The Effect of Profitability, Liquidity, and Leverage on Stock Prices in the Food and Beverage Sector Listed on the Indonesia Stock Exchange 2022-2024

I Putu Arik Suadnyana; Ni Nyoman  Suriani; Ida Ayu Dinda Priyanka  Maharani

Authors

I Putu Arik Suadnyana Warmadewa University
Ni Nyoman Suriani
Ida Ayu Dinda Priyanka Maharani

Keywords:

Profitability, Liquidity, Leverage, Stock Price

Abstract

This study aimed to determine the effect of profitability, liquidity, and leverage on stock prices in the food and beverage sector listed on the Indonesia Stock Exchange in 2022-2024. The population used in this study was 32 companies in the food and beverage sector listed on the Indonesia Stock Exchange during the 2022-2024 period. The sampling method used in this study was purposive sampling. The sample used in this study was 16 food and beverage companies listed on the Indonesia Stock Exchange during the 2022-2024 period. The results showed that profitability, liquidity, and leverage simultaneously had a positive effect on stock prices in the food and beverage sector listed on the Indonesia Stock Exchange during the 2022-2024 period. Profitability, proxied by Return on Equity, had a significant positive effect on stock prices in food and beverage companies listed on the Indonesia Stock Exchange during the 2022-2024 period. Liquidity, as measured by the Current Ratio, had a positive but insignificant effect on stock prices in food and beverage companies listed on the Indonesia Stock Exchange in 2022-2024. Leverage, as measured by the Debt to Equity Ratio, had a significant positive effect on stock prices in food and beverage companies listed on the Indonesia Stock Exchange in 2022-2024.

References

Akbar, R. A., Sundarta, M. I., & Syukur, R. D. A. (2025). Pengaruh Cash Holding dan Profitabilitas Terhadap Harga Pasar Saham. eCo-Fin: Economics and Financial, 7(2), 561–574. https://doi.org/10.32877/ef.v7i2.1805

Alwi, I. Z. (2008). Pasar Modal Teori dan Aplikasi. Yayasan Pancur Siwah.

Andini, S. F., & Cahyono, K. E. (2021). Pengaruh Current Ratio, Debt to Equity Ratio, dan Inflasi terhadap Harga Saham. Jurnal Ilmu dan Riset Manajemen, 10(11), 1–15.

Aziz. (2015). Manajemen Investasi: Fundamental, Teknikal, Perilaku Investor, Dan Return Saham. Deepublish.

Azkiya, M. zainul, Rani, H., & Putri, S. A. (2025). Tantangan Dan Peluang Pasar Modal Indonesia Di Era Globalisasi. Jurnal Ilmiah Ekonomi Manajemen Bisnis dan Akuntansi, 2(3), 213–221. https://doi.org/10.61722/jemba.v2i3.908

Choirunnisa, S., & Indraswari, T. (2025). Pengaruh Return On Equity (Roe) Dan Debt To Equity Ratio (Der) Terhadap Harga Saham Perusahaan Pt Astra Argo Lestari Tbk Periode 2013-2022. Integrative Perspectives of Social and Science Journal (IPSSJ), 2(3), 5134–5142. https://doi.org/10.55171/.v7i2.460

Dharma, N. P. G. A., & Riswan. (2025). Determinasi Return On Asset (ROA), Return On Equity (ROE), dan Net Profit Margin (NPM) Terhadap Ketepatan Waktu Penyampaian Laporan Keuangan Pada Perusahaan Sektor Consumer Cyclicals Yang Terdaftar di BEI Periode 2021-2023. JEMSI (Jurnal Ekonomi, Manajemen, dan Akuntansi), 11(1), 534–543. https://doi.org/10.35870/jemsi.v11i1.3722

Fitriana, A. (2024). Buku Ajar Analisis Laporan Keuangan. Dalam R. R. Hasibuan (Ed.), Akademi Keuangan & Perbankan Riau (AKBAR) Pekanbaru. CV. Malik Rizki Amanah.

Ghozali, I. (2021). Aplikasi Analisis Multivariate Dengan Program SPSS 26. Dalam Badan Penerbit Universitas Diponegoro (10 ed.). Badan Penerbit Universitas Diponegoro.

Habibi, M. R. (2022). Hukum Pasar Modal Indonesia (1 ed.). Inara Publisher Desain.

Haris, H. (2021). Bursa Efek Indonesia Mengenal Pasar Model Syariah Di Indonesia (1 ed.). CV Garbang Media Aksara.

