JRSSEM 2022, Vol. 01, No. 6, 736 – 746

E-ISSN: 2807 - 6311, P-ISSN: 2807 - 6494

DOI : 10.36418/jrssem.v1i6.77

THE INFLUENCE OF FUNDAMENTAL, TECHNICAL, AND

INFLATION FACTORS ON STOCK PRICES IN FOOD AND

BEVERAGES COMPANIES LISTED ON IDX

Siti Dini

Amelia

Ramelda Veronika Br. Hutabarat

Pangeran Amansyah Pasaribu

1,2,3,4

Faculty of Economics, Prima Indonesia University

e-mail: siti.dini@gmail.com

, amelialiang0901@gmail.com

, ramelda21@gmail.com

luckychun2609@gmail.com

*Correspondence: amelialiang09[email protected]

Submitted: 28 December 2021, Revised: 12 January 2022, Accepted: 19 January 2022

Abstract: This study aims to determine whether technical and fundamental analysis have a partial

or simultaneous influence on stock prices. The population of this study amounted to 25 companies

listed on the Indonesia Stock Exchange. In sampling, the researcher coordinates the objectives of

the sampling method and takes the sample by considering several criteria. In this study, the data

used are the company's financial statements obtained from the website www.idx.co.id and the

official website from the company itself. The researcher uses descriptive analysis method and

multiple linear regression analysis in his research. The results of this study partially show that

Dividend Per Share has an effect and is significant on stock prices, Earning Per Share has an effect

and is significant on stock prices, Trading Volume has no and no significant effect on stock prices,

and Inflation has no significant effect on stock prices. Simultaneously, Dividend Per Share, Earning

Per Share, Trading Volume and Inflation have a significant effect on stock prices.

Keywords: dividend per share; earning per share; trading volume; inflation and stock prices.

Siti Dini, Amelia, Ramelda Veronika Br. Hutabarat, Pangeran Amansyah Pasaribu | 737

DOI : 10.36418/jrssem.v1i6.77

INTRODUCTION

The capital market plays an important

role in a country's economy because it has

a function as a means for business funding

and a means for the community to invest.

The capital market is no different from

traditional markets, supermarkets and

malls consisting of traders and buyers as

well as buying and selling transactions. It's

the same with the capital market, which is a

forum to bring together an issuer (recipient

of funds) who need funds with an investor

(provider of funds) (Nurdina, 2020).

Economic conditions in a country can

affect the performance of a company and

can affect the movement of the company's

stock price and of course there are risks

that may be faced. Investment in the capital

market is becoming increasingly popular

among the public (Hermanto & Soekotjo,

2017), especially among millennials who

have an interest in investing in the capital

market. An investor must be able to

understand methods in the capital market,

manage and manage their portfolio and

analyze the fundamental factors used to

find out which companies are good to

invest in and of course investors must also

consider things that can move stock prices

such as the company's financial

performance, prospects and the

management company (Datu & Maredesa,

2017), market analysis as well as macro and

micro economic conditions. Technical

factors can also affect stock prices where an

investor analyzes to find out when to buy

shares at the right price and time and take

advantage of the price difference (capital

gain).

By analyzing technical factors, we can

also find out the stock price with historical

data regarding the market value of a

company through the use of graphs.

Changes in stock prices can also be

influenced by supply and demand

conditions in the capital market that shape

the trend of stock price movements (Najib

& Triyonowati, 2017).

One of the stock trading phenomena

occurred in PT Unilever Tbk (UNVR). Based

on last month's trading, the consumer

sector was still the champion, supported by

tough (stocks defensive), such as PT

Unilever Tbk (UNVR) UNVR which posted a

growth of 6.52 percent in last week's trade

and a 22.94 percent increase over the past

month. Last week, UNVR shares were

valued at Rp. 8,575 per share.

Understandably, in the midst of the corona

virus pandemic, in the first quarter of 2020,

UNVR still reaped a net profit of IDR 1.86

trillion. The profit grew by 6.5 percent

compared to the period last year, which

was Rp. 1.74 trillion. (CNN Indonesia |

Monday, 18 May 2020 | 07:57 WIB).

The increasing population growth in

Indonesia of course also affects

consumption demand from the public,

therefore researchers choose companies

food and beverages listed on the Indonesia

Stock Exchange (IDX) as objects of research

because food and beverages companies

include basic needs or basic needs that are

needed in daily life, so that if investors

invest in the sector food and beverages, it

will be profitable now and in the future

(Dewi & Rangkuti.

