Key findings:

Key findings include: ROE has a significant positive effect on stock prices, indicating investors prioritize profitability; DER has no significant effect, suggesting debt level is less important; GCG does not significantly impact stock prices, requiring further study; and the combined influence of these factors accounts for 16.9% of stock price variation, with the remaining 83.1% influenced by other variables.

What is known and what is new?

What is known is the importance of financial ratios and corporate governance in stock price determination. What is new is the specific study on the effect of Debt-to-Equity Ratio, Return on Equity, and Good Corporate Governance on stock prices of companies listed on the Jakarta Islamic Index, providing insights into the priorities of investors in the Islamic capital market.

What is the implication, and what should change now?

The implication is that investors in the Islamic capital market prioritize profitability over debt levels. Changes needed include companies focusing on increasing profitability and efficiency, and implementing good corporate governance principles to increase investor confidence.

The capital market is a key instrument in a country's economy, playing a crucial role in the allocation of financial resources and the facilitation of economic growth. The capital market is an ideal place to invest, both for investors who are looking for short-term and long-term returns, and a means for those who want to achieve financial success in the long run. According to Andrianto and Mirza (2016) [1] in developing a country, the capital market plays a crucial role. The capital market offers alternative investment and funding sources for companies. Investors consider various factors when choosing a capital market with good performance to improve their welfare [2]. The capital market has become one of the vital indicators for national economic development. Shares are the most common financial instrument used by companies (issuers) to obtain funds from the public, as well as being the most popular investment option in the capital market [3]. The stock price is a major focus in the capital market because it reflects the company's performance and the various factors that impact it.

The stock price represents the current value of the anticipated future earnings that investors expect to receive. The value of a stock at any given time is influenced by the investor's expectation of the profits they will earn in the future if they buy the stock. Rifaldhy and Laksana (2022) [4] state that stock price is an important indicator that must be considered by companies because it reflects the overall performance and achievement of the company. A good stock price can be a representation of the company's success. The company's potential profit is a factor that influences its share price. The more profitable a company is, the more attractive it becomes to investors, presenting them with increased potential for get a high return on the results of investment implementation. The amount of company profit is supported by funding sources, namely debt and company capital. 

Investor interest in investing is influenced by a variety of interrelated factors. Internal and external factors are interrelated and can influence each other. Investors who want to increase their appetite for investing need to consider all these factors and create an investment strategy that suits their risk profile and investment objectives. Investors need to understand the factors that affect a company's share price.

One of the things that affect stock prices is Good Corporate Governance (GCG). Luthfi et al., (2022) [5] defines good corporate governance as a set of rules that regulate the relationship between internal parties, such as shareholders and management, and external parties such as creditors, government, and other related parties. These rules include the rights and obligations of each party. Good Corporate Governance (GCG) is a crucial factor in building investor confidence and improving company performance. Good GCG implementation can optimize the use of company resources, reduce risks that may occur, and increase overall company value.

On the other hand, the company's financial structure is also a consideration for investors in making investment decisions. The debt-to-equity ratio (DER) is one of the financial structure indicators showing the company leverage level. According to Al Barohin and Nasution (2023) [6], a high Debt to debt-equity ratio (DER) indicates a high financial risk for the company. Investors tend to prefer companies with low DER because they are considered safer to invest in. Thus, companies with low DER will find it easier to attract investors, increase the amount of investment, and ultimately increase stock prices.

Given the research's focus, several studies were found that have relevance to this research, namely: Abror and Nuzulia (2022) [7] conducted research aimed at analyzing the effect of CR, NPM, and GCG on the share price of Islamic companies in the Jakarta Islamic Index. The study focused on 20 Islamic companies that consistently published financial reports from 2016 to 2020. Utilizing various analytical techniques, including the Hausman test, classical tests, and hypothesis testing at a 5% significance level, the research found a combined influence of Current Ratio, Net Profit Margin, and Good Corporate Governance on stock prices. However, individually, only Net Profit Margin and Good Corporate Governance significantly impacted stock prices, while the Current Ratio did not demonstrate a significant effect.

Junaeni (2017) [8] researched to ascertain the impact of the following metrics on the share price of food and beverage firms listed on the Indonesia Stock Exchange between 2010 and 2014: Economic Value Added (EVA), Return On Assets (ROA), Debt to Equity Ratio (DER), and Total Assets Turnover (TATO). Three firms' financial statements on the official IDX website are the source of the data. Through the use of panel data regression and the fixed effect approach on Eviews 8 software, this study determined that there was no significant difference in stock prices between EVA, ROA, DER, and TATO used separately. Nonetheless, when taken as a whole, the four factors significantly impact stock price.

