Pengaruh Quick Ratio (QR), Debt To Equity Ratio (DER) Dan Earning Per Share (EPS) Terhadap Harga Saham Pada Perusahaan Sektor Consumer Non-Cyclicals Yang Terdaftar Di Bei Periode 2019-2024
DOI:
https://doi.org/10.31004/joecy.v6i1.8229Keywords:
Quick Ratio, Debt to Equity Ratio, Earning Per Share, Harga Saham, Consumer Non-Cyclicals, Bursa Efek Indonesia.Abstract
Penelitian ini dilatarbelakangi oleh pentingnya informasi kinerja keuangan dalam memengaruhi keputusan investasi, khususnya pada perusahaan sektor consumer non-cyclicals yang cenderung stabil namun tetap menghadapi fluktuasi harga saham akibat dinamika ekonomi. Tujuan penelitian ini adalah menganalisis pengaruh Quick Ratio (QR), Debt to Equity Ratio (DER), dan Earning Per Share (EPS) terhadap harga saham perusahaan sektor consumer non-cyclicals yang terdaftar di Bursa Efek Indonesia periode 2019–2024. Penelitian menggunakan pendekatan kuantitatif dengan data sekunder berupa laporan keuangan perusahaan. Sampel penelitian berjumlah 90 data observasi yang dipilih melalui teknik purposive sampling. Analisis data dilakukan menggunakan regresi data panel dengan model Random Effect untuk menguji hubungan antarvariabel. Hasil penelitian menunjukkan bahwa Quick Ratio berpengaruh negatif dan tidak signifikan terhadap harga saham, yang mengindikasikan bahwa tingkat likuiditas tidak selalu menjadi pertimbangan utama investor. Debt to Equity Ratio berpengaruh positif dan signifikan terhadap harga saham, mencerminkan bahwa penggunaan leverage yang optimal dapat meningkatkan kepercayaan pasar. Earning Per Share juga berpengaruh positif dan signifikan, menegaskan bahwa kemampuan perusahaan menghasilkan laba per saham menjadi indikator penting dalam penilaian investor. Secara simultan, QR, DER, dan EPS terbukti berpengaruh signifikan terhadap harga saham. Penelitian ini menyimpulkan bahwa rasio solvabilitas dan profitabilitas memiliki peran lebih dominan dibandingkan likuiditas dalam menjelaskan pergerakan harga saham pada sektor consumer non-cyclicals.
References
Absari, D. U. A. (2022). The Effect of Financial Performance on Share Prices with Earnings Per Share as a Moderation Variable. International Journal of Humanities Education and Social Sciences, 1(4). https://doi.org/10.55227/ijhess.v1i4.105
Al-Qudah, A. A., Al-Okaily, M., & Alqudah, H. (2022). Financial ratios and stock price prediction: Evidence from emerging markets. Journal of Risk and Financial Management, 15(3). https://doi.org/10.3390/jrfm15030123
Baker, M., Bloom, N., Davis, S. J., & Terry, S. (2020). COVID-induced economic uncertainty. NBER Working Paper. https://doi.org/10.3386/w26983
Baltagi, B. H. (2021). Econometric Analysis of Panel Data (6th ed.). Springer. https://doi.org/10.1007/978-3-030-53953-5
Banjar, W., & Saleh, M. (2023). Impact of Earning Per Share, Dividend Payout Ratio, and Price Earning Ratio on Stock Prices in the Manufacturing Sector. Journal of Public Auditing and Financial Management, 3(1), 1–12. https://doi.org/10.36407/jpafm.v3i1.1579
Boubaker, S., Nguyen, D. K., & Vu, T. (2021). Corporate finance in emerging markets. Research in International Business and Finance, 56. https://doi.org/10.1016/j.ribaf.2020.101351
Boubaker, S., Nguyen, D. K., & Vu, T. (2021). Corporate finance in emerging markets: Determinants of stock prices. Research in International Business and Finance, 56, 101351. https://doi.org/10.1016/j.ribaf.2020.101351
Dang, H. N., Nguyen, T. T. C., & Tran, D. M. (2020). The impact of earnings quality on firm value: Evidence from Vietnam. Journal of Asian Finance, Economics and Business, 7(3), 63–72. https://doi.org/10.13106/jafeb.2020.vol7.no3.63
Etikan, I., & Bala, K. (2021). Sampling and sampling methods. Biometrics & Biostatistics International Journal, 10(1). https://doi.org/10.15406/bbij.2021.10.00326
Gujarati, D. N., Porter, D. C., & Gunasekar, S. (2022). Basic Econometrics (6th ed.). McGraw-Hill.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2020). Multivariate Data Analysis (8th ed.). Cengage.
