Profitabilitas dalam Memediasi Struktur Modal dan Likuiditas Terhadap Return Saham Perusahaan LQ-45 di Bursa Efek Indonesia

Abstract

Penelitian bermaksud menganalisis profitabilitas (return on aset) dalam memediasi struktur modal (debt to equity ratio) dan likuiditas (current ratio) terhadap return saham (capital gain/lost). Data penelitian diperoleh dari Bursa Efek Indonesia yaitu perusahaan yang termasuk pada kelompok LQ-45 tahun 2019. Sampling jenuh digunakan dalam penelitian sehingga diperoleh 45 data. WarpPLS Regression digunakan dalam analisis untuk memudahkan pengujian mediasi. Hasil penelitian menunukkan bahwa profitabilitas berpengaruh positif terhadap return saham. Struktur modal berpengaruh negatif terhadap profitabilitas tetapi likuiditas tidak mempengaruhi profitabilitas. Profitabilitas menjadi pemediasi struktur modal terhadap return saham dengan arah negatif tetapi tidak menjadi pemediasi likuiditas terhadap return saham. The study intends to analyze profitability (return on assets) in mediating the capital structure (debt to equity ratio) and liquidity (current ratio) to stock returns (capital gains / lost). Research data was obtained from the Indonesia Stock Exchange, namely companies included in the LQ-45 group in 2019. Saturated sampling was used in the study so that 45 data were obtained. WarpPLS Regression is used in the analysis to facilitate mediation testing. The results of the study showed that profitability has a positive effect on stock returns. Capital structure negatively affects profitability but liquidity does not affect profitability. Profitability mediates capital structure against stock returns in a negative direction but does not mediate liquidity to stock returns.