The share price is the present value of investors' future income. The share price is formed because of an agreement on the supply and demand for the company's shares. Two factors influence the supply and demand for stock prices, namely, the company's performance factor and macro factors such as foreign exchange rates, interest rates, and inflations social and political conditions in the country the company is in. Investors can assess company performance by analyzing stock price movements or using audited company financial report data. Financial reports are a reliable and trustworthy source from the investor's perspective. Ratios are the most powerful tool for measuring how well a company is financially and evaluating the potential of investments made by investors. Writing back accounting data into the form of comparisons to identify weaker or stronger company finances [1, 2]. The goal of an investor is to get a return. The return expected by investors is high so that it can improve their welfare. Investor welfare can be seen from the movement of shares used in decision making. Because of this goal, investors will be interested in investing in companies that have good performance and are expected to provide high returns. Investors will have a stock return if the price per share increases. Many investors have the perception that a large net profit shows that the company has good prospects and performance, but net income is not the only way to find out the company's performance and prospects. The most important thing is the availability of cash for the company to carry out day-to-day operations and pay its short-term obligations. Current Ratio (CA) is a measure of the liquidity ratio to determine the condition of sufficient cash to pay its current short-term obligations [3, 4]. Earnings per Share (EPS) is a ratio used to measure how much profit is earned per share. The main objective of investors is to get high returns, high EPS will attract investors because of high earnings per share. A review of several articles found that EPS has an influence on stock prices, but other studies have not found the effect of EPS on stock prices. Economic value added (EVA) is the best performance measurement technique compared to traditional measurements such as Return on Assets (ROA), Return on Equity (ROE), Return on Invested Capital (ROIC) and others. EVA is considered a measurement performance that is more objective and able to bridge the interests of management with investors and the elements of the EVA formula reflect many things that might affect stock prices such as equity, liabilities, profits and others. For this reason, the researcher adds EVA as an independent variable that might affect stock prices [5, 6]. Stock price fluctuations are influenced by company performance and macro factors such as inflation, currency exchange rates, politics and social factors. According to [7, 8] the effect of macro news can have more effects on stock prices than micro news. Inflation has both positive and negative impacts on a country's economy depending on the rate of inflation that occurs. Light inflation can have a positive impact, because it encourages the economy well. Severe inflation and hyperinflation can depress the economy because it reduces the purchasing power of investment capital and increases the bank interest rate which makes investors more interested in saving than investing in stocks, therefore inflation has a positive effect on stock prices [5, 6].  Investors have a negative connotation of inflation in the country the company is in. Inflation at a low level indicates that inflation is under control, so investors should not be too worried about the country's economic conditions that will affect company performance. The inflation rate that occurred in Indonesia in 2016-2019 was still under control because it was at a level below 10% a year. Economic value added (EVA) is the best performance measurement technique compared to traditional measurements such as Return on Assets (ROA), Return on Equity (ROE), Return on Invested Capital (ROIC) [5, 6]. Based on the results of previous research on the effect of current ratios, earnings per share, economic value added and inconsistent inflation, researchers suspect that inflation rate can strengthen or weaken the relationship of the independent variable to stock prices.

Therefore the purpose of this study is to answer the researcher's questions, such as

• To analyze the effect of the current ratio on stock prices
• To analyze the effect of earnings per share on stock prices
• To analyze the effect of economic value added on stock prices
• To analyzing the inflation rate to moderate the effect of the current ratio on stock prices
• To analyze the inflation rate to moderate the effect of earnings per share on stock prices
• Analyzing the inflation rate to moderate the effect of economic value added on stock prices

Define agency theory as a theory that explains the working relationship between the party giving the authority (the principal) and the party receiving the authority (agent) in the form of a cooperation contract. In this theory[9, 10], the principal is the shareholder who provides funds or facilities for the company's operational needs. Meanwhile, agents are management who are obliged to manage the company with the aim of increasing the prosperity of the principal. [11, 12] argues that agency theory is based on several assumptions, namely assumptions about human nature, organizational assumptions and information assumptions. The assumption of human nature emphasizes that humans are selfish, have limited thinking power about future perceptions (bounded rationality), and always avoid risks. The organizational assumption is that every member of the organization has a conflict in it because of the information asymmetry between the principal and the agent. The assumption of information is that information is a commodity that can be bought and sold. Based on the assumption of human nature, namely having selfishness which will create a conflict of interest between the principal and the agent due to lack of transparency in performance. The existence of information asymmetry can make it difficult for principals to monitor invested funds [13, 10]. State the Problems that can occur within organizations as follows:

• Moral hazard is a problem that arises if the agent does not carry out the things that have been mutually agreed upon in the work contract.
• Adverse selection is a condition in which the principal cannot know whether the decision taken by the agent is really based on the information that has been obtained, or occurs as a negligence in his duties.

