ROA, ROE, EPS Terhadap Harga Saham: Systematic Literature Review
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Abstract
The objectives of this study are to identify and summarize empirical findings, analyze the consistency of research results, assess research methods, analytical models, and statistical techniques, and identify moderating factors or control variables. This study uses a Systematic Literature Review (SLR) approach to identify, evaluate, and synthesize empirical findings regarding the influence of Return on Assets (ROA), Return on Equity (ROE), and Earnings Per Share (EPS) on stock prices. The synthesis results indicate that ROA is not dominantly significant in the banking sector, but is significant in several other sectors such as manufacturing. ROE shows varying results, with some studies showing a significant effect, others not. EPS is the variable that is most consistently significant and positive on stock prices. Based on the results of the Systematic Literature Review regarding the influence of ROA, ROE, and EPS on stock prices, the emerging practical implications indicate that these three profitability indicators play an important role in the decision-making process for various parties in the capital market. A more holistic scientific synthesis provides new insights for investors, practitioners, and academics regarding the factors that strengthen or weaken the relationship between profitability ratios and stock prices, while also opening up more structured directions for further research.
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