Pengaruh Profitabilitas, Likuiditas, dan Struktur Modal terhadap Harga Saham Perusahaan Manufaktur di Bursa Efek Indonesia

Jeni Parastika; Septa Diana Nabella; Dewi Permata Sari; Yandra Rivaldo; Zaifun Nur Fatrianto

doi:10.55606/mri.v4i2.8841

Authors

Jeni Parastika Universitas Ibnu Sina
Septa Diana Nabella Universitas Ibnu Sina
Dewi Permata Sari Universitas Ibnu Sina
Yandra Rivaldo Universitas Ibnu Sina
Zaifun Nur Fatrianto Universitas Ibnu Sina

DOI:

https://doi.org/10.55606/mri.v4i2.8841

Keywords:

Capital Structure, Liquidity, Profitability, Stock Price

Abstract

Investment decisions in pharmaceutical manufacturing companies listed on the Indonesia Stock Exchange (IDX) are influenced by fundamental analysis and stock price fluctuations. Stock prices reflect market perceptions shaped by profitability, liquidity, and capital structure. This study examines the effects of Return on Assets (ROA), Current Ratio (CR), and Debt-to-Equity Ratio (DER) on stock prices, both partially and simultaneously. Using a quantitative approach, the study analyzes secondary data from audited financial statements and stock prices of 12 pharmaceutical companies during 2022–2024, totaling 36 observations. Panel data regression with EViews 12 is applied. Results show that ROA and DER have positive and significant effects on stock prices, while CR has a negative but insignificant effect. Simultaneously, all three variables significantly influence stock prices, with an adjusted R² of 73%, indicating strong explanatory power. Profitability (ROA) is the most influential factor, followed by capital structure (DER), while liquidity (CR) shows no significant impact.

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