Based on the above background,

researchers are interested in conducting

research with the title: "The influence of

fundamental, technical and inflation factors

738 | The Influence of Fundamental, Technical and Inflation Factors on Stock Prices in Food

and Beverages Companies Listed on IDX

on stock prices in food and beverages

companies listed on the IDX"

METHODS

Place and Time Research

The object of this study is the company

food and beverages listed on the Stock

Exchange Indonesa (BEI) through website.

www.idx.co.id. This research will be

conducted from December 2020 to

October 2021.

Data Collection Methods Data

Collection in this study used secondary

data, where researchers processed and

examined financial statements listed on the

IDX. This research uses multiple linear

regression analysis method because the

number of independent variables is more

than one (Oktaviani & Agustin, 2017).

Research Approach

Researcher uses a quantitative

approach in this research. Quantitative

research is a research method that, as the

name implies, is required to use numbers,

starting from data collection, interpretation

of the data and the appearance of the

results.

Population and Sample

The population of this study was

sourced from www.idx.co.id in 2018-2020

related to companies food and beverages

listed on the IDX. Meanwhile, the

acquisition of samples, namely purposive

sampling, is a sampling technique by

determining certain criteria. The following

are sample criteria:

Table 1. Research Criteria

Criteria

Number

Companies Food and Beverages listed on the Stock Exchange

Companies Food and Beverages that do not publish annual financial reports

in a row

(4)

Companies Food and Beverages that do not distribute dividends

(10)

Siti Dini, Amelia, Ramelda Veronika Br. Hutabarat, Pangeran Amansyah Pasaribu | 737

DOI : 10.36418/jrssem.v1i6.77

Based on Table 1 can be seen that during

the year of observation, namely from 2018

to 2020 amounted to 33 research data.

Identification and Operational Definitions Research Variables

Table 2. Variable Concepts, Indicators and Measurement Variable Concepts, Indicators and

Measurement

variable

Operational Definitions

Indicators

Scale

Dividend

Per Share

(DPS)

Dividend Per Share (DPS) can be

defined as a share of income after

tax distributed to shareholders

(Gandhi, 2013).

DPS = Total Dividend Paid

Shares outstanding

Ratio

Earning Per

Share (EPS)

Earning Per Share (EPS) or income

per share is a form of giving

benefits given to shareholders

from each share owned, Fahmi

(2015:82).

EPS = Net Profit

Number of Shares outstanding

Ratio

Trading

Volume

(TVA)

The increase in stock trading

volume is an increase

in buying and selling activities by

investors in the capital market

(Sukirno, 2012).

TVA = Number of Shares Traded

Number of Shares outstanding

Ratio

Inflation

Inflation is defined as a process of

increasing prices prevailing in an

economy (Sukirno, 2015:14).

INF (t) = IHK

– IHK

IHK

n-1

Ratio

Stock Price

price is the price that occurs in the

stock market at a certain time and

the share price is determined by

market participants. High and low

stock prices are determined by the

demand and supply of these

shares in the capital market

(Jogiyanto, 2011:143)

The closing stock price

Ratio

Classical Assumption Test

Normality Test

The normality test in this study was

conducted by testing whether in the

regression model the confounding/residual

variables were normally distributed. If the

data is normally distributed, it is a good

regression model. To find out whether a

residual is normally distributed or not, you

can use 2 methods, namely by Graph

x 100

738 | The Influence of Fundamental, Technical and Inflation Factors on Stock Prices in Food

and Beverages Companies Listed on IDX

Analysis and Kolmogorof Smirnov (Normal

if the value of Sig> 0.05) (Fauziah &

Wulandari, 2018).

Multicollinearity Test

The multicollinearity test aims to test

whether in the regression model there is a

correlation between the independent

variables (independent). Multicollinearity

can be seen from the tolerance value and

variance inflation factor (VIF). If the

Tolerance value is < 0.10 and the VIF value

is > 10, then multicollinearity occurs. If the

Tolerance value is > 0.10 and the VIF value

is < 10, then there is no multicollinearity

(Linda & Ruwanti, 2017).

Autocorrelation Test

Autocorrelation test was conducted to

test whether in the linear regression model

there is a correlation between the

confounding error in period t and the

confounding error in period t-1 (previous).