This study emphasizes information about accounting numbers that are useful for principals to make decisions. Agents have more information about the condition of the company than principals. Signaling theory or signal theory is a theory that explains how companies should provide signals or signals to users of financial statements. The success of the company's activities conveyed through financial reports is a feature of good financial reports that can provide signals or signals for stakeholders [14, 15]. Based on the opinions of several studies, it can be concluded that signal theory is a theory that explains how the information contained in financial statements can be used as a signal for its users. The information provided can be in the form of accounting information or non-accounting information. Signal theory is a theory that underlies managers to convey information with the aim of maximizing company value which will be assessed by external parties and potential investors. The company's high value in the eyes of investors is expected to attract investors to invest. Demand for shares in the market will increase the company's share price [16, 17]. Signal theory reveals that investors can distinguish companies that have high or low company performance and value based on the company's financial statements. High company performance shows the company's ability to earn high profits or profitability. To see the company's performance, investors can see the profit the company has earned or analyze it using financial ratios. When the profitability of a company increases, investors will give a good assessment of the company's performance. The more investors who are interested in investing, it will have an impact on increasing demand for company shares. The increase in demand for shares issued by companies will make the company's share price high, because investors believe that high share prices indicate that the company has good prospects in the future [18].

Stock price

Currently, stocks are a financial instrument that is in great demand by investors because the opportunity for investors to get the highest return is compared to other financial instruments. The definition of shares according to the Indonesia Stock Exchange (IDX) is a sign of capital participation of a person or business entity in a company or limited liability company. The stock price is the closing price of the stock market during the observation period for each type of stock sampled and its movements are observed by investors. The share price is determined by the market which is a reflection of the results of the operational decisions taken by the company. Fundamental analysis is considered to be a good analysis to measure company performance which can affect. Stock prices. Fundamental analysis uses existing data in the company's financial reports [19, 20]. Information from financial statement data can be used by investors to make decisions to buy or sell shares. According to [21, 22] financial ratios are used to analyze financial statements and can answer questions from external parties to the company. Financial ratios are numbers obtained from the results of comparisons between one financial statement item and another that has a relevant and significant relationship.

Current Ratio (CR): Current ratio (CR) is the ratio most often used to measure a company's ability to pay its short-term liabilities by dividing current assets by current liabilities. A high CR means that the company is able to pay its short-term obligations, including paying dividend obligations to shareholders, meaning that the company has excess cash. High CR is expected to attract investors to buy company shares. The more demand for company shares can add value to the company's stock price [5, 6]. The current ratio can be calculated using the formula:

X 100%

Earnings per Share (EPS): EPS is the ratio used to measure the income per share received by investors by dividing profit for shareholders divided by the average number of shares outstanding. The small value of earnings per share allows the company not to pay dividends that should be received by investors. The main objective of investors is to get a return on their investment, if the dividends that should be the right of investors are not distributed, it is possible that investors will not be interested in buying company shares [3, 4]. Net income per share or often call earning per share is the division between the net profit earned by the company in a certain period with the number of outstanding shares. EPS can be calculated using the following formula [3, 4]

• EPS = (net income - preferred dividend) / average shares outstanding.

