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

Yeti Puspita Sari; Anisaul Hasanah; Bustanul Ulum

doi:10.31004/riggs.v5i2.9174

Authors

Yeti Puspita Sari Universitas Gresik
Anisaul Hasanah Universitas Gresik
Bustanul Ulum Universitas Gresik

DOI:

https://doi.org/10.31004/riggs.v5i2.9174

Keywords:

Good Corporate Governance, Harga Saham, Perusahaan Manufaktur, Profitabilitas, Tata Kelola Perusahaan

Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh profitabilitas terhadap harga saham dan menguji peran Good Corporate Governance (GCG) sebagai variabel moderasi pada perusahaan manufaktur subsektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2019–2025. Penelitian menggunakan pendekatan kuantitatif eksplanatori dengan data sekunder berupa laporan keuangan tahunan, annual report, dan harga penutupan saham yang diperoleh dari Bursa Efek Indonesia, IDX Channel, serta publikasi resmi perusahaan. Sampel terdiri atas 35 perusahaan dengan 245 observasi data panel. Profitabilitas diukur menggunakan ROA, ROE, dan NPM, GCG diproksikan melalui komisaris independen, kepemilikan institusional, dan komite audit. Analisis dilakukan dengan prangkat SPSS melalui statistik deskriptif, uji asumsi klasik, dan Moderated Regression Analysis. Hasil penelitian menunjukkan bahwa profitabilitas berpengaruh positif signifikan terhadap harga saham, dengan ROA sebagai indikator paling dominan. GCG berpengaruh positif terhadap harga saham serta memperkuat hubungan profitabilitas dan harga saham. Kesimpulannya, laba yang tinggi akan memperoleh respons pasar lebih besar apabila didukung tata kelola yang efektif. Keterbatasan penelitian terletak pada fokus sektor dan variabel yang digunakan. Penelitian ini berkontribusi bagi investor, manajemen, regulator, serta pengembangan ilmu keuangan dan tata kelola perusahaan.

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