Stock Price Determinants in the Automotive Industry: A Fundamental Analysis from 2019 to 2023

Abstrak

This study examines the effect of key financial ratios, namely the Current Ratio, Total Asset Turnover, Return on Equity, Debt to Asset Ratio, and Earnings per Share on stock prices in Indonesia’s automotive sector during the economic transformation period from 2019 to 2023. Based on secondary data from 12 listed companies and analyzed using multiple linear regression with SPSS version 25, the results indicate that all variables simultaneously influence stock prices, although only Earnings per Share has a statistically significant partial effect. The original contribution of this study lies in its focus on a sector experiencing structural shifts due to the COVID-19 pandemic and the accelerating transition toward electric vehicles, an area that remains rarely explored empirically in the Indonesian context