Company Size Moderates the Influence of Profitability and Liquidity on Stock Prices

Teti Fitriansyah; Acep  Komara

doi:10.55227/ijhess.v5i6.2354

Authors

Teti Fitriansyah Universitas Swadaya Gunung Jati
Acep Komara Universitas Swadaya Gunung Jati

DOI:

https://doi.org/10.55227/ijhess.v5i6.2354

Keywords:

Return on Assets, Current Ratio, Stock price, Company Size

Abstract

This study aims to provide empirical understanding of the effect of financial performance, particularly profitability (ROA) and liquidity (CR), on stock prices, with company size as a moderating variable. This study uses a quantitative method with an associative causal approach. The research population includes transportation sector companies listed on the Indonesia Stock Exchange, and through purposive sampling, 15 companies were selected with a total of 45 observations during the 2022–2024 period. Data analysis was performed using Moderated Regression Analysis (MRA) with a Random Effect model and processed using STATA 17 software. The results showed that Return on Assets (ROA) had no significant effect on stock prices with a probability value of 0.644, while Current Ratio (CR) also showed no significant effect with a probability value of 0.351. Simultaneously, ROA and CR did not significantly affect stock prices, indicated by a Wald chi² probability value of 0.6132. However, company size significantly moderated the relationship between ROA and stock prices in a strengthening direction (p-value = 0.007), while company size weakened the effect of CR on stock prices (p-value = 0.000). These findings indicate that larger companies tend to strengthen investor confidence in profitability performance, whereas excessive liquidity in large firms may be perceived as inefficient asset management. This study shows that transportation companies need to optimize asset management efficiency and adjust liquidity strategies according to company characteristics to maintain stock value and increase investor confidence

References

Aditya, Y., & Putra, A. N. M. (2025). Pengaruh Profitabilitas (ROA), (ROE), dan Leverage (DER) terhadap Harga Saham Perusahaan Pertambangan yang Terdaftar di BEI 2019-2023. Jurnal Mutiara Ilmu Akuntansi, 3(2), 60–72.

Alydiya, S. A., & Berliani, K. (2025). Pengaruh Struktur Aset, ROA, CR dan Debt to Equity Ratio terhadap Harga Saham. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(3), 682–689. https://doi.org/10.31004/riggs.v4i3.2113

Andari, A., Sitorus, P. R., Nababan, T., Angelia, N., & Purba, M. R. (2024). Pengaruh profitabilitas Terhadap Harga Saham Dengan Ukuran Perusahaan Sebagai Variabel Moderating pada perusahaan Sektor Food and Beverage di Bursa Efek Indonesia 2020-2022. Jurnal Ekonomi Bisnis Manajemen Prima, 5(2), 48–56. www.idx.co.id

Aprilyani, K., & Siswanti, T. (2023). PENGARUH CURRENT RATIO (CR), DEBT TO EQUITY RATIO (DER), RETURN ON ASSET (ROA) TERHADAP HARGA SAHAM PADA PERUSAHAAN SEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BEI TAHUN 2017-2019. 3(1), 30–43.

Arisudhana, D., & Priyanto, S. (2023). Ukuran Perusahaan Memoderasi Pengaruh Beberapa Faktor Rasio. Jurnal Akuntansi, Keuangan, Perpajakan Dan Tata Kelola Perusahaan (JAKPT), 1(2), 232–246.

Budiman, R. (2021). Rahasia Analisis Fundamental Saham (Edisi Revi). PT Gramedia.

Christine, D., & Winarti, W. (2022). Pengaruh Return on Assets (ROA), Return on Equity (ROE), dan Earning per Share (EPS) terhadap harga saham. Owner, 6(4), 4113–4124. https://doi.org/10.33395/owner.v6i4.1096

Grenee, W. (2008). Econometric analysis.

Hakim, H. D., Yusnita, R. T., & Siddiqa, H. (2026). PERAN UKURAN PERUSAHAAN DALAM MEMODERASI RASIO KEUANGAN DAN RASIO PASAR TERHADAP HARGA SAHAM (STUDI EMPIRISINDUSTRI MEDIA DAN TEKNOLOGI YANG TERDAFTAR DI BEI PERIODE 2021-2024). Jurnal Ilmiah Akuntansi Keuangan Dan Bisnis, 6(2).

