Factors that Affect Share Price (Case Study on Property and Real Estate Companies Listed on the Indonesia)

: This study aims to determine and analyze the Current Ratio, Debt Equity Ratio, Return on Equity on Stock Price. The population in this study were companies that Property and Real Estate on the Indonesia Stock Price for the period 2014-2016. The research design used is casual research. The sampling technique was purposive sampling method. From this method obtained 15 companies that meet the criteria during the three-year observation period. The data analysis method uses quantitative analysis. The results of the study indicate that Current Ratio has a negative and significant effect on Stock Price, Debt Equity Ratio has a positive and significant effect on Share Price, and Return On Equity has a positive and significant effect on Stock Price for those companies that Property and Real Estate on the Indonesia Stock Price for 2014-2016 period.


INTRODUCTION
The business world which is entering the era of globalization has resulted in increasingly fierce competition. Such conditions require every company to carry out its activities effectively and efficiently to maintain a competitive advantage so that the company's continuity is maintained. Factors supporting the continuity of a company include the availability of sufficient capital to finance the company's activities. One source of funds for capital can be obtained by the company by selling shares to the public in the capital market.
Companies that want to enter the capital market need to pay attention to the requirements issued by the OJK as the capital market regulator. In addition, the company must also be able to increase the value of the company so that there is an increase in the sale of its shares in the capital market. The presence of the capital market in Indonesia is marked by the number of investors starting to invest in the property and real estate industry. The property and real estate maximize shareholder wealth. Financial market behavior must be used in setting corporate goals that are to defend the interests of shareholders. According to Kasmir (2017) states that financial statements are reports that show the company's financial condition at this time or in a certain period.
According to Law No. 21 of 2011 concerning the Financial Services Authority, the definition of capital market is an activity related to public offerings and securities trading. Public companies related to the securities they issue, as well as institutions and professions related to securities.
According to the Indonesia Stock Exchange (2019) According to Keown (2010), financial ratios are a way to make comparisons of company financial data more meaningful. Comparisons can be made between one component with components in one report or between components that exist between financial statements. Then the numbers being compared can be in the form of numbers in one period or different periods. 1. Profitability Ratio: profitability ratio is a ratio to assess the company's ability to seek profit.

Stock Price
According to Hidayat (2010:103), every share issued by the company has a price. The nominal share price is the price listed on the issued shares. This price will be used for accounting purposes, namely recording the fully paid-up capital. According to Brigham and Houston (2010:33)

Conceptual Framework
From the theoretical explanation and the results of previous studies, the variables in this study are the Current Ratio, Debt Equity Ratio, and Return On Equity on stock prices. Systematically the conceptual framework in this study can be seen in Figure 1.

RESEARCH METHODS
This study uses property and real estate companies. The place of this research is in Jakarta, which is in March -June 2020 with the selected object and this research is carried out in the Indonesian Stock Exchange gallery. The research design is causal research. This causal research design is research with the characteristics of the problem in the form of a causal relationship between two or more variables.
In this study the independent variables, namely, Current Ratio (CR), debt to equity ratio (DER), and Return On Equity (ROE) on the dependent variable, namely Stock Prices in Property and Real Estate companies listed on the Indonesia Stock Exchange (IDX) in 2014 -2016. The population in this study are companies that are included in the Real Estate and property sectors in as many as 47 companies listed on the Indonesia Stock Exchange (IDX) during the 2014-2016 period.
Secondary data in the form of annual financial reports from companies that conduct Initial Public Offerings and experience underpricing are listed on the Indonesia Stock Exchange as of January 2019 through purposive sampling technique with the criteria for determining the Indonesian banking sample as follows: The criteria for selecting the sample to be studied are as follows: In this study, the analysis method used was panel data regression analysis with the help of Eviews 9 software, and to determine the level of significance of each regression coefficient between the independent variables and the dependent variable, the following statistical tests were used: 1. Descriptive Statistical Analysis: Descriptive analysis aims to determine the characteristics of each variable in the research sample through descriptive statistical analysis. 2. Stationary Test: The purpose of the stationarity test is to see if the mean-variance of the data is constant over time and the covariance between two or more data in a time series depends only on the lags between the two or more periods. 3. Classical Assumption Test: According to Ghozali (2013), in performing a simple regression analysis, the classical assumption is first tested to meet the BLUE (Best Linear Unbiased Estimator) nature of the regression estimation. 4. Panel Data Regression Method: According to Widarjono (2013) in the panel data model analysis, there are three approaches used in estimating the panel data regression model, namely: a. Common effect (pooled least square) In this approach, it does not pay attention to the individual and time dimensions, it is assumed that the behavior of the data between companies is the same in various periods.

b. Fixed effects (FE)
The definition of fixed effect is based on the differences in intercepts between companies, but the intercepts are constant over time.

c. Random effects (RE)
The random effect model is an estimation method of panel data regression model with the assumption that the regression coefficient (slope) is constant and the intercept is different between time and between individuals (random effect). 6. Hypothesis Testing: The steps to test the hypotheses proposed in this study are as follows.

