PENGARUH PROFITABILITAS, LIKUIDITAS, LEVERAGE DAN VALUASI TERHADAP HARGA SAHAM YANG DIMEDIASI TATA KELOLA KEPEMILIKAN INSTITUSI PADA PERUSAHAAN CONSUMER GOODS (FOOD AND BEVERAGE) TERCATAT DI BURSA EFEK INDONESIA PERIODE 2019-2023

THE EFFECT OF PROFITABILITY, LIQUIDITY, LEVERAGE AND VALUATION ON STOCK PRICES MEDIATED BY INSTITUTIONAL OWNERSHIP GOVERNANCE IN CONSUMER GOODS COMPANIES (FOOD AND BEVERAGE) LISTED ON THE INDONESIAN STOCK EXCHANGE FOR THE PERIOD 2019-2023

    Penelitian bertujuan menganalisis pengaruh rasio profitabilitas, likuiditas, leverage, dan valuasi terhadap harga saham perusahaan di sektor barang konsumsi dan minuman terdaftar di Bursa Efek Indonesia selama periode 2019-2023. Metode yang dipakai yakni analisis Structural Equation Modeling (SEM) dengan harga saham sebagai variabel dependen dan rasio-rasio keuangan sebagai variabel independen. Good Corporate Governance (GCG) diukur melalui indikator kepemilikan institusi berfungsi sebagai variabel mediasi. Sampel penelitian yakni perusahaan dengan kriteria tertentu, dan data yang dipakai mencakup laporan keuangan tahunan serta harga saham.

    Hasil penelitian menunukkan rasio profitabilitas, diukur oleh Return on Equity (ROE), memiliki pengaruh positif dan signifikan terhadap harga saham. Rasio likuiditas, seperti Current Ratio (CR), juga berkontribusi dalam menentukan harga saham, sedangkan rasio leverage Debt to Equity Ratio (DER) menunjukkan pengaruh negatif. Rasio valuasi, yang diukur oleh Price to Earnings Ratio (PER), berperan penting dalam memberikan gambaran pasar terhadap nilai intrinsik saham. Temuan ini mengindikasikan bahwa investor perlu mempertimbangkan rasio-rasio keuangan ini serta praktik GCG pada keputusan investasi di sektor ini.

Kata Kunci : Rasio Keuangan, Harga Saham, Good Corporate Governance

    This research aims to analyze the effects of profitability, liquidity, leverage, and valuation ratios on the stock prices of consumer goods and beverage companies listed on the Indonesia Stock Exchange during the period of 2019-2023. The method employed in this study is Structural Equation Modeling (SEM), with stock prices as the dependent variable and financial ratios as independent variables. Additionally, Good Corporate Governance (GCG), measured through the institutional ownership indicator, serves as a mediating variable. The sample consists of companies that meet specific criteria, utilizing annual financial statements and stock price data.

    The results indicate that the profitability ratio, measured by Return on Equity (ROE), has a positive and significant impact on stock prices. Liquidity ratios such as the Current Ratio (CR) also contribute to stock price determination, while leverage ratios Debt to Equity Ratio (DER) exhibit a negative influence. Valuation ratios measured by Price to Earnings Ratio (PER) play a crucial role in providing market insights into the intrinsic value of stocks. These findings suggest that investors should consider these financial ratios and GCG practices when making investment decisions in this sector.

Keywords:  Financial Ratios, Stock Prices, Good Corporate Governance.