Kinerja Keuangan dan Pengembalian Saham di Sektor Telekomunikasi Indonesia: Studi Data Panel

Liya Saputri; Kahar Kahar; Ambo Uleng; Asrawan Asrawan

doi:10.31004/riggs.v5i2.10933

Authors

Liya Saputri Universitas Syekh Yusuf Al Makassari Gowa
Kahar Kahar Universitas Syekh Yusuf Al Makassari Gowa
Ambo Uleng Universitas Syekh Yusuf Al Makassari Gowa
Asrawan Asrawan Universitas Syekh Yusuf Al Makassari Gowa

DOI:

https://doi.org/10.31004/riggs.v5i2.10933

Keywords:

Pengembalian Saham, Kinerja Keuangan, Return On Assets, Debt To Asset Ratio, Current Ratio, Earnings Per Share

Abstract

Industri telekomunikasi Indonesia memainkan peran strategis dalam transformasi digital, namun pengembalian hasil sahamnya tetap sensitif terhadap kinerja keuangan, intensitas modal, perubahan teknologi, dan ketidakpastian pasar. Studi ini bertujuan untuk meneliti pengaruh Return on Assets (ROA), Debt to Asset Ratio (Utang terhadap Aset), Current Ratio (CR), dan Earnings per Share (EPS) terhadap pengembalian hasil saham di antara perusahaan telekomunikasi yang terdaftar di Bursa Efek Indonesia. Studi ini menggunakan pendekatan kuantitatif eksploratif dengan data sekunder dari laporan keuangan tahunan dan informasi harga saham untuk periode 2017-2021. Sampel terdiri dari 10 perusahaan telekomunikasi yang dipilih melalui purposive sampling, dan data dianalisis menggunakan regresi data panel dengan Model Efek Tetap. Hasil penelitian menunjukkan bahwa Return on Assets (ROA) memiliki pengaruh positif tetapi tidak signifikan terhadap pengembalian hasil saham, yang mengindikasikan bahwa profitabilitas berbasis aset bukanlah sinyal dominan bagi investor di sektor padat modal ini. Debt to Asset Ratio (Utang terhadap Aset) memiliki pengaruh negatif dan signifikan, yang menunjukkan bahwa investor menganggap leverage yang tinggi sebagai risiko keuangan. Current Ratio (CR) juga memiliki pengaruh negatif dan signifikan, yang menyiratkan bahwa likuiditas yang berlebihan dapat menandakan pemanfaatan aset yang tidak efisien. Laba per Saham menunjukkan efek negatif, yang mengindikasikan bahwa investor mungkin menafsirkan laba dengan hati-hati ketika dipengaruhi oleh beban utang, depresiasi, dan siklus investasi teknologi. Temuan ini menunjukkan bahwa rasio keuangan harus ditafsirkan secara kontekstual di perusahaan telekomunikasi. Studi ini memberikan bukti spesifik sektor pada literatur pengembalian saham dan menawarkan implikasi bagi investor dan manajer keuangan perusahaan.

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