The THE INFLUENCE OF PROFITABILITY, LEVERAGE AND ACTIVITY ON THE SHARE PRICE WITH LIQUIDITY RATIO AS MODERATING VARIABLE
Abstract
ABSTRACT
Stock prices can be predicted using financial ratios. Researchers in this study only examined Profitability, Activity, Leverage, and Liquidity ratios. This research examines and analyzes stock prices on companies on the ISE or Indonesia Stock Exchange with Tbk status, 2019 – 2022. The variables tested are profitability, activity, and leverage, using liquidity as a moderating variable. The quantity intended selection was relating to using a purposive sampling method with historical data acquired from IDX website, www.idx.co.id. The data analysis process was related to using PLS Algorithm calculations on SmartPLS to exercise the hypothesis. The research results cause that profitability and activity have a significant bring on stock prices, while leverage is not significant result on share prices. Apart from that, the moderating variable of liquidity only has a significant bring on share prices as an independent variable because, with its position as a moderating variable, liquidity does not significantly result to the profitability, activity, and leverage variables. The effect of research provides sufficient insight that share prices generally have a greater influence on investor behavior.
Keywords: Profitability; Activity; Leverage; Share Price; Liquidity
ABSTRAK
Harga saham dapat diprediksi dengan menggunakan rasio keuangan. Peneliti dalam penelitian ini hanya meneliti rasio Profitabilitas, Aktivitas, Leverage, dan Likuiditas. Penelitian ini menguji dan menganalisis harga saham pada perusahaan di BEI atau Bursa Efek Indonesia yang berstatus Tbk, tahun 2019 – 2022. Variabel yang diuji adalah profitabilitas, aktivitas, dan leverage, dengan menggunakan likuiditas sebagai variabel moderasi. Pemilihan kuantitas yang dimaksud adalah dengan menggunakan metode purposive sampling dengan data historis diperoleh dari website IDX, www.idx.co.id. Proses analisis data terkait dengan penggunaan perhitungan Algoritma PLS pada SmartPLS untuk menguji hipotesis. Hasil penelitian menunjukkan bahwa profitabilitas dan aktivitas berpengaruh signifikan terhadap harga saham, sedangkan leverage tidak berpengaruh signifikan terhadap harga saham. Selain itu, variabel moderasi likuiditas hanya mempunyai pengaruh yang signifikan terhadap harga saham sebagai variabel independen karena dengan posisinya sebagai variabel moderasi, likuiditas tidak berpengaruh signifikan terhadap variabel profitabilitas, aktivitas, dan leverage. Pengaruh penelitian memberikan wawasan yang cukup bahwa harga saham secara umum mempunyai pengaruh yang lebih besar terhadap perilaku investor..
Kata Kunci: Profitabilitas; Aktivitas; Leverage; Harga Saham; Likuiditas
References
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Li, Y., & Peng, W. (2024a). Bank price competition and enterprise innovation——Based on empirical evidence of Chinese A-share listed companies. International Review of Financial Analysis, 91. https://doi.org/10.1016/j.irfa.2023.103004
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Ratnaningtyas, H., & Nurbaeti, N. (2023). The Effect of Current Ratio and Total Assets Turnover on Stock Prices and Return On Assets as Intervening Variables. At-Tadbir : Jurnal Ilmiah Manajemen, 7(1), 54. https://doi.org/10.31602/atd.v7i1.8654
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Rijsdijk, T., Nehring, M., Kizil, M., & Roosta, F. (2022). Confirming the Lassonde Curve through life cycle analysis and its effect on share price: A case study of three ASX listed gold companies. Resources Policy, 77. https://doi.org/10.1016/j.resourpol.2022.102704
Riset, J. A., & Upi, A. Pengari Debt To Equity Ratio, Return On Esuity.
