Pengaruh Profitabilitas dan Likuiditas terhadap Harga Saham Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia dengan Tingkat Suku Bunga sebagai Variabel Moderasi
DOI:
https://doi.org/10.38035/jafm.v7i1.3067Keywords:
Harga Saham, Profitabilitas, Likuiditas, Tingkat Suku Bunga, Sektor Properti dan Real EstateAbstract
Sektor properti dan real estate memiliki peran strategis dalam perekonomian Indonesia dan bersifat sensitif terhadap perubahan kondisi makroekonomi, khususnya tingkat suku bunga. Namun, pergerakan harga saham sektor ini tidak selalu mencerminkan kinerja fundamental perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh profitabilitas dan likuiditas terhadap harga saham perusahaan subsektor properti dan real estate yang terdaftar di Bursa Efek Indonesia, dengan tingkat suku bunga sebagai variabel moderasi. Penelitian ini menggunakan pendekatan kuantitatif eksplanatori dengan data panel triwulanan periode 2021–2024. Sampel penelitian terdiri atas 19 perusahaan yang tergabung dalam indeks IDX Property & Real Estate (JKPROP). Profitabilitas diukur menggunakan Return on Assets (ROA), likuiditas menggunakan Quick Ratio (QR), harga saham menggunakan harga penutupan saham triwulanan, dan tingkat suku bunga diproksikan dengan BI-7 Day Reverse Repo Rate (BI-7DRR). Analisis data dilakukan menggunakan regresi data panel serta pengujian efek moderasi melalui variabel interaksi. Hasil penelitian menunjukkan bahwa profitabilitas dan likuiditas berpengaruh signifikan terhadap harga saham dengan arah pengaruh cenderung negatif. Selain itu, tingkat suku bunga terbukti memoderasi pengaruh profitabilitas dan likuiditas terhadap harga saham secara signifikan. Temuan ini mengindikasikan bahwa penilaian investor terhadap kinerja perusahaan properti dipengaruhi oleh interaksi antara faktor fundamental internal dan kondisi makroekonomi, khususnya dalam lingkungan suku bunga yang berfluktuasi.
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