Analisis Peran Good Corporate Governance dalam Memoderasi Hubungan Profitabilitas dan Harga Saham pada Perusahaan Manufaktur

Muhammad Irham Ramadhan; Bustanul Ulum; Dini Ayu Pramitasari

doi:10.31004/riggs.v5i2.9059

Authors

Muhammad Irham Ramadhan Universitas Gresik
Bustanul Ulum Universitas Gresik
Dini Ayu Pramitasari Universitas Gresik

DOI:

https://doi.org/10.31004/riggs.v5i2.9059

Keywords:

Profitabilitas, Harga Saham, Good Corporate Governance, Perusahaan Manufaktur, BEI

Abstract

Penelitian ini menginvestigasi hubungan antara profitabilitas dan harga saham perusahaan manufaktur di Bursa Efek Indonesia periode 2021-2024, dengan fokus pada peran moderasi Good Corporate Governance (GCG). Periode pasca-pandemi menunjukkan bahwa peningkatan laba tidak selalu berkorelasi langsung dengan apresiasi harga saham, mengindikasikan adanya faktor lain yang memengaruhi persepsi investor, seperti kualitas tata kelola. Penelitian ini menggunakan pendekatan kuantitatif eksplanatori dengan data panel dari perusahaan manufaktur yang tercatat di BEI, dianalisis menggunakan Moderated Regression Analysis (MRA). Variabel profitabilitas diukur dengan Return on Assets (ROA), harga saham diwakili oleh harga penutupan akhir tahun, dan GCG diproksikan melalui proporsi komisaris independen, kepemilikan institusional, dan keberadaan komite audit. Hasil analisis menunjukkan profitabilitas (ROA) memiliki pengaruh positif dan signifikan terhadap harga saham, menegaskan peran fundamentalnya dalam penilaian investor. Lebih lanjut, GCG bertindak sebagai variabel moderasi yang memperkuat hubungan positif antara ROA dan harga saham. Hal ini berarti perusahaan dengan profitabilitas yang sama akan mendapatkan respons pasar yang lebih positif jika memiliki tata kelola yang baik, karena GCG meningkatkan kepercayaan investor terhadap keandalan informasi laba dan mengurangi persepsi risiko. Temuan ini menekankan pentingnya sinergi antara kinerja keuangan dan praktik tata kelola yang efektif untuk meningkatkan nilai pasar perusahaan manufaktur. Implikasinya, manajemen perusahaan perlu fokus pada penguatan profitabilitas yang diiringi peningkatan kualitas GCG untuk menarik minat investor dan meningkatkan kapitalisasi pasar.

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