Dwita Ashila Ramadhanty, Hariyati Hariyati

Pengaruh Rasio Keuangan terhadap Harga Saham pada Perusahaan Consumer Goods (Food and Baverage) yang Dimediasi GCG di Bei Periode 2019-2023

Introduction

Pengaruh rasio keuangan terhadap harga saham pada perusahaan consumer goods (food and baverage) yang dimediasi gcg di bei periode 2019-2023 . Teliti pengaruh rasio keuangan (profitabilitas, likuiditas, leverage, valuasi) terhadap harga saham perusahaan consumer goods di BEI 2019-2023, dimediasi GCG. ROE & CR positif, DER negatif. Penting untuk investasi.

Abstract

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.

Review

This study embarks on a pertinent investigation into the determinants of stock prices within the consumer goods and beverage sector listed on the Indonesia Stock Exchange, a significant emerging market. By focusing on the period 2019-2023, the research covers recent market dynamics, offering up-to-date insights. The chosen methodological approach, Structural Equation Modeling (SEM), is well-suited for analyzing complex relationships, particularly the mediating effects intended for Good Corporate Governance (GCG). The clear identification of financial ratios (profitability, liquidity, leverage, and valuation) as independent variables and stock prices as the dependent variable, along with GCG (institutional ownership) as a mediator, establishes a robust framework for the analysis. The abstract effectively summarizes several key findings, indicating that profitability (ROE) and liquidity (CR) positively influence stock prices, aligning with conventional financial wisdom, while leverage (DER) demonstrates a negative impact. The emphasis on valuation ratios (PER) for market insights into intrinsic value is also a valuable point. A significant strength of this research lies in its inclusion of GCG as a mediating variable, which adds a crucial layer of depth to understanding the relationship between financial performance and market valuation. While the abstract states GCG serves as a mediator, a more explicit articulation of *how* it mediates (e.g., strengthening or weakening specific direct relationships) within the results section would further enhance clarity and highlight the specific contribution of the mediation analysis. Overall, this paper addresses a highly relevant topic for both academics and practitioners, offering practical implications for investors considering the Indonesian consumer goods sector. The findings provide valuable insights into which financial metrics and governance practices are most influential in shaping stock prices. For future iterations or the full manuscript, it would be beneficial to elaborate on the specific mechanisms of GCG's mediation and potentially explore additional measures of GCG beyond institutional ownership to provide a more comprehensive view. Nonetheless, the research presents a solid foundation and contributes meaningfully to the understanding of market behavior in an important economic sector.

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