Analisis Pengaruh PER, PBV, DER, CR, Dan ROA Terhadap Harga Saham Perusahaan Sektor Telekomunikasi Yang Terdaftar Di BEI Periode 2020-2024

Pondra Irgo Alfino, Elton Buyung Satrianto S.E., MBA

2026 | Tugas Akhir | D4 PERBANKAN

Harga saham merupakan indikator penting yang digunakan investor dalam

pengambilan keputusan investasi di pasar modal, khususnya pada sektor

telekomunikasi yang memiliki peran strategis dalam perekonomian nasional dan

terus berkembang seiring meningkatnya penetrasi digital di Indonesia. Meskipun

secara teoritis kinerja keuangan yang baik seharusnya tercermin pada harga saham

yang tinggi, kenyataannya hubungan antara rasio keuangan dan harga saham tidak

selalu konsisten, sehingga masih terdapat kesenjangan antara teori dan bukti

empiris, terutama pada periode 2020-2024 yang diwarnai guncangan pandemi

COVID-19 dan pemulihan ekonomi pascapandemi. Penelitian ini bertujuan untuk

menganalisis dan membuktikan pengaruh Price Earning Ratio (PER), Price to

Book Value (PBV), Debt to Equity Ratio (DER), Current Ratio (CR), dan Return

on Assets (ROA) terhadap harga saham perusahaan sektor telekomunikasi yang

terdaftar di Bursa Efek Indonesia (BEI) periode 2020-2024, baik secara parsial

maupun simultan.

Penelitian ini menggunakan pendekatan kuantitatif kausal dengan data

sekunder berupa laporan keuangan perusahaan yang dipilih melalui teknik

purposive sampling. Analisis data dilakukan dengan regresi data panel

menggunakan Random Effect Model (REM) yang dikoreksi dengan robust

standard error. Hasil penelitian menunjukkan bahwa secara simultan, PER, PBV, DER, CR,

dan ROA berpengaruh signifikan terhadap harga saham (uji Wald), dengan nilai

koefisien determinasi (R2 overall) sebesar 49,80%. Secara parsial, PBV

berpengaruh positif signifikan dan DER berpengaruh negatif signifikan terhadap

harga saham, sementara PER, CR, dan ROA tidak menunjukkan pengaruh yang

signifikan. Temuan ini mengindikasikan bahwa investor pada saham sektor

telekomunikasi lebih mempertimbangkan valuasi pasar (PBV) dan risiko struktur

modal (DER) dibandingkan rasio profitabilitas jangka pendek dan likuiditas.

Stock price is a key indicator used by investors in making investment

decisions in the capital market, particularly in the telecommunications sector,

which plays a strategic role in the national economy and continues to grow

alongside increasing digital penetration in Indonesia. Although sound financial

performance should theoretically be reflected in higher stock prices, the

relationship between financial ratios and stock prices is not always consistent,

leaving a gap between theory and empirical evidence, especially during the

2020-2024 period, which was marked by the COVID-19 pandemic shock and the

subsequent economic recovery. This study aims to analyze and verify the effect of

Price Earning Ratio (PER), Price to Book Value (PBV), Debt to Equity Ratio

(DER), Current Ratio (CR), and Return on Assets (ROA) on the stock prices of

telecommunications companies listed on the Indonesia Stock Exchange (IDX)

during the 2020-2024 period, both partially and simultaneously.

This study applies a quantitative causal approach using secondary data

from company financial reports selected through purposive sampling. The data

were analyzed using panel data regression with the Random Effect Model (REM),

corrected with robust standard errors. The results show that simultaneously, PER, PBV, DER, CR, and ROA have a

significant effect on stock prices (Wald test), with an overall coefficient of

determination (R2) of 49.80%. Partially, PBV has a significant positive effect and

DER has a significant negative effect on stock prices, while PER, CR, and ROA

show no significant effect. These findings indicate that investors in

telecommunications stocks place greater weight on market valuation (PBV) and

capital-structure risk (DER) than on short-term profitability and liquidity ratios.

Kata Kunci : harga saham, rasio keuangan, sektor telekomunikasi, regresi data panel, Bursa Efek Indonesia / stock price, financial ratios, telecommunications sector, panel data regression, Indonesia Stock Exchange