Current ratio, debt-to-equity ratio, return on assets, and stock price: Exploratory pooled-panel evidence from technology firms listed on the Indonesia Stock Exchange (2021-2024)

The rapid expansion of Indonesia’s technology sector has drawn intense investor attention, yet the question of which fundamental financial indicators actually move the share prices of these firms remains unsettled. This study examines the simultaneous and partial effects of the current ratio (CR), the debt-to-equity ratio (DER), and return on assets (ROA) on the stock price of technology firms listed on the Indonesia Stock Exchange (IDX). A quantitative associative design was employed using secondary panel data drawn from audited annual financial statements and year-end closing prices. Through purposive sampling, nine technology-sector firms were observed over the 2021–2024 period, yielding 36 firm-year observations. The data were analysed with multiple linear regression after a complete battery of classical-assumption tests confirmed that the model satisfied the requirements for ordinary-least-squares estimation. The results show that the three ratios jointly exert a significant influence on stock price, F (3, 32) = 4.10, p = .014, explaining 27.8% of its variance. The partial pattern, however, is counter-intuitive: DER is the only significant predictor and the dominant one, exerting a positive and significant effect (β = .448, p = .016); CR has no discernible effect ( p = .989); and ROA is positive but significant only at the 10% level ( p = .057). The positive DER coefficient suggests that, in a high-growth technology context, leverage may signal aggressive expansion financing that investors reward rather than penalise. Implications for fundamental analysis and signalling theory are discussed.