Determinants of Stock Prices for Companies in the Transport and Logistics Sector Listed on the Indonesia Stock Exchange from 2021 to 2025

Authors

  • Subandi Subandi Institut Transportasi dan Logistik Trisakti, Jakarta, Indonesia
  • Hermanto Hermanto Universitas Prof. Dr. Moestopo (Beragama), Jakarta, Indonesia
  • Budi Harsono Universitas Prof. Dr. Moestopo (Beragama), Jakarta, Indonesia
  • Herlin Amelia Universitas Prof. Dr. Moestopo (Beragama), Jakarta, Indonesia

DOI:

https://doi.org/10.38035/gijea.v4i4.1257

Keywords:

Stock Price, Cash, Total Equity, Transportation and Logistics, Indonesia Stock Exchange

Abstract

This research seeks to ascertain if the factors of cash and total equity affect stock prices of enterprises in the transport and logistics domain registered on the Indonesia Stock Exchange spanning 2021 to 2025. The methodology adopted was quantitative, utilising IBM SPSS 27 for analytical purposes. The research sample comprised 45 firms within the transport and logistics industry that are listed on the Indonesia Stock Exchange. The complete sample comprised 24 firms that satisfied the inclusion criteria. A cumulative total of 120 data points was acquired from scrutinised financial accounts. The examinations performed in this research encompassed descriptive statistics, classical assumption evaluations, multiple linear regression analysis, hypothesis verification, and the determination coefficient assessment. The findings of this research, performed on transport and logistics firms registered on the Indonesia Stock Exchange for the 2021–2025 timeframe, are as follows: 1) Cash has minimal impact and bears no importance on the stock valuations of transport and logistics companies listed on the Indonesia Stock Exchange over the 2021–2025 period when assessed independently; Total equity independently has a significant and positive impact on the stock prices of transport and logistics companies listed on the Indonesia Stock Exchange during the 2021–2025 period; Cash and total equity together positively and significantly affect the stock prices of these firms on the Indonesia Stock Exchange throughout the same timeframe.

References

Akbar, A. (2022). Net Income as a Mediator of the Effect of Total Assets and Total Liabilities on the Price-to-Book Ratio in Pharmaceutical Subsector Companies on the Indonesia Stock Exchange. J-MAS (Journal of Management and Science), 7(1), 345–348.

Andriyani, M. D., & Arif, R. (2024). The Effect of Cash Turnover, Inventory Turnover, and Accounts Receivable Turnover on Profitability: An Empirical Study of Pharmaceutical Subsector Manufacturing Companies Listed on the Indonesia Stock Exchange for the Period 2019–2022. Profit: Journal of Management, Business, and Accounting, 3(3), 333–360.

Ardiansyah, J. B. K., Suhasto, R. B. I. N., & Cahyaningdyah, P. (2024). The Effects of Firm Size, Leverage, Capital Structure, and Liquidity on Financial Performance (A Case Study of Pharmaceutical Subsector Companies Listed on the Indonesia Stock Exchange, 2018–2022). https://doi.org/10.61994/equivalent.v3i1.663

Azhari, D. S., Afif, Z., Kustati, M., & Sepriyanti, N. (2023). Mixed-methods research for a dissertation. Innovative: Journal of Social Science Research, 3(2), 8010–8025.

Firdayani, V. D., Merawati, L. K., & Tandio, D. R. (2022). The Effect of Company Growth, Debt-to-Asset Ratio, Total Asset Turnover, and Working Capital Turnover on Financial Performance in Consumer Goods Companies. Collection of Accounting Student Research Results (KHARISMA), 4(3), 256–268.

Hadita, H. (2022). Impact of Growth Plans and Quality Costs on Company Performance. Atestasi: Scientific Journal of Accounting, 5 (1), 353–371. https://doi.org/10.57178/atestasi.v5i1.658

Halawa, L., & Purba, N. M. B. (2020). The Effect of Total Assets, Liabilities, and Equity on Stock Prices in Manufacturing Companies on the Indonesia Stock Exchange. Akrab Juara: Journal of Social Sciences, 5(3), 104–113.

