!
Attribution-ShareAlike 4.0 International (CC BY-SA 4.0)
Vol.!!03,!No.!12,!December!2023!
e-!""#:!$%&'(%)*+,-,p-!""#:!$%&'(%.*/$
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This%work%is%licensed%under%a%Attribution-ShareAlike%4.0%International%(CC%BY-SA%4.0)
The$Influence$of$Financial$Performance$Q3$2023$Through$
Net$Profit$Margin$(NPM),$ROA$and$ROE$on$the$Decrease$in$
Share$Prices$of$PT$Herbal$Medicine$and$Pharmaceutical$
Industry$Sido$Muncul$Tbk$,
,
23445,"67849:1;<,=>?:534:<,=>?:534:2,
Master!of!Management,!Faculty!of!Economics,!Universitas!Terbuka,!Indonesia1,2%
Keywords$
,
=@"A1=BA,
Financial'Performance,'ROE,'ROA,'
Net'Profit'Margin,'Share'Price.'
!
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,
,
,
INTRODUCTION)
The! capital! market! is! another! source! of! money! that! investors! may! use! to! increase! their!
company's!earnings.!Therefore,!investors!must!be!able!to!examine!each!investment!thoroughly!(Cao!&!
Weerawardena,!2023;!DasGupta,!2022).!A!company's!financial!statements,!which!detail!the!success!of!a!
business! and! the! results! of! its! operations! over! time,! are! tools! that! are! also! used! to! evaluate! each!
investment.! Investors! in! the! capital! market! can! evaluate! securities! (shares)! using! information! from!
financial!statements!(Gupta!&!Deb,!2023;!Nguyen!et!al.,!2023).!The!result!will!be!reflected!in!the!stock!
price.!
According!to!Fahmi!(2015b),!financial!performance!is!a!summary!of!an!organization's!efforts!
over!a!certain!period!of!time!that!provides!insight!into!the!profitability,!liquidity,!and!solvency!of!the!
company's!financial!sector.!Financial!performance!is!the!capacity!of!a!company!to!manage!and!regulate!
the!availability!of!its!resources.!Financial!performance!refers!to!whether!or!not!the!analysis!to!determine!
the! rules! of! money! management! in! a! company! has! been! carried! out! appropriately.! Financial!
performance!can!be!used!to!understand!resource!optimization!needs!while!addressing!environmental!
changes!(Agyabeng-Mensah!et!al.,!2020;!Chen,!2023;!Mioduchowska-Jaroszewicz,!2023).!
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According!to!Fahmi!(2015),!stocks!are!one!of!the!instruments!that!many!investors!are!interested!
in!trading!on!the!exchange.!Shares!represent!the!ownership!rights!of!a!company.!If!the!ownership!of!
shares!of!a!corporation!or!other!entity!is!proof!of!ownership.!The!stock!price!set!by!demand!and!supply!
at!the!time!of!stock!market!trading!is!generally!referred!to!as!the!closing!price.!The!performance!and!
state!of!a!company!can!also!have!an!impact!on!its!stock!price.!These!factors!can!also!provide!investors!
more!opportunities,!ultimately!driving!up!stock!prices!(Ángel!et!al.,!2022;!Ejigu!&!Desalegn,!2023).!!
The!selling!price!of!PT!Industri!Jamu!dan!Farmasi!Sido!Muncul!Tbk!(SIDO)!on!Thursday,!May!4,!
2023,!closed!at!IDR!810.!According!to!HP!Financials,!SIDO's!share!price!could!reach!IDR!1,000!in!the!
near!future,!the!price!target!illustrates!the!bright!performance!of!Tolak!Angin!producers!in!the!first!
quarter!of!2023.!After!reporting!sales!growth!of!3.04%!in!the!first!quarter!of!2023,!the!management!of!
PT! Industri! Jamu! dan! Farmasi! Sido! Muncul! Tbk! (SIDO)! expects! to! maintain! a! strong! financial!
performance.!In!the!first!quarter!of!2023,!Sido!Muncul!achieved!a!3.04%!YoY!increase!in!sales!to!IDR!
