HERMAWAN, KEVIRA (2025) The Effect of Earning Per Share and Debt-To-Equity Ratio on Stock Prices Moderated by Earnings Management on The Non-Cyclical Sector in Main Board Index. Skripsi thesis, Universitas Jenderal Soedirman.

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Abstract

This purpose of this study to analyze the effect of earnings per Share (EPS) and debt-to-equity ratio (DER) on stock prices moderated by earnings management in the manufacturing sector listed on the indonesia stock exchange (IDX). The non-cyclical consumer sector was chosen because of its relevance to Indonesia's economic growth, especially during periods of economic uncertainty. This study suggests that earnings management can influence investors perceptions of company performance and affect stock prices. The study conducted a comprehensive review of relevant literature, focusing on several key theories and concepts that influence the relationship between financial indicators and stock prices. Among the most critical of these theories is signaling theory, which explains how companies use financial indicators such as EPS and DER to signal to investors about the company's financial health. Based on signaling theory, earnings management strengthens these signals to make the company more profitable. The study developed a hypothesis that examines the effect of EPS and DER on stock prices and the moderation effect of earnings management. This study uses a quantitative approach with a moderation regression analysis to examine data from the financial reports of companies listed on the Indonesia Stock Exchange (IDX) during the 2022-2023 period. The sample consists of 58 companies selected using purposive sampling, based on criteria such as consistent financial reporting over the research period. Data is collected from the companies annual reports. Earnings management is measured using the discretionary accruals model. The analysis is performed using moderation regression to test the impact of EPS and DER on stock prices, with earnings management moderating the relationship. The results showed that EPS and DER directly affect stock prices. Earnings management was found to strengthen this relationship, showing that companies that engage in earnings management can change the market's perception of their performance, thus affecting stock prices. Further discussion was held to explain how earnings management can modify the information conveyed by EPS and DER and its impact on investment decisions. This study suggests that earnings management is crucial in influencing the relationship between EPS, DER, and stock prices. Therefore, companies need to maintain transparency and avoid excessive earnings management practices so that the information provided to investors remains reliable. The practical implications of this study suggest that companies improve their financial reporting policies and regulators increase their oversight of earnings management practices to maintain financial market stability and protect investors. This study also opens up opportunities for further research to delve deeper into the relationship between earnings management and investment decisions in other sectors.

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