Pengaruh Likuiditas, Profitabilitas, dan Leverage Terhadap Harga Saham pada Perusahaan Sektor Infrastruktur, Utilitas, dan Transportasi Yang Terdaftar di Bursa Efek Indonesia Tahun 2021-2024

Keyzha Guseynova Yopi, Afifudin Afifudin, Dewi Diah Fakhriyyah

Abstract


This study examines the influence of liquidity, profitability, and leverage on stock prices of infrastructure, utilities, and transportation companies listed on the Indonesia Stock Exchange (IDX) during the 2021–2024 period. Employing a quantitative research approach, this study utilizes secondary data obtained from annual financial reports and stock price data, with samples selected using purposive sampling based on predetermined criteria. The data were analyzed using Multiple Linear Regression Analysis to assess both the partial and simultaneous effects of the independent variables on stock prices. The empirical results indicate that profitability has a positive and significant effect on stock prices, suggesting that companies with higher profit-generating capabilities tend to attract greater investor interest and achieve higher market valuations. Liquidity, however, does not significantly affect stock prices, indicating that investors may place less emphasis on short-term solvency when evaluating companies in this sector. In contrast, leverage has a positive and significant effect on stock prices, implying that the market may perceive the effective use of debt as a positive signal of growth and expansion opportunities. Furthermore, liquidity, profitability, and leverage simultaneously exert a significant influence on stock prices. This study contributes to the literature on Signaling Theory by providing empirical evidence that financial performance indicators serve as important signals for investors in assessing firm value and making investment decisions, particularly within Indonesia’s infrastructure, utilities, and transportation sectors during the post-pandemic economic recovery period.

Keywords : Liquidity, profitability, leverage, stock price, signaling theory.


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