Impact of Liquidity and Activity Ratios on Stock Price in Indonesia’s Telecom Companies
Abstract
In theory, liquidity and activity ratios serve as current ratioucial indices of a corporation’s financial success and might impact shareholder’s investment decisions. However, academics and practitioners continue to argue the link between these measures on stock price. This study investigates the role of liquidity ratio and activity ratio on stock price of telecommunications firms listed on Indonesia Stock Exchange from 2014 to 2023. This research draws on secondary data from annual reports of telecommunications corporations registered on the Indonesia Stock Exchange (IDX) from 2014 to 2023 and the data is obtained from the official websites of the relevant firms. This research’s population consisted of all telecommunications firms listed on the IDX throughout the relevant timeframe. Purposive sampling was utilized, with 5 firms chosen from a list of 23 existing companies. The acquired data is subsequently analyzed with the IBM SPSS Statistic 25 tool to get the analytical findings. This research concludes liquidity ratio has a negative impact and significance effect on stock price of telecommunications firms listed on Indonesia Stock Exchange from 2014 to 2023 (t-calculated value is - 5,225 is more than the t-table value - 2,01174 and p value 0,000 < 0,05). The activity ratio has a positive impact and significance effect on the stock price of telecommunications firms listed on Indonesia Stock Exchange from 2014 to 2023 (t-calculated value 13,605 is more than t-table value is 2,01174 and p value 0,000 < 0,05).
Downloads
References
Albertus, R. H., & Mangunsong, H. L. (2021). Effect of Current Ratio, Total Asset Turnover, and Earnings Per Share on Stock Prices in Banking Sub-Sectors Listed on the Indonesia Stock Exchange 2018-2019. Strategic Management Business Journal, 1(02), 30–39. https://doi.org/10.55751/smbj.v1i02.19
Amrah, R. Y., & Elwisam, E. (2019). Pengaruh Current Ratio, Return on Assets, Debt To Equity Ratio Dan Total Assets Turnover Terhadap Harga Saham Pada Perusahaan Lq45 Tahun 2013-2015. Oikonomia: Jurnal Manajemen, 14(1), 46–62. https://doi.org/10.47313/oikonomia.v14i1.513
Badan Pusat Statistik. (2023). Statistik Telekomunikasi Indonesia 2022. Jakarta: Badan Pusat Statistik Indonesia. Retrieved from https://www.bps.go.id/id/publication/2023/08/31/131385d0253c6aae7c7a59fa/statistik-telekomunikasi-indonesia-2022.html
Bourghelle, D., Grandin, P., Jawadi, F., & Rozin, P. (2023). Behavioral Finance and Asset Prices. In D. Bourghelle, P. Grandin, F. Jawadi, & P. Rozin (Eds.), Springer. Cham: Springer International Publishing. https://doi.org/10.1007/978-3-031-24486-5
Broeck, J. Van Den, & Brestoff, J. R. (2013). Epidemiology: Principles and Practical Guidelines (J. Van den Broeck & J. R. Brestoff, eds.). Dordrecht: Springer Netherlands. https://doi.org/10.1007/978-94-007-5989-3
Dewi, I. K., & Solihin, D. (2020). Pengaruh Current Ratio Dan Net Profit Margin Terhadap Harga Saham Pada Perusahaan Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia (Bei) Periode 2015-2018. Jurnal Ilmiah Feasible (JIF), 2(2), 183. https://doi.org/10.32493/fb.v2i2.2020.183-191.6231
Dewi, N. N. S. R. T., Adnantara, K. F., & Asana, G. H. S. (2018). Modal Investasi Awal Dan Persepsi Risiko Dalam Keputusan Berinvestasi. Jurnal Ilmiah Akuntansi, 2(2), 173–190. https://doi.org/10.23887/jia.v2i2.15636
Fakhri Rana Sausan, Korawijayanti, L., & Arum Febriyanti Ciptaningtias. (2020). The Effect of Return on Asset (ROA), Debt to Equity Ratio (DER), Earning per Share (EPS), Total Asset Turnover (Total Asset Turn Over) and Exchange Rate on Stock Return of Property and Real Estate Companies at Indonesia Stock Exchange Period 2012-2017. Ilomata International Journal of Tax and Accounting, 1(2), 103–114. https://doi.org/10.52728/ijtc.v1i2.66
Gunawan, J., Funny, F., Marcella, C., Evelyn, E., & Sitorus, J. S. (2020). Pengaruh CURRENT RATIO (Current Ratio), DER (Debt to Equity Ratio), EPS (Earning Per Share) dan Financial Distress (Altman Score) Terhadap Harga Saham Pada Perusahaan Sektor Industri Dasar dan Kimia Yang Terdaftar Di Bursa Efek Indonesia. Owner, 4(1), 1. https://doi.org/10.33395/owner.v4i1.176
Hasanuddin, R., Darman, D., Taufan, M. Y., Salim, A., Muslim, M., & Putra, A. H. P. K. (2021). The Effect of Firm Size, Debt, Current Ratio, and Investment Opportunity Set on Earnings Quality: An Empirical Study in Indonesia. Journal of Asian Finance, Economics and Business, 8(6), 180–188. https://doi.org/10.13106/jafeb.2021.vol8.no6.0179
