Peran Price to Book Value (PBV) dalam Memediasi Pengaruh Profitabilitas terhadap Harga Saham: Bukti Empiris pada Perusahaan Mining Jakarta Islamic Index

Abstract

This study aims to evaluate the impact of Earnings Per Share (EPS), Return on Assets (ROA), and Return on Equity (ROE) on stock prices. Additionally, it seeks to determine the role of Price to Book Value (PBV) as a mediating variable in the relationship between these factors and stock prices. The study examines mining companies listed on the Jakarta Islamic Index (JII) over a five-year period, from 2019 to 2025. Employing a quantitative approach, secondary data obtained from annual financial reports were analyzed using Panel Data Regression (Fixed Effect Model with EGLS weighting) and the Sobel test via EViews 13 software. The results indicate that EPS, ROA, and PBV have a positive and significant influence on stock prices. Conversely, ROE exerts a negative and significant influence on both stock prices and PBV, as Sharia investors consider the risks associated with the underlying debt structure (leverage). Furthermore, EPS was found to have a positive impact on PBV, whereas ROA showed no significant influence on PBV. The Sobel test reveals that PBV acts as a significant mediator (partial mediation) regarding the influence of EPS (positive) and ROE (negative) on stock prices; however, PBV was not found to mediate the effect of ROA on stock prices. These findings suggest that enhancing organic earnings efficiency (EPS) is more important than altering capital structure when attempting to boost share value and market prices for Sharia stocks.