Analisis Likuiditas, Profitabilitas, dan Rasio Aktivitas terhadap Harga Saham pada Perusahaan Sektor Keuangan yang Terdaftar di Bursa Efek Indonesia (BEI) Periode Tahun 2020-2024
DOI:
https://doi.org/10.61404/mutiara.v3i4.431Keywords:
Financial Ratios, Stock Price, Indonesia Stock ExchangeAbstract
Stock prices represent the market’s consensus regarding the fair value of a business entity, formed through a rational assessment of both financial and non-financial information. Within the frameworks of signaling theory and market efficiency, financial ratios serve as fundamental indicators reflecting a company's ability to generate profit, manage assets, and maintain short-term liquidity stability. When the market faces systemic disruptions, such as the COVID-19 pandemic, and transitions toward post-pandemic normalization, investor sensitivity to internal indicators tends to increase due to heightened external uncertainty. Consequently, a deep understanding of the internal determinants of stock prices becomes increasingly critical for data-driven investment decision-making. This study aims to empirically examine the effect of the Current Ratio (CR), Return on Assets (ROA), and Total Asset Turnover (TATO) on stock prices, both partially and simultaneously, in companies listed on the Indonesia Stock Exchange (IDX) during the 2020-2024 period. A quantitative approach was employed, using a descriptive-verificative design and secondary data drawn from audited financial statements and annual closing stock prices. The sample consisted of 91 companies selected through purposive sampling, and the data were analyzed using multiple linear regression with SPSS version 27. The analysis results indicate that all three independent variables have a positive and significant impact on stock prices, both individually and collectively. This study contributes to the capital market literature by highlighting the relevance of financial ratios in explaining stock price fluctuations in the post-pandemic period, a topic that remains underexplored in the context of developing countries.
Downloads
References
Afifah, Hana’a, dan Deni Ramdani. “Pengaruh ROA dan ROE terhadap Kinerja Keuangan Perusahaan Sektor Hotel, Rekreasi dan Pariwisata.” Manajemen Kreatif Jurnal 1, no. 2 (2023): 47–65. https://ejurnal.stie-trianandra.ac.id/index.php/makreju/article/view/1313/.
Alfan, Muhammad, dan Heru Suprihhadi. “Pengaruh Profitabilitas, Leverage, dan Likuiditas terhadap Harga Saham Perusahaan Indeks LQ45.” Jurnal Ilmu dan Riset Manajemen 9, no. 10 (2020): 1–12. https://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/3577/.
Alifian, Daud, dan Dwi Ermayanti Susilo. “Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan dan Struktur Modal terhadap Nilai Perusahaan.” Owner: Riset dan Jurnal Akuntansi 8, no. 1 (2024): 46–55. https://owner.polgan.ac.id/index.php/owner/article/view/1914.
Anggraeni, Andi Widya, Anwar Ramli, dan Anwar. “Optimasi Portofolio pada Saham Indeks IDX80 di Bursa Efek Indonesia dengan Menggunakan Model Markowitz sebagai Dasar Penetapan Investasi.” Jurnal Ilmiah Edunomika 7, no. 1 (2023): 1–13. https://jurnal.stie-aas.ac.id/index.php/jie/article/view/6610/.
Bougie, Roger, dan Uma Sekaran. Research Methods for Business: A Skill Building Approach. New Jersey: John Wiley & Sons, 2019.
Candra, Dodi, dan Eli Wardani. “Pengaruh Profitabilitas, Likuiditas, Solvabilitas, Rasio Aktivitas dan Pertumbuhan Perusahaan terhadap Harga Saham.” Jurnal Manajemen 13, no. 2 (2021): 212–223. https://journal.feb.unmul.ac.id/index.php/JURNALMANAJEMEN/article/view/9726/.
Coibion, Olivier, Dimitris Georgarakos, Yuriy Gorodnichenko, Geoff Kenny, dan Michael Weber. “The Effect of Macroeconomic Uncertainty on Household Spending.” American Economic Review 114, no. 3 (2024): 645–677. https://www.aeaweb.org/articles?id=10.1257/aer.20221167.
