Pratiwi Hamzah
Universitas Palangka Raya, Palangka Raya

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Pengaruh Nilai Perusahaan dan Financial Distress terhadap Harga Saham dengan Struktur Modal sebagai Moderasi Oktami Nabella Tanjung; Rita Sarlawa; Dhina Sri Widyaningsih; Pratiwi Hamzah
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 7 No 4 (2026): May 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v7i4.9806

Abstract

This study is grounded in the volatility of LQ45 stock prices on the Indonesia Stock Exchange (IDX) during 2020–2024, influenced by global economic dynamics and post-pandemic conditions. This study aims to examine the impact of firm value and financial distress on stock prices, as well as to explore the role of capital structure as a moderating variable. The study employs a quantitative method with secondary data sourced from corporate financial reports. Purposive sampling technique yielded 9 companies with 45 observations. Data processing was conducted through PLS-SEM combined with Moderated Regression Analysis (MRA). The findings reveal that firm value has a positive and significant effect on stock prices (T-statistic = 5.912; p = 0.000), suggesting that higher company valuation leads to greater investor appreciation. In contrast, financial distress shows no significant effect on stock prices (β = 0.002; p = 0.990), as financial distress information for large-cap LQ45 issuers is already priced in early by investors. Capital structure successfully moderates the relationship between firm value and stock prices (T-statistic = 2.495; p = 0.013), indicating that an optimal financing composition strengthens the positive signal of firm value in the market. However, capital structure fails to moderate the impact of financial distress on stock prices (β = −0.189; p = 0.261), suggesting that market sentiment and external factors dominate stock price movements under financial pressure conditions. The overall model explains 55.1% of stock price variation. These results indicate that corporate financing decisions are more dominated by firm value and capital structure than by financial distress risk. This study provides managerial implications for investors and corporate management in designing increasingly accurate and strategic financial policies to enhance firm value and stock price stability in the capital market.
Pengaruh Inflasi, Suku Bunga dan Kurs Terhadap Harga Saham dengan Profitabilitas Sebagai Mediasi Cristian Danur Saputra; Solikah Nurwati; Pratiwi Hamzah; Dhina Sri Widyaningsih
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS) Vol 8 No 1 (2026): August 2026
Publisher : Forum Kerjasama Pendidikan Tinggi (FKPT)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47065/ekuitas.v8i1.10853

Abstract

This study was motivated by the inconsistency of previous research findings regarding the effects of inflation, interest rates, and exchange rates on stock prices, particularly concerning the role of profitability as a mediating variable in Food and Beverage sub-sector companies. The study aims to analyze the effects of inflation, interest rates, and exchange rates on stock prices, both directly and indirectly through profitability. This research employed a quantitative approach with a causal associative research design. The sample was selected using purposive sampling from Food and Beverage sub-sector companies listed on the Indonesia Stock Exchange during the 2020–2025 period. Data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) with SmartPLS software through the evaluation of the measurement model, structural model, and the testing of direct and indirect effects. The novelty of this study lies in the use of profitability, proxied by Net Profit Margin (NPM) and Return on Assets (ROA), as a mediating variable in the relationship between macroeconomic variables and stock prices in the Consumer Non-Cyclicals sector. The results of the direct and indirect effect analyses indicate that inflation has a positive effect on stock prices (β = 0.006; t-statistic = 0.066; p-value = 0.947), interest rates have a positive effect on stock prices (β = 0.028; t-statistic = 0.215; p-value = 0.830), exchange rates have a negative effect on stock prices (β = −0.118; t-statistic = 0.945; p-value = 0.344), inflation has a negative effect on profitability (β = −0.059; t-statistic = 0.543; p-value = 0.587), interest rates have a negative effect on profitability (β = −0.179; t-statistic = 1.380; p-value = 0.168), exchange rates have a positive and significant effect on profitability (β = 0.342; t-statistic = 2.571; p-value = 0.010), profitability has a significant positive effect on stock prices (β = 0.349; t-statistic = 4.909; p-value = 0.000), inflation has a negative indirect effect on stock prices through profitability (β = −0.021; t-statistic = 0.533; p-value = 0.594), interest rates have a negative indirect effect on stock prices through profitability (β = −0.062; t-statistic = 1.313; p-value = 0.189), and exchange rates have a positive and significant indirect effect on stock prices through profitability (β = 0.119; t-statistic = 2.338; p-value = 0.019). This study provides empirical evidence by reinforcing the role of profitability as a transmission mechanism through which exchange rates affect stock prices and serves as a valuable reference for investors, companies, and future research.