Hsiao, C. (2022). Panel data analysis—advantages and challenges. Test, 31(1), 1–31. https://doi.org/10.1007/s11749-021-00775-1
Hunjra, A. I., Mehmood, A., Nguyen, H. P., & Tayachi, T. (2020). Do firm-specific risks affect stock prices? Evidence from emerging markets. Cogent Economics & Finance, 8(1). https://doi.org/10.1080/23322039.2020.1823052
Ismail, M. (2021). How Earning Per Share (EPS) Affects on Share Price. Journal of Applied Managerial Accounting, 5(2), 11–18. https://doi.org/10.30871/jama.v5i2.3538
Jannah, R. (2024). Stock Price Determination of Consumer Goods Companies on the Indonesia Stock Exchange: Financial Ratio Analysis 2019–2023. Journal of Economic Education and Entrepreneurship Studies, 6(3). https://doi.org/10.62794/je3s.v6i3.9408
Khan, K., Zhao, H., Zhang, H., Yang, H., Shah, M. H., & Jahanger, A. (2021). The impact of financial structure on stock price. Economic Research-Ekonomska Istraživanja, 34(1), 1–18. https://doi.org/10.1080/1331677X.2020.1860792
Nguyen, T. P., & Vo, X. V. (2020). Financial ratios and stock returns: Evidence from listed firms in Vietnam. Journal of Asian Finance, Economics and Business, 7(3), 53–60. https://doi.org/10.13106/jafeb.2020.vol7.no3.53
Nugraha, I. A., Fadila, N., & Parlina, N. D. (2023). Analysis Towards Stock Price With Earnings Per Share As Moderating Variable. International Journal of Humanities Education and Social Sciences, 3(6). https://doi.org/10.55227/ijhess.v3i6.963
Oktaviani, R., Siregar, H., & Nurhayati, I. (2023). Profitability, liquidity, and leverage on stock prices: Evidence from Southeast Asian markets. International Journal of Financial Studies, 11(2), 45. https://doi.org/10.3390/ijfs11020045
Rahmawati, Y., & Hadian, H. N. (2022). The Influence of Debt Equity Ratio (DER), Earning Per Share (EPS), and Price Earning Ratio (PER) on Stock Price. International Journal of Financial, Accounting, and Management, 3(4), 289–300. https://doi.org/10.35912/ijfam.v3i4.225
Sajid, M., Abbas, N., & Hussain, S. (2022). Firm fundamentals and stock price movement: Evidence from emerging markets. SAGE Open, 12(2). https://doi.org/10.1177/21582440221089993
Sari, L., Herlina, Z. F., & Septiano, R. (2024). Return on Asset and Earning Per Share on Stock Prices in Consumer Goods Industry Sector Companies Listed on the Indonesia Stock Exchange in the Period 2021–2023. Bina Bangsa International Journal of Business and Management, 5(1). https://doi.org/10.46306/bbijbm.v5i1.132
Singh, A., & Bagga, M. (2024). Financial performance indicators and market valuation: Empirical evidence from listed companies. Global Finance Journal, 60, 100840. https://doi.org/10.1016/j.gfj.2023.100840
Tahir, S. H., Rahman, M. M., & Anwar, S. (2021). Liquidity and firm value: The moderating role of profitability. Managerial Finance, 47(9), 1343–1360. https://doi.org/10.1108/MF-09-2020-0464
Vo, X. V., & Nguyen, T. P. (2020). Financial ratios and stock returns: Evidence from Vietnam. Journal of Asian Finance, Economics and Business, 7(3), 53–60. https://doi.org/10.13106/jafeb.2020.vol7.no3.53
Vo, X. V., Nguyen, T. T., & Pham, T. M. (2022). Earnings per share and stock price reaction: Evidence from Asian stock markets. Borsa Istanbul Review, 22(4), 682–690. https://doi.org/10.1016/j.bir.2022.02.005
Wasiuzzaman, S., & Tarmizi, H. A. (2020). Debt policy and firm performance: Evidence from emerging markets. International Journal of Managerial Finance, 16(4), 467–485. https://doi.org/10.1108/IJMF-10-2018-0329
Wooldridge, J. M. (2021). Introductory Econometrics: A Modern Approach (7th ed.). Cengage
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Aliyah Zahirah, Ratna Juwita
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
