The Influence of Long-Term Debt-to-Equity Ratio, Financial Leverage, Capital Structure, and Asset Growth on Stock Prices via Price-to-Book Value in the Oil and Gas Industry Listed on the Indonesia Stock Exchange (2020–2025)
DOI:
https://doi.org/10.38035/dijefa.v7i4.7330Keywords:
Long Term Debt to Equity Ratio, Financial Leverage, Capital Structure, Asset Growth, Price to Book Value, Stock Price.Abstract
The oil and gas industry is a strategic sector that contributes significantly to the Indonesian economy; however, the movement of its funding structure, asset growth, and stock prices during the 2020–2025 period has shown inconsistent fluctuations. Previous studies on the effects of Long-Term Debt to Equity Ratio, Debt to Asset Ratio, Equity to Asset Ratio, and Asset Growth on Price to Book Value and stock prices have produced mixed results, and most have not positioned Price to Book Value as an intervening variable in the oil and gas sector. This study aims to analyze both the direct and indirect effects of these four variables on stock prices through Price to Book Value in the oil and gas industry listed on the Indonesia Stock Exchange during the 2020–2025 period. The research employs a quantitative approach using secondary data in the form of annual financial reports from 11 sample companies selected through purposive sampling, and is analyzed using path analysis with the assistance of SPSS. The results show that Long-Term Debt to Equity Ratio, Debt to Asset Ratio, Equity to Asset Ratio, and Asset Growth, either simultaneously or partially, do not have a significant effect on either Price to Book Value or stock prices. Meanwhile, Price to Book Value has a significant and dominant effect on stock prices and mediates the influence of the four variables. The novelty of this research lies in the integration of an intervening model in the post-pandemic oil and gas sector, which has not been extensively studied, while also confirming that market valuation plays a greater role in determining stock prices than funding structure does directly.
References
Alyani, R., Fazhar Sumantri, Arini, S. G., Rahmah, S. A., & Setyowati, S. (2022). Pengaruh Equity to Total Asset Ratio (EAR), Inflasi dan Suku Bunga terhadap Harga Saham. Jurnal Ekonomi Dan Manajemen, 19(3), 567–575.
Aviany, R. N., & Rifandi, M. (2024). Analisis Pengaruh Struktur Modal Dan Profitabilitas Yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Manufaktur Sektor Industri Pertanian Yang Terdaftar Di BEI Periode 2018-2022. Jurnal Maneksi, 13(2), 354–361.
Azkia, A., & Susyani, N. (2025). The Effect of Current Ratio, Debt to Asset Ratio, and Return on Assets on Price to Book Value in Non-Bank Companies in the LQ45 Index Listed on the Indonesian Stock Exchange from 2019 to 2023. American Journal of Economic and Management Business, 4(8), 1278–1288.
Bringham, E. F., & Houston, J. F. (2020). Dasar-dasar manajemen keuangan (N. I. Sallama, Ed.; 3rd ed.). Salemba Empat.
Dwi Cahyati, F., & Khuzaeni. (2025). Pengaruh Return on Asset (ROA) dan Debt to Asset Ratio (DAR) terhadap Price Book Value (PBV) Studi Empiris pada Perusahaan Sektor Industri Pertambangan yang Terdaftar di Bursa Efek Indonesia Periode 2013-2022. Jurnal PERKUSI, 5(3), 622–631. https://openjournal.unpam.ac.id/index.php/JIPER
Dwiputra, K. R., & Cusyana, S. R. (2022). Pengaruh DAR, ROA, NPM terhadap PBV pada Perusahaan Sektor Konstruksi dan Properti yang terdaftar di Bursa Efek Indonesia Tahun 2016-2020. Jurnal Akuntansi Dan Manajemen, 19(01), 62–73. https://doi.org/10.36406/jam.v18i02.480
Erawati, F. N., Angarani, D., & Hasan, K. (2022). Analisis harga saham, return saham dan likuiditas saham sebelum dan sesudah akuisisi pada PT. Semen Indonesia. Proceeding of National Conference on Accounting & Finance, 4, 356–361.
Ganar, Y. B., & Kusmiyati, P. (2021). Pengaruh Quick Ratio Dan Long Term Debt To Equity Ratio Terhadap Harga Saham Pada PT. Waskita Karya Tbk Periode 2012-2019. Jurnal Pemasaran, Keuangan Dan Sumber Daya Manusia, 1(2).
Herri, & Kenedi, J. (2021). Pengantar Metodologi Penelitian untuk Bisnis dan Manajemen (1st ed.). Oman Publishing.
