Pengaruh Profitabilitas dan Struktur Model terhadap Pergerakan Harga Saham pada Perusahaan Manufaktur yang Mengadopsi Teknologi Industry 4.0 di BEI

Ahmad Hanavy; Anisaul Hasanah; Firdaus Indrajaya Tuharea

doi:10.31004/riggs.v5i2.9726

Authors

Ahmad Hanavy Universitas Gresik
Anisaul Hasanah Universitas Gresik
Firdaus Indrajaya Tuharea Universitas Gresik

DOI:

https://doi.org/10.31004/riggs.v5i2.9726

Keywords:

Debt to Equity Ratio, Harga Saham, Industry 4.0, Profitabilitas, Transformasi Digital

Abstract

Perkembangan teknologi Industry 4.0 telah mendorong transformasi digital pada perusahaan manufaktur melalui penerapan artificial intelligence, Internet of Things (IoT), big data analytics, dan otomatisasi produksi. Transformasi tersebut tidak hanya meningkatkan efisiensi operasional, tetapi juga memengaruhi kinerja keuangan dan persepsi investor terhadap perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh profitabilitas dan struktur modal terhadap pergerakan harga saham pada perusahaan manufaktur yang mengadopsi teknologi Industry 4.0 di Bursa Efek Indonesia (BEI). Penelitian menggunakan pendekatan kuantitatif dengan jenis penelitian eksplanatori. Sampel penelitian terdiri atas 35 perusahaan manufaktur yang terdaftar di BEI selama periode 2020–2025 dengan total 210 observasi data panel. Data diperoleh dari laporan keuangan tahunan yang telah diaudit, annual report perusahaan, publikasi resmi Bursa Efek Indonesia, dan data historis harga saham. Analisis data dilakukan menggunakan regresi data panel dengan bantuan perangkat lunak IBM SPSS Statistics dan EViews melalui pengujian statistik deskriptif, uji asumsi klasik, pemilihan model data panel, uji parsial (t), uji simultan (F), dan koefisien determinasi (R²). Hasil penelitian menunjukkan bahwa Return on Assets (ROA), Return on Equity (ROE), dan Net Profit Margin (NPM) berpengaruh positif dan signifikan terhadap pergerakan harga saham, sedangkan Debt to Equity Ratio (DER) berpengaruh negatif dan signifikan. Secara simultan, profitabilitas dan struktur modal terbukti berpengaruh signifikan terhadap harga saham. Temuan ini menunjukkan bahwa kemampuan perusahaan dalam menghasilkan laba dan mengelola struktur pembiayaan secara efektif merupakan faktor penting dalam meningkatkan kepercayaan investor dan nilai pasar perusahaan pada era transformasi digital industri.

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