Salma Nadia Amani, Arif Fadilla

Optimalisasi Struktur Modal dan Profitabilitas: Dampaknya terhadap Dinamika Harga Saham pada Subsektor Perdagangan Ritel Indonesia

Introduction

Optimalisasi struktur modal dan profitabilitas: dampaknya terhadap dinamika harga saham pada subsektor perdagangan ritel indonesia. Analisis pengaruh Debt to Equity Ratio & Gross Profit Margin terhadap harga saham perusahaan ritel Indonesia (2019-2023). Temukan pentingnya profitabilitas dalam investasi ritel.

Abstract

This study aims to examine the effect of Debt to Equity Ratio and Gross Profit Margin on the stock prices of retail companies listed on the IDX during the 2019–2023 period. The research applies a quantitative method with a causal associative approach. Secondary data in the form of financial statements were obtained from 12 companies selected through purposive sampling. Data analysis was conducted using panel data regression with the Random Effects model via STATA. The results indicate that DER and GPM have a simultaneous effect on stock prices. Partially, only GPM has a positive influence. These findings emphasize the importance of profitability in investment decision-making within the retail sector. Abstrak Penelitian bertujuan menguji pengaruh debt to equity ratio dan gross profit margin terhadap harga saham perusahaan ritel yang terdaftar di Bursa Efek Indonesia pada periode 2019–2023. Penelitian menggunakan metode kuantitatif dengan pendekatan asosiatif kausal. Data sekunder berupa laporan keuangan diperoleh dari 12 perusahaan yang dipilih melalui teknik purposive sampling. Analisis data dilakukan menggunakan regresi data panel dengan model Random Effects melalui STATA. Hasil penelitian menunjukkan DER serta GPM berpengaruh secara simultan terhadap harga saham. Secara parsial, hanya GPM yang berpengaruh positif. Temuan ini menegaskan pentingnya profitabilitas dalam pengambilan keputusan investasi di sektor ritel.

Review

The paper, "Optimalisasi Struktur Modal dan Profitabilitas: Dampaknya terhadap Dinamika Harga Saham pada Subsektor Perdagangan Ritel Indonesia," presents a relevant and focused investigation into the factors influencing stock prices within the Indonesian retail sector. The research clearly states its objective of examining the effect of Debt to Equity Ratio (DER) and Gross Profit Margin (GPM) on the stock performance of retail companies listed on the IDX during the 2019–2023 period. The quantitative methodology, employing a causal associative approach with panel data regression and a Random Effects model, is appropriate for analyzing financial data across multiple firms over time. The use of STATA for analysis further indicates a robust analytical framework. The study's findings are concise and impactful, indicating that both DER and GPM simultaneously affect stock prices, while only GPM exerts a positive influence when considered partially. This result strongly underscores the critical importance of profitability in guiding investment decisions within the Indonesian retail sector, offering a valuable insight for both investors and corporate managers. While the abstract clearly outlines the findings, it would benefit from briefly touching upon the theoretical underpinnings that justify the selection of these specific variables, even if they are standard financial ratios. Additionally, a slight elaboration on the specific criteria used for the purposive sampling beyond "retail companies listed on IDX" could enhance methodological transparency. Overall, this paper makes a pertinent contribution to the financial literature, particularly concerning emerging markets. The emphasis on profitability as a key driver of stock prices provides actionable intelligence for market participants. While the study's scope is confined to DER and GPM, the established findings lay a strong foundation for future research. Expanding the investigation to include other capital structure variables, liquidity metrics, or macroeconomic indicators could offer a more holistic understanding of stock price dynamics. Furthermore, exploring potential moderating or mediating effects of other firm-specific characteristics could provide deeper insights into the complex interplay between financial performance and market valuation.

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