The Influence of Business Risk and Growth Opportunity on Stock Prices of Manufacturing Companies in the Consumer Goods Industry Subsector on the Indonesia Stock Exchange
Keywords:
Business Risk, Growth Opportunity, Stock Price, Consumer Goods Industry
Abstract
This study aims to analyze the influence of business risk and growth opportunity on stock prices of manufacturing companies in the consumer goods industry subsector listed on the Indonesia Stock Exchange during the 2020–2024 period. This research uses a quantitative approach with secondary data with purposive sampling as sampling technique, resulting in 250 research data observations. The results show that business risk has a negative and significant effect on stock prices, indicating that higher business risk increases uncertainty and reduces investor confidence. Meanwhile, growth opportunity has a positive and significant effect on stock prices, indicating that companies with higher growth opportunities tend to attract investors and increase stock prices. These findings support signaling theory, where business risk and growth opportunity act as signals for investors in making investment decisions.
References
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Arjuna, S., Widiyanti, M., Thamrin, K. M. H., & Mukhtarudin. (2025). The Effect of Business Risk, Profitability, Current Ratio on Firm Value: Debt Policy as a Mediating Variable (Case Study of Mining Companies Listed on the Indonesia Stock Exchange). International Journal of Social Sciences, 8(1), 1–9. https://doi.org/10.21744/ijss.v8n1.2356
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Balawanga, M. M. K., Hermuningsih, S., & Maulida, A. (2022). In Manufacturing Companies Listed On The Indonesia Stock Exchange, The Influence Of Growth Opportunity, Profitability, And Financial Distress On The Company Value (IDX). Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5(3), 1263–1274. https://doi.org/10.47467/alkharaj.v5i3.1623
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Dicardo, I., Adam, M., Widiyanti, M., & Andriana, I. (2023). Analysis of The Influence of Fundamental and Macroeconomic Factors on Stock Prices in Energy Sector Companies Listed on The Indonesia Stock Exchange. Jurnal Syntax Transformation, 4(12). https://doi.org/10.47134/aaem.v3i1.828
Effendi, M. (2022). Analisis Risiko Sistematis dan Risiko Tidak Sistematis Terhadap Expected Return Saham Dalam Pembentukan Portofolio Optimal Indeks Saham LQ45. 178–193.
Elvina, D., Sunardi, N., & Holiawati. (2022). The Effect of Investment Risk and Company Size On Stock Returns. Jurnal Ilmiah Ilmu Manajemen Magister, 1(3), 200–217.
Erwin, E., Isnurhadi, I., Thamrin, K. M. S. H., & Widiyanti, M. (2024). Impact of Intellectual Capital, Capital Structure, and Credit Risk on Financial Performance on Banking Companies Listed on the Indonesian Stock Exchange. International Journal of Business Economics & Management, 3(1), 35–42. https://doi.org/10.58540/ijmebe.v3i1.631
Fahmi, A. H., Adam, M., Widiyanti, M., & Isnurhadi, I. (2021). The Influence of Capital Structure, its Size, Growth of the Value of the Company With its Profitability as Variable Intervening the Company LQ45 Are Listed In Indonesia Stock Exchange. International Journal of Business, Economics & Management, 4(4), 487–493. https://doi.org/10.21744/ijbem.v5n1.1805
Fitri, R. N. (2025). Pengaruh Stock Liquidity dan Growth Opportunity Terhadap Harga Saham dengan Profitabilitas sebagai Variabel Moderasi pada Perusahaan yang Terdapat Pada Indeks LQ45 di Bursa Efek Indonesia tahun 2020-2023. Journal of Economic, Business and Accounting, 8. https://doi.org/https://doi.org/10.31539/costing.v8i3.14075
Gujarati, D. N., & Porter, D. C. (2009). Basic Econometrics.
Hiqmahwati, Martuty, D., & Soukotta, A. (2023). Pengaruh Growth Opportunity dan Likuiditas terhadap Return Saham pada Perusahaan Manufaktur Sub Sektor Farmasi yang Terdaftar di Bursa Efek Indonesia Tahun 2019-2021. Jurnal Pendidikan Tambusai, 7(2020), 14384–14386.
Iba, Z., & Wardhana, A. (2024). Analisis Regresi dan Analisis Jalur Untuk Riset Bisnis Menggunakn SPSS 29.0 & SMART-PLS 4.0 (M. Pradana (ed.)). Eureka Media Aksara.
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Isnurhadi, Sulastri, Saftiana, Y., & Jie, F. (2023). Banking Industry Sustainable Growth Rate under Risk: Empirical Study of the Banking Industry in ASEAN Countries. Sustainability (Switzerland), 15(1), 1–21. https://doi.org/10.3390/su15010564
Kalangi, R. C., & Sibarani, M. (2025). Analisis Pengaruh Risiko Bisnis dan Likuiditas Terhadap Harga Saham (Studi Kasus pada Perusahaan Tekstil Yang Terdaftar di BEI Tahun 2020-2024). Jurnal Locus: Penelitian & Pengabdian, 4(12), 11426–11438.
Ma’sum, H., Purnomo, B. S., & Purnamasari, I. (2024). The Effect of Market Risk , Business Risk , and Financial Risk on Stock Returns in Automotive Companies. Journal of Economics, Enterpreneurship, Management Business, and Accounting (JEEMBA), 2(1), 1–15.