Herwiputri, S., & Indrawan, I. G. A. (2023). Analisis Pengaruh Pertumbuhan Aset, Struktur Modal, Dan Kinerja Keuangan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Sektor Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia Periode 2018-2021). J. AKTIVITAS, 1(1), 140–149. http://openjournal.unpam.ac.id/index.php/AJIA
Hokardi, S. H., & Firdausy, C. M. (2021). Pengaruh Return On Equity, Asset Growth Dan Price Earnings Ratio Terhadap Harga Saham Perusahaan Sektor Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2020. Jurnal Manajemen Bisnis Dan Kewirausahaan, 5(1), 46–49.
Ilham Wardhana, M., Mustika Amin, A., Rahman, A., & Paramaswary Aslam, A. (2025). The Effect Of Asset Growth And Debt To Equity Ratio (DER) On Price To Book Value (PBV). Humanities, Research and Innovation, 2(2).
Indira, Y., & Kardinal, K. (2026). Pengaruh Long Term Debt to Equity Ratio (LTDER), Current Ratio (CR), dan Return on Equity (ROE) terhadap Nilai Perusahaan pada Perusahaan Sektor Infrastruktur yang Terdaftar di Bursa Efek Indonesia Periode 2020-2024. RIGGS: Journal of Artificial Intelligence and Digital Business, 5(1), 7087–7096. https://doi.org/10.31004/riggs.v5i1.6563
Irfan, M., & Kharisma, F. (2020). Pengaruh Price to Book Value terhadap Harga Saham pada Perusahaan Manufaktur yang Terdaftar di BEI. Borneo Student Research, 1(2), 1104–1110.
Makmur, M. I., Amali, L. M., & Hamin, D. I. (2022). Pengaruh Pertumbuhan Aset Dan Resiko Bisnis Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2020. Jurnal Ilmiah Manajemen Dan Bisnis, 5(1), 140–147.
Nurul, E. P., Arisudhana, D., & Priyanto, S. (2022). Pengaruh Financial Distress Dan Debt To Asset Ratio Terhadap Harga Saham Yang Dimediasi Oleh Audit Delay. Jurnal Ilmiah Indonesia, 7(7), 11.
Putra, P. (2023). Pengaruh ROA, CR, dan Leverage Ratio terhadap PBV Pada Sektor Manufaktur Sub Sektor Makanan dan Minuman Yang Terdaftar di Bursa Efek Indonesia Periode 2018-2020. Manajemen Kreatif Jurnal, 1(4), 189–202. https://doi.org/10.55606/makreju.v1i4.2167
Putri, E. L. H., Rachmayanti, W. P., & Candika, Y. I. (2024). Profitabilitas dan Harga Saham Terhadap Nilai Perusahaan Manufaktur di Indonesia. Jurnal Administrasi Dan Manajemen, 14(4), 567–579. http://ejournal.urindo.ac.id/index.php/administrasimanajemen/index
Rahayu, C., & Amanalah, L. (2019). Pengaruh Struktur Modal, Ukuran Perusahaan, Arus Kas Operasi Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 8(7), 1–8.
Robiah, E. S., & Lestari, D. F. (2026). Pengaruh Long Term Debt to Equity, Earnings Per Share, dan Return on Equity terhadap Price to Book Value pada Perbankan Indeks LQ45 Tahun 2020-2024. Jurnal Manajemen, Akuntansi, Ekonomi, 5(1), 471–484. https://doi.org/10.59066/jmae.v5i1.2295
Sekarfitri, L. S. (2023). Pengaruh DAR, PER, Dan EPS Terhadap Harga Saham Sektor Farmasi Di BEI. Jurnal Ilmu Dan Riset Manajemen, 12(10), 1–19.
Silvanus. (2019). Pengaruh Asset Growth Terhadap Harga Saham Dengan Struktur Modal Sebagai Variabel Intervening pada Perusahaan Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia pada Tahun 2014-2017. Jurnal Seminar Inovasi Manajemen, Bisnis Dan Akuntansi, 1(1).
Soesanto, E., Kosasih, A. W., & Firmansyah Sukma, V. (2025). Peranan Ekonomi Migas Terhadap Perekonomian Di Indonesia Periode 2019-2023. Jurnal Riset Ilmiah, 2(1), 92–98. https://doi.org/10.62335
Sujarweni, V. W. (2020). Metodologi Penelitian Bisnis dan Ekonomi. Pustakabarupress.
Suqron, M. F. (2021). Pengaruh Long Term Debt To Equity Ratio, Current Ratio Dan Firm Size Terhadap Harga Saham. Bongaya Journal for Research in Accounting, 4(2).
Syahzuni, B. A., & Sari, R. D. (2022). Pengaruh Kualitas Laba Dan Financial Leverage Terhadap Kinerja Keuangan Dengan Reaksi Pasar Sebagai Variabel Intervening. Jurnal Akuntansi Bisnis, 15(1), 41–51. https://doi.org/10.30813/jab.v15i1.2932
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Iqbal Syaputra, Jonner Simarmata, Ali Akbar
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Dinasti International Journal of Economics, Finance & Accounting (DIJEFA).
