THE INFLUENCE OF LEVERAGE, PROFITABILITY, SOLVENCY, COMPANY SIZE, ON STOCK PRICES IN FOOD AND BEVERAGE INDUSTRY COMPANIES LISTED ON THE INDONESIAN STOCK EXCHANGE (BEI) IN 2018-2022

The study was conducted on food and beverage manufacturing businesses that are publicly traded on the Indonesia Stock Exchange (BEI) between 2018 and 2022. The objective of this research is to conduct experiments and studies to examine the influence of profitability, solvency, leverage, and firm size on market pricing. This study is a quantitative analysis that focuses on a specific group of organizations. The research population consists of beverage and food companies that are registered on the IDX for the period of 2018-2022. In all, there are 47 companies included in the study. The sample approach used is purposive sampling with condition 1. The company's registration on the IDX spans from 2018 to 2022. 2). The second point is release financial statements in a continuous sequence spanning from 2018 to 2022. 3) Only 17 firms were selected based on the criterion of consistently generating profits. The data is acquired from the company's yearly financial filings. This data was obtained using a secondary data gathering methodology. Subsequently, the hypothesis is examined through the utilization of the multiple linear regression technique provided by the SPSS software. Partial testing is conducted using T statistical testing and simultaneous testing is performed using Inova statistical testing. Consequently, the research findings indicate that DER and ROE have little influence on stock prices, whereas the debt ratio has a noteworthy positive effect and total assets have a notable negative effect.


Introduction
Indonesia's expanding population is indicative of the ongoing growth of the food and beverage sector, which will be subject to government oversight despite the country's economic decline (R. L. N. N. A. S. A. D. M. R. Nasib, 2023).Both beverages and sustenance are fundamental need for human beings.Hence, this enterprise will persist in order to fulfill the demands of society (A.N. R. B. E. F. R. Nasib, 2023).Entrepreneurs have expressed interest in being part of this enterprise due to recent advancements (N.Li.N. N. A. S. A. D. M. R. Nasib, 2023).Several corporate entities in the beverage and food sector are actively competing to expand their operations (Rinanda, 2021).In order to ensure the business's continued growth, it is imperative to take all necessary measures due to the fierce competition (A. S. A. D. Nasib, 2019).This task is challenging and necessitates substantial financial resources.Given the current circumstances, companies will be inclined to pursue funding sources that may offer ample financial resources to support their company development, expand production, and engage in other activities.
The capital market is a viable alternative to traditional banks for securing optimal finance.
The business size is a quantitative measure that indicates the magnitude of a firm, whether it is large or tiny (Purwanti, 2020).Investor confidence may be assessed based on the size of the firm (Widyastuti, 2022).As a firm expands, the acquisition of necessary information to enhance its worth becomes more accessible (Pramesti, 2021).Businesses will find it more convenient to secure cash from both external and internal sources (Ilham, 2021).Ff the size exceeds (Amalia, 2020).
The enhancement of corporate performance is correlated with a rise in share prices.The share price of a corporation rises in tandem with its success, and conversely, declines when its performance falters (Saputra, 2022).Share prices will be impacted by several anticipated circumstances.Share prices rise when there is an increased demand for shares, and they fall when there is a greater supply of shares (Dewi, 2021).This indicates that the valuation of a stock is contingent upon the level of demand it receives (Ariesa, 2020).Stock prices are seen as an indicator of a company's management effectiveness and its pricing strategy (Purwanti, 2020).The price of shares might fluctuate at any one moment due to the dynamics of supply and demand among buyers and sellers (Fadli, 2022).201811.660.003 22.707.150 4.575.799 34.367.153 10.450 201912.038.210 26.671.104 5.405.529 38.709.314 11.150 202053.270.270 50.318.053 6.636.763 103.588.325 9.575 202163.342.765 54.723.863 70.838.280 118.015.311 8.700 202257.832.529 57.473.007 45.873.670 115.305.536 10.000 INDF 201846.620.996 49.916.800 5.324.407 96.537.796 7.450 201941.996.044 54.202.488 4.908.172 96.198.559 7.925 202083.998.472 79.138.044 6.455.632 163.136.516 6.850 202192.724.082 86.632.111 7.642.197 179.271.840 6.325 2022 86.810.262 93.623.038 6.359.094 180.433 86.810.262 93.623.038 6.359.094 180.433Referring to table 1, it is evident that enterprises identified by the code ICBP witnessed a growth of 8.76% in their total capital and a growth of 13.93% in their total assets over the period of 2020-2021.However, the share price declined by 9.14%.Consequently, it can be inferred that the company is encountering difficulties.Similarly, corporations with the code INDF had a growth of 18.39% between 2020 and 2021, although their stock prices declined by 7.66%, indicating the occurrence of issues inside the company.Meanwhile, in companies that adhere to the BUDI code, there was a 2.87% increase in total capital and a 2.1% increase in total assets during the period of 2019-2020.However, there was a 3.89% decrease in prices.Based on these figures, it can be inferred that the company is facing difficulties.