Ghozali, Imam. Aplikasi Analisis Multivariate dengan Program IBM SPSS 26. Cet. 10. Semarang: Badan Penerbit Universitas Diponegoro, 2021.
Gitman, Lawrence J., dan Chad J. Zutter. Principles of Managerial Finance. Edisi 13. New Jersey: Prentice Hall, 2012.
Jensen, Michael C., dan William H. Meckling. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics 3, no. 4 (1976): 305–360. https://www.sciencedirect.com/science/article/pii/0304405X7690026X.
Kaaba, Wiranda, Hais Dama, dan Meriyana Franssisca Dungga. “Analisis Rasio Likuiditas pada Perusahaan Perbankkan yang Terdaftar di Bursa Efek Indonesia (BEI) Selama Pandemi Covid-19 Periode (2019–2020).” Jurnal Ilmiah Manajemen dan Bisnis 5, no. 1 (2022): 322–329. https://ejurnal.ung.ac.id/index.php/JIMB/article/view/15040/.
Kurniawan, Noval, dan Wisnu Mawardi. “Analisis Pengaruh Profitabilitas Keputusan Investasi Keputusan Pendanaan dan Kebijakan Dividen terhadap Nilai Perusahaan (Studi pada Perusahaan yang Terdaftar di Jakarta Islamic Index Tahun 2011-2015).” Diponegoro Journal of Management 6, no. 2 (2017): 178–188. https://ejournal3.undip.ac.id/index.php/djom/article/view/17491.
Lumopa, Christoffer Elon, Joy Elly Tulung, dan Indrie Debbie Palandeng. “Pengaruh Struktur Modal, Kinerja Keuangan, dan Kebijakan Dividen terhadap Harga Saham Perusahaan IDX30 yang Terdaftar di BEI Tahun 2017-2021.” Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi 11, no. 1 (2023): 992–1008. https://ejournal.unsrat.ac.id/v3/index.php/emba/article/view/46550.
Manurung, Claudika Rouly, Diamon Sembiring, dan Yulia. “Analisis Perhitungan Rasio Keuangan terhadap Laporan Keuangan pada Masa Covid-19 di PT. Fast Food Indonesia, Tbk Periode 2019-2021.” JMA: Journal of Management and Accounting 1, no. 2 (2022): 1–13. https://jma.uni.ac.id/ojs/index.php/jma/article/view/28.
Puspasari, Rahayu. “Laju Pemulihan Ekonomi Menguat Meskipun Penuh Tantangan.” Direktorat Jenderal Strategi Ekonomi dan Fiskal, Kementerian Keuangan. Last modified 2022. https://fiskal.kemenkeu.go.id/publikasi/siaran-pers-detil/368.
Putri, Anggi Neisya Permata, dan Ulfah Setia Iswara. “Pengaruh Profitabilitas, Likuiditas, dan Struktur Modal terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Variabel Pemoderasi.” JIAKu: Jurnal Ilmiah Akuntansi dan Keuangan 3, no. 4 (2024): 393–410. https://ejournal.stiesia.ac.id/jiaku/article/view/7168.
Rachma, Syifa Auliya, dan Aldi Akbar. “Analisis Perbandingan Harga Saham PT. Unilever Indonesia Tbk (UNVR) Sebelum dan Sesudah Puncak Konflik Palestina-Israel pada 7 Oktober 2023.” Jurnal Education and Development 12, no. 3 (2024): 573–577. https://journal.ipts.ac.id/index.php/ED/article/view/6383/.
Rahmawati, Dwi Susilowati, dan Nadi Hernadi Moorcy. “Pengaruh Likuiditas, Solvabilitas, dan Profitabilitas terhadap Harga Saham pada Perusahaan Transportasi dan Logistik yang Terdaftar di Bursa Efek Indonesia.” COSTING: Journal of Economic, Business and Accounting 7, no. 6 (2024): 9883–9896. https://journal.ipm2kpe.or.id/index.php/COSTING/article/view/14221/.