907.30!billion.!Sales!were!controlled!by!the!herbal!and!supplement!industry,!amounting!to!IDR!553.26!
billion,! followed! by! the! beverage! and! food! industry,! amounting! to! IDR! 330.75! billion,! and! the! drug!
industry,!amounting!to!IDR!23.29!billion.!SIDO's!parent!net!profit!can!be!distributed!to!shareholders!by!
1.78%!per!year!to!Rp!300.28!billion.!
Referring!to!Figure!1!above,!it!was!found!that!during!the!Q3!2023!period,!PT!Sido!Muncul!Tbk's!
NPM,!ROA!and!ROE!ratios!fluctuated;!it!is!known!that!the!NPM!ratio!in!July!was!0.340,!increased!in!
August!to!0.407,!then!decreased!to!0.311!in!September.!July's!ROA!ratio!of!0.126!decreased!in!August!to!
0.071!and!then!increased!to!0.156!in!September.!The!ROE!ratio!in!July!of!0.137!decreased!in!August!to!
0.096!and!then!decreased!to!0.172!in!September.!
Financial! ratios! provided! by! management! within! a! certain! period! of! time! can! be! used! as! a!
financial!performance!monitoring!tool.!Financial!ratio! analysis!is!carried!out! using!various!ratios!to!
evaluate!performance!in!a!specific!period.!The!ratio!of!solvency,!profitability,!activity,!and!liquidity!is!a!
ratio!that!is!often!used!(Abdalloh,!2019)!
Subramanyam!(2014),! the! increasing! Return! on! Assets! (ROA)! shows! better! business!
performance,!ultimately!increasing!stock!prices.!The!same!huge!gains!or!gains!for!investors!are!also!
made! possible! by! the! growth! of! stock! prices.! Further,! the! greater! the! company's! profits,! the! more!
investors! will! be! attracted.! Hery! (2015)!states! that! return! on! equity! (ROE)! represents! shareholder!
wealth!or!company!value.!For!shareholders!and!potential!investors,!this!ratio!is!important!because!it!
describes!the!proportion!of!ROE!that!can!be!generated;!if!the!ROE!is!high,!then!the!ROE!will!also!rise.!
Return!on!capital!for!shareholders!is!calculated!as!a!comparison!of!net!profit!after!tax!on!own!capital.!
Shareholders! and! securities! experts! usually! monitor! these! comparisons! closely.! The! share! price!
increases!in!proportion!to!the!company's!ROE.!
According!to!Harjito!&!Martono!(2018),!sales!profit!minus!all!expenses!and!income!tax!is!known!
as!net!profit!margin,!or!NPM.!NPM!is!another!metric!used!to!assess!the!profitability!of!a!business's!sales!
net!of!income!tax!and!all!budget!expenses.!A!company's!profit!margin!serves!as!a!measure!of!its!revenue!
strategy!and!an!indicator!of!how!successful!or!poorly!budget!control!is.!The!above!viewpoint!helps!to!
clarify!that!NPM!is!the!ratio!of!profit!to!sales!after!tax.!NPM!is!useful!as!a!measure!of!a!company's!net!
profit!per!rupiah!and!net!sales!performance!over!a!certain!period!of!time.!The!better!the!status!of!the!
company,!the!higher!this!ratio.!
To!evaluate!a!company's!potential!in!generating!net!profit!from!sales,!investors!must!know!its!
net!profit!margin.!Net!profit!margin!can!serve!as!an!indicator!of!how!well!a!business!manages!to!keep!
operating!costs!down.!This!is!because!the!company's!ability!to!reduce!the!cost!of!goods!sold,!operational!
costs,!general,!and!others!greatly!affects!the!amount!of!net!profit!that!generates!from!sales.!NPM!can!be!
calculated!using!the!formula:!(Nenobais!et!al.,!2022).!
NPM!=!X!100%!"#$%&'()#
*+,'-" !
!
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The! findings! of! Mardiyansyah,! Mursalin! &;! Hendri! (2023),! Nurjehan,! Jhoansyah! &! Komariah!
(2022),!and!Monalisa!(2019)!stated!that!NPM!has!an!effect!on!stock!prices.!H1:!NPM!has!a!positive!effect!
on!the!decline!in!PT.!Sido!Muncul!Tbk.!Herbal!and!Pharmaceutical!Industry!for!Q3!2023.!