Theoretical Background 2.1 Leverage Relationships Affect Stock Prices
The leverage ratio quantifies a company's capacity to settle its debt obligations (Kasmir, 2018).This ratio may be utilized to assess a firm's ability to meet its commitments, both in the long term and in situations where the company is on the verge of closure (Levianti, 2023).The debt to equity ratio (Pramesti, 2021) is used to evaluate the level of debt compared to equity.A higher debt to equity ratio (DER) suggests that the company relies heavily on external financing in the form of both short-term and long-term debt.This can potentially decrease the value of shares because investors perceive that the proportion of debt funding outweighs the amount of invested capital.According to the source (Ambarita, 2022), it refers to itself.This circumstance might heighten the danger when the firm is required to halt its activities (Kusumawati, 2020).A company's liquidity can have an impact on this (Wahyono, 2021).

Profitability Relationships Affect Stock Prices
The profitability ratio is a metric used to evaluate a company entity's capacity to generate profits (Rahyuda, 2020).This study quantifies the return on equity, which assesses the efficiency of the company's capital and equity in creating net profits (Arizona, 2020).ROE, or Return on Equity, is a measure of the profitability of a firm for its shareholders.A high ROE shows that the company is generating significant net profits relative to the amount of capital invested by the owners (Kuddy, 2021).The share prices will inevitably increase in accordance with the company entity's potential to create profits for shareholders (Sari, 2021).Hence, the return on equity (ROE) may significantly influence the valuation of shares.

Solvency Relationships Affect Stock Prices
Within the scope of this study, the solvency ratio indicates the extent to which the company's assets are used to service its debt (Wardani, 2021).The debt ratio, also known as the debit ratio, is determined by the amount of debt utilized to finance a corporate organization.A higher debt ratio indicates a larger reliance on debt and a higher level of external dependency for the firm (Idris, 2021).Investors and creditors may be reluctant to provide their cash to the firm due to the heightened risk and increased responsibility faced by creditors (Rahayu, 2021).These findings corroborate prior studies (Ferdian, 2023) (Fitriyani, 2022) (Notama, 2021)that have demonstrated the impact of solvency on stock prices.

The Relationship between Company Size Affects Share Prices
According to a study, large-scale corporations exhibit greater stock returns compared to small-scale enterprises (Purwanti, 2020).Large company organizations are showing a growing preference for investing in shares compared to smaller firms (Ariesa, 2020).The size of a company has a direct impact on its share value, meaning that larger businesses often have higher share prices (Dewi, 2021).Hence, the aforementioned argument demonstrates that larger enterprises often possess a greater market valuation compared to smaller ones (Leippold, 2022) (Mubeen, 2022) (Saputra, 2022).

