PENGARUH RASIO PROFITABILITAS, LEVERAGE, DAN UKURAN PERUSAHAAN TERHADAP HARGA SAHAM (STUDI PADA PERUSAHAAN SEKTOR INDUSTRI INDEKS LQ45 PERIODE 2023-2025)

Abstract

This study aims to analyze the effect of profitability, proxied by Return on Assets (ROA), leverage, proxied by Debt to Equity Ratio (DER), and firm size on stock prices of industrial sector companies included in the LQ45 Index listed on the Indonesia Stock Exchange (IDX) during the 2023–2025 period. This research is motivated by the importance of corporate financial performance information as a basis for investors in making investment decisions in the capital market. This study employed a quantitative approach with a causal research design. The data used were secondary data obtained from the financial statements of industrial sector companies included in the LQ45 Index during the observation period. Multiple linear regression analysis was applied to examine the partial and simultaneous effects of the independent variables on the dependent variable. The findings indicate that, partially, profitability (ROA) has no significant effect on stock prices, suggesting that the company's ability to generate profits has not directly influenced stock price movements. Likewise, leverage (DER) does not have a significant effect on stock prices, indicating that the level of corporate debt is not the primary consideration for investors in valuing company shares. In contrast, firm size has a positive and significant effect on stock prices, implying that companies with larger total assets tend to have higher stock values. Simultaneously, profitability (ROA), leverage (DER), and firm size have a significant effect on stock prices. These findings suggest that companies should maintain strong financial performance and expand their business scale to enhance investor confidence and increase firm value.