Investors!will!be!more!interested!in!the!stock!price!if!the!company!earns!higher!profits,!which!is!
indicated!by!a!higher!Return!on!Assets.!The!company's!stock!price!will!rise!directly!proportional!to!the!
value!of!Earnings!Per!Share!(EPS),!so!that!it!can!affect!the!benefit!of!shareholders.!ROA!can!be!calculated!
using!the!formula:!(Nenobais!et!al.,!2022).!
ROA!=!X!100%.&'()#$/(#"&$#/0
1'#/2$/33"#3 !
The!findings!of!Nenobais,!Niha!&;!Manafe!(2022),!Mardiyansyah,!Mursalin!&;!Hendri!(2023),!
Nurjehan,!Jhoansyah!&!Komariah!(2022),!and!Monalisa!(2019)!stated!that!ROA!has!an!influence!on!stock!
prices.!H2:!ROA!has!a!positive!effect!on!the!decline!in!PT.!Sido!Muncul!Tbk.!Herbal!and!Pharmaceutical!
Industry!for!Q3!2023.!
The!management!team!uses!the!ROE!ratio!as!a!measure!of!how!well!the!business!is!doing!in!
earning!money!can!be!seen!how!shareholders!invest.!The!greater!the!Return!on!Equity!figure,!the!greater!
the!profit!margin!achieved!by!the!organization.!Stock!price!with!ROE!has!a!relationship!where!a!high!
ROE!value!is!generally!accompanied!by!a!high!stock!price.!ROA!can!be!calculated!using!the!formula:!
(Nenobais,!Niha!&;!Manafe,!2022).!
ROE!=!X!100%.&'()#$/(#"&$#/0
1'#/2$"45)#6 !
The!findings!of!Nenobais,!Niha!&;!Manafe!(2022),!Mardiyansyah,!Mursalin!&;!Hendri!(2023),!
Nurjehan,!Jhoansyah!&!Komariah!(2022),!and!Monalisa!(2019)!stated!that!ROE!affects!stock!prices.!H3:!
ROE!which!has!a!positive!influence!on!the!decline!in!the!share!price!of!PT.!Sido!Muncul!Tbk.!Herbal!and!
Pharmaceutical!Industry!for!Q3!2023.!
Using!the!context!provided,!researchers!were!motivated!to!obtain!the!title!"The!Effect!of!Q3!2023!
Financial!Performance!Through!Net!Profit!Margin!(NPM),!ROA!and!ROE!on!the!Decline!in!Share!Prices!
of!PT!Industri!Jamu!dan!Farmasi!Sido!Muncul!Tbk!(SIDO)".!
,
METHODS)
Quantitative!descriptive!type!of!research!to!be!used!and!its!population!are!financial!statements!
and!stock!prices!of!PT.!PT.!Sido!Muncul!Tbk.!Herbal!and!Pharmaceutical!Industry!for!Q3!2023.!In!the!
collection!of!sample!determination!by!considering!the!criteria!using!purposive!sampling!techniques.!
Financial!statements!and!share!prices!of!PT!are!used!as!criteria!for!research!samples.!Only!in!2023!will!
Sido!Muncul!Tbk!develop!the!pharmaceutical!and!herbal!medicine!industry.!Financial!data!and!stock!
prices!during!the!quarter!of!2023!are!sampled!in!this!study.!Observation!and!documentation!are!the!
data!collection!techniques!used.!Data!analysis!with!multiple!linear!regression!analysis,!assumption!test!
is!a!supporting!test!of!this!study.!
!
𝑋7!=!Net!Profit!Margin!
𝑋8!=!Return!On!Asset!
𝑋9!=!Return!On!Equity!
𝑌!=!Penurunan!Harga!Saham!
𝛼!=!Nilai!Konstanta!
𝛽7-𝛽9!=!Koefisien!regresi!
!
Indicators! that! can! be! used! in! describing! the! variables! studied! can! be! used! to! measure! the!
operationalization!of!these!variables.!The!table!below!provides!an!explanation!of!the!definitions!and!
indicators!of!each!variable!studied!with!reference!to!related!theories;!
!