To determine the impact of ROA, ROE, and DER on the stock prices of companies included in the Jakarta Islamic Index (JII) between 2016 and 2019, Maryani and Zakaria (2020) [9] conducted research. In this study, a purposive sample of 16 companies was selected from a total of 45 companies, using descriptive and verification approaches. The findings show that while ROE significantly affects stock prices, ROA has no noticeable impact. In addition, DER has no discernible impact on stock prices.

Munira et al.(2018) [10] investigated the impact of Return on Equity (ROE) and Debt to Equity Ratio (DER) on the share prices of paper firms listed on the Indonesian Stock Exchange (IDX). This study used a selective sampling strategy to collect secondary data from seven pulp and paper businesses listed on the IDX between 2012 and 2016. The findings revealed that ROE had no meaningful impact on stock prices, however, DER did. However, together, ROE and DER have a large impact on stock values.

Alfiah and Diyani (2018) [11] investigated the impact of Return on Equity (ROE) and Debt to Equity Ratio (DER) on stock prices within the retail sector. Their study, using data from 8 selected companies, found that while DER significantly influenced stock prices, ROE did not. However, combined, ROE and DER only accounted for 22.5% of stock price variations, suggesting other factors play a role in determining stock prices.

The purpose of this study is to investigate the link between Good Corporate Governance (GCG), Debt-to-Equity Ratio (DER), Return on Equity (ROE), and stock prices of businesses included on the Jakarta Islamic Index. Understanding the link between these characteristics is supposed to assist firm management make better financial decisions and offer investors information on which companies to invest in.

Share Price

Ratnaningtyas (2021) [12] defines the share price as the amount of money investors are ready to pay to acquire a share. This share price is the main indicator of the company's market value. Stock prices can be influenced by various factors, including the company's financial performance, earnings reports, economic news, market sentiment, and company-related events. Simatupang et al., (2023) [13] state that an increasing stock price generally indicates investors' positive view of the company's prospects, while a decrease in stock price may indicate uncertainty or poor performance. Stock prices in the capital market are determined by the interplay between supply and demand. Within a market where capital is allocated efficiently, all securities are traded at their market price. Stock prices reflect investors' expectations of the company's earnings, cash flows, and expected rate of return, all of which are heavily influenced by overall economic conditions.

Debt To Equity Ratio (DER)

DER (Debt to Equity Ratio) is a ratio that describes the extent to which the company's capital can guarantee all its debts. In a wider context, DER serves as a solvency ratio, assessing a company's capacity to fulfill all financial commitments, both in the long and short term [14]. DER is calculated using the following formula:

A company's share price tends to decrease as its DER (Debt to Equity Ratio) increases. This is because a high DER indicates a higher level of company risk. Investors tend to avoid companies with high DER because they are worried that the company will have difficulty paying off its debts in the future. Studies by Munira et al., (2018) and Solekah & Erdkhadifa (2023) [10, 14] indicate that DER influences stock prices. Conversely, research by Abdullah et al., (2022) and Nurismalatri & Artika (2022) [15, 16]  suggests that DER does not have an impact on stock prices.

Return On Equity (ROE) 

Return On Equity (ROE) is a ratio used to see how much equity contributes to generating net income [9]. Return on Equity is a ratio that describes the company's strength when reaching a profit to become a benefit for the company's shareholders. ROE can describe and assess the company's future performance and illustrate the company's profitability. A high ROE on the company will make its share price increase. The calculation of ROE uses the formula:

In general, there is a belief that Return on Equity (ROE) and stock price have a positive relationship. The higher a company's ROE, the higher its share price. This is because a high ROE reflects the company's ability to generate greater profits for its shareholders. Investors tend to be willing to pay more for shares of companies with high ROE because they expect to get greater profits in the future. Research conducted by Budiyono and Santoso (2019) , Maryani and Zakaria (2020),  and Sari (2021) [9, 17, 18] shows that ROE affects stock prices. However, research conducted by Irton (2020) and Al Umar and Savitri (2020) [19, 20] shows that ROE does not affect stock prices.

Good Corporate Governance (GCG)

It is a system and process implemented in company management aimed at enhancing shareholder value over the long term, and considers the interests of other relevant parties. The existence of good corporate governance practices is recognized to improve the efficient allocation of resources, thus enabling the company to survive and generate sufficient profits to maintain the commitment of important stakeholders [21]. Good Corporate Governance (GCG) is based on five key principles: openness, answerability, duty, autonomy, and impartiality. The implementation of these principles is expected to strengthen the company's internal control, covering various aspects such as managerial ownership, institutional ownership, the board of commissioners, the number of board members, the existence of an audit committee, and the role of independent commissioners.

