Efek mediasi profitabilitas dalam kaitan pengaruh dari efisiensi penggunaan aset dan solvabilitas keuangan terhadap harga saham (Studi pada perusahaan pertambangan di Indonesia)
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Abstract
The purpose of this study is to examine the effect of asset utilization efficiency and solvability on stock prices, with profitability as a mediating variable represented by Return on Equity (ROE) in coal mining businesses listed on the Indonesia Stock Exchange between 2020 and 2023. This quantitative study makes use of secondary data in the form of financial statements and stock prices gathered from the official websites of the Indonesia Stock Exchange and Yahoo Finance. Data analysis is performed using a panel data regression model with EViews 12 software. The sample consists of 18 coal mining companies selected using purposive sampling based on specific criteria. The study's findings reveal that asset utilization efficiency, as measured by Total Asset Turnover (TATO), does not significantly impact Return on Equity (ROE). In contrast, solvability, as measured by the Debt-to-Equity Ratio (DER), has a large negative impact on ROE. Furthermore, when examining the direct relationships, it was found that asset utilization efficiency positively and significantly affects stock prices. However, neither DER nor ROE show a significant direct impact on stock prices. Additionally, the analysis indicates that ROE does not mediate the relationship between asset utilization efficiency or solvability and stock prices.
Tujuan dalam studi ini adalah untuk menguji pengaruh efisiensi penggunaan aset dan solvabilitas terhadap harga saham yang mana faktor profitabilitas yang memakai proksi Return on Equity (ROE) sebagai mediator yang memakai sampel perusahaan sektor pertambangan batu bara yang diperdagangkan di Bursa Efek Indonesia untuk masa penelitian tahun 2020–2023. Penelitian ini menggunakan metode kuantitatif dengan data sekunder berupa laporan keuangan dan harga saham yang diperoleh dari situs resmi Bursa Efek Indonesia dan Yahoo Finance. Analisis data dilakukan dengan model regresi panel data menggunakan software EViews 12. Sampel penelitian terdiri dari 18 perusahaan batu bara yang dipilih menggunakan teknik purposive sampling berdasarkan kriteria tertentu. Hasil penelitian menunjukkan bahwa efisiensi penggunaan aset tidak berpengaruh signifikan terhadap ROE, sedangkan solvabilitas (DER) memiliki pengaruh negatif signifikan terhadap ROE. Dalam analisis hubungan langsung, efisiensi penggunaan aset berpengaruh positif signifikan terhadap harga saham, sedangkan DER dan ROE tidak berpengaruh signifikan terhadap harga saham. Selain itu, ROE tidak mampu memediasi hubungan antara efisiensi penggunaan aset maupun solvabilitas terhadap harga saham.
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