Hasnawi, M. I., Eka, A. P. B., Nafiah, Z., Dulame, I. M., & Tahirs, J. P. (2023). Analysis of the Effects of the Rupiah Exchange Rate and Inflation Rate on the Composite Stock Price Index: A Literature Review in Financial Management. Journal of Economics, Business, and Accounting (COSTING), 7(1), 2488–2494.

Hennink, M. M., Hutter, I., & Bailey, A. (2020). Qualitative Research Methods. Sage Publications.

Hidayat, D. S., & Budianto, E. (2026). Financial Performance as a Mediator between Operational Efficiency and Capital Structure on Firm Value. Equilibrium: Scientific Journal of Economics, Management, and Accounting, 15(1), 51–68.

Husain, F. (2021). The Effect of Liquidity Ratios and Profitability Ratios on Stock Prices in IDX-30 Index Companies. INOBIS: Indonesian Journal of Business Innovation and Management, 4 (2), 162–175. https://doi.org/10.31842/jurnalinobis.v4i2.175

Jabir, M., & Lahaya, I. A. (2023). The Effect of Total Cash Flow, Net Income, and Book Value of Equity on Stock Prices in Manufacturing Companies in the Goods and Consumer Goods Sectors Listed on the Indonesia Stock Exchange. Mulawarman Journal of Accounting (JIAM), 8(3), 4.

Kusumawati, E., & Widaryanti, W. (2022). Analysis of the Effects of the Debt-to-Equity Ratio, Current Ratio, and Total Asset Turnover on Financial Performance (A Case Study of Property and Real Estate Companies Listed on the Indonesia Stock Exchange from 2015 to 2020). Scientific Journal of Economics, Management, Business & Accounting (EMBA), 1(2), 227–234.

Manurung, A. H., Pangaribuan, C. H., & Tambunan, M. E. (2021). Research Methods: Accounting, Financial Investment, and Management (L. H. Hasangapan (ed.)). PT Adler Manurung Press.

Marfiana, A., & Putra, Y. P. M. (2021). The Effect of Employee Benefit Liabilities, Sales Growth, Capital Intensity, and Earnings Management on Tax Avoidance. STIE Muhammadiyah Palopo Management Journal, 7(1), 16–30.

Moorcy, N. H., Alwi, M., & Yusuf, T. (2021). The Effect of Inflation, Interest Rates, and Exchange Rates on the Composite Stock Price Index at the Indonesia Stock Exchange. GeoEconomics Journal, 12(1), 67–78.

Mujino, M., Sari, P. P., & Widiyanti, I. W. (2021). The Effects of Return on Assets, Return on Equity, Net Profit Margin, and Earnings Per Share on Stock Prices. Edunomika Scientific Journal, 5 (1), 45–47. https://doi.org/10.29040/jie.v5i1.1700

Mulyono, T., & Verawati, K. (2021). State of the Art: Core Competencies in the Maritime Transportation and Logistics Sector. Logistics, 14 (2), 80–101. https://doi.org/10.21009/logistik.v14i2.23516

Nababan, B. C., Sadalia, I., Prasetya, M. D., & Adelia, N. (2024). Dividend Policy and Stock Price: Testing the Miller-Modigliani Dividend Irrelevance Theory on the LQ45 Index in Indonesia. Southeast Asia Journal of Graduate of Islamic Business and Economics, 3 (3), 150–156. https://doi.org/10.37567/sajgibe.v3i3.3399

Nianwar, A., Zen, A., & Widjanarko, W. (2023). THE EFFECTS OF CURRENT RATIO, TOTAL ASSET TURNOVER, DEBT-TO-EQUITY RATIO, AND COVID-19 ON RETURN ON ASSETS (A Study of Companies in the Building Construction Subsector Listed on the Indonesia Stock Exchange, 2014–2021). *Jurnal Economina*, 2 (10), 2920–2933. https://doi.org/doi.org/10.55681/economina.v2i10.925

Nugraha, N. M., & Widyatama, U. (2020). The Effect of Cash Flows, Company Size, and Profit on Stock Prices in SOE Companies Listed on the IDX for the 2013–2017 Period. International Journal of Innovation, Creativity and Change, December.