Implementing good corporate governance demonstrates the company's commitment to conduct business in a transparent, accountable, and responsible manner. This will build investor confidence in the company, encouraging them to invest more boldly. Increased investor confidence will increase demand for the company's shares, which in turn will have an impact on the increase in share prices. The results of research on the effect of good corporate governance (GCG) on stock prices are still mixed. Roselin and Rahmanto (2023) and Septiana et al., (2023) [22, 23] found a positive effect of GCG on stock prices. However, research conducted by Abror and Nuzulia (2022) and Budiantini (2024) [7, 24] shows the opposite result specifically, the lack of a significant impact of GCG on share price.

2.1. Source and Type of Data 

This quantitative study utilizes secondary data sourced from the financial statements of companies listed on the Jakarta Islamic Index (JII) between 2019 and 2023. DER, ROE, and GCG are independent variables in this study, while share price is the dependent variable. The following table lists the factors that need to be tested: 

Table 1. Research Variables 

The reason for using the above decisions is that these variables are considered capable of accurately describing the relationship between the four variables. The use of DER, ROE, GCG, and share price variables is used by researchers to compare the results of their research with previous research and whether there are similarities or differences so that they can generate new hypotheses. (Table 1)

2.2 Analysis 

This research data analysis technique uses panel data regression analysis with Eviews 13 software to test the effect of Debt to a debt-equity ratio (DER), Return On Equity (ROE), and Good Corporate Governance (GCG) on the stock price. The regression model is:

Y = α + β₁X₁ + β₂X₂ + β₃X₃ + ε

Description : 

Y  = Share Price 

X1  = DER

X2  = ROE

X3  = GCG

α  = Constant 

β = Regression Coefficient

ε = Error Term

The population in this study is 30 companies listed on the Jakarta Islamic Indeks (JII). This research applies Purposive Sampling, which is a sample selection with certain criteria. The criteria for companies that will be used as research samples are as follows:

Table 2. Company Sample Selection

Statistical analysis applied to knowing the data obtained is in the form of instrument tests, hypothesis tests, and panel data regression tests. The t-test (partial) analyzes the magnitude of the influence of an independent variable on the variation of the dependent variable, and the F-test (Simultaneous) shows the magnitude of the influence of the independent variable on the dependent variable in regression analysis. Regression analysis will be applied to determine the correlation between the independent and dependent variables. (Table 2)

The data will be analyzed using Eviews 13 statistical software. After the data is analyzed, the results of the analysis will be interpreted, and conclusions drawn that are relevant to the research objectives. There is a hypothesis proposed by the researcher, namely:

H₁: DER affects share price

H₂: ROE affects the share price

H₃: GCG affects the share price

H₄: DER, ROE, and GCG affect share prices.

Assessment of the effect of debt to equity ratio, return on equity, and gcg on stock prices through several tests. This study uses a descriptive quantitative approach where the independent variables are DER, ROE, and GCG while the dependent variable is stock price.

Model Determination

In panel data analysis, selecting the optimal model between common effect, fixed effect, or random effect models requires several statistical tests, including the Chow test, Hausman test, and Lagrange-Multiplier (LM) test. Each of these tests offers different information to assist researchers in choosing the most effective model according to the characteristics of the data and the research being conducted.

Table 3. Selection of Best Model

Table 3 presents the results of the best model selection test. After testing, REM is the best model for this study

T-test (Hypothesis Test)

Table 4. T-test Results  

   T-test

Source: 2024 Processed Data

Based on the estimation results presented in Table 4, it can be concluded that:

1. The X₁ variable has a t-statistic value of 0.636288 with a value of Prob. (Significance) of 0.5258. the t-statistic value of X₁ has a value greater than α 0.05. These results indicate that the debt-to-equity No. variable (X₁) does not affect stock prices based on statistical results. In conclusion, based on the t-test the Debt to Equity No. variable shows No. effect on stock prices.
2. The X₂ variable has a t-statistic value of 5.198661 with a Prob. (Significance) value of 0.0000. the t-statistic value of X₂ is significant because it is smaller than α 0.05. The results of this test indicate that the Return On Equity (X₂) variable affects stock prices statistically. Based on the partial test results, show that the Return On Equity (X₂) variable influences stock prices.
3. The X₃ variable has a t-statistic value of 1.327585 with a Prob. (Significance) value of 0.1868. the t-statistic value of X₃ is not significant because it is greater than α 0.05. The results of these findings indicate that the GCG variable (X₃) has No. statistical effect on stock prices. Partial testing reveals that good corporate governance does not influence stock prices.