Economic Value Added (EVA): According to [23, 24], EVA is a refinement of traditional accounting performance measures, especially the profitability ratio that ignores the cost of capital. So it is difficult to know whether a company has shown the creation of added value for the use of its capital. EVA is considered as an objective measure of performance and is able to link management's interests with investors. The principle of EVA provides a good measurement for assessing a financial performance because EVA is directly related to the market value of a company. Investors expect a positive EVA (EVA> 0), meaning that the company is able to provide profits to investors, creditors, the government and the company itself. According to [24],

The formula used in calculating EVA is as follows:

• EVA = net operating profit after tax - the amount of operating capital costs in rupiah after tax.
• EVA = [Earning before Income Tax (1 - Tax)] - [(Operating Capital) (Percentage of cost of capital after tax)]

Inflation is an increase in the general price level or a decrease in purchasing power. Inflation can provide both advantages and disadvantages. High inflation can result in a decrease in the purchasing power of investors towards company capital and investors prefer to save rather than invest because the bank interest rate for saving will increase. Inflation at a low level increases people's purchasing power so that people are interested in investing because the returns obtained are higher than bank interest rates. Inflation can affect stock prices quickly because investors react more quickly to news. When there is a change in macro factors such as inflation, investors will consider and calculate the returns and losses so they can make a decision to buy or sell stocks [3, 4].

Hypothesis development

The effect of the current ratio (CR) on stock prices: Current ratio (CR) is the ratio most often used to measure a company's ability to pay its short-term liabilities by dividing current assets by current liabilities. A high company's CR can give a positive signal to investors that the company has good prospects and is able to pay its dividend obligations because there is excess cash the company has. A high CR makes investors interested in buying company shares. High demand for company shares makes the company's stock price rise [4]. Provides an opinion that a high current ratio value indicates high company liquidity, meaning that the company is able to meet its short-term obligations and will increase stock offerings, this will increase the company's stock price. High CR is able to influence stock prices, because CR is able to influence investors' decisions and are interested in buying shares of the company [3]. H1: The current ratio has a positive effect on stock prices

The effect of earnings per share (EPS) on stock prices: EPS is the amount of income earned in one period for each outstanding share and will be used by company leaders to determine the amount of dividends to be distributed. A high EPS will attract investors to invest, because the aim of investors is to get a high return. According to [25], EPS shows a company's net income that is ready to be distributed to shareholders, EPS has a positive effect on stock prices and EPS is the most dominant variable affecting stock prices compared to other variables used by researchers. The relationship of EPS to stock prices with banking samples, a high EPS value indicates that the company is very well-established (mature) so that many investors are interested in buying the company's shares. High EPS indicates that the earnings per share obtained by investors are high, because the aim of investors is to get high returns, so investors are interested in buying company shares, the more demand from potential investors will make the stock price increase [26]. H₂: Earnings per share has a positive effect on stock prices

The effect of economic value added (EVA) on stock prices: EVA is an estimate of the real profit of the company in a different period. Research conducted by [23] shows that EVA, REVA (Refined Economic Value Added) and MVA are good performance measures compared to NOPAT and EPS to assess the company's competitive advantage and shareholder value creation. High EVA illustrates that the company provides high returns compared to the cost of capital. This means that the company is able to manage investments from the capital provided by investors and provide returns that can be shared with the company and investors. The return obtained by high investors makes the demand for the company's shares increase and can increase the company's stock price. EVA has a positive effect on stock returns or returns, meaning that when the value of EVA is high, the return on shares given by the company to investors will be high. EVA shows that the return on investment made by the company has a positive effect on stock prices [23, 24]. H₃: Economic value added has a positive effect on stock prices

The effect of current ratio (CA) on stock prices with the inflation rate as a moderating variable: The Company’s operational activities are vulnerable to being affected by conditions in the macroeconomic environment. Investors must have the ability to make the right decisions, for that investors must understand the condition of the company and the macroeconomic conditions in which the company is located. One of the macroeconomic instruments is inflation. Inflation is an increase in the general price level or a decrease in people's purchasing power. According to [23, 24], there are 2 opinions regarding the relationship between the inflation rate and the stock price. First, a positive correlation occurs when there is excess demand for the goods offered (demand pull inflation). Second, a negative correlation occurs when a company's production costs increase (cost push inflation). High inflation decreases people's purchasing power and makes sales of company products decrease. Some research on the effect of inflation on banking stock prices on the IDX and gave the results that inflation has a negative effect on stock prices. Current assets that increase or decrease from the impact of inflation will affect the company's stock price [27, 28].The inflation rate that occurred in Indonesia in 2016-2019 was included in the low inflation rate, meaning that the inflation rate was still under control. High CR shows that the company has the ability to pay short-term obligations so that investors will be interested in buying shares of the company and will increase the share price. When the company's CR is good and the inflation rate in the country where the company is still at a low level or is still under control, it should increase investors' interest in buying company shares. The high demand for shares will increase the company's price in the stock market [27, 28]. H₄: The inflation rate mediates the effect of the current ratio on stock prices