Masmuna, H. T., Yuliani, Y., & Thamrin, K. M. H. (2024). Peran Pemoderasi NPF dalam Pengaruh Financing Growth dan CAR terhadap Profitability. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(1), 548–568. https://doi.org/10.47467/alkharaj.v6i1.3832
Miswanto. (2023). Pengukuran Risiko Bisnis dan Risiko Pendanaan Dalam Perusahaan.
Mursyal, Y., Adam, M., & Widiyanti, M. (2019). Analysis of The Effect of Risk Profile, Earning and Capital on Profit Management in Indonesia Persero Bank. International Journal of Scientific Research and Engineering Development, 2(1).
Nanda, D. W., & Retnani, E. D. (2022). Pengaruh Profitabilitas, Kepemilikan Manajerial, Kepemilikan Institusional, dan Resiko Bisnis Terhadap Struktur Modal. 6(4).
Nanda, V., Muchtar, D., & Bahri, H. (2022). Pengaruh Leverage, Growth Opportunity, dan Firm Size terhadap Keputusan Hedging pada Perusahaan Consumer Goods Industry di Bursa Efek Indonesia. 10, 1160–1171.
Nurhayadi, W., Sulistiana, I., Nurkhalishah, S., Salam, A. F., & Abdurrohman. (2021). Pengaruh Ukuran Perusahaan , Pertumbuhan Penjualan dan Risiko Bisnis terhadap Struktur Modal. 16(1), 97–117.
Nurrahmah, A. T., Dunakhir, S., & Idris, H. (2025). Pengaruh Perataan Laba dan Risiko Bisnis terhadap Harga Saham pada Perusahaan Subsektor Tekstil dan Garmen. EKOMA : Jurnal Ekonomi, Manajemen, Akuntansi, 4(4), 6226–6232. https://doi.org/10.56799/ekoma.v4i4.7884
Nyberg, H., & Savva, C. S. (2026). Risk-Return Trade-Off in International Stock Returns: Skewness and Business Cycles. Econometrics and Statistics (Elsevier), 37, 42–60. https://doi.org/10.1016/j.ecosta.2023.02.004
Oktavia, S. A., & Yanti, H. B. (2022). Analisis Pengaruh Prudence, Ukuran Perusahaan, Growth Opportunities, dan Default Risk Terhadap Earnings Response Coefficient (ERC). 2(2), 963–976.
Onoyi, N. J., Yantri, O., Kurniawati, E., & Windayati, D. T. (2023). Pengaruh Risiko Bisnis, Kinerja Keuangan, dan Kinerja Lingkungan Terhadap Harga Saham Pada Perusahaan Pertambangan Batubara yang Terdaftar di Bursa Efek Indonesia Tahun 2016-2020. Ensiklopedia of Journal, 5(2), 191–199. http://jurnal.ensiklopediaku.org
Perdana, G. R., Sulastri, S., Adam, M., & Widiyanti, M. (2019). The Influence of Business Risk, Financial Risk, and Market Risk Towards LQ45 Stock Performance. The Manager Rev.
Prasetya, B. T., & Asandimitra, N. (2024). Pengaruh Profitabilitas, Ukuran Perusahaan, Growth Opportunity, Likuiditas, Struktur Aset, Resiko Bisnis dan Non Debt Tax Shield terhadap Struktur Modal pada Perusahaan Sub-sektor Barang Konsumsi. 2.
Putra, A. S., Adam, M., Widiyanti, M., & Wahyudi, T. (2021). Analysis of The Influence of Fundamental and Macroeconomic Factors on Stock Prices in Energy Sector Companies Listed on The Indonesia Stock Exchange. International Journal of Social Sciences, 4(4), 367–373. https://doi.org/10.46799/jst.v4i12.878
Putri, K. P., & Segara, S. A. (2025). The Effect of Capital Expenditure, Growth Opportunity, Investment Opportunity Set and Dividend Policy on Firm Value. 2(1), 59–72.
Rahayu, E. S., & Irawati, W. (2022). Pengaruh Tarif Pajak, Kebijakan Dividen, Risiko Bisnis terhadap Harga Saham. 2(2), 244–261.
Rosyafah, S., Devi, F. K., & Lakshita, D. M. . . (2023). Analysis of the Influence of Profitability, Growth Opportunity, Liquidity, and Firm Size on Capital Structure of Pt Nippon Indosari Corporindo (Tbk) for the Years 2014-2022. Asian Journal of Applied Business and Management (AJABM), 2(4), 675–684. http://eprints.ubhara.ac.id/2239/%0Ahttp://eprints.ubhara.ac.id/2239/3/Plagiasi_Analysis of the influency.pdf
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Published
2026-06-23
How to Cite
Hendri, W., Isni Andriana, Melisa Ariani Putri, K.M Husni Thamrin, & Muhammad Shalahuddin. (2026). The Influence of Business Risk and Growth Opportunity on Stock Prices of Manufacturing Companies in the Consumer Goods Industry Subsector on the Indonesia Stock Exchange. International Journal of Economics, Business and Innovation Research, 5(04), 2276-2300. https://doi.org/10.63922/ijebir.v5i04.3981
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