Data Type
The research involves the utilization of secondary data, namely sourced from documented financial reports that have been intentionally obtained to fulfill data requirements.As stated by (Sugiono, 2012), "secondary data" refers to data that is not directly offered to researchers but instead comes via intermediaries or documents.The data utilized in this context is sourced from www.idx.co.id and the stockbit application, namely the closing price of shares.Additionally, financial reports are obtained from emiten.kontan.co.id on an annual basis.

Population and Sample
According to the reference (Sugiono, 2012), population refers to a broad category of individuals and items that are chosen by the research team for investigation and drawing findings.Financial reports serve as the population for this study.The sample consisted of 47 financial reports obtained from food and beverage sector businesses listed on the Indonesia Stock Exchange throughout several years.This research focuses on manufacturing businesses within the food and beverage industry subsector that have been listed on the Indonesia Stock Exchange between 2018 and 2022.The sample collecting procedure utilizes a purposive sampling strategy, which adheres to specific criteria and norms.In this research, a total of 17 samples were collected from food and beverage sector firms on the IDX over a span of 5 years, resulting in a total of 85 observation samples.

Data Collection Technique
Data collection employs a documentation methodology.This technique retrieves information by gathering and documenting data from the most recent IDX financial reports.What is the amount of funding that the Far asset firm received through a loan, and how does this debt impact the company's assets?

Operational Definition of Research Variables
The ratio is used to assess the potential sales generated from each unit of money invested in total assets.The table indicates that the share price may be calculated using the formula: share price = 78,967 + (-3,233) DER + (-3,571) ROE + 11,199 Debt Ratio + (-14,724) Total Assets + e.The constant term in the formula is 78.967, which means that if the values of DER, ROE, Debt Ratio, and Total Assets are fixed, the share price will be 78.967. 1) The coefficient of the DER variable is -3.233, meaning that a reduction of 1 unit in the DER variable is associated with a fall of -3.233 units in the share price, provided all other variables remain unchanged.
2) The ROE value is -3.571, suggesting that a reduction of 1 unit in the ROE variable is associated with a loss of -3.571 units in share prices, provided all other factors stay unchanged.
3) The Debt Ratio of 11,199 indicates that a one-unit rise in the Debt Ratio is expected to result in a corresponding increase of 11,199 units in share prices, assuming all other factors remain constant.4) The Total Assets variable has a coefficient of -14,724, meaning that a drop of 1 unit in Total Assets is projected to result in a loss of -14,724 units in share prices, provided all other variables stay unchanged.According to the provided table, the number of table distributions for degrees of freedom (df) equal to 48 (n-k-1) or (53-4-1), and the probability of 5% for the two-way test is 2.010635.1) One Based on the analysis conducted on businesses listed on the IDX in the food and beverage industry from 2018 to 2022, it has been determined that the Debt to Equity Ratio (DER) in H1 does not have any significant influence on the share prices.This conclusion is supported by a computed value of -1.421, which is lower than the table value of 2.012896, and a significance level (sig) of 0.165, which is higher than the threshold of 0.05.2) Two The analysis conducted on the data from 2018 to 2022 reveals that there is no significant impact of Return On Equity (ROE) on the share prices of food and beverage businesses listed on the IDX.This is supported by the computed value of -1.282, which is lower than the table value of 2.012896, and the significance value of 0.206, which is higher than the threshold of 0.05.3) The findings of Hypothesis 3 indicate that between 2018 and 2022, the Debt Ratio has a notable and meaningful impact on the stock prices of food and beverage businesses listed on the IDX.The t table value of 2.012896 is less than the estimated t value of 2.366, and the significance level (sig) of 0.022 is below the threshold of 0.05.4) The computed t value for H4 is -4.503, which is more than the t table value of 2.012896.Additionally, the significance value (sig) of 0.000 is below the threshold of 0.05.This implies that Total Assets has a negative and substantial influence on the share price of food and beverage sub-sector manufacturing businesses listed in BEI.

