Driving Nvidia’s Market Value: The Roles of ROA, Current Ratio, and Debt to Equity Ratio

Aulia Rahman; Taufik Sadikin; Dudi Hendaryan

doi:10.61987/jemr.v5i3.2303

Authors

Aulia Rahman Universitas Langlangbuana Bandung
Taufik Sadikin Universitas Langlangbuana Bandung
Dudi Hendaryan Universitas Langlangbuana Bandung

DOI:

https://doi.org/10.61987/jemr.v5i3.2303

Keywords:

Stock Price, Return on Assets, Current Ratio, Debt to Equity Ratio

Abstract

This study aims to examine the effects of Return on Assets (ROA), Current Ratio (CR), and Debt to Equity Ratio (DER) on stock prices during the period 2015–2025. The research employed a quantitative explanatory approach using quarterly financial statement and stock price data, resulting in 44 observations. Data were analyzed using multiple linear regression with HAC (Newey–West) standard errors to address autocorrelation issues in time-series data. Prior to hypothesis testing, classical assumption tests including normality, multicollinearity, heteroscedasticity, and autocorrelation tests were conducted. The findings reveal that Return on Assets (ROA) has a positive and significant effect on stock prices, indicating that profitability remains a key factor influencing investor valuation. Debt to Equity Ratio (DER) also demonstrates a positive and significant effect, suggesting that leverage is perceived as a strategic financing instrument supporting growth opportunities. In contrast, Current Ratio (CR) does not significantly affect stock prices, implying that liquidity information is less relevant to investors compared to profitability and growth prospects. Simultaneously, ROA, CR, and DER significantly influence stock prices, with an adjusted R² of 72.49%. The study contributes to the literature by highlighting the differing relevance of financial ratios in technology-driven firms and supports Signaling Theory, Trade-off Theory, and Adaptive Market Hypothesis in explaining investor behavior during periods of technological transformation.

References

Aryani, F., dkk. (2024). Pengaruh ROA, CR dan DER terhadap harga saham perusahaan sektor industri barang konsumsi. EKOMA: Jurnal Ekonomi, Manajemen, Akuntansi, 3(2), 512–525. https://www.ulilalbabinstitute.id/index.php/EKOMA/article/view/2922

Bodie, Z., Kane, A., & Marcus, A. J. (2021). Investments (12th ed.). McGraw-Hill Education.

Darmawan. (2020). Dasar-dasar memahami rasio dan laporan keuangan (Ed. 1). UNY Press.

Fadere, A. O., Akinnubi, O. P., & Ogbaini, C. A. (2024). Transforming Learning: The Role of School-Related Factors in Student Achievement. Indonesian Journal of Education and Social Studies, 3(1), 12–22. https://doi.org/10.33650/ijess.v3i1.8170

Fahmi, I. (2020). Analisis laporan keuangan. Alfabeta.

Handayani, S. (2021). Pengaruh Return on Assets (ROA), Return on Equity (ROE) dan Net Profit Margin (NPM) terhadap harga saham. Jurnal Ekonomi Dan Bisnis, 10(1), 125–134. https://doi.org/10.33087/ekonomis.v5i1.291

Hardianti, N., Nurfadilah, & Sriwulandari, A. (2023). Pengaruh Return on Assets (ROA), Return on Equity (ROE) dan Earning Per Share (EPS) terhadap harga saham. Jakman: Jurnal Akuntansi, Keuangan, Dan Manajemen, 4(3), 185–196. https://doi.org/10.35912/jakman.v4i3.2105

Hery. (2023). Memahami laporan keuangan dan analisisnya (Ed. 1). Papan Sinar Sinanti.

Jaya, I. M. M. (2026). Metode penelitian kuantitatif dan kualitatif. Quadrant.

Jin, C., Lu, X., & Zhang, Y. (2022). Market reaction, COVID-19 pandemic and return distribution. Finance Research Letters, 47(PB), Article 102701. https://doi.org/10.1016/j.frl.2022.102701

Khair, H. (2025). Collaboration Between Parents and Teachers in Building a Learning Ecosystem in the Digital Era. Indonesian Journal of Education and Social Studies, 4(1), 70–84. https://doi.org/10.33650/ijess.v1i2.3548

Lubis, Z. A., Hutahaean, T. F., Kusuma, S., & Karin, A. V. (2021). Pengaruh ROA, CR, dan DER terhadap harga saham perusahaan manufaktur subsektor food and beverage yang terdaftar di BEI tahun 2015-2019. Jurnal Paradigma Ekonomika, 16(2), 325–334. https://doi.org/10.22437/jpe.v16i3.12664

Mahendra, W., & Sahibuddin, S. A. (2022). Determinan nilai perusahaan pada sektor perusahaan properti dan real estate di Indeks Saham Syariah Indonesia. Nominal Barometer Riset Akuntansi Dan Manajemen, 11(2), 220–232. https://doi.org/10.21831/nominal.v11i2.49191

Mardianto, M. F. F., Faizun, N., Nauvaldy, M., & Sediono, S. (2025). Forecasting the closing price of Meta stocks using a pulse function intervention analysis approach. Media Statistika, 18(1), 83–92. https://doi.org/10.14710/medstat.18.1.83-92

