Pengaruh Current Ratio, Debt to Equity Ratio dan Net Profit Margin Terhadap Harga Saham
##plugins.themes.engagementTheme.article.main##
Abstract
The purpose of this research is to examine the influence of the Current Ratio, Debt to Equity Ratio, and Net Profit Margin on the Stock Prices of coal mining companies listed on the Indonesia Stock Exchange during the 2021-2023 period. This study uses a causal associative research design with secondary data. The sampling technique employed is purposive sampling, resulting in a sample of 19 companies that meet the criteria from the population, covering a research period of 3 years, thus yielding 57 sample data points. This study utilizes a multiple linear regression analysis model. The results of the research indicate that the Current Ratio has no effect on Stock Prices, the Debt to Equity Ratio has a negative effect on Stock Prices, and the Net Profit Margin has a positive effect on Stock Prices. Future researchers are encouraged to consider or include other variables that may affect Stock Prices, such as Sales Growth, Leverage, Dividend Policy, Inflation Rate, Interest Rate, and the Indonesian Coal Index (HBA) on different research objects. The factor of Net Profit Margin can be used as a key reference for companies in efforts to increase their Stock Prices.
Abstrak
Tujuan penelitian ini untuk mengetahui pengaruh Current Ratio, Debt to Equity Ratio dan Net Profit Margin terhadap Harga Saham sektor pertambangan batubara yang terdaftar di Bursa Efek Indonesia periode 2021-2023. Pelaksanaan penelitian ini menggunakan desain penelitian asosiatif kausalitas dengan jenis data sekunder. Teknik pengambilan sampel menggunakan purposive sampling dan diperoleh sebanyak 19 perusahaan yang memenuhi kriteria dari jumlah populasi dengan periode penelitian 3 tahun, sehingga diperoleh sebanyak 57 data sampel. Penelitian ini memanfaatkan model analisis regresi linear berganda. Hasil penelitian menunjukkan Current Ratio tidak berpengaruh terhadap Harga Saham, Debt to Equity Ratio berpengaruh negatif terhadap Harga Saham dan Net Profit Margin berpengaruh positif terhadap Harga Saham. Peneliti selanjutnya diharapkan dapat mempertimbangkan atau menambah variabel-variabel lain yang dapat mempengaruhi Harga Saham seperti, Pertumbuhan Penjualan, Leverage, Kebijakan Dividen, Tingkat Inflasi, Tingkat Suku Bunga dan HBA pada objek penelitian yang berbeda. Faktor dari Net Profit Margin dapat dijadikan acuan utama bagi perusahaan dalam upaya untuk meningkatkan Harga Saham perusahaan.
Ahmad Solihin, Afrizal, & Lilik Sulistyowati. (2021). The Effect Of Price Earning Ratio, Current Ratio, Net Profit Margin And Debt To Equity Ratio On Stock Prices Of The Lq-45 Index Of The Indonesia Stock Exchange 2016-2018. International Journal of Science, Technology & Management. https://doi.org/10.46729/ijstm.v2i5.361
Aini, Y. N., Lestari, B., Nurtjahjani, F., & Djajanto, L. (2024). Kinerja Keuangan Saham Blue Chip Studi Pada Industri Consumer Goods Pro Isreal. SKETSA BISNIS (e-Jurnal), 11(1), 77–91. https://jurnal.yudharta.ac.id/v2/index.php/SKETSABISNIS/article/view/5425
Alvian, R., & Munandar, A. (2022). The Influence Of Debt To Equity Ratio, Net Profit Margin, And Cash Ratio On Firm Value. Jurnal Ilmiah Akuntansi Dan Keuangan, 4(7).
Anisa, T. D. M., & Febyansyah, A. (2024). Pengaruh Likuiditas, Leverage, Ukuran Perusahaan dan pertumbuhan penjualan terhadap Profitabilitas; 1992–2016. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 8(1). https://www.journal.stiemb.ac.id/index.php/mea/article/view/3896
Astuti, E. Y. (2023). The Effect of Debt to Equity Ratio, Return on Equity and Current Ratio on Stock Price in Coal Mining Sub-Sector Companies Listed on the Indonesia Stock Exchange for the 2017-2021 Period. Journal of World Conference (JWC), 5(3), 157–165. https://proceedings.worldconference.id/index.php/prd/article/view/481
Buat, C. N., Farida, E., & Primanto, A. B. (2022). Pengaruh Beban Kerja Dan Insentif Terhadap Kinerja Karyawan Pada Bella Jaya PS Wajak. E – Jurnal Riset Manajemen, 11(25), 1–10.
Churniawati, A., Hendra Titisari, K., & Wijayanti, A. (2019). Pengaruh Good Corporate Governance, Leverage dan Firm Size Terhadap Kinerja Keuangan. Proseding Seminar Nasional Akuntansi.
