Dampak Capital Expenditure pada Harga Saham Melalui ROA dan DER (Kasus: Sektor Konsumer Non-Cyclicals BEI 2021-2024)

Dwi Danesty Deccasari; Marli Marli

doi:10.37034/jems.v8i4.562

Authors

Dwi Danesty Deccasari Sekolah Tinggi Ekonomi Malangkucecwara
Marli Marli Sekolah Tinggi Ekonomi Malangkucecwara

DOI:

https://doi.org/10.37034/jems.v8i4.562

Keywords:

Investment Strategy, Capital Expenditure, Return on Assets (ROA), Debt to Equity Ratio (DER), Stock Price

Abstract

This study analyzes investment strategies and their impact on corporate performance and market value, focusing on the influence of capital expenditure on stock prices, with Return on Assets (ROA) and the Debt-to-Equity Ratio (DER) acting as moderating variables. The study encompasses 42 companies in the non-cyclical consumer sector listed on the Indonesia Stock Exchange between 2021 and 2024 selected via purposive sampling that exhibit significant capital investment activity. Its primary objective is to provide a deep understanding of the complex relationships between these variables and to identify how ROA and DER moderate the link between capital expenditure and stock prices, thereby addressing existing gaps in the literature. Employing a quantitative approach, the study analyzes secondary data from annual financial reports using SmartPLS software to test the hypotheses. The results indicate that capital expenditure positively influences stock prices, with ROA playing a significant moderating role; specifically, high profitability translates investments into more substantial stock price appreciation. Meanwhile, DER also exerts a complex moderating effect, demonstrating that optimal debt levels support the positive impact of investment, whereas excessive debt ratios can mitigate this effect. The study concludes that investment management must balance capital expenditure decisions with profitability performance (ROA) and a sound capital structure (DER) to achieve optimal market value, implying the need for a holistic investment strategy to maximize shareholder value.

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