Selection of Panel
a. t-test Ghozali (2013) suggests that the t-test shows how far the influence of one explanatory/independent variable individually in explaining the variation of the dependent variable.

b. Coefficient of Determination (R2)
According to Ghozali (2013), the coefficient of determination (R2) essentially measures how far the model's ability to explain variations in the dependent variable is. The value of the coefficient of determination is between zero and one.

FINDINGS AND DISCUSSION Overview of Research Objects
The  The value of the test stock price is -4.490827 < -3.588509. Where the probability value of the stock price is 0.0045, which means it is smaller than the confidence level, which is 0.05, which means that H0 is rejected and it means that the data does not have a unit root test or a stationary stock price variable.

Test Stationary Current Ratio
The current ratio test value is -3.967666 < -3.588509. Where the probability value of the Current Ratio is 0.0036, which means it is smaller than the confidence level, which is 0.05, which means that H0 is rejected and it means that the data does not have a unit root test or a stationary Current Ratio variable.

Debt to Equity Ratio stationary test
The value of the debt to equity ratio test is -4.130251 < -3.588509. Where the value of the probability debt to equity ratio is 0.0005, which means it is smaller than the confidence level, which is 0.05, which means that H0 is rejected and it means that the data does not have a unit root test or a stationary debt to equity ratio variable.

Stationary test of return on equity
The value of Return On Equitytest is -4.492592 < -3.588509. Where the probability value of Return On Equity is 0.0008 which means it is smaller than the confidence level of 0.05 which means that H0 is rejected and it means that the data does not have a unit root test or a stationary Return On Equity variable. It can be seen that the probability value is 0.065135 > 0.05, which means that H0 is accepted or the data is normally distributed. From the results of data processing in table 3 above, there are results of the chi-square (4) prob on the obs*r-squared of 0.5176, so H0 is accepted or it means that the regression model is homoscedastic in other words there is no heteroscedasticity.

Panel Data Regression Analysis 1. Common Effect Test
Tabel 4. From the partial test results it is known that return on equity has a positive and significant effect on stock prices in Property and Real Estate companies listed on the Indonesia Stock Exchange for the period 2014 -2016 This is indicated by the t statistic value of 1.849958 with a regression coefficient value with a positive direction of 1.849958 with a probability of 0.0053 which is below 0.05 (significant level = 5%). So Ha which states that return on equity has a positive and significant effect on stock prices can be accepted.

CONCLUSION AND RECOMMENDATION Conclusion
Based on the analysis of the influence of the Current Ratio (CR), debt to equity ratio (DER), and Return On Equity (ROE) on stock prices (a case study on Property and Real Estate companies listed on the Indonesia Stock Exchange for the period 2014 -2016) it can be concluded as follows: 1. Current Ratio (CR) has a negative and significant effect on stock prices (a case study on Property and Real Estate companies listed on the Indonesia Stock Exchange for the period 2014 -2016). 2. Debt to equity ratio (DER) has a positive and significant effect on stock prices (a case study on Property and Real Estate companies listed on the Indonesia Stock Exchange for the period 2014 -2016). 3. Return on Equity (ROE) has a positive and significant effect on stock prices (a case study on Property and Real Estate companies listed on the Indonesia Stock Exchange for the period 2014 -2016).

Suggestions
Based on the discussion and conclusions in this study, the following suggestions can be submitted:

For Companies
Companies should consider the variables Current Ratio (CR), debt to equity ratio (DER) and Return On Equity (ROE) in the context of the expected achievement to determine the stock price the company must pay attention to the Current Ratio in making short-term debt payments must analyze more deeply and details so that short-term debt can schedule debt repayments because the greater the Current Ratio indicates the company has sufficient sources of funds to pay its obligations, consider new loans, and liquidate collateral.

For Investors
From the results of this study, investors (shareholders) who want to invest their capital to invest in the Property and Real Estate sub-sector do not need to worry because the values of the Current Ratio (CR), debt to equity ratio (DER), and Return On Equity (ROE) have a significant effect. will have an impact on the level of stock prices.

For Further Researchers
Further researchers should research with different sectors, a larger number of samples, and variables such as Debt Asset Ratio, Dividend Payout Ratio, Price Earning Ratio, and others. This is done to see more diverse results and be able to strengthen the results of studies that have been done before.