Analysis Of The Effect Of Debt To Equity Ratio And Asset Growth On Stock Price Of Pt Garuda Indonesia Tbk

Junita Adiratwan; M. Rimawan; Juwani

doi:10.63922/ijebir.v5i04.4371

Junita Adiratwan Study Program of Management, Sekolah Tinggi Ilmu Ekonomi (STIE) Bima
M. Rimawan Study Program of Management, Sekolah Tinggi Ilmu Ekonomi (STIE) Bima
Juwani Study Program of Management, Sekolah Tinggi Ilmu Ekonomi (STIE) Bima

DOI: https://doi.org/10.63922/ijebir.v5i04.4371

Keywords: Debt To Equity Ratio, Asset Growth, Stock Price

Abstract

This study aims to analyze the effect of Debt to Equity Ratio (DER) and Asset Growth on the stock price of PT Garuda Indonesia (Persero) Tbk. The research employs an associative quantitative approach using secondary data from the company's financial statements over an 11-year period (2014–2024). Data were obtained from the official website of PT Garuda Indonesia Tbk and analyzed using multiple linear regression with the assistance of SPSS version 23. Classical assumption tests were conducted, including normality, multicollinearity, heteroscedasticity, and autocorrelation tests, all of which confirmed that the regression model met the required assumptions. The results show that: (1) Debt to Equity Ratio partially has a significant effect on stock price (t-count 3.713 > t-table 2.447; sig. 0.006 < 0.05); (2) Asset Growth partially has no significant effect on stock price (t-count 1.315 < t-table 2.447; sig. 0.225 > 0.05); and (3) simultaneously, DER and Asset Growth have a significant effect on stock price (F-count 6.923 > F-table 4.76; sig. 0.018 < 0.05). The coefficient of determination (R²) of 63.4% indicates that both independent variables jointly explain 63.4% of the variation in stock price, while the remaining 36.6% is influenced by other factors outside this study.

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