The method that can be used to detect the

presence or absence of autocorrelation is

the Durbin Watson test (DW test) where it

can be said that there is no autocorrelation

in a study if DU < DW < 4 – DU (Triyani,

Mahmudi, &Rosyid, 2018)

Heteroscedasticity Test

The heteroscedasticity test aims to test

whether in the regression model there is an

inequality between the variance of the

residuals of one observation to another

observation. The test in this study was

carried out by comparing the predicted

value of the dependent variable

(dependent) namely ZPRED with the

residual SRESID as seen from the

scatterplot graph and this test was also

carried out with the park test, where if the

significant value was > 0.05 then there were

no symptoms of Heteroscedasticity and if

the value significant < 0.05 then

heteroscedasticity symptoms occur

(Santosa, 2021) .

Data Analysis Methods

Research Model

Data analysis technique of this research

uses multiple linear regression analysis

made to measure the influence or

relationship between the independent

variable and the dependent variable. In this

study the multiple regression equation

model used is:

Y = a + b

+ b

+ e

Y = Stock Price (Rp)

a = Constant

= Variable Coefficient X

= Dividend Per Share (Rp)

= Earning Per Share (Rp)

= Trading Volume (Rp)

= Inflation (%)

e = Tolerance Limit

Coefficient (α=5%)

Coefficient of Determination

In this study, the coefficient of

determination is used to determine the

extent of the ability of all independent

variables in explaining the variance of the

dependent variable (Sodik et al., 2019). The

coefficient of determination can be seen

from the value of Adjusted R Square.

T-Test

The effect of each on the independent

Siti Dini, Amelia, Ramelda Veronika Br. Hutabarat, Prince Amansyah Pasaribu | 739

variable on the number of dependent

variables was tested using the t-test. This

test can be done by comparing t count with

t table or looking at the significance value

of each t count (Andriyani & Armereo,

2016). The following are the t-test criteria:

If - t table t count ≤ t table and significant

> 0.05 then H0 is accepted.

If - t count < - t table or t count > t table

and significant < 0.05 Ha accepted.

F-Test

Test is a test to check whether all

independent variables affect the

dependent variable simultaneously. F test

can be done by comparing F

count

with F

table

with the following provisions:

If F count <F table and significant> 0.05

then H0 accepted.

If F count > F table and significant < 0.05

then Ha is accepted.

RESULTS AND DISCUSSION

Descriptive Statistical Analysis

Number of observational data in this

study reached 33 data from those derived

from annual financial statements for 3

periods from 11 companies Food &

Beverages from the website www.idx.co.id.

This study has 4 independent variables,

namely Dividends Per Share (DPS), Earnings

Per Share (EPS), Trading Volume (TVA) and

Inflation that affect one dependent

variable, namely Stock Price. The results of

the descriptive statistical analysis of each

sample can be seen below:

Table 3. Descriptive Statistics

Following is an explanation of the

descriptive analysis in Table 3 using SPSS

26 Software Program:

The independent variable DPS with 33

data has the highest value of Rp. 583 which

comes from PT Multi Bintang Indonesia Tbk

in 2018. The lowest value is Rp. 1 which

comes from PT Buyung Poetra Sembada

Tbk in 2020. The average value (mean) is

Rp. 130.9409 and a standard deviation of

Rp. 156,93499.

The independent variable EPS with 33

data had the highest value of Rp. 735 which

came from PT Indofood Sukses Makmur

Tbk in 2020. The lowest value was Rp. 16

from PT Buyung Poetra Sembada Tbk in

2020. The average value (mean) is Rp.

221.3564 and a standard deviation of Rp.

216,85507.

The independent variable Trading

Volume (TVA) with 33 data has the highest

value of Rp. 38,670,600 from PT Buyung

Poetra Sembada Tbk in 2020. The lowest

value was Rp. 1,100 originating from PT

Sekar Laut Tbk in 2020. The average value

(mean) is Rp. 5,718,239.39 and the standard

deviation is Rp. 9,956,627.054.

Independent variable Inflation with 33

740 | The Influence of Fundamental, Technical and Inflation Factors on Stock Prices in Food

and Beverages Companies Listed on IDX

data has the highest value of 3.13%

originating from inflation in 2018. The

lowest value of 1.68% comes from inflation

in 2020. The average value (mean) is 2.51%

and standard deviation by 0.62%.

The dependent variable Stock Price

with 33 data has the highest value of Rp.

