The Effect of Leverage on Stock Prices is Moderated by Liquidity in Food and Beverage Subsector Companies on the Indonesia Stock Exchange
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Dec 13, 2022
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Abstract
This study aims to examine and analyze the effect of leverage on stock prices moderated by liquidity in food and beverage sub-sector companies listed on the Indonesia Stock Exchange. Data collection uses secondary data, namely the company's financial statements for the 2018-2021 period using purposive sampling technique with 10 companies so that 40 samples are obtained. The results of these financial statements have been tested for classical assumptions, linear regression tests and Moderated Regression Analysis (MRA). The results showed that the first, second, and third hypotheses were rejected because leverage and liquidity had no partial effect on stock prices and liquidity was unable to moderate the effect of leverage on stock prices. Meanwhile, the fourth hypothesis is accepted because leverage and liquidity have no simultaneous effect on stock prices.
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How to Cite
Rosmayani, Syamsul Ridjal, & Edy Jumady. (2022). The Effect of Leverage on Stock Prices is Moderated by Liquidity in Food and Beverage Subsector Companies on the Indonesia Stock Exchange. Enrichment : Journal of Management, 12(5), 3892-3899. https://doi.org/10.35335/enrichment.v12i5.972
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Tjiptono, D., & Fakhruddin. (2012). Pasar Modal Di Indonesia. Edisi Ketiga. Penerbit Salemba Empat.
Arumuninggar, M., & Mildawati, T. (2022). Pengaruh Profitabilitas, Leverage dan Likuiditas terhadap Harga Saham Pada Perusahaan Makanan dan Minuman di BEI. Jurnal Ilmu Dan Riset Akuntansi, 11(3), 1–18.
Azzahra, D. S., & Ramadhan, Z. (2021). Debt To Equity Ratio, Price Earning Ratio, Current Ratio, Harga Saham Perusahaan Sub Sektor Telekomunikasi. Jurnal Muhammadiyah Manajemen Bisnis, 2(1), 43. https://doi.org/10.24853/jmmb.2.1.173-180
Firmansyah, I., & Maharani, A. (2021). Pengaruh Current Ratio (Cr) Dan Debt To Equity Ratio (Der) Terhadap Harga Saham Pada Perusahaan Sektor Infrastruktur, Utilitas, Dan Transportasi Yang Terdaftar Di’Bei. Land Journal, 2(1), 11–22. https://doi.org/10.47491/landjournal.v2i1.1033
Gozali, I., & Latan, H. (2015). Patrial Least Squeres Konsep, Teknik, dan Aplikasi Menggunakan Program SmartPLS3.0. Universitas Diponegoro (UNDIP).
Jain, M., & Singla, R. (2022). Role of leverage and liquidity risk in asset pricing: evidence from Indian stock market. Vilakshan - XIMB Journal of Management, 19(2), 128–141. https://doi.org/10.1108/xjm-08-2020-0088
Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 423–431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423
Jumady, E., Sahidah, S., Arief, M. F., & Utari, I. H. (2022). Nilai Perusahaan: Efek Kebijakan Dividen, Kebijakan Hutang dan Keputusan Investasi Pada Industri Manufaktur. JIMEA | Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 6(1), 991–1003.
Kasmir. (2013). Analisis Laporan Keuangan (Revisi). PT. Raja Grafindo Persada.
Kohansal, M. R., Dadrasmoghaddam, A., Karmozdi, K. M., & Mohseni, A. (2013). Relationship between Financial Ratios and Stock Prices for the Food Industry Firms in Stock Exchange of Iran. World Applied Programming, 3(10), 512–521. www.tijournals.com
N.S, J. P., & Sunartiyo, S. (2020). Pengaruh Current Ratio Dan Debt To Equity Ratio Terhadap Harga Saham Pt. Indosat, Tbk. Jurnal Manajemen Bisnis Krisnadwipayana, 8(3). https://doi.org/10.35137/jmbk.v8i3.473
Nugraha, N., & Mertha, I. (2016). Likuiditas Sebagai Pemoderasi Pengaruh Profitabilitas Dan Struktur Modal Pada Return Saham Perusahaan Manufaktur. E-Jurnal Akuntansi, 15(1), 407–432.
Nurismalatri, N., & Artika, E. D. (2022). Pengaruh Current Ratio (CR) Dan Debt To Equity Ratio (DER) Terhadap Harga Saham Pada Perusahaan Consumer Goods Yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2015-2020. Jurnal Ilmiah PERKUSI, 2(1), 71. https://doi.org/10.32493/j.perkusi.v2i1.17625
Syahzuni, B. A., & Sari, R. D. (2022). Pengaruh Kualitas Laba Dan Financial Leverage Terhadap Kinerja Keuangan Dengan Reaksi Pasar Sebagai Variabel Intervening. Jurnal Akuntansi Bisnis, 15(1), 41–51. https://doi.org/10.30813/jab.v15i1.2932
Tjiptono, D., & Fakhruddin. (2012). Pasar Modal Di Indonesia. Edisi Ketiga. Penerbit Salemba Empat.