The effect of earnings per share (EPS) on stock prices with the inflation rate as a moderating variable: Inflation is an increase in the general price level or a decrease in people's purchasing power. The inflation rate that occurs can affect the company's profitability. Decrease in profitability from high-level inflation can occur due to low purchasing power or due to the company's decision to increase product prices due to increased raw material and labor costs. A low inflation rate makes people's purchasing power increase and companies can earn higher profits because they can produce more products than usual and vice versa. The main goal of investors is to get returns, high company profitability makes the returns obtained by investors will also be high. High EPS attracts investors to buy the company's shares, when the demand for shares increases it will increase the share price [25, 27]. H₅: The inflation rate mediates the effect of earnings per share on stock prices

The effect of economic value added (EVA) on stock prices with the inflation rate as a mediating variable: Inflation is an increase in the general price level or a decrease in people's purchasing power. Inflation can have a positive or negative impact depending on the rate of inflation that occurs. Inflation is negatively related to profitability, meaning that if there is inflation at a high level it will reduce the company's profitability or profits. Companies that generate high profits or profits indicate that the company's performance is good and are expected to have good prospects in the future. A good company's future prospects will attract investors to invest. High demand for company shares will increase share prices and vice versa. A high EVA value shows that the company is able to provide a return on investment made to investors, so that other investors are interested in providing funds by buying company shares. When the EVA value is high and the inflation rate in the company country is low, it will increase the interest of investors to buy company shares [23, 24]. H₆: The inflation rate mediates the effect of economic value added on stock prices.

The object of research (population) in this study were all manufacturing companies listed on the Indonesia Stock Exchange from 2016 to 2019. Based on predetermined sampling criteria, the company was finally selected to be used in the study. The study was conducted in four years of observation. R Square shows the ability of student behavior engagement, student cognitive engagement and student emotional engagement in this research model to explain variations in online learning satisfaction, which is 0.636. The value of R Square (R²) = 0.669 greater than 0.50 is classified as all independent variables have ability to explain variations in the dependent variable.

Path Coefficients in the (Table 1) below contain the path coefficient values (the numbers are located in the original sample column). All path coefficients in this study are positive as based on the Path Coefficients table, the researcher can test for each path with the results listed in the table below. A positive sign and p value less than 0.05 indicates that the independent variable has a positive effect on the dependent variable (Table 2).

The Influence of Current Ratio on Stock Prices: The first hypothesis of this research states that the current ratio has a positive effect on stock prices. H₁ test results show that CR has no effect on stock prices with a P-Value of 0.171 (≥0.05) with a path coefficient of 0.05, this result is not in accordance with H₁ which suspects that CR has a positive effect and significant relationship on stock prices. This means that CR has no influence on stock prices. These results indicate that the information from the CR ratio calculation has no benefit for investors in making decisions to buy or sell company shares. The positive path coefficient indicates a positive direction, which means that if the CR has increased, the stock price will also increase. The implication of a positive path coefficient is that if investors know that CR has increased, it is good news for investors. The results of this study indicate that although CR is good news for investors, it has no benefit and does not significantly influence the decision to buy or sell company shares. The results of this study are supported by research conducted by [23, 24] who state that CR has no significant relationship on stock prices. CR indicates the company's ability to pay its short-term obligations. However, there is no standard rule on what the level of CR is good, generally accepted standards imply that a good CR is when the CR does not exceed the 200% limit [28, 29]. If the CR exceeds the 200% limit, it means that idle cash is not used, a low CR indicates that the company is in a difficult situation to pay its short-term obligations. The results of this study contradict research conducted by [21] which states that CR has a positive effect on stock prices. A company that is unable to pay its short-term obligations does not mean that the company has a bad financial condition, therefore the company is still interested in the shares of companies with low CR.