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A8JE3,+K,L8?:8JE3,M73?8C:D48E,23>:4:C:D4,
L8?:8J3E7
!49:N8CD?7
"N8E8,
ON6?7
Net!Profit!Margin!(NPM)!(X1)7
NPM!=!:/;/$;"&3)<
."+=/%/#/+!x!100%7
Rasio7
Return!On!Asset!(ROA)!(X2)7
NPM!=!:/;/$3"#"2/<$%/>/?
1'#/2$/3"# !x!100%7
Rasio7
Return!On!Equity!(ROE)!(X3)7
NPM!=!
:/;/$3"#"2/<$%/>/?
1'#/2$@?5)#/3
!x!100%7
Rasio7
Penurunan!Harga!Saham!(Y)7
%!Penurunan!Harga!saham!=!NPM!=!
A/&B/$3/</-$/C/2D</&B/$3/</-$/?<)&
A/&B/$3/</-$/C/2
7
Rasio7
Source:!Nenobais,!Niha!&;!Manafe!(2022)!
!
1P"OQA",
An! overview! of! the! data! includes! minimum,! number! of! samples,! and! maximum,! mean,! and!
standard!deviation!values,!presented!through!descriptive!statistical!analysis.!!
!
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7
#7
R:4:S6S7
R8T:S6S7
R3847
"C9K,
23G:8C:D47
Net!Profit!Margin!(NPM)!(X1)7
37
0,3117
0,4077
0,352677
0,0492387
Return!On!Asset!(ROA)!(X2)7
37
0,0717
0,1567
0,117677
0,0431087
Return!On!Equity!(ROE)!(X3)7
37
0,0967
0,1727
0,135007
0,0380397
Penurunan!Harga!Saham!(Y)7
37
0,0317
0,1177
0,063007
0,0470327
Valid!N!(listwise)7
37
7
7
7
7
Source:!Processed!Secondary!Data,!2023!
!
The!NPM!variable!has!the!lowest!value!of!0.311!and!the!highest!value!of!0.407,!the!ROA!variable!
has!the!lowest!value!of!0.071!and!the!highest!value!of!0.156,!the!ROE!variable!has!the!lowest!value!of!
0.096!and!the!highest!value!of!0.172,!and!the!ROE!variable!has!the!lowest!value!of!0.096!and!the!highest!
value!of!0.172.!The!variable!stock!price!decline!has!a!low!value!of!0.031!and!a!high!value!of!0.117,!based!
on! the! results! of! descriptive! statistical! analysis! involving! total! observations! over! three! years.! The!
standard!deviation!value!of!each!variable!is!smaller!than!its!mean,!thus!indicating!relatively!minimal!
data! variance.! This! suggests! that! each! variable! used! in! the! study! did! well! enough! with! small! data!
variances.!
!4C3?48C:D48E,0D6?48E,D>,"DF:8E,"3?G:F3,849,13H38?FI,!https://ijssr.ridwaninstitute.co.id/!
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!
U:V6?3,$K,28C8,#D?S8E:C5,A3HC,
Source:!Processed!Secondary!Data,!2023!
The!findings!of!the!data!normality!test!show!that!the!points!on!the!graph!of!the!Probability!Plot!
test!results!are!evenly!distributed!around!the!diagonal!line!and!followed!precisely,!hence!the!data!of!this!
study!is!considered!normally!distributed.!The!traditional!assumption!of!multicollinearity,!which!states!
that!independent!variables!in!regression!models!exhibit!linear!relationships,!is!tested!to!see!if!there!are!
deviations.!!
A8JE3,.K,R6EC:FDEE:438?:C5,A3HC!
RD93E,
BDEE:438?:C5,"C8C:HC:FH7
ADE3?84F37
L!U7
17
Net!Profit!Margin!(NPM)!(X1)7
0,6127
1,6357
7
Return!On!Asset!(ROA)!(X2)7
0,2387
4,1967
7
Return!On!Equity!(ROE)!(X3)7
0,2337
4,2927
a.!Dependant!Variable:!Penurunan!Harga!Saham!(Y)7
Source:!Processed!Secondary!Data,!2023!
!
