The Effect of Profitability and Liquidity on Stock Prices of Food and Beverage Companies Listed on the Indonesia Stock Exchange Period 2022–2024

Apolinarius Aperlin Gulo; Elwardi Hasibuan; Sri Mauliza

doi:10.63922/ijebir.v5i06.7216

Apolinarius Aperlin Gulo Universitas Alwashliyah Medan
Elwardi Hasibuan Universitas Alwashliyah Medan
Sri Mauliza Universitas Alwashliyah Medan

DOI: https://doi.org/10.63922/ijebir.v5i06.7216

Keywords: profitability; liquidity; stock price; return on assets; current ratio; food and beverage sector

Abstract

This study examines the effect of profitability and liquidity on stock prices of food and beverage companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024. A quantitative design was used. From a population of 82 companies, purposive sampling produced 68 companies observed over three years, giving 204 firm-year observations of annual financial statements. Profitability was measured by Return on Assets (ROA), liquidity by the Current Ratio (CR), and stock price by Price to Book Value (PBV). Secondary data were collected through observation and documentation, and analyzed with SPSS version 27 using descriptive statistics, classical assumption tests, multiple linear regression, t-tests, an F-test, and the coefficient of determination at a 0.05 significance level. The partial results show that profitability has no significant effect on stock prices (t = −0.381; sig. = 0.704), whereas liquidity has a positive and significant effect (t = 4.074; sig. = 0.000). Simultaneously, profitability and liquidity significantly affect stock prices (F = 8.358; sig. = 0.000). The adjusted R² is 0.068, so the two variables explain only 6.8% of the variation in stock prices, and other factors outside the model account for the rest. Investors in this sector appear to give more weight to a firm's

References

Arini, & Nashrullah, H. (2025). Pengaruh profitabilitas terhadap harga saham perusahaan sub sektor asuransi yang terdaftar di Bursa Efek Indonesia tahun 2021–2023. Journal of Islamic Finance and Accounting Research, 4(1), 1–22.
Dewi, A. S., & Saputra, G. (2025). Pengaruh profitabilitas dan likuiditas terhadap harga saham pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia 2019–2023. Economics and Digital Business Review, 6(2), 1084–1095.
Febriana, H., Rismanty, V. A., Bertuah, D. E., Permata, S. U., Anismadiyah, V., Sembiring, L. D., Dewi, N. S., Jamaludin, J., Jatmiko, N. S., Inrawan, A., Astuti, W., & Kusuma Dewi, I. (2021). Dasar-dasar analisis laporan keuangan. CV. Media Sains Indonesia.
Ghozali, I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 26 (10th ed.). Universitas Diponegoro.
Hanafi, M. M., & Halim, A. (2023). Manajemen keuangan (latest ed.). Salemba Empat.
Hartono, J. (2022). Portofolio dan analisis investasi. ANDI.
Hery. (2023). Analisis laporan keuangan: Comprehensive edition. PT Grasindo.
Indrarini, S. (2023). Nilai perusahaan melalui kualitas laba (good governance dan kebijakan perusahaan). Scopindo.
Marlina, T., Anggraini, R. F. N., & Rachman, R. (2022). Pengaruh profitabilitas dan likuiditas terhadap harga saham sebelum dan saat pandemi Covid-19: Studi kasus pada perusahaan sektor industri farmasi dan sektor industri food and beverage yang terdaftar di Bursa Efek Indonesia. Jurnal Ilmiah Manajemen, 10(3), 413–432.
Ningrum, H. S., & Pertiwi, T. K. (2025). Pengaruh profitabilitas, likuiditas dan leverage terhadap harga saham dengan ukuran perusahaan sebagai variabel moderasi. Journal Publicuho, 8(1), 345–359.
Salsabila, A., Adiza, T. N., Sulistyani, A., Gaol, P. L., & Laia, I. (2025). Pengaruh likuiditas dan profitabilitas terhadap harga saham pada perusahaan manufaktur tekstil dan garmen. Jurnal Ekonomi dan Bisnis, 4(1), 30–39.
Sartono, A. (2022). Manajemen keuangan teori & aplikasi (4th ed.). BPFE.
Sudarno. (2022). Teori penelitian keuangan (1st ed.). Literasi Nusantara Abadi.
Sugiyono. (2022). Metode penelitian kuantitatif, kualitatif dan R&D (4th ed.). Alfabeta.
Wilda, W., Hardiyanti, S., & Harsada, A. (2025). Pengaruh profitabilitas, likuiditas, dan struktur modal terhadap harga saham perusahaan kelapa sawit di Bursa Efek Indonesia. Economics and Digital Business Review, 6(2), 1452–1468.