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All Journal JURNAL PENDIDIKAN TAMBUSAI Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Darmawan, Lauwrencia
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Economics, Econometrics & Finance Social Sciences

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The Impact of Changes in Short-Term Liabilities on the Share Price of PT XL Smart Tbk Darmawan, Lauwrencia; Rachel Nur Ruhama Simatupang; Elizabeth Tiur Manurung
Ilmu Ekonomi Manajemen dan Akuntansi Vol. 6 No. 2 (2025): Jurnal Ilmu Ekonomi Manajemen dan Akuntansi
Publisher : Universitas Mohammad Husni Thamrin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37012/ileka.v6i2.3191

Abstract

This study investigates the influence of short-term liabilities on the stock price of PT XL Smart Tbk over the period 2018–2025 using a simple linear regression framework based on 29 quarterly observations. Short-term liabilities are employed as the independent variable to assess the extent to which fluctuations in the company’s immediate financial obligations shape variations in its stock price. The regression results indicate a coefficient of –0.000309142, suggesting that an increase in short-term liabilities is associated with a decrease in stock price. However, the corresponding p-value of 0.117562308 demonstrates that this relationship is not statistically significant at the 5% significance level. The ANOVA output supports this finding, with a Significance F value of 0.117562308, indicating that the regression model does not provide sufficient explanatory power to establish a statistically meaningful relationship between the variables. The coefficient of determination (R Square = 0.0882633718) shows that only 8.83% of the variation in PT XL Smart Tbk’s stock price during 2018–2025 can be explained by short-term liabilities, while the remaining variation is influenced by macroeconomic conditions, sectoral dynamics within the telecommunications industry, market sentiment, and the firm’s operational performance. Although the effect is not statistically significant, the negative coefficient retains theoretical relevance within capital structure theories—particularly the Trade-Off Theory, Pecking Order Theory, and Signaling Theory—which posit that higher short-term financial obligations may elevate liquidity risk and potentially transmit adverse signals to investors.
Pengaruh Perubahan Liabilitas Jangka Pendek terhadap Harga Saham PT Telekomunikasi Indonesia Tbk Simatupang, Rachel Nur Ruhama; Darmawan, Lauwrencia; Manurung, Elizabeth Tiur
Jurnal Pendidikan Tambusai Vol. 10 No. 1 (2026)
Publisher : LPPM Universitas Pahlawan Tuanku Tambusai, Riau, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31004/jptam.v10i1.36438

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh liabilitas jangka pendek terhadap harga saham PT Telkom Indonesia Tbk sepanjang periode 2017–2024 dengan menggunakan pendekatan regresi linear sederhana. Variabel independen berupa liabilitas jangka pendek dianalisis untuk menilai sejauh mana perubahan struktur kewajiban jangka pendek perusahaan berkontribusi terhadap fluktuasi harga saham. Berdasarkan hasil estimasi, diperoleh koefisien regresi sebesar – 0,017203914 yang menunjukkan bahwa peningkatan liabilitas jangka pendek cenderung diikuti oleh penurunan harga saham. Nilai p-value sebesar 0,01773664 mengindikasikan bahwa pengaruh tersebut signifikan secara statistik pada tingkat signifikansi 5 persen. Temuan ini diperkuat oleh hasil uji ANOVA yang menunjukkan nilai Significance F sebesar 0,01773664, yang berarti bahwa model regresi secara keseluruhan signifikan dalam menjelaskan hubungan antara variabel. Nilai koefisien determinasi (R Square = 0,1848) menunjukkan bahwa 18,48% variasi harga saham PT Telkom Indonesia Tbk dapat dijelaskan oleh liabilitas jangka pendek, sementara sisanya dipengaruhi oleh faktor-faktor lain seperti dinamika kondisi makroekonomi, kebijakan industri telekomunikasi, sentimen pasar, serta kinerja operasional perusahaan. Secara teoritis, arah negatif koefisien konsisten dengan Trade-Off Theory, Pecking Order Theory, dan Signaling Theory, yang menjelaskan bahwa peningkatan kewajiban jangka pendek dapat memperbesar risiko likuiditas dan menurunkan persepsi investor terhadap stabilitas keuangan perusahaan. Signifikansi pengaruh yang ditemukan mengindikasikan bahwa investor memperhatikan perubahan liabilitas jangka pendek sebagai indikator penting dalam menilai prospek saham PT Telkom Indonesia Tbk.
Co-Authors Elizabeth Tiur Manurung Rachel Nur Ruhama Simatupang Simatupang, Rachel Nur Ruhama