Rosyida, H., Firmansyah, A., & Wicaksono, S. B. (2020). Volatilitas Harga Saham: Leverage, Ukuran Perusahaan, Pertumbuhan Aset. JAS (Jurnal Akuntansi Syariah), 4(2), 196–208. https://doi.org/10.46367/jas.v4i2.256
Saputra, F. (n.d.). Analysis Effect Return on Assets (ROA), Return on Equity (ROE) and Price Earning Ratio (PER) on Stock Prices of Coal Companies in the Indonesia Stock Exchange (IDX) Period 2018-2021. https://doi.org/10.38035/dijefa.v3i1
Septiani, M., Ariyani, N., & Ispriyahadi, H. (2020). The effect of stock prices, return on assets, and firm size on dividend payout ratio: evidence from Indonesian financial service companies. Diponegoro International Journal of Business, 3(1), 17–27. https://doi.org/10.14710/dijb.3.1.2020.17-27
Setiawan, A., Bayu, M., & Sumantri, A. (n.d.). The Effect of Return On Asset (ROA), Debt to Equity Ratio (DER), and Earning Per Share (EPS) on Stock Prices in the Mining Sector on the Indonesia Stock Exchange for the 2015-2019 Period. https://www.cnbcindonesia.com
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Sklenarz, F. A., Edeling, A., Himme, A., & Wichmann, J. R. K. (2024). Does bigger still mean better? How digital transformation affects the market share–profitability relationship. International Journal of Research in Marketing. https://doi.org/10.1016/j.ijresmar.2024.01.004
Su, S., Jia, S., & Shi, G. (2023). Leverage adjustment behaviors and stock price crash risk. Finance Research Letters, 56. https://doi.org/10.1016/j.frl.2023.104156
Sunaryo, D. (n.d.). The Effect of Net Profit Margin, Return on Asset, Return on Equity on Share Prices in The Southeast Asian Metal Industry. International Journal Of Science. http://ijstm.inarah.co.id
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Bae, J., & Kang, J. (2024). Asset pricing implications of firms’ profit sharing. Pacific Basin Finance Journal, 84. https://doi.org/10.1016/j.pacfin.2024.102273
Bangun, N., & Natsir, K. (n.d.). The Effect Of EVA, Leverage, And Liquidity On The Stock Price. https://doi.org/10.24912/jm.v27i1.1174
Bostan, I., Lin, J. C., & Mian, G. M. (2024). Do firms manage their share prices to mitigate investor short-termism? Journal of Corporate Finance, 84. https://doi.org/10.1016/j.jcorpfin.2023.102505
Chairini Ibrahim, D., & Patuan Panjaitan, H. (n.d.). Journal of Applied Business and Technology Influence of NPM, PBV, DER, TATO, and EPS on Stock Prices of Automotive Sub Sector Companies and Its Components Listed on IDX in 2014-2018. In Journal of Applied Business and Technology (Vol. 2020, Issue 3). www.e-jabt.org
Chakraborti, R., Dahiya, S., Ge, L., & Gete, P. (2024). A model of managerial compensation, firm leverage and credit stimulus ✩. Journal of Financial Stability, 72, 1572–3089. https://doi.org/10.13039/501100011033/FEDER
Chang, X., Cheng, L. T. W., Kwok, W. C., & Wong, G. (2024). Stock price crash risk and firms’ operating leverage. Journal of Financial Stability, 71. https://doi.org/10.1016/j.jfs.2024.101219
Cheung, W. M. Y., Im, H. J., & Selvam, S. (2023). Stock liquidity and investment efficiency: Evidence from the split-share structure reform in China. Emerging Markets Review, 56. https://doi.org/10.1016/j.ememar.2023.101046
Ciociola, A., Giordano, D., Vassio, L., & Mellia, M. (2023). Data driven scalability and profitability analysis in free floating electric car sharing systems. Information Sciences, 621, 545–561. https://doi.org/10.1016/j.ins.2022.11.116
Colline, F. (2022). The Mediating Effect of Debt Equity Ratio on The Effect of Current Ratio, Return on Equity and Total Asset Turnover on Price to Book Value. Peer-Reviewed Article Jurnal Keuangan Dan Perbankan, 26(1), 2443–2687. https://doi.org/10.26905/jkdp.v26i1.6882
Desy Istiyowati, & Ika Swasti Putri. (2022). Pengaruh Total Aset Turnover (TATO), Earning Per Share (EPS), Debt To Assets Ratio (DAR) Terhadap Harga Saham Pada Industri Farmasi. AKUA: Jurnal Akuntansi Dan Keuangan, 1(2), 210–215. https://doi.org/10.54259/akua.v1i2.774
Ghozali, I., & Latan, H. (2015). Partial Least Squares Konsep, Teknik dan Aplikasi Menggunakan Program SmartPLS 3.0 untuk Penelitian Empiris (2nd ed.). Badan Penerbit Universitas Diponegoro.
