Main Article Content
Abstract
Penelitian ini bertujuan untuk menganalisis pengaruh enam rasio keuangan, yaitu Current Ratio (CR), Debt to Equity Ratio (DER), Return on Equity (ROE), Earnings per Share (EPS), Price to Earnings Ratio (PER), dan Total Asset Turnover (ATR) terhadap harga saham perusahaan sektor barang konsumsi yang terdaftar di Bursa Efek Indonesia (BEI) periode 2019–2023. Menggunakan pendekatan kuantitatif dengan metode regresi data panel pada 37 perusahaan (185 observasi), data dikumpulkan melalui laporan keuangan dari situs resmi BEI dan perusahaan terkait. Hasil analisis menggunakan Fixed Effects Model menunjukkan bahwa CR dan EPS berpengaruh positif signifikan terhadap harga saham, sementara DER, ROE, PER, dan ATR tidak signifikan. Model penelitian memiliki adjusted R² sebesar 0,8673, menandakan kemampuan prediksi yang tinggi. Temuan ini menunjukkan bahwa investor lebih mempertimbangkan indikator likuiditas dan profitabilitas langsung dibandingkan efisiensi atau struktur pendanaan, dengan implikasi penting bagi strategi investasi dan manajemen keuangan perusahaan di sektor defensif ini.
Keywords
Article Details

This work is licensed under a Creative Commons Attribution 4.0 International License.
References
- Akpotor, V. A., Ezeabasili, V. N., & Chukwunulu, J. I. (2024). PROFITABILITY RATIOS AND STOCK RETURNS OF DEPOSIT MONEY BANKS IN NIGERIA. African Banking and Finance Review Journal, 17(17), 42-56.
- Ali, K., Chisti, K. A., & Malik, I. A. (2022). Impact of earnings per share on stock prices and price to earnings ratio. Economics and Business Quarterly Reviews, 5(2).
- Carhuamaca-Flores, A., Almonacid-Carranza, V. M., Santillan-Zapata, N. A., Venegas-Rodriguez, P. B., & Deza-Quispe, J. A. (2021). The effects of financial factors on peruvian mining companies share price. Accounting, 7(2), 373–380. https://doi.org/10.5267/j.ac.2020.11.015
- Dayag, A. J., & Trinidad, F. (2019). Assessment of the correlation between price-earnings ratio and stock market returns of universal banks in the Philippines. International Journal of Research in Business and Social Science, 8(5), 172-181.
- Göçken, M., Özçalıcı, M., Boru, A., & Dosdoğru, A. T. (2016). Integrating metaheuristics and artificial neural networks for improved stock price prediction. Expert systems with applications, 44, 320-331.
- Herawati, A., & Putra, A. S. (2018). The influence of fundamental analysis on stock prices: The case of food and beverage industries. European Research Studies, 21(3), 316-326.
- John, J., Myava, J., & James, M. (2024). The influence of Fundamental Indicators on Stock Prices: Evidence from Listed Manufacturing Firms in East Africa. African Development Finance Journal, 8(1), 134-156.
- Nagina, R., & Othman, M. S. (2024). Determinants of stock prices in telecommunication industry: An application of fundamental analysis. Journal of Infrastructure, Policy and Development, 8(5), 5358.
- Nur’aidawati, S. (2018). Pengaruh current ratio (cr), total asset turnover (tato), debt to equity ratio (der) dan return on asset (roa) terhadap harga saham dan dampaknya pada nilai perusahaan. Jurnal Sekuritas, 1(3), 70-83.
- Novitasari, P., & Herlambang, L. (2015). Pengaruh current ratio, total assets turnover, debt to equity ratio, dan return on equity terhadap harga saham pada perusahaan yang terdaftar di jii periode 2009-2013. Jurnal Ekonomi Syariah Teori dan Terapan, 2(4).
- Panigrahi, C. M. A., Vachhani, K., & Sisodia, M. (2022). Impact of liquidity and profitability on share price: An analysis of Indian cement companies. Impact of liquidity and profitability on share price: An analysis of Indian cement companies Author Details: Ashok Panigrahi*, Kushal Vachhani, Mohit Sisodia, 9(1), 22-28.
- Qabajeh, M., Almajali, D., Al Natour, A. R., Alqsass, M., & Maali, H. (2024). The impact of capital structure and profitability on share price: Empirical study (Based on Jordanian traditional banks). Calitatea, 25(200), 136-142.
- Supeno, B. (2020). Competitive Environment Analysis Through Finance Fundamentals Analysis: LQ45 stock prices on the Indonesia stock exchange. IOP Conference Series: Earth and Environmental Science, 469(1). https://doi.org/10.1088/1755-1315/469/1/012074
- Stephen, E. A., & Okoro, E. G. (2014). Determinants of Stock Price Movement in Nigeria: (Evidence from the Nigerian Stock Exchange). In Journal of Economics and Sustainable Development www.iiste.org ISSN (Vol. 5, Issue 3). www.iiste.org
- Veronica, Intan, and Suyatmin Waskito Adi. "Pengaruh Quick Ratio, Total Assets Turnover, Return On Assets, Debt To Total Assets Terhadap Harga Saham (Studi Empiris Pada Perusahaan Industri yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2020)." Eqien-Jurnal Ekonomi dan Bisnis 11.1 (2022): 482-491.