Hartono, J. (2013). Teori Portofolio dan Analisis Investasi. BPFE.

Hidayat, D. M., & Pertiwi, T. K. (2021). the Effect of Profitability on Stock Price With Company Size As a Modering Variable. Jurnal Ekonomi Balance, 17(1), 128–137. https://doi.org/10.26618/jeb.v17i2.6281

Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm : Managerial Behavior , Agency Costs and Ownership Structure Theory of the Firm : Managerial Behavior , Agency Costs and Ownership Structure. ECONOMICS AND SOCIAL INSTITUTIONS.

Kasmir. (2019). Analisis Laporan Keuangan. RajaGrafindo Persada.

Khoirunnisa, Y. (2025). Rekap IHSG Sepanjang 2024. Maybank Sekuritas Indonesia. https://www.maybanktrade.co.id/berita/rekap-ihsg-sepanjang-2024/

Lestari, F. D., & Rahayu, R. (2024). Ukuran Perusahaan Memoderasi Profitabilitas, Likuiditas, Dan Leverage Terhadap Harga Saham. Jurnal Ekonomi Dan Bisnis, 18(3), 193–210. https://doi.org/10.53916/jeb.v18i3.89

Magfiro, R., & Satrio, R. B. (2022). PENGARUH RASIO KEUANGAN TERHADAP HARGA SAHAM R Budhi Satrio Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya. Jurnal Ilmu Dan Riset Manajemen, 11(6), 1–21. www.idx.co.id

Maharani, D. K. (2025). Pengaruh Faktor Keuangan dalam Profitabilitas Terhadap Harga Saham Perbankan Digital 2021 – 2023. Jurnal Akuntansi, Keuangan, Dan Manajemen, 6(3), 569–584. https://doi.org/10.35912/jakman.v6i3.4112

Mujaddidi, A. S. (2023). Pengaruh Current Ratio, Return On Asset, dan Earning Per Share terhadap Harga Saham pada Perusahaan Sektor Otomotif dan Komponen yang Terdaftar di Bursa Efek Indonesia. Shafin: Sharia Finance and Accounting Journal, 3(1), 48–64. https://doi.org/10.19105/sfj.v3i1.8537

Ningrum, H., & Pertiwi, T. (2022). PENGARUH PROFITABILITAS, LIKUIDITAS DAN LEVERAGE TERHADAP HARGA SAHAM DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI. 8(1), 345–359.

Nurjannah, S. T., & Machmuddah, Z. (2024). Ukuran Perusahaan Memoderasi Current Ratio (Cr) Dan Return on Assets (Roa) Pada Perusahaan Sub Sektor Makanan Dan Minuman. Jurnal Akuntansi Dan Keuangan, 13(1), 57. https://doi.org/10.36080/jak.v13i1.2670

Nurmutia, E. (2024). Melihat Prospek Saham Emiten Transportasi pada 2024. Liputan 6. https://www.liputan6.com/saham/read/5511601/melihat-prospek-saham-emiten-transportasi-pada-2024

Pitaloka, N., & Sari, W. (2025). PENGARUH RETURN ON ASSET (ROA) DAN CURRENT RATIO (CR) TERHADAP HARGA SAHAM PT SIDOMULYO SELARAS TBK PERIODE 2015 – 2024. SEMJ Jurnal Ilmiah Ekonomi Dan Manajemen, 1(1), 56–63. https://doi.org/10.22225/jraw.4.2.8469.25-30

Rahmawati, N., Sahara, S., Budianto, E., & Maiyaliza. (2025). Analysis of the Effect of Current Ratio and Debt To Equity Ratio on Stock Prices in Manufacturing Companies in the Garment and Textile Sub-Sector Listed on the Indonesia Stock Exchange for the Period 2018-2023. International Journal of Innovative Technologies in Economy, 3(51), 0–10. https://doi.org/10.31435/ijite.3(51).2025.3402

Risqi, U. A., & Suyanto, S. (2022). Pengaruh Return On Asset dan Return On Equity terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Variabel Moderasi. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 4(4), 1122–1133. https://doi.org/10.47467/alkharaj.v4i4.846