Gupta, R., Goswami, M., Daultani, Y., Biswas, B., & Allada, V. (2023). Profitability and pricing decision-making structures in presence of uncertain demand and green technology investment for a three tier supply chain. Computers and Industrial Engineering, 179. https://doi.org/10.1016/j.cie.2023.109190
Haryanti, Y., & Murtiasih, S. (2019). The Effects of DER, ROA and DPR on Stock Price with EPS as the Moderating Variable in SOE. 21, 1–08. https://doi.org/10.9790/487X-2107040108
Hayati, I., Saragih, D. H., & Siregar, S. (2019). The Effect Of Current Ratio, Debt To Equity Ratio And Roa On Stock Prices In Sharia Based Manufacturing Companies In Indonesia Stock Exchange. In Proceeding International Seminar on Islamic Studies (Vol. 1). www.idx.co.id
Hieu Nguyen, T., Nguyen, H. A., Tran, Q. C., & Le, Q. L. (2020). Dividend policy and share price volatility: Empirical evidence from Vietnam. Accounting, 6(2), 67–78. https://doi.org/10.5267/j.ac.2019.12.006
Ikhsan, S., Sugiyanto, , Dasuki, R. E., Pratomo, T. A., Putra, S., & Herdiansyah, E. (2022). The Effect Of Exchange Rate And Interest Rate On Share Prices In The Manufacturing Sector With Inflation As Moderation. Jurnal Riset Akuntansi Kontemporer, 14(2), 226–236. https://journal.unpas.ac.id/index.php/jrak/index
Khasanah, U., Aisyah, S., Rismayani, G., Latif, A., Ridhawati, R., Zawitri, S., Yudianto, I., Hanami, T., Seto, A. A., & Sohilauw, M. I. (2022). Analisis Laporan Keuangan (D. P. Sari, Ed.; Per). PT Global Eksekutif Teknologi.
Koppenberg, M., Hirsch, S., & Finger, R. (2023). Effects of the debate on glyphosate’s carcinogenic risk on pesticide producers’ share prices. Ecological Economics, 212. https://doi.org/10.1016/j.ecolecon.2023.107925
Kurnia, D., & Sunaryo, D. (2023). Settlement Of Stock Price Issues With Dividend Payout Ratio And Debt To Asset Ratio As Moderating Variables In The Retail Sub Sector. JAK (Jurnal Akuntansi) Kajian Ilmiah Akuntansi, 10(1), 148–171. https://doi.org/10.30656/jak.v10i1.5621
Kusbiantoro, P. (2019.). Pengaruh Profitabilitas, Aktivitas dan Leverage Terhadap Harga Saham Dengan Likuiditas Sebagai Variabel Pemoderasi.
Kusumawardhani, R. (2021). The Effect Of Roa, Capital, Growth Assets, Ldr And Der On Share Prices In Registered Banking Sectors In Indonesia Stock Exchange Period 2010-2018. Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 5. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
Latifah, H. C., & Suryani, A. W. (2020). Pengaruh kebijakan dividen, kebijakan hutang, profitabilitas, dan likuiditas terhadap harga saham. Jurnal Akuntansi Aktual, 7(1), 31–44. https://doi.org/10.17977/um004v7i12020p31
Li, Y., & Peng, W. (2024a). Bank price competition and enterprise innovation——Based on empirical evidence of Chinese A-share listed companies. International Review of Financial Analysis, 91. https://doi.org/10.1016/j.irfa.2023.103004
Li, Y., & Peng, W. (2024b). Bank price competition and enterprise innovation——Based on empirical evidence of Chinese A-share listed companies. International Review of Financial Analysis, 91. https://doi.org/10.1016/j.irfa.2023.103004
Lilie, L., Michael, M., Pramitha, T., Angela, M., Tiffany, A., & Hwee, T. S. (2019). Pengaruh Earning Per Share, Current Ratio, Struktur Modal, Return On Equity Terhadap Harga Saham Pada Perusahaan Consumer Goods Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Profita, 12(3), 488. https://doi.org/10.22441/profita.2019.v12.03.010
Liu, C., & Niu, Z. (2023). Leverage made at home: Investors’ margin loan usage and firm leverage. Emerging Markets Review, 55. https://doi.org/10.1016/j.ememar.2023.101010
Liu, P., Chen, Y., & Mu, Y. (2024). The impact of climate risk aversion on agribusiness share price volatility. Finance Research Letters, 61. https://doi.org/10.1016/j.frl.2023.104797
López Prol, J., & Paul, A. (2024). Profitability landscapes for competitive photovoltaic self-consumption. Energy Policy, 188. https://doi.org/10.1016/j.enpol.2024.114084
Lumbantobing, R., & Salim, S. (2021). Enrichment: Journal of Management Does the Leverage Ratio Mediate the Effect of Liquidity Ratios, Profitability Ratios, and Activity Ratios on Stock Prices? (Empirical Study of Food and Beverage Sub-Sector Companies Listed on the Indonesia Stock Exchange for the Period of 2015-2019). Enrichment: Journal of Management, 11(2). www.enrichment.iocspublisher.org
Nugi Mohammad Nugraha-The Effect Of Financial Ratio Factors on The Percentation of Income Increasing Automotive Companies in Indonesia (1).
