PENGARUH KINERJA KEUANGAN TERHADAP HARGA SAHAM PADA PERUSAHAAN KEUANGAN YANG TERDAFTAR DI INDONESIA SHARIA STOCK INDEX (ISSI) PERIODE 2018 - 2024

Authors

  • Sukmawati Bebby Novelia Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sultan Thaha Saifuddin Jambi
  • Anzu Elvira Zahara Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sultan Thaha Saifuddin Jambi
  • Fauzan Ramli Fakultas Ekonomi dan Bisnis Islam, Universitas Islam Negeri Sultan Thaha Saifuddin Jambi

DOI:

https://doi.org/10.24252/iqtishaduna.v7i4.71134

Abstract

Abstrak

Studi ini bertujuan untuk menilai dampak kinerja keuangan terhadap harga saham perusahaan sektor keuangan yang termasuk dalam Indeks Saham Syariah Indonesia (ISSI) dari tahun 2018 hingga 2024. Variabel independen dalam penelitian ini adalah Rasio Utang terhadap Ekuitas (DER), Rasio Harga terhadap Laba (PER), dan Return on Equity (ROE), sedangkan variabel dependennya adalah harga saham. Metodologi yang digunakan adalah regresi data panel dengan teknik Fixed Effect Model (FEM). Hasil penelitian menunjukkan bahwa, sampai batas tertentu, DER tidak berpengaruh signifikan terhadap harga saham, PER juga tidak memiliki pengaruh substansial terhadap harga saham, dan ROE memiliki pengaruh positif dan cukup besar terhadap harga saham. DER, PER, dan ROE secara bersamaan memiliki pengaruh substansial terhadap harga saham perusahaan yang terdaftar di ISSI. Hal ini menunjukkan bahwa profitabilitas, seperti yang ditunjukkan oleh ROE, lebih signifikan memengaruhi harga saham dibandingkan ukuran lainnya.

Kata Kunci: Harga Saham, ISSI, DER, PER, ROE.

 

Abstract

This study aimed to assess the impact of financial performance on stock prices of financial sector firms included on the Indonesia Sharia Stock Index (ISSI) from 2018 to 2024.  The independent variables in this study are the Debt to Equity Ratio (DER), Price to Earnings Ratio (PER), and Return on Equity (ROE), while the dependent variable is the stock price.  The used methodology is panel data regression using the Fixed Effect Model (FEM) technique.  The study findings indicate that, to some extent, DER does not significantly influence stock prices, PER similarly lacks a substantial impact on stock prices, and ROE has a positive and considerable effect on stock prices.  DER, PER, and ROE concurrently have a substantial influence on the stock prices of firms listed on the ISSI.  This suggests that profitability, as shown by ROE, more significantly impacts stock prices than other measures.

Keywords : Stock Price, ISSI, DER, PER, ROE.

Downloads

Published

2026-07-28

Issue

Vol. 7 No. 4 (2026): Juli

Section

Volume 7 Nomor 4 Juli 2026

License

Copyright (c) 2026 Sukmawati Bebby Novelia, Anzu Elvira Zahara, Fauzan Ramli

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Once an article was published in the journal, the author(s) are:

  • to retain copyright and grant to the journal right licensed under Creative Commons License Attribution that allows others to share the work with an acknowledgement of the work's authorship.
  • permitted to publish their work online in third parties as it can lead wider dissemination of the work, with an acknowledgement of its initial publication in this journal
  • continue to be the copyright owner and allow the journal to publish the article with the CC BY-NC-SA license
  • receiving a DOI (Digital Object Identifier) of the work.