Endri, E., Utama, A. P., Aminudin, A., Effendi, M. S., Santoso, B., & Bahiramsyah, A. (2021). Coal price and profitability: Evidence of coal mining companies in indonesia. International Journal of Energy Economics and Policy, 11(5). https://doi.org/10.32479/ijeep.11503
Ernawati, Y., & Purwaningsih, E. (2022). PENGARUH TOTAL ARUS KAS, DEBT TO EQUITY RATIO DAN RETURN ON ASSETS TERHADAP HARGA SAHAM. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 6(2), 2022.
Ery Yanto, Irene Christy, & Pandu Adi Cakranegara. (2021). The Influences of Return on Asset, Return on Equity, Net Profit Margin, Debt Equity Ratio and Current Ratio Toward Stock Price. International Journal of Science, Technology & Management, 2(1). https://doi.org/10.46729/ijstm.v2i1.155
Evianti, D. D., Rachman, R., Yusuf, M., & Lesmana, M. A. (2023). Financial ratio in assessing the financial performance of the company PT. Golden Energy Mines, Tbk 2003-2012. Jurnal Mantik, 7(3). https://iocscience.org/ejournal/index.php/mantik/article/view/4295
Fangohoi, L., Yuniarti, S., & Respati, H. (2023). Analysis of the Effect of Return on Assets (ROA) and Current Ratio (CR), on Stock Prices with Earnings Per Share (EPS) as a Moderation Variable (On the Mining Sector on the IDX 2020- 2022). JOURNAL OF ECONOMICS, FINANCE AND MANAGEMENT STUDIES. https://doi.org/10.47191/jefms/v6-i9-16
Halim, B., Sembel, R., & Malau, M. (2022). Financial Performance Analysis And The Effect Of Profitability And Market Return On The Stock Return Of PT. Adaro Energy Indonesia Tbk-A Coal Mining Company In Indonesia. NCM Publishing House. http://repository.uki.ac.id/9872/1/FINANCIALPERFORMANCEANALYSIS.pdf
Handini, S., Baktiono, R. A., & Purnomo, B. R. (2023). THE INFLUENCE OF FINANCIAL RATIO ON PROFIT GROWTH IN MINING COMPANIES IN INDONESIA. Media Mahardhika, 21(3). https://doi.org/10.29062/mahardika.v21i3.642
Hidayat, C., Hikmah, K., & Pujiharjanto, C. A. (2023). The Influence of Return on Equity, Current Ratio, and Price Earnings Ratio on Stock Prices in Mining Sector Companies in 2019-2022 Listed on the Indonesian Stock Exchange. Strata Social and Humanities Studies, 1(2). https://doi.org/10.59631/sshs.v1i2.107
Hisar, R., Suharna, J., Amiruddin, A., & Cahyadi, L. (2021). Pengaruh ROA Dan DER Terhadap Return Saham Publik. Forum Ilmiah Universitas Esa Unggul, 18(2).
Maharani, M., Zulkifli Zulkifli, & Rachbini, W. (2022). FINANCIAL PERFORMANCE ANALYSIS OF STOCK PRICES WITH DIVIDEND POLICY AS INTERVENING VARIABLES IN THE METAL MINING SECTOR. International Journal of Economics and Management Research, 1(2). https://doi.org/10.55606/ijemr.v1i2.21
Mayliza, C. S., Manurung, A. H., & Hutahayan, B. (2020). Analysis of The Effect of Financial Ratios to Probability Default of Indonesiaâ€TM s Coal Mining Company. Journal of Applied Finance & Banking, 10(5), 1–9. https://ideas.repec.org/a/spt/apfiba/v10y2020i5f10_5_9.html
Minggus, T., Wasil, M., & Dharmani, I. G. A. A. N. (2020). The Impact of Current Ratio, Debt to Equity Ratio, Net Profit Margin, and Total Asset Turnover Towards The Profit Changes Of Mining Companies Listed On Indonesia Stock Exchange Period 2016-2018. Quantitative Economics and Management Studies, 1(2). https://doi.org/10.35877/454ri.qems89
Nafisah, U., & Daryanto, W. M. (2020). Financial Performance Analysis and its Correlation With Stock Price: a Case Study of Indonesia Lq 45 Coal Mining Companies. South East Asia Journal of Contemporary Business, Economics and Law, 22(1).