Maulana, A., & Susanti, E. (2026). Analisis pengaruh ROA, DER, CR terhadap harga saham telekomunikasi periode 2020-2024. Journal of Trends in Economics and Accounting Research, 6(3), 215–224. https://doi.org/10.47065/jtear.v6i3.2546

Mujino, M., Sari, P. P., & Widiyanti, I. W. (2021). Pengaruh Return on Asset, Return on Equity, Net Profit Margin dan Earning Per Share terhadap harga saham. Jurnal Ilmiah Edunomika, 5(1), 158–162. https://doi.org/10.29040/jie.v5i1.1700

Nugraha, K. C., & Artini, L. G. S. (2022). The Effect of Financial Performance on Stock Prices of Automotive and Component Sub Sector Companies in the Indonesia Stock Exchange. European Journal of Business and Management Research, 7(4), 327–331. https://doi.org/10.24018/ejbmr.2022.7.4.1595

Nurhaida, H. S., & Asdiqoh, S. (2026). Legal Education and Digital Discipline in Pesantren: Fostering Santri’s Legal Awareness in the Age of Social Media. Indonesian Journal of Education and Social Studies, 5(1), 82–97. https://doi.org/10.33650/ijess.v5i1.13187

Nurhasanah, D. A., & Metta, K. (2020). Determinan nilai perusahaan properti dan real estate di Bursa Efek Indonesia. Journal of Economics and Banking, 2(1), 55–64. http://jurnal.stiebankbpdjateng.ac.id/jurnal/index.php/econbank/article/download/203/192/

Nuryani, N., Rusdianti, R., & Wulandari, S. (2020). Pengaruh current ratio dan debt to equity ratio terhadap harga saham dengan return on equity sebagai variabel intervening pada perusahaan subsektor makanan dan minuman. Jurnal Akuntansi dan Bisnis, 16(1), 1–14. https://doi.org/10.30873/jab.v16i1.2345

Nuryani, Y., Setyawan, A., & Handayani, S. (2020). Pengaruh current ratio, return on asset, dan debt to equity ratio terhadap harga saham. Jurnal Ilmiah Akuntansi dan Keuangan, 9(2), 115–126. https://doi.org/10.32639/jiak.v9i2.482

Partomuan, F. T. (2021). Pengaruh CR, DER dan ROE terhadap harga saham pada perusahaan sub sektor konstruksi yang terdaftar di Indeks Idx Value 30 periode 2015-2019. Jimen: Jurnal Inovatif Mahasiswa Manajemen, 1(3), 242–255. https://doi.org/10.35968/4dwktp28

Permatasari, S. S., & Mukaram. (2019). Pengaruh rasio keuangan terhadap harga saham. Jurnal Administrasi Niaga, 7(2), 48–56. https://jurnal.polban.ac.id/an/article/view/1256

PwC. (2018). The macroeconomic impact of artificial intelligence: Technical report. https://www.pwc.co.uk/economic-services/assets/macroeconomic-impact-of-ai-technical-report-feb-18.pdf

Silkfan, R., & Azwir, M. (2022). Pengaruh kinerja keuangan dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Ar-Ribhu, 5(2), 392–401. https://doi.org/10.46781/ar-ribhu.v5i2.739

Sugiyono. (2023). Metode penelitian kuantitatif kualitatif. CV. Alfabeta.

Sujarweni, V. W. (2022). Analisis laporan keuangan teori, aplikasi dan hasil penelitian (M. Pr, Ed.). Pustaka Baru Press.

Surbakti, S. A., Sembiring, M., & Sitorus, R. (2023). Pengaruh current ratio, debt to equity ratio, dan return on asset terhadap harga saham. Jurnal Akuntansi dan Keuangan, 11(2), 142–153. https://doi.org/10.31289/jak.v11i2.9145

Tabina, A. R., & Dora, N. (2025). Laughing Through Heritage: The Role of Aceh Pungo in Sustaining Acehnese Identity. Indonesian Journal of Education and Social Studies, 4(3), 381–391. https://doi.org/10.33650/ijess.v4i3.13172

Tohet, M., & Nuraini, F. (2026). More Than Teaching Values: Teacher Exemplarity and Moral Formation through the Figurative Learning Model. Indonesian Journal of Education and Social Studies, 5(1), 40–55. https://doi.org/10.33650/ijess.v5i1.13087

Tsoka, M. (2026). A sense-making approach to pre-service teachers’ use of teaching and learning materials in resource-constrained contexts. Indonesian Journal of Education and Social Studies, 5(1), 1–13. https://doi.org/10.33650/ijess.v5i1.12575

Wiyati, R., Maryati, S., & Thamrin, M. (2021). Pengaruh rasio keuangan perusahaan syariah terhadap harga saham di Bursa Efek Indonesia. Jurnal Daya Saing, 7(1), 74–82. https://ejournal.kompetif.com/index.php/dayasaing/article/view/596

Yogiani, P., Rahman, A., & Masyhad. (2021). Pengaruh CR, ROA dan DER terhadap harga saham (Studi kasus pada perusahaan food & beverages yang terdaftar di Bursa Efek Indonesia pada tahun 2016 -2019). Ekobis: Jurnal Ekonomi dan Bisnis, 2(1), 54–65. https://journal.febubhara-sby.org/ekobis/article/view/215