Analisis Makroekonomi dan Fundamental Keuangan pada Penilaian Kinerja Saham Index High Dividend 20
DOI:
https://doi.org/10.31004/riggs.v5i2.12424Keywords:
Makroekonomi, fundamental keuangan, Harga Saham, IDX High Dividend 20, Regresi data panelAbstract
Penelitian ini bertujuan untuk menganalisis pengaruh faktor makroekonomi dan fundamental keuangan terhadap harga saham perusahaan yang tergabung dalam IDX High Dividend 20 sektor keuangan. Variabel independen yang digunakan meliputi inflasi, suku bunga (BI Rate), kurs dolar Amerika Serikat, Return on Assets (ROA), Dividend Payout Ratio (DPR), dan Loan to Deposit Ratio (LDR), sedangkan variabel dependen adalah harga saham. Penelitian menggunakan pendekatan kuantitatif dengan metode regresi data panel terhadap tujuh perusahaan sektor keuangan selama periode 2018–2024 menggunakan data sekunder yang diperoleh dari Bursa Efek Indonesia, Bank Indonesia, dan laporan keuangan perusahaan. Analisis dilakukan menggunakan Common Effect Model (CEM), Fixed Effect Model (FEM), Random Effect Model (REM), serta uji Chow, Hausman, Lagrange Multiplier, dan uji asumsi klasik. Hasil penelitian menunjukkan bahwa secara parsial inflasi, BI Rate, kurs dolar, Dividend Payout Ratio (DPR), dan Loan to Deposit Ratio (LDR) tidak berpengaruh signifikan terhadap harga saham, sedangkan Return on Assets (ROA) berpengaruh positif dan signifikan. Secara simultan seluruh variabel independen berpengaruh signifikan terhadap harga saham. Temuan ini menunjukkan bahwa profitabilitas merupakan faktor fundamental yang paling dipertimbangkan investor dalam menilai saham perusahaan sektor keuangan yang tergabung dalam IDX High Dividend 20.
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