- Wijaya, W. K., Sembel, H. R., & Dwitanto, A. R. (2020). Analyzing the Impact of Fundamental Factors on Stock Returns: Evidence from Consumer Goods Companies Listed on Indonesia Stock Exchange from 2014-2018. South East Asia Journal of Contemporary Business, Economics and Law, 22 (1), 92–104. South East Asia Journal of Contemporary Business, Economics and Law, 22(1), 92-104.
References
Akpotor, V. A., Ezeabasili, V. N., & Chukwunulu, J. I. (2024). PROFITABILITY RATIOS AND STOCK RETURNS OF DEPOSIT MONEY BANKS IN NIGERIA. African Banking and Finance Review Journal, 17(17), 42-56.
Ali, K., Chisti, K. A., & Malik, I. A. (2022). Impact of earnings per share on stock prices and price to earnings ratio. Economics and Business Quarterly Reviews, 5(2).
Carhuamaca-Flores, A., Almonacid-Carranza, V. M., Santillan-Zapata, N. A., Venegas-Rodriguez, P. B., & Deza-Quispe, J. A. (2021). The effects of financial factors on peruvian mining companies share price. Accounting, 7(2), 373–380. https://doi.org/10.5267/j.ac.2020.11.015
Dayag, A. J., & Trinidad, F. (2019). Assessment of the correlation between price-earnings ratio and stock market returns of universal banks in the Philippines. International Journal of Research in Business and Social Science, 8(5), 172-181.
Göçken, M., Özçalıcı, M., Boru, A., & Dosdoğru, A. T. (2016). Integrating metaheuristics and artificial neural networks for improved stock price prediction. Expert systems with applications, 44, 320-331.
Herawati, A., & Putra, A. S. (2018). The influence of fundamental analysis on stock prices: The case of food and beverage industries. European Research Studies, 21(3), 316-326.
John, J., Myava, J., & James, M. (2024). The influence of Fundamental Indicators on Stock Prices: Evidence from Listed Manufacturing Firms in East Africa. African Development Finance Journal, 8(1), 134-156.
Nagina, R., & Othman, M. S. (2024). Determinants of stock prices in telecommunication industry: An application of fundamental analysis. Journal of Infrastructure, Policy and Development, 8(5), 5358.
Nur’aidawati, S. (2018). Pengaruh current ratio (cr), total asset turnover (tato), debt to equity ratio (der) dan return on asset (roa) terhadap harga saham dan dampaknya pada nilai perusahaan. Jurnal Sekuritas, 1(3), 70-83.
Novitasari, P., & Herlambang, L. (2015). Pengaruh current ratio, total assets turnover, debt to equity ratio, dan return on equity terhadap harga saham pada perusahaan yang terdaftar di jii periode 2009-2013. Jurnal Ekonomi Syariah Teori dan Terapan, 2(4).
Panigrahi, C. M. A., Vachhani, K., & Sisodia, M. (2022). Impact of liquidity and profitability on share price: An analysis of Indian cement companies. Impact of liquidity and profitability on share price: An analysis of Indian cement companies Author Details: Ashok Panigrahi*, Kushal Vachhani, Mohit Sisodia, 9(1), 22-28.
Qabajeh, M., Almajali, D., Al Natour, A. R., Alqsass, M., & Maali, H. (2024). The impact of capital structure and profitability on share price: Empirical study (Based on Jordanian traditional banks). Calitatea, 25(200), 136-142.
Supeno, B. (2020). Competitive Environment Analysis Through Finance Fundamentals Analysis: LQ45 stock prices on the Indonesia stock exchange. IOP Conference Series: Earth and Environmental Science, 469(1). https://doi.org/10.1088/1755-1315/469/1/012074
Stephen, E. A., & Okoro, E. G. (2014). Determinants of Stock Price Movement in Nigeria: (Evidence from the Nigerian Stock Exchange). In Journal of Economics and Sustainable Development www.iiste.org ISSN (Vol. 5, Issue 3). www.iiste.org
Veronica, Intan, and Suyatmin Waskito Adi. "Pengaruh Quick Ratio, Total Assets Turnover, Return On Assets, Debt To Total Assets Terhadap Harga Saham (Studi Empiris Pada Perusahaan Industri yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2020)." Eqien-Jurnal Ekonomi dan Bisnis 11.1 (2022): 482-491.
Wijaya, W. K., Sembel, H. R., & Dwitanto, A. R. (2020). Analyzing the Impact of Fundamental Factors on Stock Returns: Evidence from Consumer Goods Companies Listed on Indonesia Stock Exchange from 2014-2018. South East Asia Journal of Contemporary Business, Economics and Law, 22 (1), 92–104. South East Asia Journal of Contemporary Business, Economics and Law, 22(1), 92-104.