Ramadhani, Nanda Putri. “Pengaruh Suku Bunga, Harga Emas dan Batu Bara Dunia, dan Nilai Tukar terhadap Harga Saham Indeks LQ45 Periode 2016-2023.” Universitas Islam Negeri Syarif Hidayatullah Jakarta, 2024.
Rifkhan. Pedoman Metodologi Penelitian Data Panel dan Kuesioner. Cet. 1. Indramayu: Penerbit Adab, 2023.
Risnawati, Dini, dan Devyanthi Syarif. “Pengaruh Current Ratio, Debt to Equity Ratio, Total Asset Turnover, dan Net Profit Margin terhadap Return on Assets.” ECo-Buss 7, no. 1 (2024): 342–353. https://jurnal.kdi.or.id/index.php/eb/article/view/1466.
Santoso, Imam, dan Harries Madiistriyatno. Metodologi Penelitian Kuantitatif. Edisi 1. Tangerang: Indigo Media, 2021.
Sasmiharti, Juni, dan Erni Karyati. “Dampak Pandemi Covid-19 terhadap Pertumbuhan Ekonomi Indonesia Tahun 2020-2021 (Literature Review).” JEMSI: Jurnal Ekonomi, Manajemen, dan Akuntansi 10, no. 6 (2024): 3354–3360. https://journal.lembagakita.org/index.php/jemsi/article/view/3380/.
Sugiyono. Metode Pendidikan, Pendekatan Kuantitatif, Pendekatan Kualitatif dan R&D. Bandung: Alfabeta, 2020.
———. Metode Penelitian Kuantitatif, Kualitatif dan R & D. Bandung: Alfabeta, 2019.
———. Metode Penelitian Kuantitatif, Kualitatif dan R & D. Bandung: Alfabeta, 2022.
Suhardi, Muhammad. Buku Ajar Dasar Metodologi Penelitian. Lombok Tengah: Pusat Pengembangan Pendidikan dan Penelitian Indonesia, 2023.
Sujarweni, V. Wiratna. Metodologi Penelitian Bisnis dan Ekonomi. Yogyakarta: Pustaka Baru Press, 2015.
Sulistyowati, dan Bambang Suryono. “Analisis TATO, NPM, dan ROA terhadap Pertumbuhan Laba pada Perusahaan Food dan Beverage.” Jurnal Ilmu dan Riset Akuntansi 6, no. 4 (2017): 1439–1440. https://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/1030/.
Susanto, Dedi, Risnita, dan M. Syahran Jailani. “Teknik Pemeriksaan Keabsahan Data dalam Penelitian Ilmiah.” Qosim: Jurnal Pendidikan, Sosial dan Humaniora 1, no. 1 (2023): 53–61. https://ejournal.yayasanpendidikandzurriyatulquran.id/index.php/qosim/article/view/60.
Syaikha, Nadhifa Raghda. “Pakar ITS: Merosotnya IHSG Berdampak Signifikan pada Perekonomian Indonesia.” Institut Teknologi Sepuluh Nopember. Last modified 2025. https://www.its.ac.id/news/2025/03/21/pakar-its-merosotnya-ihsg-berdampak-signifikan-pada-perekonomian-indonesia/.
Turner, Dana P. “Sampling Methods in Research Design.” HEADACHE: The Journal of Head and Face Pain 60, no. 1 (2020): 8–12. https://headachejournal.onlinelibrary.wiley.com/doi/abs/10.1111/head.13707.
Widyawati. “Pengaruh Kebijakan Deviden terhadap Nilai Perusahaan pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia.” Perspektif: Jurnal Pengembangan Sumber Daya Insani 3, no. 2 (2018): 327–331. https://journal.unismuh.ac.id/index.php/Perspektif/article/view/1664.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 *Ni Kadek Febriani, I Dewa Nyoman Usadha, I Putu Budhiyasa
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