16,000 originating from PT Multi Bintang

Indonesia Tbk in 2018. The lowest value

was Rp. 730 originating from PT Buyung

Poetra Sembada Tbk in 2018. The average

value (mean) is Rp. 4,363.79 and a standard

deviation of Rp. 4,343,842.

Normality Test

There are 2 ways to test whether the

residuals are normally distributed or not,

namely: Graph Test (Histogram & P-Plot)

and Kolmogorov Smirnov.

Figure 1. Histogram

Graph in Figure 1 shows real data that

forms the curve tends to be symmetrical (U)

not to the left or to the right, so it can be

said that the data is normally distributed.

Figure 2. P Curve – Plot

The P-Plot graph in Figure 2 shows that

the distribution of data extends diagonally.

So it can be concluded that the data is

normally distributed.

Siti Dini, Amelia, Ramelda Veronika Br. Hutabarat, Prince Amansyah Pasaribu | 741

Table 4. Kolmogorov Smirnov Normality Test Kolmogorov Smirnov

The results of the normality test in

Table 4, show a significance value of 0.126

> 0.05 so that it can be concluded from the

results of the test that the data are not

normally distributed.

Multicollinearity

Test The multicollinearity test was

carried out by looking at the Tolerance and

VIF values. To find out whether the

regression model has a correlation

between the independent variables or not

(Risalah & Yahya, 2020). Because a good

regression model there is no correlation

between the independent variables.

Table 5. Multicollinearity Test

The results of the multicollinearity test

in Table 5 show that the value tolerance for

DPS is 0.355 > 0.10, EPS is 0.368 > 0.10, TVA

is 0.921 > 0.10 and inflation is 0.955 >0.10.

, while the VIF value at DPS is 2.818 < 10,

EPS is 2.721 < 10, TVA is 1.086 < 10 and

inflation is 1.047 < 10. It can be

concluded that the data in this study did

not occur multicollinearity.

Autocorrelation Test

Tests were carried out using the Durbin

Watson test to determine whether there

was autocorrelation.

Table 6. Auto Correlation Test

742 | The Influence of Fundamental, Technical and Inflation Factors on Stock Prices in Food

and Beverages Companies Listed on IDX

The results of the autocorrelation test in

Table 6 Durbin Watson (DW) show the

results of 1,900. So it can be concluded that

the results of the Durbin Watson test do

not occur autocorrelation because DU <

DW < 4 – DU or 1,729 < 1,900 < 2,271 (4 -

1,729).

Heteroscedasticity

Test This test uses the glacier test and

looks at the graph Scatterplot between the

predicted value of the dependent variable,

namely ZPRED and residual SRESID.

Figure 3. Scatterplot Graph

Based on Figures hows that the dots

show that the points are scattered in a

random pattern above and below the zero

point (0) on the Y axis instead of clustered

in one place, so it can be concluded that

there is no heteroscedasticity from the

scatterplot.

Table 7. Park Test

The results of the park test in Table 7

show that the significant value for DPS is

0.916 > 0.05, EPS is 0.060 > 0.05, TVA is

0.422 > 0.05 and inflation is 0.490 >0.05. . It

can be concluded that the observation data

does not show symptoms of

heteroscedasticity because the significant

value in the independent variable obtained

is greater than the significant limit set,

Siti Dini, Amelia, Ramelda Veronika Br. Hutabarat, Prince Amansyah Pasaribu | 743

namely > 0.05.

Data Analysis Method

Multiple Linear Regression Analysis

Equation

Table 8. Multiple Regression Analysis

Equation

Based on Table 8, the equation can be

described as follows:

Stock Price = 3.725 + 1.539 DPS + 2.356

EPS – 1.106 TVA + 6.416 Inflation

Explanation of the multiple linear

regression equation can be explained that:

1. The constant value of 3.725 states that

if DPS, EPS, TVA and INFLATION have a

positive effect on stock prices.

2. The DPS regression coefficient is 1.539,

which means that for every 1 unit

change in the DPS financial ratio, the

stock price is positive or can increase by

1.539.

3. The EPS regression coefficient is 2.356,

which means that for every 1 unit

change in the EPS financial ratio, the

stock price is positive or can increase by

0.002.

4. TVA's regression coefficient is -1.106,

which means that for every 1 unit

change in TVA's financial ratio, the

stock price is negative or can

experience a decrease of -1.106.

5. The regression coefficient for

INFLATION is 6.416, which means that

for every 1 unit change in the financial

ratio of inflation, the stock price is

negative or can decrease by 6.416.