Prabowo, B., Suryana, A. K. H., & Theorupun, M. S. (2022). THE EFFECT OF THE DEBT-TO-EQUITY RATIO (DER), THE DEBT-TO-TOTAL-ASSETS RATIO (DAR), LONG-TERM DEBT-TO-EQUITY RATIO (LDER), AND LONG-TERM DEBT-TO-TOTAL-ASSETS RATIO (LDAR) ON RETURN ON EQUITY (ROE) IN FOOD AND BEVERAGE COMPANIES LISTED ON THE INDONESIAN STOCK EXCHANGE. Ekobis, 10 (1), 16–24. https://doi.org/10.36596/ekobis.v10i1.655

Purwaningsih, E., & Setiawan, G. (2022). The Effects of Earnings per Share, Return on Equity, Price-to-Book Ratio, and Total Cash Flow on Stock Prices. AKUA: Journal of Accounting and Finance, 1(2), 164–172.

Purwanti, P. (2021). The Effect of ROA, ROE, and NIM on Stock Prices of Companies in the Banking Sector Listed on the Indonesia Stock Exchange (BEI) for the Period 2015–2019. Journal of Management, Economics, and Business Applications, 5 (1), 75–84. https://doi.org/10.51263/jameb.v5i1.115

Puspita, N. A., Yovita, R. K. L., & Kusuma, P. J. (2025). Analysis of Financial Performance on Stock Prices of Companies in the Transportation and Logistics Sector, 2021–2023. Journal of Islamic Economic & Business Studies, 6 (7), 2657–2674. https://doi.org/1047467/elmal.v6i7.8262

Putra, H. S. (2020). The Effect of Current Ratio and Total Asset Turnover on Price-to-Book Value, Mediated by Return on Equity, in Pharmaceutical Subsector Companies Listed on the Indonesia Stock Exchange. Maneggio: Journal of the Master’s Program in Management, 3(1), 92–106.

Rachmania, N., & Oktaviani, R. (2024). The Effects of Current Ratio, Total Asset Turnover, Return on Equity, and Net Profit Margin on Profit Growth: (An Empirical Study of Infrastructure Sector Companies Listed on the Indonesia Stock Exchange for the Period 2019–2023). Journal of Management Research, 2, 320–333. https://doi.org/10.54066/jurma.v2i3.2275

Rahmawati, E., Wandani, E. R., Ramadani, H. E., Juniarti, E., & Maelani, M. (2022). Financial feasibility study of the Lamota pudding business: A net present value and internal rate of return approach. Journal of Economics & Business, 10(3), 276–283.

Ramadhan, G., Setyowati, T., & Winahyu, P. (2023). The Influence of Self-Efficacy and Employee Engagement on Employee Performance at PT Angkasa Pura I (Persero), I Gusti Ngurah Rai International Airport – Bali. Journal of Economics and Business Growth, 20 (2), 466. https://doi.org/10.36841/growth-journal.v21i1.2619

Rasyid, A., Rahmarisa, F., & Siregar, E. W. (2023). Analysis of Cash Turnover, Inventory Turnover, and Accounts Receivable Turnover on Profitability at PT. Anugerah Kagum Karya Utama Tbk, Listed on the Indonesia Stock Exchange. JRAM: Journal of Multiparadigm Accounting Research, 10 (2), 49–54. https://doi.org/10.30743/akutansi.v10i2.8208

Renggo, Y. R., & Kom, S. (2022). QUANTITATIVE POPULATION AND SAMPLE. QUANTITATIVE, QUALITATIVE, AND MIXED-METHODS RESEARCH METHODOLOGY, 43.

Rerung, A. (2022). Analysis of the Effects of the Capital Adequacy Ratio (CAR), Operational Efficiency (BOPO), and Loan-to-Deposit Ratio (LDR) on Return on Assets (ROA) (A Case Study of Rural Banks in Jayapura City). Journal of Economics and Business, 13 (2), 16–28. https://doi.org/10.55049/jeb.v13i2.94

Sapna, S., Ramadhan, I. C., & Margana, R. R. (2025). Analysis of the feasibility of investing in machinery using the NPV, IRR, and payback period methods at a small and medium-sized enterprise (SME) bakery in Bandung. Innovative Industry: Journal of Industrial Engineering, 15(1), 51–58.

