Published: 2025-08-07
The Influence of Internal and External Factors on Stock Price Fluctuations in Manufacturing Companies
DOI: 10.35870/ijmsit.v5i2.5213
Downloads
Abstract
As far as stock prices are concerned, the consideration of both internal and external factors, is very necessary. In this study, we use financial ratios and interest rates as variables to study from 2019 - 2023 the stock prices of manufacturing firms listed on the Indonesia Stock Exchange (IDX). Internal variables investigated here include Return on Assets (ROA), Debt to Equity Ratio (DER) and Earnings Per Share (EPS); while the external variable to be considered is the benchmark interest interest rate. The data used in this study is from the company's own annual reports and internet sources such as Yahoo Finance. A regression model with a Fixed Effect approach took into account both the differences in company characteristics. These analyses shed light on problems such as whether the ROA and EPS affect stock price positive effects at the expense of DER. Instead, we find a significant negative effect on stock prices by benchmark interest rate. The adjusted R² nugget shows that the model is capable of shedding 0.961 units lighter elsewhere in explaining stock price changes. These results are able to help investors and company managers make their market performance related decisions more intelligently by revealing the factors that influence stock price movements.
Keywords
Stock Price Fluctuations ; Internal Factors ; External Factors ; Manufacturing Companies ; Indonesia Stock Exchange
Article Information
This article has been peer-reviewed and published in the International Journal of Management Science and Information Technology. The content is available under the terms of the Creative Commons Attribution 4.0 International License.
-
Issue: Vol. 5 No. 2 (2025)
-
Section: Articles
-
Published: %750 %e, %2025
-
License: CC BY 4.0
-
Copyright: © 2025 Authors
-
DOI: 10.35870/ijmsit.v5i2.5213
AI Research Hub
This article is indexed and available through various AI-powered research tools and citation platforms. Our AI Research Hub ensures that scholarly work is discoverable, accessible, and easily integrated into the global research ecosystem. By leveraging artificial intelligence for indexing, recommendation, and citation analysis, we enhance the visibility and impact of published research.
Fredy Arios Tiblola
Accounting Study Program, Sekolah Tinggi Ilmu Ekonomi Bukit Zaitun Sorong, Sorong City, West Papua Province, Indonesia.
Ferdinant Nuru
Accounting Study Program, Sekolah Tinggi Ilmu Ekonomi Bukit Zaitun Sorong, Sorong City, West Papua Province, Indonesia.
Harum Putri Prawitaningrum
Accounting Study Program, Sekolah Tinggi Ilmu Ekonomi Bukit Zaitun Sorong, Sorong City, West Papua Province, Indonesia.
-
Arofatin, N., Bahrim, S., Mardiono, V., & Pandin, M. (2023). The effect of earnings growth, financial ratios and dividends on stock prices in manufacturing companies listed on the lq45 index for the period 2020 – 2022. BIJMT, 4(1), 01-11. https://doi.org/10.55606/bijmt.v4i1.2444
-
Audrey, A. and Yanti, Y. (2023). Factors affecting the stock prices of manufacturing companies listed on the idx before and during the covid-19 pandemic. ijaeb, 1(2), 828-844. https://doi.org/10.24912/ijaeb.v1i2.828-844
-
Bandawaty, E. and Nurfitria, I. (2023). Pengaruh profitabilitas terhadap harga saham. Kinerja, 5(01), 174-188. https://doi.org/10.34005/kinerja.v5i01.2416
-
Britney, B., & Wage, S. (2022). Analisis Faktor Internal dan Faktor Eksternal terhadap Harga Saham yang Terdaftar di Bursa Efek Indonesia. ECo-Buss, 4(3), 382–396. https://doi.org/10.32877/eb.v4i3.290
-
Fiqran Pratama, R., & Alhadi, I. (2025). Pengaruh Kenerja Keuangan dan Strategi Manajemen Laba dalam Meningkatkan Nilai Perusahaan (Analisis Empiris Kinerja Perusahaan Manufaktur Terdaftar di Bursa Efek Indonesia: Perspektif 2019-2023). Jurnal Manajemen Dan Teknologi, 2(1), 1-17. https://doi.org/10.63447/jmt.v2i1.1374
-
Herdiman, C. and Amperaningrum, I. (2024). Pengaruh faktor internal dan tingkat suku bunga terhadap pergerakan harga saham bank bumn persero. Co-Value Jurnal Ekonomi Koperasi Dan Kewirausahaan, 15(2). https://doi.org/10.59188/covalue.v15i2.4549
-
Ilhammia, A. F., Yeni Oktaviani, S. E. I., & MA, E. (2025). Pengaruh Faktor Internal Dan Eksternal Perusahaan Terhadap Nilai Perusahaan (Studi Pada Perusahaan Manufaktur Sektor Farmasi Yang Terdaftar Di Bursa Efek Indonesia Tahun 2017-2021) (Doctoral dissertation, ITB Ahmad Dahlan Jakarta).
