The Influence of Dividend Per Share and Earnings Per Share on Stock Prices at PT Midi Utama Indonesia Tbk for the 2014–2025 Period

Abstract

This study aims to determine the effect of Dividend Per Share (DPS) and Earnings Per Share (EPS) on the stock price of PT Midi Utama Indonesia Tbk during the 2014–2025 period. This research employed a quantitative approach using secondary data obtained from the company's annual and financial reports, as well as stock price data of PT Midi Utama Indonesia Tbk. The analytical techniques used included descriptive analysis, multiple linear regression, correlation coefficient, coefficient of determination, t-test, and F-test. The results showed the multiple linear regression equation Y = -26.495 - 32.307X1 + 35.967X2. The coefficient of determination (R²) was 0.883 or 88.34%, while the correlation coefficient (R) was 0.940, indicating a very strong relationship between Dividend Per Share and Earnings Per Share and stock prices. The F-test results showed an F-value of 34.100, which was greater than the F-table value of 4.256, indicating that Dividend Per Share and Earnings Per Share simultaneously had a significant effect on stock prices. Partially, Dividend Per Share obtained a t-value of -1.882 with a significance level of 0.093, indicating that it did not have a significant effect on stock prices. Meanwhile, Earnings Per Share obtained a t-value of 4.192 with a significance level of 0.002, indicating a positive and significant effect on stock prices. Therefore, during the research period, Earnings Per Share was the more dominant variable in explaining changes in the stock price of PT Midi Utama Indonesia Tbk.