Pengaruh Kinerja Keuangan dan Harga Komoditas Batubara terhadap Volume Perdagangan Saham dengan Nilai Tukar Rupiah sebagai Variabel Moderasi
DOI:
https://doi.org/10.38035/jafm.v7i2.3226Keywords:
Volume Perdagangan Saham, Kinerja Keuangan, Harga Batubara, Nilai TukarAbstract
Pasar modal mencerminkan respons investor terhadap faktor fundamental perusahaan dan kondisi makroekonomi, khususnya pada subsektor distribusi batubara yang sensitif terhadap harga komoditas global dan fluktuasi nilai tukar. Penelitian ini bertujuan untuk menganalisis pengaruh kinerja keuangan, yang diproksikan oleh Earnings per Share (EPS) dan Debt to Equity Ratio (DER), serta harga batubara dunia terhadap volume perdagangan saham, dengan nilai tukar rupiah sebagai variabel moderasi. Sampel penelitian terdiri dari 15 perusahaan distribusi batubara yang terdaftar di Bursa Efek Indonesia periode 2021–2024, dengan data panel triwulanan sebanyak 240 observasi. Analisis dilakukan menggunakan regresi data panel dengan robust Driscoll–Kraay untuk mengatasi heteroskedastisitas, autokorelasi, dan cross-sectional dependence. Hasil penelitian menunjukkan bahwa EPS berpengaruh positif dan signifikan terhadap volume perdagangan saham, sedangkan DER tidak signifikan. Harga batubara dunia berpengaruh negatif dan signifikan terhadap volume perdagangan saham. Nilai tukar rupiah memperlemah pengaruh EPS, namun memperkuat pengaruh harga batubara terhadap volume perdagangan saham. Secara keseluruhan, aktivitas perdagangan saham pada subsektor distribusi batubara dipengaruhi oleh kombinasi faktor fundamental perusahaan dan kondisi makroekonomi. Temuan ini menegaskan pentingnya bagi investor untuk mempertimbangkan profitabilitas, pergerakan harga komoditas, dan nilai tukar secara simultan dalam pengambilan keputusan investasi.
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