Effect of Earnings per Share on Stock Prices: H₂ test results show that EPS has a significant positive effect on stock prices with a P-value <0.012 (≤0.05), so that H₂ is accepted. Based on the test results, it can be interpreted that the EPS variable has an influence on stock prices. This means that EPS shows that the profit earned from each share can affect the decisions made by investors. The main objective of investors is to make a profit. If the profit obtained per share is high, it makes investors interested in buying shares. The higher demand from the company's offering of shares makes the company's share price high as well. The results show that the information from the EPS calculation results contains information that is useful for investors to make investment decisions that are reflected in the stock price [25, 30].The path coefficient is 0.511, indicating a positive direction when the EPS value increases, the company's stock price will increase. Therefore, if investors know that the company's EPS has increased, it is good news for investors that will have an impact on the increase in stock prices. The results are in accordance with the researchers' expectation that EPS has a positive effect on stock prices. The results of this hypothesis test support the results of research conducted by [25] stated that the higher the earnings per share given will increase the company's share price. The higher the EPS value indicates that the company is able to provide high returns to investors and run its business well.

Table 1: List of Observation.

Table 2: List of R Square.

The Effect of Economic Value Added on Stock Prices: The results of testing the EVA variable show a positive direction and have a significant effect on stock prices, it can be seen from the P-Value value <0.01 (≤0.05) and the path coefficient of 0.472. These results are in accordance with the hypothesis of researchers who say that economic value added has a positive effect on stock prices. This shows that EVA contains useful information for investors to make decisions that are reflected in stock prices. The results of this hypothesis test are in accordance with research conducted by which states that EVA has a positive effect on stock prices. The economic value added method is considered better for measuring company performance and better at measuring shareholder value and firm value. EVA is a powerful tool for understanding investor expectations which can be seen from the current stock price. EVA is considered to have advantages compared to measurements using other financial ratios. A positive EVA value makes the company have good prospects in the future because it can share profits with investors or creditors and have profits for the company itself [31]. The results of this study do not support research which states that EVA has no effect on stock prices [23, 24]. According to Hair Jr. et al (2014) there are 2 (two) types of mediation, namely partial mediation and perfect mediation. Partial mediation occurs when the direct effect (independent variable =>   dependent variable) is significant and the indirect effect (independent variable => mediation => dependent variable) is also significant. Meanwhile, perfect mediation occurs when the direct effect (independent variable => dependent variable) is not significant and the indirect effect (independent variable => mediation => dependent variable) is significant. Based on (Table 3)

Figure 1: Research Framework Model.

The inflation rate mediate the effect of the current ratio on stock prices: Hypothesis H₄ test results show that the inflation rate does not moderate the effect of the current ratio on stock prices as seen from the P-Value value of 0.39 (≥0.05) and the path coefficient of -0.01. This means that there is no interaction between the current ratio and inflation on stock prices and the relationship between CR and stock prices is reversed. When there is inflation, if the CR value is high, the company's stock price will decrease. CR can still be said to be good if the value does not exceed 200%. If seen from (Table 3).

Table 3: Hypothesis Result.

regarding descriptive statistics, the maximum CR value of the company is 464.98 indicating that idle cash is not utilized by the company. Controlled inflation that occurred in Indonesia was unable to moderate the effect of CR on stock prices. Inflation has no effect on stock prices [32, 33]. The failure of the H4 hypothesis test may be due to the CR level that is too high and the occurrence of inflation, whether inflation is still under control or not, making investors hesitant to buy the company's shares and have an impact on lowering the price of the uniform. CR is considered not to have a share in investor decision making. Inflation cannot moderate the effect of profitability ratios and liability ratios [34, 35].

The Inflation rate Mediate the effect of earnings per share on stock prices: The results of the fifth hypothesis test show that the inflation rate is able to moderate the effect of earnings per share on stock prices with a P-Value significance value of 0.03 (≤0.05), so that H₅ is accepted. The path coefficient of the hypothesis testing results shows a value of -0.10, a negative result shows that the inflation rate makes the EPS relationship to stock prices inversely. When EPS increases, the company's stock price will decrease. Stock prices and inflation in the long term have a negative relationship, meaning that the higher the inflation, the stock prices will reduce the interest of investors [23, 24]. EPS has a negative effect on stock prices, meaning that an increase in EPS will reduce the company's stock price. Inflation that occurs, whether controlled or uncontrolled, is still considered to have a negative effect on the company's operations, so that investors are less interested in buying the company's shares. Investors tend to choose company shares based on peer-to-peer references, investors' own experiences rather than doing fundamental analysis through financial reports that have been published by the company [36, 37].