Herawati, A., & Putra, A. S. (2018). The influence of fundamental analysis on stock prices: The case of food and beverage industries. European Research Studies Journal, 21(3), 316–326. https://doi.org/10.35808/ersj/1063
Hidayat, D., Aji, A. B. W., & Aziz, M. I. (2023). The Role of the Financial Services Authority in Supervising Capital Market Flows in Indonesia. Al-Ishlah: Jurnal Ilmiah Hukum, 26(1), 26–38. https://doi.org/10.56087/aijih.v26i1.368
Javaid, M., Haleem, A., Singh, R. P., Suman, R., & Khan, S. (2022). A review of Blockchain Technology applications for financial services. BenchCouncil Transactions on Benchmarks, Standards and Evaluations, 2(3), 100073. https://doi.org/10.1016/j.tbench.2022.100073
Karamoy, H., & Tulung, J. E. (2020). The effect of financial performance and corporate governance to stock price in non-bank financial industry. Corporate Ownership and Control, 17(2), 97–103. https://doi.org/10.22495/cocv17i2art9
Kementerian Investasi / Badan Koordinator Penanaman Modal. (2024). Peringkat Realisasi Investasi Berdasarkan Sektor Tahun 2014-2023. In Badan Koordinator Penanaman Modal. Retrieved from https://nswi.bkpm.go.id/data_statistik
Levy, P. S., & Lemeshow, S. (2008). Sampling of Populations: Methods and Applications. New York: John Wiley and Sons. https://doi.org/10.1002/9780470374597
Little, T. D. (2013). The Oxford Handbook of Quantitative Methods in Psychology: Vol. 2 (T. D. Little, ed.). New York: Oxford University Press. https://doi.org/10.1093/oxfordhb/9780199934898.001.0001
Nainggolan, B. R. ., Hutapea, T. R., Pardede, E., Sianturi, R. W., & Veronika, C. (2022). Pengaruh Fixed Asset Turnover, Return On Asset, Current Ratio, Dan Total Asset Turnover Terhadap Harga Saham Pada Sektor Indutsri Dasar Dan Kimia (Basic Indutry And Chemicals) Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2017-2020. Journal of Economic, Bussines and Accounting (COSTING), 5(2), 954–961. https://doi.org/10.31539/costing.v5i2.2852
Nazara, L. K., Sitorus, F. D., Perangin-Angin, J. R. W., & Saputri, M. W. (2021). Pengaruh Debt To Equity Ratio,Return on Equity,Cash Ratio,Dan Total Asset Turn Over Terhadap Harga Saham Pada Perusahaan Jasa Periode 2017-2019. Jurnal Ilmiah MEA ( Manajemen, Ekonomi, Dan Akuntansi), 5(1), 33–49. Retrieved from http://journal.stiemb.ac.id/index.php/mea/article/view/1025
Santoso, A., Syahputri, A., Nurhikmat, M., Arisandy, M., Nugraha, A., Anggraeni, I. S., … Sasmiyati, R. (2023). Manajamen Investasi Dan Portofolio. Purbalingga: Eureka Media Aksara.
Sari, D. I. (2020). Pengaruh Quick Ratio Total Asset Turnover Dan Return On Investment Terhadap Harga Saham. Balance : Jurnal Akuntansi Dan Bisnis, 5(2), 123. https://doi.org/10.32502/jab.v5i2.2876
Sari, I. A. G. D. M., & Sedana, I. B. P. (2020). Profitabilitas dan Likuiditas pada Nilai Perusahaan dan Struktur Modal sebagai Variabel Intervensi. International Research Journal of Management, IT and Social Sciences, 7(1), 116–127.
Sauqi, M. I., Wahyuningtyas, E. T., & Agustina, H. (2019). Analisis Kinerja Keuangan Terhadap Harga Saham pada Industri Loga yang Terdaftar Di BEI. EQUITY, 22(1), 37–46. https://doi.org/10.34209/equ.v22i1.899
Siska, E.-, & Arigawati, D. (2020). Reaksi Ramadhan Effect Terhadap Saham Perusahaan Makanan Dan Minuman Di Indonesia. JABE (Journal of Applied Business and Economic), 6(4), 330. https://doi.org/10.30998/jabe.v6i4.4675
Sugiyono. (2019). Metode Penelitian Kuantitatif Kualitatif. Yogyakarta: Alfabeta.
Suryana, N., & Anggadini, S. D. (2020). Analysis of Stock Prices Affected by Current Ratio. International Journal of Science, Technology & Management, 1(3), 190–197. https://doi.org/10.46729/ijstm.v1i3.44
Susellawati, Sari, D. P., Nabella, S. Di., & Fadlilah, A. H. (2022). The Effect of Profitability, Liquidity, Leverage, and Activity Ratios on Dividend Policy in Manufacturing Companies in the Food and Beverage Industry Sector Listed on the Indonesia Stock Exchange in the 2016-2020 Period. Jurnal Mantik, 6(2), 1365–1375.
Zhang, W., & Wang, C. (2024). Rumors and price efficiency in stock market: An empirical study of rumor verification on investor Interactive platforms. China Journal of Accounting Research, 100356. https://doi.org/10.1016/j.cjar.2024.100356
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Impact of Liquidity and Activity Ratios on Stock Price in Indonesia’s Telecom Companies
Pages: 495-503
Copyright (c) 2024 Rendy Rizky Putra Suwardi, Elmira Siska, Dante Rio Sebastian

This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).