Rofalina, F., Mukhzarudfa, M., & Wijaya Z, R. (2023). Pengaruh Return on Investment, Debt To Equity Ratio, Current Ratio, Total Asset Turnover, Dan Net Profit Margin Terhadap Return Saham Dengan Ukuran Perusahaan Sebagai Variabel Moderasi Pada Perusahaan Yang Termasuk Ke Dalam Lq45 Di Bursa Efek Indonesia (B. Jurnal Akuntansi & Keuangan Unja, 7(4), 258–270. https://doi.org/10.22437/jaku.v7i4.25246

Rompas, Y. P. D., Tulung, J. E., & Untu, V. N. (2024). Harga Saham Pada Perusahaan Food and Baverage (Studi Kasus Pada Perusahaan Dengan Laverage Atau Der Yang Tinggi Periode 2018-2022). Jurnal EMBA, 12(3), 213–221.

Sa’adah, N., Alayda, W., & Komara, A. (2024). The Effect Of Current Ratio (CR) And Net Profit Margin (NPM) On Stock Price (Case Study Of Automotive Subsector Manufacturing Companies Listed On The Idx In 2020-2022). Jurnal Ekonomi, Teknologi Dan Bisnis, 15(1), 72–86. https://doi.org/10.25130/sc.24.1.6

Satyapratama, M., & Dewi, S. P. (2024). Analisis Determinan Yang Memengaruhi Cash Holding. Jurnal Paradigma Akuntansi, 6(2), 721–732. https://doi.org/10.24912/jpa.v6i2.29710

Septianingsih, A. (2022). Pemodelan Data Panel menggunakan Random Effect Model. 3(3), 2022.

Septika, M., & Fahlia. (2024). Terhadap Kinerja Keuangan Perusahaan Property Dan Real Estate Periode 2019-2022. 1(1), 25–32.

Sihombing, P., & Elia, Z. (2024). Determinants of profitability, liquidity, solvency, and activity ratios on the stock price with dividend payout as moderating variable. Jurnal Ekonomi Dan Bisnis, 27(Oktober), 1–24.

Sirait, A. E., & Khoiri, M. (2022). Pengaruh Profitabilitas dan Likuiditas Terhadap Harga Saham di Perusahaan Manufaktur Yang Terdapat di Bursa Efek Indonesia (Sektor Makanan dan Minuman). Ekonomi, Keuangan, Investasi Dan Syariah (EKUITAS), 3(3), 6–7. https://doi.org/10.47065/ekuitas.v3i3.1175

Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87(3), 355–374. https://doi.org/10.2307/1882010

Sugiyono. (2017). Metode penelitian kuantitatif, kualitatif, dan R&D (21st ed.). Alfabeta.

User, G. (2024). Daftar 10 Saham Transportasi dan Logistik di BEI, Minat? Stockbit. https://snips.stockbit.com/investasi/daftar-10-saham-transportasi-dan-logistik-di-bei-minat

Wicaksono, F., Aminah, M. S., Sopiani, L., & Mardiyani. (2024). Analysis Stock Price: Earnings per Share as Moderating Variable. International Journal Of Humanities Education and Social Sciences (IJHESS), 5(1), 120–129. https://doi.org/10.55227/ijhess.v3i6.963

Wijono, D., Dwiyanto, B. S., Risdwiyanto, A., & Jemadi, J. (2023). Pengaruh ROA, NIM, dan BOPO terhadap Harga Saham Perbankan LQ20 di Bursa Efek Indonesia Periode 2016-2022 Menggunakan Analisis Data Panel. Jurnal Maksipreneur: Manajemen, Koperasi, Dan Entrepreneurship, 12(2), 632. https://doi.org/10.30588/jmp.v12i2.1558

Wilda, W., Hardiyanti, S., & Harsada, A. (2025). Pengaruh Profitabilitas, Likuiditas, dan Struktur Modal Terhadap Harga Saham Perusahaan Kelapa Sawit di Bursa Efek Indonesia. Tinjauan Ekonomi Dan Bisnis Digital, 6(1), 1452–1468. www.idx.co.id

Zuhroh, I., & Veronika, A. (2021). Fundamental Factor Analysis On Banking Stock Price In LQ45. Jurnal Reviu Akuntansi Dan Keuangan, 11(1), 118–137. https://doi.org/10.22219/jrak.v11i1.16115