Financial Ratios and Stock Prices: The Moderating Role of Firm Size in Indonesia’s Restaurant, Hotel, and Tourism Sector
DOI:
https://doi.org/10.38035/snefr.v2i2.1165Keywords:
Current Ratio, Debt to Equity Ratio, Return on Equity, Stock Price, Firm SizeAbstract
This study aims to analyze the effects of the current ratio, debt-to-equity ratio, and return on equity on stock prices, with firm size as a moderating variable, in restaurant, hotel, and tourism subsector companies listed on the Indonesia Stock Exchange during 2022–2024. The study is motivated by the decline in stock prices despite the post-pandemic recovery of tourism-related operating activity. A quantitative associative approach was employed using secondary data from annual financial statements and year-end stock prices. The sample was selected through purposive sampling, resulting in 23 companies and 69 firm-year observations. Panel data regression and moderation analysis were performed using EViews. The results show that the current ratio is not significant in the basic and firm-size models, but becomes positive and significant in the moderation model. The debt-to-equity ratio has a negative and significant effect, while return on equity has a positive and significant effect across the models. Firm size has no direct significant effect on stock prices but significantly moderates all three relationships. It weakens the effects of the current ratio and return on equity and strengthens the effect of the debt-to-equity ratio. Firm size therefore functions as a pure moderator.
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