s ock p ices.
Conclusions on he E ec o TATO on S ock P ice
Resul s showing a - alue o 0.193 and a signi icance le el o
0.848 (> 0.05) indica e ha TATO does no ha e a s ong
impac on s ock p ices. Du ing he esea ch pe iod, in es o s
did no iew TATO as a c i ical me ic, despi e i s assessmen
o asse e iciency in sales gene a ion.
The comple ion o signi ican p ojec s esul ed in e iciency
imp o emen s, bu he s ock p ice did no e lec hei
immedia e impac on asse u no e . This inding aligns wi h
he s udies o (Alba e al., 2023); (A hahi y e al., 2024);
(Nu wulanda i & Wahid, 2024); and (Pu i Z & Akba , 2024)
which epo ed no signi ican e ec o TATO on s ock p ices
wi hin he cons uc ion sec o .
6. CONCLUSSION
The pu pose o his esea ch is o in es iga e he e ec s o
Re u n on Asse s (ROA), Cu en Ra io (CR), Deb o Equi y
Ra io (DER), and To al Asse Tu no e (TATO) on he s ock
p ice o PT Adhi Ka ya (Pe se o) Tbk. The indings o he
in es iga ion indica e ha he s ock p ice o he company is
signi ican ly and posi i ely in luenced by CR and DER.
In es o s see good deb inancing echniques and liquidi y
a o ably, which esul s in inc eases in he p ices o s ocks.
On he o he side, s ock p ices a e no signi ican ly impac ed
by ROA o TATO wi hin he ime ame o he s udy. Despi e
he ac ha asse e iciency and ne p o i ha e inc eased,
ex e nal ac o s such as ma ke mood and mac oeconomic
condi ions ha e a g ea e in luence on swings in s ock p ices.
The esul s o hese s udies a e in ag eemen wi h p io
esea ch, which has also ound ha ROA and TATO a e no
he p ima y ac o s ha in luence a ia ions in s ock p ices
wi hin he cons uc ion indus y.
Fo he mos pa , in es o s in PT Adhi Ka ya place a g ea e
emphasis on liquidi y indica o s and he e ec i eness o deb
usage han on p o i abili y and asse e iciency when making
s ock in es men selec ions in he company.
“Financial Pe o mance and I s Impac on S ock P ice Vola ili y”
983
Rina T esnawa i1, RAJAR Volume 11 Issue 11 No embe 2025
ACKNOWLEDGMENT
The au ho would like o exp ess since e g a i ude o P2M
Widya ama Uni e si y o he inancial suppo p o ided in
comple ing his esea ch. Wi hou he unding and assis ance
om he ins i u ion, his s udy would no ha e been possible.
We also ex end ou special hanks o all he s a membe s o
P2M Widya ama Uni e si y o hei con inuous suppo and
coope a ion h oughou he esea ch p ocess.
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