Saputra, F. (2022a). Analysis of the Effects of Return on Assets (ROA), Return on Equity (ROE), and Price-Earnings Ratio (PER) on Stock Prices of Coal Companies on the Indonesia Stock Exchange (IDX) for the Period 2018–2021. Dinasti International Journal of Economics, Finance, and Accounting, 3 (1), 82–94. http://repository.uph.edu/41805/%0Ahttp://repository.uph.edu/41805/4/Chapter1.pdf

Saputra, F. (2022b). Analysis of Total Debt, Revenue, and Net Profit on Stock Prices of Food and Beverage Companies on the Indonesia Stock Exchange (IDX) for the Period 2018–2021. Journal of Accounting and Finance Management, 3 (1), 10–20. https://doi.org/https://doi.org/10.38035/jafm.v3i1

Saputri, F. R., & Muharam, H. (2024). Analysis of Profitability, Financial Leverage, Asset Efficiency, and Dividend Policy on the Sustainable Growth Rate of Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX) for the Period 2020–2022. DIPONEGORO JOURNAL OF MANAGEMENT, 13(5), 1–12.

Saramadi, I., Amali, L. M., & Selvi, S. (2026). Financial Performance in Transportation and Logistics from the Perspective of Corporate Social Responsibility Implementation. Journal of Economics, Management, and Business, 7(1), 52–66.

Sari, S. P., Kusno, H. S., & Ramli, R. (2022). The Effect of Net Income, Cash Flow Components, and Firm Size on the Stock Prices of Banking Companies During the COVID-19 Pandemic. Journal of Business and Entrepreneurship, 18(3), 257–270.

Selvia, M., & Syarif, D. (2024). The Effect of Current Ratio, Return on Equity, and Debt-to-Equity Ratio on Stock Prices of Manufacturing Companies in the Property and Real Estate Subsectors Listed on the Indonesia Stock Exchange from 2014 to 2023. Economic Reviews Journal, 3(2), 1397–1409.

Sitepu, C. D. S., Putri, D. A., Karar, F., Handayani, U. J., Wildaniah, A., & Suha, A. (2025). A LITERATURE REVIEW ON THE ROLE OF NPV AND IRR IN EVALUATING THE FEASIBILITY OF INVESTMENT PROJECTS IN THE SME SECTOR. Journal of Multidisciplinary Educational Research, 2(11), 989–1001.

Wangchuk, P. (2022). Application of Depreciated Net Present Value and Internal Rate of Return in Engineering Projects: A Brief Literature Review. Journal of Applied Engineering, Technology, and Management, 2(1), 25–30.

Wardoyo, D. U., Putri, E. A., & Hasani, N. A. (2022). The Effect of Total Liabilities and Total Equity on Profit. Syntax Idea, 4(2), 317–327.

Wulandari, A. (2024). Analysis of Cash Conversion Cycle, Accounts Receivable Turnover, and Inventory Turnover on Financial Performance: A Case Study of Manufacturing Companies in the Food and Beverage Subsector from 2020 to 2022 on the Indonesia Stock Exchange. VISA: Journal of Visions and Ideas, 4(2), 1079–1093.

Downloads

Published

2026-10-31

How to Cite

Subandi, S., Hermanto, H., Harsono, B., & Amelia, H. (2026). Determinants of Stock Prices for Companies in the Transport and Logistics Sector Listed on the Indonesia Stock Exchange from 2021 to 2025. Greenation International Journal of Economics and Accounting, 4(4), 1563–1577. https://doi.org/10.38035/gijea.v4i4.1257

Issue

Vol. 4 No. 4 (2026): Greenation International Journal of Economics and Accounting (September - October 2026)

Section

Articles

License

Copyright (c) 2026 Subandi Subandi, Hermanto Hermanto, Budi Harsono, Herlin Amelia

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Copyright :

Authors who publish their manuscripts in this journal agree to the following conditions:

  1. Copyright in each article belongs to the author.
  2. The author acknowledges that the GIJEA has the right to be the first to publish under a Creative Commons Attribution 4.0 International license (Attribution 4.0 International CC BY 4.0).
  3. Authors can submit articles separately, arrange the non-exclusive distribution of manuscripts that have been published in this journal to other versions (for example, sent to the author's institutional repository, publication in a book, etc.), by acknowledging that the manuscript has been published for the first time at GIJEA.