Referring!to!the!results!of!the!multicollinearity!test,!there!was!no!multicollinearity!in!this!study!
because!the!independent!variable!had!a!tolerance!value!of!more!than!0.1!and!a!VIF!value!of!less!than!10,!
thus!indicating!the!absence!of!multicollinearity.!This!shows!the!absence!of!reciprocal!impact!between!
the!independent!variables!of!the!study.!
!4C3?48C:D48E,0D6?48E,D>,"DF:8E,"3?G:F3,849,13H38?FI,!!
Denny!Supandi1,!Afriyeni,!Afriyeni2!
!0""1,Page!3193
!
U:V6?3,.K,23FE:43,:4,HI8?3,7?:F3H,
Source:!Processed!Secondary!Data,!2023!
The!results!of!the!heteroscedasticity!test!using!the!scatterplot!test!are!shown!in!the!top!image.!
The!data!plotted!not!only!amounts!above!or!below,!nor!does!it!create!wave!patterns!that!widen!and!then!
narrow.!Thus,!it!can!be!considered!that!the!model!used!in!this!study!does!not!have!heteroscedasticity!
problems.!
In!research,!autocorrelation!tests!are!used!to!ascertain!whether!the!confounding!error!of!linear!
regression!models!of!the!current!time!period!(t)!and!the!previous!time!period!(tl)!correlate.!(du<d<4–
du)!is!a!prerequisite!that!must!be!met!to!prevent!correlation.!
!
A8JE3,WK,=6CDFD??3E8C:D4,A3HC!
2X7
2+7
267
W(9+7
W(967
1,9957
0,61027
1,40027
3,38987
2,59987
Source:!Secondary!Data!Processing!Results,!2023!
!
The! Durbin! Watson! table! returns! DW,! dl,! and! du! values! referring! to! the! findings! of! the!
autocorrelation!test!using!the!Durbin!Watson!test.!Since!1.4002!<!1.995!<!2.5998!or!meet!the!above!
requirements!(du!<!dw!<!4-du),!the!conclusion!is!that!there!is!no!autocorrelation!with!the!number!of!
independent!variables!=!3!and!n!=!3.!One!method!of!knowing!how!one!independent!variable!affects!
another!independent!variable!is!regression!analysis.!
!
!
!
!
!
!
!
!
!
!
!
Decrease'in'Share'Prices'
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B7
"C9K,P??D?7
@3C87
1!
DV(>$"C>"E7
16,0767
5,8867
7
Net!Profit!Margin!(NPM)!(X1)7
-0,2257
0,1617
-0,2097
Return!On!Asset!(ROA)!(X2)7
0,2657
0,2197
0,2897
Return!On!Equity!(ROE)!(X3)7
0,8657
.F6267
0,7147
a.!Dependant!Variable:!Penurunan!Harga!Saham!(Y)7
7
Source:!Processed!Secondary!Data,!2023!
!
Referring!to!the!results!of!multiple!linear!regression!analysis!above,!this!can!be!made!with!the!
regression!model!equation!in!this!study!is!Y!=!16.076!-!0.225X1%+%!0.265X2!+!0.865X3.!From!this!equation,!
it!can!be!interpreted!by!giving!this!with!a!constant!value!of!16.076!defining!that!if!the!independent!
variable! has! a! value! of! 0,! then! the! variable! of! decreasing! stock! prices! has! the! same! value! does! not!
increase!and!decrease,!which!is!16.076.!The!share!price!will!decrease!by!0.225%!for!every!increase!of!
one! NPM! unit,! corresponding! to! the! negative! NPM! variable! regression! coefficient! of! -0.225.! The!
regression!coefficient!of!the!ROA!variable!is!positive!0.265,!meaning!that!an!increase!in!ROA!of!one!unit!
will! result! in! an! increase! in! stock! price! by! 0.265.! Meanwhile,! the! regression! coefficient! of! the! ROE!
variable!of!0.865!is!positive,!which!artiny!if!the!ROE!increases!by!one!unit,!so!the!stock!price!will!rise!by!
0.865.!
To!understand!how!each!independent!variable!affects!the!dependent!variable!that!is!considered!
constant!can!use!a!partial!test!(t-test).!!
!
A8JE3,)K,A3HC,C,[\8?C:8E,A3HC]!