-
Kurniawan, L. and Hidayat, M. (2023). Harga saham perusahaan sub-sektor logam : analisis faktor yang mempengaruhinya. Jurnal Manajemen Dan Perbankan (Jumpa), 10(1), 16-28. https://doi.org/10.55963/jumpa.v10i1.511
-
Lestari, H. and Usman, B. (2020). Factors affecting stock return of manufacturing companies in indonesia.. https://doi.org/10.2991/aebmr.k.210311.022
-
Masela, M. (2023). Pengaruh struktur modal, profitabilitas, likuiditas pasar terhadap nilai perusahaan pada industri manufaktur di jawa barat. Sanskara Akuntansi Dan Keuangan, 1(03), 142-152. https://doi.org/10.58812/sak.v1i03.109
-
Medyawati, H. and Yunanto, M. (2020). Determinant of stock price manufacturing company: evidence from indonesia. Journal of Economics and Business, 3(2). https://doi.org/10.31014/aior.1992.03.02.217
-
Mutiara, P., Ramadhan, S., & Hamzah, F. (2022). Pengaruh laba akuntansi dan arus kas terhadap return saham. Ekono Insentif, 16(2), 109-117. https://doi.org/10.36787/jei.v16i2.929
-
PasaribuU., NuryartonoN., & AndatiT. (2019). Pengaruh Faktor Internal dan Eksternal Perusahaan Terhadap Nilai Perusahaan. Jurnal Aplikasi Bisnis Dan Manajemen, 5(3), 441. https://doi.org/10.17358/jabm.5.3.441
-
Piero, R. and Natsir, K. (2023). A study on internal and external factors influencing manufacturing company share price. Jurnal Manajemen, 27(3), 594-611. https://doi.org/10.24912/jm.v27i3.1357
-
Priadi, R., Sinaga, B., & Andati, T. (2020). Dampak faktor eksternal dan internal terhadap financial distress perusahaan manufaktur go public subsektor makanan dan minuman tahun 2008-2017. Jurnal Aplikasi Bisnis Dan Manajemen. https://doi.org/10.17358/jabm.6.1.96
-
Sadrina, M., Hady, H., & Nalurita, F. (2023). The influence of internal and external variables on stock price volatility in the manufacturing sector in indonesia. International Journal of Social Science and Human Research, 06(07). https://doi.org/10.47191/ijsshr/v6-i7-66
-
Safitri, I. and Lestari, H. (2022). Pengaruh faktor internal dan external perusahaan terhadap harga saham perusahaan subsektor properti dan real estate. Ijd-Demos, 4(2). https://doi.org/10.37950/ijd.v4i2.273
-
Sukmadilaga, C., Fitri, A., & Ghani, E. (2022). Do foreign investment flow and overconfidence influence stock price movement? a comparative analysis before and after the covid-19 lockdown. Journal of Risk and Financial Management, 16(1), 5. https://doi.org/10.3390/jrfm16010005
-
Syahfitri, O. and Dewi, A. (2019). Pengaruh kondisi fundamental, inflasi dan suku bunga sertifikat bank indonesia terhadap harga saham (studi kasus perusahaan real estate dan property yang terdaftar di bursa efek indonesia). https://doi.org/10.31227/osf.io/zac4n
-
Wisudani, S., & Priyadi, M. P. (2021). Analisis pengaruh faktor internal dan eksternal terhadap harga saham pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia. Jurnal Ilmu Dan Riset Akuntansi (JIRA), 10(1).
-
Yudistira, E. and Adiputra, I. (2020). Pengaruh faktor internal dan eksternal terhadap harga saham. Jurnal Ilmiah Akuntansi Dan Humanika, 10(2), 176. https://doi.org/10.23887/jiah.v10i2.25862
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.