Nur Amalia Kartika Munafri, Harun Blongkod, Ikhlas Ul Aqmal

Pengaruh Profitabilitas Terhadap Harga Saham pada Perusahaan Pertambangan di Bursa Efek Indonesia

Introduction

Pengaruh profitabilitas terhadap harga saham pada perusahaan pertambangan di bursa efek indonesia. Analisis pengaruh profitabilitas (ROA, ROE, NPM, GPM, ROS) pada harga saham perusahaan pertambangan batu bara di BEI (2019-2023). Hasilnya, profitabilitas tidak signifikan memengaruhi harga saham.

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh Profitabilitas terhadap harga saham pada sektor pertambangan sub sektor batu bara yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2019–2023. Profitabilitas terdiri dari lima indikator utama, yaitu Return on Asset (ROA), Return on Equity (ROE), Net Profit Margin (NPM), Gross Profit Margin (GPM), dan Return on Sales (ROS) Penelitian ini menggunakan pendekatan kuantitatif dengan metode analisis Structural Equation Modeling (SEM) melalui software AMOS versi 24.00. Sampel penelitian berjumlah 22 perusahaan yang dipilih dengan metode purposive sampling berdasarkan kriteria tertentu agar data yang diperoleh relevan dan representatif. Hasil pengujian menunjukkan bahwa Profitabilitas tidak berpengaruh signifikan terhadap Harga saham pada perusahaan batu bara yang diteliti. Hal ini terlihat dari nilai Critical Ratio (C.R) sebesar 0,774 yang lebih kecil dari batas kritis 1,660, serta nilai probabilitas sebesar 0,439 yang melebihi taraf signifikansi 0,05. Dengan demikian, hipotesis nol diterima, dan indikator Profitabilitas tidak dapat digunakan sebagai prediktor yang efektif dalam mengidentifikasi fluktuasi harga saham.

Review

This study investigates the influence of profitability on stock prices within the Indonesian coal mining sub-sector listed on the Indonesia Stock Exchange (BEI) during the period of 2019–2023. The research clearly defines profitability through five key indicators: Return on Asset (ROA), Return on Equity (ROE), Net Profit Margin (NPM), Gross Profit Margin (GPM), and Return on Sales (ROS). This focus on a specific, high-impact sector and a recent timeframe makes the study highly relevant for understanding current market dynamics and investor behavior in a crucial segment of the Indonesian economy. Utilizing a quantitative approach, the authors employed Structural Equation Modeling (SEM) via AMOS version 24.00, a robust analytical tool well-suited for examining complex relationships between latent and observed variables. The sample comprised 22 companies, selected through purposive sampling to ensure data relevance and representativeness. Contrary to conventional expectations, the core finding indicates that profitability does not significantly influence stock prices in the examined coal companies. This is supported by a Critical Ratio (C.R) of 0.774 (below the critical threshold of 1.660) and a probability value of 0.439 (exceeding the 0.05 significance level), leading to the acceptance of the null hypothesis. The finding that profitability indicators are not effective predictors of stock price fluctuations in the Indonesian coal mining sector is particularly noteworthy and challenges established financial theories. This suggests that investors in this specific market segment during the analyzed period might prioritize other factors beyond traditional profitability metrics, such as global commodity price volatility, regulatory changes, or broader macroeconomic conditions. Future research could expand upon this by incorporating external factors, exploring different time horizons, or comparing the findings with other mining sub-sectors to provide a more comprehensive understanding of stock price determinants in the Indonesian market. Nevertheless, this study contributes valuable insights by highlighting the potentially limited predictive power of profitability in certain dynamic market contexts.

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