𝐶𝑜𝑒𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑡𝑠/
7
RD93E,
O4HC8498?:Z39,BD3>>:F:34CH7
C,
":VK,
B7
"C9K,P??D?7
17
DV(>$"C>"E7
16,0767
5,8867
2,7317
0,0037
7
Net!Profit!Margin!(NPM)!(X1)7
-0,2257
0,1617
-1,47
0,1787
7
Return!On!Asset!(ROA)!(X2)7
0,2657
0,2197
1,2097
0,2427
7
Return!On!Equity!(ROE)!(X3)7
0,8657
.F6267
2,9597
0,0087
a.!Dependant!Variable:!Penurunan!Harga!Saham!(Y)7
7
7
Source:!Processed!Secondary!Data,!2023!
!
Referring!to!the!results!of!the!table!test!above,!it!was!found!that!if!the!significance!value!of!the!
influence!of!NPM!on!the!decline!in!stock!prices!was!0.178!>!0.05!(probability!α),!this!means!that!the!
hypothesis!defined!in!this!study!(H1)!is!rejected.!The!significance!value!of!the!effect!of!ROA!on!stock!
price!decline!of!0.242!>!0.05!(probability!of!α),!this!means!that!the!hypothesis!presented!in!this!study!
!4C3?48C:D48E,0D6?48E,D>,"DF:8E,"3?G:F3,849,13H38?FI,!!
Denny!Supandi1,!Afriyeni,!Afriyeni2!
!0""1,Page!3195
(H2)!is!rejected.!While!the!significance!value!of!the!effect!of!ROE!on!stock!price!decline!is!0.008!<!0.05!
(probability!α),!this!means!that!the!hypothesis!presented!in!this!study!(H3)!is!accepted."!
The!purpose!of!the!simultaneous!test!(f-test)!is!to!understand!how!each!independent!variable!
affects!the!dependent!variable!collectively.!!
!
A8JE3,'K,A3HC,U,[":S6EC843D6H,A3HC]!
𝐴𝑁𝑂𝑉𝐴/7
RD93E7
"6S,D>,"^68?3H7
9>7
R384,"^68?37
U7
":VK7
-7
Regression7
-0W1F5/57
57
X06F//W7
-WF6-27
7
Residual7
XW0FX17
-27
5.FW167
7
7
Total7
6615F2-57
667
7
7
7
C*7Y9#9>'C>"7ZC+)CNL9%7A9>:+:>C>7PC+,C7MC!C=7D[E7
N*7A+9')?"(+$%7DV(>$"C>"EF7G9":+>7(>7JK:)"<7DGHJE7D\5EF7@9"7A+(;)>7BC+,)>7D@ABE7D\-EF7G9":+>7H>7I$$9"7DGHIE7
D\6E7
Source:!Processed!Secondary!Data,!2023!
!
Referring!to!the!results!of!simultaneous!tests!known!the!significance!of!the!effect!of!NPM,!ROA,!
and!Return!On!Equity!on!stock! price! decline! of! 0.000!<!0.05!(probability!of!α),!this! means! that! the!
hypothesis!presented!in!this!study!(H4)!is!accepted.!The!extent!to!which!the!model!can!describe!the!
variation!of!the!dependent!variable!is!measured!using!the!coefficient!of!determination!(R2)!test.!!
!
A8JE3,%K,A3HC#D>,23C3?S:48C:D4,[1$],
𝑴𝒐𝒅𝒆𝒍7𝑺𝒖𝒎𝒎𝒂𝒓𝒚𝒃"
RD93E7
17
1,"^68?37
=9_6HC39,1,
"^68?37
"C9K,P??D?,D>,CI3,
PHC:S8C37
26?J:4(X8CHD47
-7
0,861!
7
.F1/67
.F1.-7
XFXX06007
1,9957
C*7A+9')?"(+$%7DV(>$"C>"EF7G9":+>7H>7JK:)"<7DGHJE7D\5EF7@9"7A+(;)"7BC+,)>7D@ABE7D\-EF7G9":+>7H>7I$$9"7DGHIE7
D\6E7
N*7Y9#9>'9>"7ZC+)CNL9%7A9>:+:>C>7PC+,C7MC!C=7D[E7
Source:!Processed!Secondary!Data,!2023!
!
