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All Journal Jurnal Manajemen dan Bisnis Baja (JUMANIS BAJA)
Afni Alifia Agustin
Universitas Kuningan
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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PENGARUH KINERJA KEUANGAN DAN INFLASI TERHADAP HARGA SAHAM PERUSAHAAN SUBSEKTOR FARMASI  2019-2023 Yasir Maulana; Afni Alifia Agustin; Dede Djuniardi
Jurnal Manajemen dan Bisnis Vol. 8 No. 1 (2026): Jurnal Manajemen dan Bisnis Baja (JUMANIS BAJA)
Publisher : LPPM Universitas Banten jaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47080/jmb.v8i1.4442

Abstract

This research examines how internal financial conditions and inflation influence the stock prices of pharmaceutical sub-sector firms listed on the Indonesia Stock Exchange over the 2019–2023 period. Financial performance is represented by liquidity (Current Ratio/CR), leverage (Debt to Asset Ratio/DAR), and profitability (Return on Equity/ROE), while inflation is included as an external macroeconomic variable. The study applies a quantitative methodology with multiple linear regression as the main analytical tool. Secondary data are collected from corporate financial reports and publications issued by the Central Statistics Agency. The empirical results indicate that liquidity, leverage, profitability, and inflation jointly influence stock price movements. When examined individually, profitability shows a positive relationship with stock prices, whereas liquidity, leverage, and inflation exhibit negative but statistically insignificant effects. Overall, the findings suggest that sound financial performance combined with a stable macroeconomic environment contributes to strengthening investor confidence and shaping stock price dynamics in pharmaceutical sub-sector companies.
Co-Authors Dede Djuniardi Yasir Maulana