PENGARUH LIKUIDITAS, PROFITABILITAS, DAN STRUKTUR MODAL TERHADAP HARGA SAHAM PT. GARUDA INDONESIA (PERSERO) TBK (GIAA) PADA PERIODE (2016-2024) - Abrar Adhariansyah; Riyandi Nursumawidjaja (Komunitas Manajemen Kompetitif, 2025)
Abstract This study aims to analyze the influence of liquidity, profitability, and capital structure on the share price of PT. Garuda Indonesia (Persero) Tbk (GIAA) during the 2016–2024 period. This study uses a quantitative approach with secondary data sourced from annual financial statements and official publications of the Indonesia Stock Exchange. The research sample was determined through purposive sampling techniques, with multiple linear regression analysis methods to test the influence of Current Ratio (CR), Return on Equity (ROE), and Debt to Equity Ratio (DER) on stock prices. The test results show that partially or simultaneously, CR, ROE, and DER have a positive and significant effect on the share price of PT. Garuda Indonesia. A determination coefficient value (R²) of .950 indicates that 95% of stock price variations can be explained by the variables of liquidity, profitability, and capital structure, while the rest is influenced by other factors outside the research model. These findings confirm that fundamental financial performance has an important role in determining the valuation of a company's shares in the capital market. Keywords: Current Ratio, Return On Equity, Debt To Equity Ratio, Stock Price Abstrak Penelitian ini bertujuan untuk menganalisis pengaruh likuiditas, profitabilitas, dan struktur modal terhadap harga saham PT. Garuda Indonesia (Persero) Tbk (GIAA) selama periode 2016–2024. Penelitian ini menggunakan pendekatan kuantitatif dengan data sekunder yang bersumber dari laporan keuangan tahunan dan publikasi resmi Bursa Efek Indonesia. Sampel penelitian ditentukan melalui teknik purposive sampling, dengan metode analisis regresi linier berganda untuk menguji pengaruh Current Ratio (CR), Return on Equity (ROE), dan Debt to Equity Ratio (DER) terhadap harga saham. Hasil pengujian menunjukkan bahwa secara parsial maupun simultan, CR, ROE, dan DER berpengaruh positif dan signifikan terhadap harga saham PT. Garuda Indonesia. Nilai koefisien determinasi (R²) sebesar .950 mengindikasikan bahwa 95% variasi harga saham dapat dijelaskan oleh variabel likuiditas, profitabilitas, dan struktur modal, sementara sisanya dipengaruhi oleh faktor lain di luar model penelitian. Temuan ini menegaskan bahwa kinerja keuangan fundamental memiliki peran penting dalam menentukan valuasi saham perusahaan di pasar modal. Kata Kunci: Current Ratio, Return On Equity, Debt to Equity Ratio, Harga Saham