The!Adjusted!R!Square!value!of!0.701!based!on!the!results!of!the!coefficient!of!determination!
test!shows!that!the!models!used!in!this!study,!namely!Net!Profit!Margin,!Return!on!Assets,!and!Return!
on! Equity! are! able! to! affect! the! decline! in! stock! price! by! 70.1%,! while! 29.9%,! aspects! that! are! not!
included!in!this!study!have!an!impact!on!the!percentage!decline!in!stock!prices.!
AI3,3>>3FC,D>,#\R,D4,CI3,93FE:43,:4,\AK,":9D,R64F6E,AJN`H,a3?J8E,849,\I8?S8F36C:F8E,!496HC?5,
>D?,b.,$&$.,
PT.!Sido!Muncul!Tbk!The!share!price!of!the!Herbal!and!Pharmaceutical!Industry!decreased!and!
NPM!did!not!have!a!real!impact!on!the!decline,!based!on!partial!test!results!which!showed!a!significant!
value!of!0.178!>!0.05!(probability!α).!The!Company!is!listed!on!the!IDX!for!the!2023!period.!Net!profit!
after!tax!and!net!profit!or!sales!are!two!parts!of!the!net!profit!margin.!The!fundamental!component!of!
net!profit!margin!itself!may!be!the!reason,!because!investors!usually!focus!more!on!net!sales!or!company!
turnover!figures!when!making!investment!decisions.!The!proportion!of!Net!Profit!Margin!may!decrease!
!4C3?48C:D48E,0D6?48E,D>,"DF:8E,"3?G:F3,849,13H38?FI,!https://ijssr.ridwaninstitute.co.id/!
!0""1,Page!3196
if!more!sales!are!not!accompanied!by!higher!net!income.!Costs!and!expenses!have!an!impact!on!net!profit!
which!is!still!increasing.!
The!researchers'!findings!are!in!line!with!Nurjehan,!Jhoansyah!&!Komariah!(2022)!argues!that!
NPM!has!a!major!and!detrimental!impact!on!stock!value.!Zain!&!Syaputra!(2023)!said!that!the!stock!price!
is! not! affected! by! net! profit! margins.! However,! the! researchers'! findings! are! not! in! line! with!
Mardiyansyah,!Mursalin!&!Hendri!(2023)!stated!that!NPM!has!an!important!influence!on!stock!prices.!
Monalisa's!research!(2019)!argues!that!NPM!has!an!effect!on!stock!prices.!
AI3,3>>3FC,D>,1M=,D4,CI3,93FE:43,:4,\AK,":9D,R64F6E,AJN`H,a3?J8E,849,\I8?S8F36C:F8E,!496HC?5,
>D?,b.,$&$.,
The!partial!test!results!obtained!a!significance!value!of!0.242!>!0.05!(probability!α)!which!shows!
that!ROA!has!no!effect!on!the!decline!in!stock!prices!at!PT.!Sido!Muncul!Tbk!Herbal!and!Pharmaceutical!
Industry!listed!on!IDX!in!2023.!According!to!this!study,!asset!returns!have!no!effect!on!how!much!a!stock!
price!increases!or!decreases.!This!may!arise!because!investors'!attention!is!focused!on!external!threats!
and!the!state! of!the!market!as! well!as!the!company's! internal!capacity!to!make! a!profit.!Changes!in!
economic! and! political! policies,! tariff! increases,! inflation,! and! other! factors! beyond! the! control! of!
companies!are!examples!of!external!risks.!Stock!price!variations!can!arise!from!investment!choices!that!
are!influenced!by!supply!and!demand!in!the!capital!market.!
The!researchers'!findings!are!not!in!line!with!Nenobais,!Niha!&!Manafe!(2022)!argue!that!ROA!
has!a!positive!positive!impact!on!stock!prices.!Mardiyansyah,!Mursalin!&;!Hendri!(2023)!stated!that!ROA!
has!a!significant!influence!on!stock!prices.!!
AI3,3>>3FC,D>,1MP,D4,CI3,93FE:43,:4,\AK,":9D,R64F6E,AJN`H,a3?J8E,849,\I8?S8F36C:F8E,!496HC?5,
>D?,b.,$&$.,
Based!on!partial!test!results,!ROE!has!a!significant!effect!on!the!decline!in!share!price!at!PT.!Sido!