Conclusion
1) The liability to equity ratio (DER) does not affect the share prices of food and beverage industry businesses listed on the IDX from 2018 to 2022.2) The Return on Equity (ROE) does not affect the share prices of food and beverage industry businesses listed on the IDX from 2018 to 2022.
3) The debt ratio has a notable and favorable influence on the stock prices of food and beverage industry businesses that are listed on the IDX from 2018 to 2022.4) The share prices of food and beverage sector businesses listed on the IDX from 2018 to 2022 are significantly negatively impacted by their total assets.
According to the conclusions of the investigation, the author can recommend the following: 1) For Businesses Based on the analyst's findings, it is advisable for firms to prioritize monitoring their Debt Ratio and Total Assets as these factors have a significant impact on share prices.A high and statistically significant Debt Ratio can benefit the firm and impact market prices, but Total Assets exert a substantial influence on profit growth.Therefore, it is important to prioritize the maintenance of steady stock prices.2) For those seeking to invest or considering investment opportunities Hence, it is imperative for both investors and potential investors to exercise greater caution and scrutiny towards the target company's circumstances, including debt, capital, assets, shares, and meticulous financial report audits.The use of credit by a corporation can have an impact on market pricing by affecting its profitability.

3) For Future Researchers
The author seeks to enhance the comprehensiveness of this research by providing more intricate details and elucidating the interconnections among variables with more clarity.Several prerequisites must be fulfilled, including the size of the sample and the duration of the research.

Table 1 .
Research Phenomena Company Code

Table 4 .
One-Sample Kolmogorov-Smirnov Test ResultsAccording to the findings presented in the table above, the normality test results for the variables DER, ROE, Debt Ratio, and Total Assets to Share Price indicate a significance value of 0.060, which is greater than the threshold of 0.05.This suggests that the residual amount follows a normal distribution.Constant), Total Assets, ROE, DER, LAG_Y, Debt Ratio b.Dependent Variable: Unstandardized ResidualThe Autocorrelation Test, based on the Dw value, yielded a result of 1.824.This test was conducted using 53 samples and 4 independent variables.The Du value was found to be 1.7228.The range of acceptable values for DW is between 1.7228 and 2.2772, and the obtained value falls within this range.No evidence of autocorrelation was seen.
International Journal of Accounting, Management, Economics and Social Sciences.IJAMESC, PT.ZillZell Media Prima, 2024.145

Table 6 .
Multicollinearity Test FindingsCoefficients a Stock price Based on the table provided, the results of the Multicollinearity Test indicate that there are no signs of multicollinearity.This conclusion is obtained from the fact that all tolerance numbers are more than 0.100 and the VIF is less than 10.00.

Table 7 .
Heteroscedasticity Test Findings Coefficients a

Table 8 .
Multiple Linear Regression Test Findings Coefficients a

Table 9 .
Simultaneous Test Findings ANOVA aAccording to the provided table, the F table indicates that the degrees of freedom (df) for 4 and 48 are 2.57.The frequency count is 7,443.The value of Table F is 2.57, and the significance value is 0.000, which is less than 0.05.Therefore, the null hypothesis (Ho) is rejected, and the alternative hypothesis (Ha) is accepted concurrently.The Dividend-to-Earnings Ratio (DER), Return on Equity (ROE), Debt Ratio, and Total Assets are factors that have an impact on share prices.

Table 10 .
Partial Test ResultsCoefficients a

Table 11 .
Results of Coefficient of Determination Testing Total Asset, ROE, DER, Debt Ratio Based on the provided information, the coefficient of determination (R-squared) for the Square is 0.383.The research findings indicate that DER, ROE, Debt Ratio, and Total Assets account for a 38.3% decrease in share prices.The remaining 61.7% is attributed to other factors not included in this study.
International Journal of Accounting, Management, Economics and Social Sciences.IJAMESC, PT.ZillZell Media Prima, 2024.148