Figure 2: SmartPLS Model.

The inflation rate mediates the effect of economic value added on stock prices: The results of the sixth hypothesis test show that the inflation rate is able to moderate the effect of economic value added on stock prices as indicated by the P-Value of 0.01 (≤0.05). The sixth hypothesis testing path coefficient is 0.16. This shows that there is an interaction between EVA and inflation on stock prices. If seen in (Table 4).

Table 4: Specific Indirect Hypotheses Effect.

Regarding the results of hypothesis testing, the value of the EVA path coefficient on stock prices and EVA is moderated by inflation on stock prices has decreased, from 0.47 to 0.16. The decrease in the path coefficient results shows that the inflation rate weakens the relationship between EVA and stock prices. A positive sign indicates that if there is an increase in EVA, the company's stock price will also increase. Economic value added adjusted for inflation can be used as a measure of company performance. Inflation variable partially affects stock prices, meaning that if the country experiences inflation it will affect the increase in stock prices. In this situation, companies impose increased costs on consumers so that profits and the ability to pay company dividends increase, so that investors are still interested in investing even in a situation of inflation. The high demand for company shares will make the company's stock price high [23, 24].

The research objective is to test whether the inflation rate can be used as a moderating variable between the current ratio, earnings per share and economic value added to stock prices. The analysis was performed using SEM PLS with the SmartPLS statistical tool. The sample used in this study is a manufacturing company listed on the IDX during the 2016-2019 period. Based on the results of the tests conducted, it can be concluded that the current ratio has no effect on the company's stock price. This means that the company's ability to pay its short-term obligations is not considered by investors to buy shares in the company and a high CR value is not an attractive thing for investors to provide funds. Creditors use CR is more useful to use by creditors than investors, both long-term and short-term investors. Earnings per share and economic value added have a significant positive effect on stock prices, meaning that when EPS and EVA experience an increase in stock prices will also increase. The inflation rate does not moderate the effect of the current ratio on stock prices. This indicates that the inflation rate is not able to have a negative or positive effect on CR used by investors in making investment decisions, which can be shown from the increase or decrease in stock prices. The inflation rate is able to moderate the effect of earnings per share on stock prices. When there is inflation, the relationship between earnings per share and stock price is the opposite, meaning that when EPS is high, the company's stock price will fall. The inflation rate is able to moderate the effect of economic value added on stock prices. This indicates that the inflation rate can have a negative or positive effect on the EVA used by investors in making investment decisions which can be shown from the increase or decrease in stock prices. Inflation that occurs, whether controlled or uncontrolled, will weaken the relationship between economic value added and stock prices. The limitations and suggestions for the future research that, because the stock price measured using the year-end closing stock price is considered unfavorable because the time span is too long. So that further research can use the daily closing stock price to match the real return model. Researchers use manufacturing companies that have several types of industries, making it difficult to compare one industry with another. Future studies can use other independent variables and use other moderating variables such as foreign exchange rates or gross national product.

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• Proper urban landuse planning and management should be carried out by government and its agencies to attract investments and economic development to spur socio-economic growth and development in the study area;
• The government and private sector should partner to facilitate the development of low-cost housing to accommodate large quantity of households in the study area to reduce and improve housing conditions and expenses targeted at the urban poor;
• Adequate and affordable basic urban facilities and services such as medical, educational, water and electricity supply and mass transit should be provided to service households to reduce economic and social burdens in the study area;
• Local Economic Plan (LED) should be develop to stimulate economic activities that will provide employment opportunities for households who are not engaged by the public service and organised private sector;
• Vocational centres should be develop to train unemployed and unskilled working age people to increase employment opportunities and reduce social vices in the study area;
• National Minimum Wage (NMW) of Nigeria should be implemented to meet the current economic reality of the country;
• Special designated open spaces should be organised and provided for informal sector activities that will accommodate households that are involved in on-street trading and other informal activities as not to distort their livelihood systems in the study area; and
• Public and environmental health regulations and standards should be enforced by government agencies to improve sanitation and hygiene among households in communities of the study area.