Muncul!Tbk!Herbal!and!Pharmaceutical!Industry!listed!on!IDX!for!the!2023!period.!The!significance!
value!is!0.008!<!0.05!(probability!α).!According!to!this!study,!the!return!on!equity!has!no!effect!on!how!
much! the! stock! price! increases! or! decreases.! This! is! possible! because! this! ratio! emphasizes! the!
assessment!of!the!company's!internal!financial!performance!compared!to!all!other!external!factors!of!
the!organization.!In!addition,!return!on!equity!reflects!favorable!conditions!during!inflationary!periods!
because!equities!do!not!change!during!inflationary!periods!so!this!cannot!be!compared!to!the!previous!
year.!The!researchers'!findings!are!in!line!with!Nenobais,!Niha!&!Manafe!(2022)!argue!that!stock!prices!
are!positively!influenced!by!return!on!equity.!Mardiyansyah,!Mursalin!&;!Hendri!(2023)!stated!that!stock!
prices!are!significantly!affected!by!ROE.!
AI3, 3>>3FC, D>, #\R<, 1M=<, 849, 1MP, D4, CI3, 93FE:43, :4, \AK, ":9D, R64F6E, AJN`H, a3?J8E, 849,
\I8?S8F36C:F8E,!496HC?5,>D?,b.,$&$.,
Based!on!the!results!of!simultaneous!tests,!a!significance!of!0.000!<!0.05!(probability!of!α)!was!
obtained.!This!shows!that!the!decline!in!share!price!at!PT.!Sido!Muncul!Tbk's!Herbal!and!Pharmaceutical!
Industry!listed!on!the!IDX!for!the!2023!period!is!significantly!affected!by!Net!Profit!Margin! (NPM),!
Return! on! Assets! (ROA),! and! Return! on! Equity! (ROE).! With! a! significant! influence! of! 70.1%,! the!
remaining!29.9%!decline!in!stock!prices!was!due!to!factors!not!included!in!the!study.!The!researchers'!
findings! are! in! line! with! Nenobais,! Niha! &! Manafe! (2022)!claiming! that! stock! prices! are! positively!
influenced!by!return!on!assets,!return!on!equity,!and!net!profit!margin.!
!
CONCLUSION)
Based! on! findings! regarding! the! impact! of! PT! Industri! Jamu! dan! Farmasi! Sido! Muncul! Tbk!
(SIDO)'s!financial!performance!in!the!third!quarter!of!2023!on!the!share!price,!it!can!be!concluded!that!
the!company's!share!price!is!not!significantly!affected!by!Net!Profit!Margin!(NPM)!and!Return!on!Assets!
(ROA).!However,!there!was!a!significant!effect!of!Return!on!Equity!(ROE)!on!the!stock!price!decline!of!
70.1%.!Although!NPM!and!ROA!did!not!have!a!significant!impact,!subsequent!studies!suggested!that!
companies!should!focus!more!on!improving!basic!elements,!particularly!NPM,!which!can!be!an!indicator!
!4C3?48C:D48E,0D6?48E,D>,"DF:8E,"3?G:F3,849,13H38?FI,!!
Denny!Supandi1,!Afriyeni,!Afriyeni2!
!0""1,Page!3197
for!investors!in! forecasting! stock!prices.!Increased!sales,! net! income,!and!net!income! combined!can!
increase! net! profit! margins.! Potential! investors! need! to! consider! NPM! and! ROE! when! choosing!
investments,! especially! for! businesses! with! significant! market! capitalization! and! strong! liquidity.! In!
addition,!future!studies!are!advised!to!explore!the!impact!of!other!technical!and!fundamental!aspects!on!
stock!prices,!and!be!reminded!that!each!sector!and!subsector!has!its!own!uniqueness!in!conducting!stock!
price!research.!
!
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!!
BD75?:VIC,IDE93?c,
Denny!Supandi,!Afriyeni,!Afriyeni!(2023),
,
U:?HC,76JE:F8C:D4,?:VICHc,
International!Journal!of!Social!Service!and!Research!(IJSSR)!
,
AI:H,8?C:FE3,:H,E:F34H39,6493?c,
,
,
!