Hery. (2020). Analisis Laporan Keuangan (3 ed.). PT Grasindo.

Hidayah, N. N., & Triyonowati. (2022). Penagruh Likuiditas, Profitabilitas, Dan LeverageTerhadap Harga Saham Pada Perusahaan Property And Real Estate Yang Terdaftar Di BEI. Jurnal Ilmu dan Riset Manajemen, 11(11), 1–18. http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/5002/5015

Kasmir. (2019a). Analisis Laporan Keuangan (12 ed.). Rajawali Pers.

Kasmir. (2019b). Analisis Laporan Keuangan (2 ed.). PT RajaGrafindo Persada.

Koeshardjono, H., Wulandari, W., & Amani, T. (2024). Pengaruh CR, DAR dan DER Terhadap Harga Saham pada Perusahaan Sub Sektor Pertambangan Batubara yang Terdaftar di BEI. EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi, 3(6), 1170–1179. https://doi.org/10.56799/ekoma.v3i6.4584

Munawir, S. (2014). Analisa Laporan Keuangan (4 ed.). Liberty.

Mutakkabir, A. A., Misral, & Hastuti, D. (2025). Pengaruh Likuiditas, Profitabilitas, Dan Solvabilitas Terhadap Harga Saham Perusahaan Sub Sektor Kelapa Sawit Yang Terdaftar Di Bursa Efek Indonesia 2021-2024. Jurnal Ilmiah Mahasiswa Merdeka EMBA Vol., 5(2), 279–298. https://doi.org/10.25299/jafar.2025.21338

Natsir, K., Bangun, N., & Waani, A. M. (2023). Analisis Faktor-Faktor yang Mempengaruhi Likuiditas Pasar Saham. Jurnal Ekonomi, 28(2), 155–176. https://doi.org/10.24912/je.v28i2.1414

Purnamasari, A. (2025). Mekanisme Perkembangan Pasar Modal Sebagai Salah Satu Produk Investasi di Masyarakat. Jurnal Rumpun Manajemen dan Ekonomi, 2(3), 499–515. https://doi.org/10.61722/jrme.v2i3.4739

Salsabila, A., Adiza, T. N., Sulistyani, A., Gaol, P. L., & Laia, I. (2025). Pengaruh Likuiditas dan Profitabilitas terhadap Harga Saham pada Perusahaan Manufaktur Tekstil dan Garmen. Jurnal Ekonomi dan Bisnis, 4(1), 30–39. https://doi.org/10.57151/jeko.v4i1.877

Sari, M., Nugroho, A., & Wijaya, H. (2023). Debt to Equity Ratio and Stock Price Movement in the Consumer Goods Industry in Indonesia Stock Exchange. Jurnal Keuangan dan Bisnis, 10(1), 34–50.

Sinurat, M., Gunawan, D., & Syahputra, A. (2022). Buku Ajar Pasar Modal (1 ed.). PT Inovasi Pratama Internasional.

Siregar, B. (2019). Akuntansi Manajemen. Salemba Empat.

Sugiono. (2022). Metode Penelitian Kuantitatif, Kualitatif, dan R & D. Alfabeta.

Sukmadiana, M. Y., & Faeni, D. P. (2025). Peran Perusahaan Sub-Sektor Makanan Dan Minuman Dalam Mendorong Pertumbuhan Ekonomi Di Indonesia. Jurnal Riset Ilmiah, 2(9), 4229–4239.

Sukmahayati, L., & Suwaidi, R. A. (2021). Analisis Nilai Perusahaan pada Sektor Food and Beverages yang Terdaftar di Bursa Efek Indonesia (BEI). Jurnal E-Bis (Ekonomi Bisnis), 5(2), 425–438.

Wardhani, R., Vebtasvili, Aprilian, R., Yanto, Suhdi, Yunita, A., & Agustina, D. (2022). Mengenal Saham. K-Media.

Wardoyo, P. (2012). Pasar Modal (2 ed.). Semarang Universitas Press.

Widiatmodjo, S. (2014). Cara Sehat Investasi di Pasar Modal (2 ed.). PT.Gramedia.

Wildan, A. H., & Maithy, S. P. (2025). Pengaruh Current Ratio (CR), Return on Asset (ROA), Return on Equity (ROE) Terhadap Harga Saham pada Perusahaan Manufaktur Subsektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2021-2024. AKSIOMA : Jurnal Sains Ekonomi dan Edukasi, 2(7), 1686–1696. https://doi.org/10.62335/aksioma.v2i7.1525