Nanang Suryana, & Sri Dewi Anggadini. (2020). Analysis of Stock Prices Affected by Current Ratio. International Journal of Science, Technology & Management, 1(3). https://doi.org/10.46729/ijstm.v1i3.44
Nur’Aeni, M., & Rawi, R. (2024). The Influence of Current Ratio, Debt to Equity Ratio, and Net Profit Margin on Stock Prices (In the Mining Sector Registered in LQ 45 Year 2018-2022). Interdiciplinary Journal and Hummanity (INJURITY), 3(4), 272–281. https://injurity.pusatpublikasi.id/index.php/inj/article/view/193
Onny Siagian, A., Wijoyo, H., & Cahyono, Y. (2021). Effect of Debt to Asset Ratio, Return on Equity, and Current Ratio on Stock Prices of Pharmaceutical Companies Listed on the Indonesia Stock Exchange 2016-2019 Period. Journal of World Conference (JWC), 3(2). https://doi.org/10.29138/prd.v3i2.366
Ono Tarsono. (2021). THE EFFECT OF DEBT EQUITY RATIO , RETURN ON EQUITY , NET PROFIT MARGIN ON STOCK PRICES. International Journal of Social Science, 1(4). https://doi.org/10.53625/ijss.v1i4.716
Prasetyo, A. S. (2020). Peran Ketidak pastian Kebijakan Ekonomi dan Resiko Geopolitik Amerika Serikat Terhadap Indeks Harga Saham Gabungan. Sketsa Bisnis, 7(1).
Rambe, I., Arif, M., & Tupti, Z. (2021). PENGARUH CURRENT RATIO DEBT EQUITY RATIO DAN TOTAL ASSET TURNOVER TERHADAP RETURN ON ASSET YANG TERDAFTAR DI BURSA EFEK INDONESIA. Jurnal Riset Akuntansi Dan Bisnis, 21(2). https://doi.org/10.30596/jrab.v21i2.7898
Rilky Lumambok Sihotang, A., Purwandito, M., & Novita Lydia, E. (2022). Pemetaan Penambangan Galian C Menggunakan Sistem Informasi Geografis Di Kawasan Hulu Kabupaten Aceh Tamiang. Jurnal Ilmiah Teknik Sipil, 2(2).
Rizkia, A. P. (2023). The Effect Of LDR, ROA, PER, DER, NPL On Stock Prices In Banking Sub-Sector Companies In 2019-2021. Owner: Riset & Jurnal Akuntansi, 7(4), 3472–3480. https://doi.org/10.33395/owner.v7i4.1693
Sehab, N., Agustina, T., & Nurhidayati, A. (2024). The Effect of Return on Assets (Roa), Earnings Per Share (Eps), Current Ratio (Cr) and Rupiah Exchange Rate on Usd on Pt. Bank Central Asia Tbk for the Period 2013–2022. In International Conference on Economic, Management and Accounting (ICEMAC 2023); Atlantis Press, 231–249. https://www.atlantis-press.com/proceedings/icemac-23/126002158
Sihotang, A. S., & Munir, A. (2021). ANALYSIS OF THE PROFITABILITY RATIO EFFECT, MARKET VALUE RATIO, AND COAL PRICES TO STOCK PRICES OF COAL COMPANIES. Journal of Management and Leadership, 4(1). https://doi.org/10.47970/jml.v4i1.204
Tandi Ayu, A., Mantong, A., & Sriati Mengga, G. (2023). Pengaruh Current Ratio, Debt To EquityRatio Dan Net Profit MarginTerhadap Harga Saham Perusahaan Sektor Pertambangan YangTerdaftar Di Bei Tahun 2020-2022. Prosiding Seminar Nasional Manajemen Dan Ekonomi, 2(2).
Tarigan, G. I., Aina, A. P., Arumdhani, N. P., & Puteri, L. D. (2024). The Role of Domestic Investment (DI) and Business, Micro, Small, and Medium (MSMEs) in Investment in Indonesia. Journal Social Sciences and Humanioran Review, 1(4), 197–206. https://journal.zhatainstitut.org/index.php/jsshr/article/view/78
Veronica, V., & Syahzuni, B. A. (2022). Pengaruh struktur utang, ukuran perusahaan, dan profitabilitas terhadap kualitas laba. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(2). https://doi.org/10.32670/fairvalue.v5i2.2405
Yanti, Y., & Purwaningsih, E. (2024). Pengaruh Faktor Keuangan Terhadap Harga Saham: Studi Kasus pada Perbankan Konvensional di IDX Tahun 2021-2023. SKETSA BISNIS (e-Jurnal), 11(1), 160–177. https://jurnal.yudharta.ac.id/v2/index.php/SKETSABISNIS/article/view/5491
Yurfani, Y., & Hermanto, H. (2023). Pengaruh Profitabilitas, Kebijakan Hutang dan Rasio Lancar terhadap Harga Saham dengan PBV Sebagai Variabel Moderating. JIIP - Jurnal Ilmiah Ilmu Pendidikan, 6(8). https://doi.org/10.54371/jiip.v6i8.2065