Analysis of Regression Equation

The estimation results are as follows:

Y= + 1X1+ 2X2+ 3X3+ 

Y  = 1354.31793652 + 658.7406*X1 + 131.6150*X2 + 248.1070*X3 + 

Description:

1. These values provide insight into the relationship between the factors being studied and the outcome being measured.. The constant value (1354.31793652) represents the stock price when the independent variables (DER, ROE, and GCG) are all zero. If each independent variable linearly increases by one unit, then the stock price is projected to grow by 1354.31793652 units.
2. DER regression coefficient (658.7406) indicates a positive effect of DER on stock price. Therefore, when DER grows, the impact on stock price is to increase by 658.7406, and conversely, a decrease in DER causes a decrease in stock price by the same amount.
3. ROE regression coefficient (131.6150) which shows a positive effect of ROE on stock price. This indicates that there is a positive correlation between an increase in ROE and an increase in stock price, with a coefficient of 131.6150. Conversely, a decrease in ROE will most likely result in a decrease in share price.
4. GCG regression coefficient (248.1070) indicates a positive effect of GCG on stock price. This means that there is a positive correlation between GCG and stock price, where an increase in GCG results in an increase in stock price by 248.1070 times, and vice versa.

F-test (Simultaneous test)

Table 5. F-test Results  

F-test

Source: 2024 Processed Data 

Table 5 shows the results of the F test obtained value (F-statistic) of 0.000009 (<0.05), it can be concluded that simultaneously Debt debt-equity ratio, Return on Equity, and Good Corporate Governance influence stock prices.

Determination Coefficient Test (R²)

Table 6. Determination Coefficient Test Results

Determination Coefficient Test

Source: 2024 Processed Data

Table 6 displays the determination test results, measuring the combined influence of all independent variables on the dependent variable. The Adj R-squared estimation indicates that the independent variables collectively contribute 16.9% to the Share Price, while the remaining 83.1% is influenced by factors not considered in this study. 

Debt To Equity Ratio to Share Price

Based on statistical testing, the debt-to-equity ratio (X1) has a t-statistic value of 0.636288 with a Prob. (Significance) value of 0.5258. The t value of the debt-to-equity ratio (X1) statistic is not significant because it is greater than α 0.05. The results of these findings indicate that the debt-to-equity ratio variable has no statistical effect on stock prices.

The test results for the debt-to-equity ratio variable reveal that it does not impact stock prices. This suggests that investors in companies listed on the Jakarta Islamic Index do not consider the level of company debt relative to its equity as a primary factor in their investment decisions. There are several possible explanations for why the debt-to-equity ratio does not affect stock prices. Investors may pay more attention to other factors such as revenue growth, profitability, or industry prospects in assessing the share price of a company. However, too high a debt-to-equity ratio can still increase a company's financial risk and potentially negatively affect its stock price in the long run. Therefore, companies need to keep DER at a healthy and sustainable level.

Effect of Return On Equity on Share Price

Based on statistical testing, the Return On Equity (X2) value has a t-statistic value of 5.198661 with a Prob. (Significance) value of 0.0000. The statistical value of return on equity (X2) is smaller than α 0.05. These results indicate that the Return On Equity (X2) variable affects stock prices statistically. From the partial test results, the Return On Equity (X2) variable shows a significant effect on stock prices.

According to the results of statistical calculations, return on equity affects stock prices. This shows that investors tend to positively assess companies that can generate high profits from the capital invested so that the company's share price tends to increase. It's important to note that while ROE is a significant factor influencing stock prices, it's not the sole determinant. Other factors like the overall economic climate, industry performance, and market sentiment also play a crucial role in shaping a company's share price.

The Effect of Good Corporate Governance on Share Price

Based on statistical testing, the value of good corporate governance (X3) has a t-statistic value of 1.327585 with a Prob. (Significance) value of 0.1868. The t-statistic value of X3 is not significant because it is greater than α 0.05. The results of these findings indicate that the good corporate governance variable (X3) has no statistical effect on stock prices. From the partial test results, the good corporate governance variable shows that there is no significant effect on stock prices.

The number of board members in a company can affect the effectiveness of the company's supervision. The more members of the board of directors, the more complex the decision-making process. This can cause delays in strategic decision-making, which in turn can hinder company growth and reduce stock prices. Too large a board can make it difficult to make effective decisions, while too small a board may not have sufficient expertise to oversee all aspects of the company. From this argument, it can be seen that Good Corporate Governance (GCG) does not necessarily guarantee good company performance or an increase in stock prices. Although board size is one aspect of good corporate governance, many other factors can affect company performance, such as economic conditions, industry competition, and management quality.

In conclusion, the analysis reveals that a company's Debt to debt-equity ratio (DER) does not significantly influence stock prices, suggesting that investors prioritize other factors when assessing a company's value. Conversely, Return on Equity (ROE) significantly impacts stock prices, indicating that investors favor companies with higher profitability. While Good Corporate Governance (GCG) is important, it does not directly guarantee higher stock prices, as numerous other factors like economic conditions, competition, and management quality also play a role. Collectively, DER, ROE, and GCG account for 16.9% of the variation in stock prices, with the remaining 83.1% influenced by factors beyond the scope of this study.

Funding: No funding sources.

Conflict of interest: None declared.

Ethical approval: The study was approved by the Institutional Ethics Committee of  Tanjungpura University.

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