Rana Sausan, F., Korawijayanti, L., & Febriyanti Ciptaningtias Program Studi Akuntansi Manajerial Jurusan Akuntansi Politeknik Negeri Semarang, A. (2020). The Effect of Return on Asset (ROA), Debt to Equity Ratio (DER), Earning per Share (EPS), Total Asset Turnover (TATO) and Exchange Rate on Stock Return of Property and Real Estate Companies at Indonesia Stock Exchange Period 2012-2017. Ilomata International Journal of Tax & Accounting, 1(2), 103–114. https://www.ilomata.org/index.php/
Ratnaningtyas, H., & Nurbaeti, N. (2023). The Effect of Current Ratio and Total Assets Turnover on Stock Prices and Return On Assets as Intervening Variables. At-Tadbir : Jurnal Ilmiah Manajemen, 7(1), 54. https://doi.org/10.31602/atd.v7i1.8654
Ren, H., Ye, L., & Zheng, S. (2024a). Share repurchase and capital market pricing efficiency. Finance Research Letters, 60. https://doi.org/10.1016/j.frl.2023.104904
Ren, H., Ye, L., & Zheng, S. (2024b). Share repurchase and capital market pricing efficiency. Finance Research Letters, 60. https://doi.org/10.1016/j.frl.2023.104904
Rijsdijk, T., Nehring, M., Kizil, M., & Roosta, F. (2022). Confirming the Lassonde Curve through life cycle analysis and its effect on share price: A case study of three ASX listed gold companies. Resources Policy, 77. https://doi.org/10.1016/j.resourpol.2022.102704
Riset, J. A., & Upi, A. Pengari Debt To Equity Ratio, Return On Esuity.
Rosyida, H., Firmansyah, A., & Wicaksono, S. B. (2020). Volatilitas Harga Saham: Leverage, Ukuran Perusahaan, Pertumbuhan Aset. JAS (Jurnal Akuntansi Syariah), 4(2), 196–208. https://doi.org/10.46367/jas.v4i2.256
Saputra, F. (n.d.). Analysis Effect Return on Assets (ROA), Return on Equity (ROE) and Price Earning Ratio (PER) on Stock Prices of Coal Companies in the Indonesia Stock Exchange (IDX) Period 2018-2021. https://doi.org/10.38035/dijefa.v3i1
Septiani, M., Ariyani, N., & Ispriyahadi, H. (2020). The effect of stock prices, return on assets, and firm size on dividend payout ratio: evidence from Indonesian financial service companies. Diponegoro International Journal of Business, 3(1), 17–27. https://doi.org/10.14710/dijb.3.1.2020.17-27
Setiawan, A., Bayu, M., & Sumantri, A. (n.d.). The Effect of Return On Asset (ROA), Debt to Equity Ratio (DER), and Earning Per Share (EPS) on Stock Prices in the Mining Sector on the Indonesia Stock Exchange for the 2015-2019 Period. https://www.cnbcindonesia.com
Sinaga, B., & Hasanuh Universitas Singaperbangsa Karawang, N. (n.d.). The Effect Of Return On Assets And Price Earning Ratio Toward Stock Prices. In 28 EKSIS (Vol. 23, Issue 1). https://ejournal.stiedewantara.ac.id/index.php/001/issue/view/
Sklenarz, F. A., Edeling, A., Himme, A., & Wichmann, J. R. K. (2024). Does bigger still mean better? How digital transformation affects the market share–profitability relationship. International Journal of Research in Marketing. https://doi.org/10.1016/j.ijresmar.2024.01.004
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Published
2024-12-30
How to Cite
KAWIJAYA, Jovita Zefanya Stephanie; SIMORANGKIR, Enda Noviyanti; TARIGAN, Aremi Evanta.
The THE INFLUENCE OF PROFITABILITY, LEVERAGE AND ACTIVITY ON THE SHARE PRICE WITH LIQUIDITY RATIO AS MODERATING VARIABLE.
JURNAL AKUNTANSI UNIVERSITAS JEMBER, [S.l.], v. 22, n. 2, p. 174-188, dec. 2024.
ISSN 2460-0377.
Available at: <https://jurnal.unej.ac.id/index.php/JAUJ/article/view/52122>. Date accessed: 02 jan. 2025.
doi: https://doi.org/10.19184/jauj.v22i2.52122.
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Section
Articles
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