Coefficient of Determination

Table 9. Model Summary

Based on the test results in Table 9 the

value of Adjusted R Square is 0.702, which

means that 70.2% of the variables of Stock

Price are influenced by DPS, EPS, TVA and

INFLATION. The rest comes from other

variables that have not been studied.

T-Test

Table 10. Coefficients

Based on the t-test data, the t-table

value is at probability 0.05 with a 2-way

significant test level where df = 28 at table

2.048. So that the results of the t-test on

this observation can be explained as

follows:

1. The results of the partial t-test on DPS

obtained a value of tcount > ttable or

2,092 > 2,048 with a significant value of

0.046 < 0.05. So Ha is accepted and Ho

is rejected, which means DPS has a

positive and significant effect on stock

744 | The Influence of Fundamental, Technical and Inflation Factors on Stock Prices in Food

and Beverages Companies Listed on IDX

prices.

2. Partial t-test results on EPS obtained

tcount > ttable or 3,567 > 2,048 with a

significant value of 0.001 < 0.05. So Ha

is accepted and Ho is rejected, which

means EPS has a positive and

significant effect on stock prices.

3. The results of the t-test partially on TVA

obtained a value of -tcount > -ttable or

-0.007 > -2.048 with a significant value

of 0.995 > 0.05. So Ha is accepted and

Ho is rejected, which means that TVA

has a negative and insignificant effect

on stock prices.

4. Partial t test results on INFLATION

obtained tcount < t table or 0.448 <

2.048 with a significant value of 0.658 >

0.05. So Ha is rejected and Ho is

accepted, which means that INFLATION

has a positive and insignificant effect on

stock prices.

Uji F

Table 11. Anova

Test F Based on Table 11 it can be seen that

the ANOVA table sig is 0.000 <0.005. The

comparison can be seen in Ftable which has

a value of 2.70. Thus, it can be concluded

that Fcount (19.889) > Ftable (2.70) with a

significant 0.000 <0.05 to have a

simultaneous effect on DPS, EPS, TVA and

INFLATION and have a significant effect on

stock prices.

The Effect of Dividends Per Share (DPS)

on Stock Prices

Results of the analysis of this study

indicate that dividends per share have a

positive and significant effect on stock

prices. So it can be concluded that the

higher the dividends distributed, the higher

the company's stock price, because the

dividends distributed determine the stock

price of a company.

Effect of Earning Per Share (EPS) on

Stock Prices

Results of the analysis of this study

indicate that Earnings Per Share has a

positive and significant effect on stock

prices. It can be concluded that a company

can demonstrate its ability to generate

large profits in order to attract investors to

own shares in the company, so this can be

a factor in increasing share prices.

The Effect of Trading Volume (TVA) on

Stock Prices

Results of the research analysis show

that trading volume has a negative and

insignificant effect on stock prices. This is

because the trading volume is only an

indicator for investors to monitor or

observe the amount of trading activity of a

stock where the trading volume will

increase if there is a good market reaction,

so that the demand for shares also

increases but the supply of shares

decreases. Meanwhile, the trading volume

will decrease if the market reaction is not

good, causing the stock supply to increase

and the stock demand to decrease.

The Effect of Inflation on Stock Prices

Siti Dini, Amelia, Ramelda Veronika Br. Hutabarat, Prince Amansyah Pasaribu | 745 
 
Results  of  the  analysis  of  this  study 
indicate  that  inflation  has  a  positive  and 
insignificant effect on  stock  prices. This is 
because  high  inflation  will  harm  the 
economy  as  a  whole.  High  inflation  will 
cause stock prices to fall, while low inflation 
will cause economic growth to slow down 
and  ultimately  slow  down  stock  price 
fluctuations.  
 
CONCLUSIONS 
1.  In  the  results  of  the  study  the  DPS 
variable  partially  has  a  positive  and 
significant effect on stock prices. 
2.  In the research results, the EPS variable 
partially  has  a  positive  and  significant 
effect on stock prices.  
3.  In the research results, the TVA variable 
partially  has  a  negative  and 
insignificant effect on stock prices. 
4.  In  the  results  of  the  research,  the 
variable  INFLATION  partially  has  a 
positive  and  insignificant  effect  on 
stock prices.  
5.  The results of the research on the DPS, 
EPS,  TVA  and  INFLATION  variables 
prove  that  simultaneously  and 
significantly influence stock prices. 
 
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