The Effect of Debt to Equity Ratio and Current Ratio on Stock Prices in Pharmaceutical Subsector Companies Listed on the Indonesia Stock Exchange

Meilani Putri; Rismansyah; Maliah

doi:10.63922/ijebir.v5i05.5302

Meilani Putri Universitas PGRI Palembang
Rismansyah Universitas PGRI Palembang
Maliah Universitas PGRI Palembang

DOI: https://doi.org/10.63922/ijebir.v5i05.5302

Keywords: Current Ratio, Debt To Equity Ratio, Pharmaceutical Companies, Share Price, Solvency

Abstract

Stock prices are one indicator that reflects investors' assessment of a company's condition and prospects. This study aims to analyze the effect of the debt-to-equity ratio and current ratio on stock prices in pharmaceutical subsector companies listed on the Indonesia Stock Exchange for the 2021-2024 period. This study used a quantitative method with secondary data obtained from company financial reports and stock price data. The study population consisted of 15 pharmaceutical subsector companies, while the sample was determined using a purposive sampling technique, resulting in 11 companies or 44 observational data. The research instruments consisted of debt-to-equity ratio, current ratio, and closing price data. Data analysis was performed using SPSS version 27 through descriptive statistics, classical assumption tests, simple linear regression analysis, multiple linear regression analysis, correlation coefficients, coefficients of determination, and t-tests and F-tests. The results showed that the debt-to-equity ratio significantly affected stock prices, while the current ratio did not. Simultaneously, the debt-to-equity ratio and current ratio did not significantly affect stock prices. This study concluded that capital structure played a greater role in explaining stock price changes than the level of company liquidity in pharmaceutical subsector companies during the study period.

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