PENGARUH PROFITABILITAS DAN LEVERAGE TERHADAP HARGA SAHAM PADA PERUSAHAAN SEKTOR TEKNOLOGI YANG TERDAFTAR DI BURSA EFEK INDONESIA
DOI:
https://doi.org/10.24843/EJMUNUD.2026.v15.i7.p10Keywords:
stock price; profitability; leverage; signaling theory; technology sector.Abstract
Perkembangan pasar modal Indonesia yang pesat mendorong meningkatnya kebutuhan investor terhadap analisis fundamental yang andal, terutama di sektor teknologi yang mencatat tren penurunan indeks IDXTECHNO secara signifikan pada periode 2022–2024. Penelitian ini bertujuan menguji pengaruh Earning Per Share (EPS), Return on Assets (ROA), Return on Equity (ROE), dan Debt to Equity Ratio (DER) terhadap harga saham perusahaan sektor teknologi yang terdaftar di Bursa Efek Indonesia, dengan Signaling Theory sebagai landasan teoritis yang memandang rasio keuangan sebagai sinyal bagi investor dalam mengurangi asimetri informasi. Penelitian kuantitatif dengan desain kausalitas ini menggunakan sampel 11 perusahaan (33 observasi) yang dipilih melalui purposive sampling selama periode 2022–2024, dianalisis dengan regresi linear berganda berbantuan SPSS. Hasil penelitian menunjukkan bahwa secara simultan seluruh variabel independen berpengaruh signifikan terhadap harga saham (F = 21,549; sig. < 0,001) dengan koefisien determinasi sebesar 72,0 persen. Secara parsial, hanya EPS yang berpengaruh positif dan signifikan (β = 1,283; sig. < 0,001), sedangkan ROA, ROE, dan DER tidak signifikan. Temuan ini mengindikasikan bahwa pada sektor teknologi yang bersifat asset-light dan berorientasi pertumbuhan, EPS merupakan sinyal utama yang direspons pasar, sementara rasio efisiensi aset, ekuitas, dan leverage belum terbukti relevan sebagai penentu harga saham.
The rapid growth of Indonesia's capital market has heightened investor demand for reliable fundamental analysis, particularly in the technology sector, which recorded a significant decline in its IDXTECHNO index during 2022–2024. This study examines the effect of Earning Per Share (EPS), Return on Assets (ROA), Return on Equity (ROE), and Debt to Equity Ratio (DER) on the stock prices of technology sector companies listed on the Indonesia Stock Exchange, grounded in Signaling Theory, which views financial ratios as signals that help investors reduce information asymmetry. This quantitative, causality-design study draws on a sample of 11 companies (33 observations) selected through purposive sampling over 2022–2024, analyzed using multiple linear regression with SPSS. Results indicate that simultaneously, all independent variables significantly affect stock prices (F = 21.549; sig. < 0.001), with a coefficient of determination of 72.0 percent. Partially, only EPS has a positive and significant effect (β = 1.283; sig. < 0.001), while ROA, ROE, and DER are not significant. These findings suggest that within an asset-light, growth-oriented technology sector, EPS serves as the primary market signal, whereas asset efficiency, equity return, and leverage ratios have not proven relevant as stock price determinants.
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