DETERMINAN HARGA SAHAM: PERAN SENTIMEN INVESTOR, TINGKAT INFLASI, DAN PENGUNGKAPAN SUSTAINABILITY REPORT
DOI:
https://doi.org/10.69714/fjenk050Keywords:
Inflation Rates, Investor Sentiment, Stock Price, Sustainability Report DisclosuresAbstract
This study examines the influence of investor sentiment, inflation rates, and sustainability report disclosures on stock prices of energy sector companies listed on the Indonesia Stock Exchange from 2022 to 2024. This study employs a quantitative approach, with data collected using the documentation method. The sampling technique in this study used purposive sampling, resulting in a sample of 24 companies with 58 data points. The data used were secondary data, specifically financial statements, annual reports, stock prices, and inflation data. The data sources in this research come from the official website of the Indonesian Stock Exchange, namely www.idx.co.id and the official website of BPS Statistics Indonesia, namely www.bps.go.id. The data analysis methods used included descriptive statistical tests, tests of classical assumptions, and hypothesis testing, which consisted of multiple linear regression analysis, the F-test, the t-test, and the multiple coefficients of determination test. The test results indicate that the sustainability report disclosure variable influences stock prices. However, when analyzed individually, the investor sentiment and inflation rate variables do not influence stock prices. These findings highlight the importance of sustainability report disclosure as a factor of investors consider in making investment decisions, given that such disclosure has been shown to influence stock prices.
References
[1] B. Tannadi, Ilmu Saham. Jakarta: PT Elex Media Komputindo, 2019.
[2] F. Riski and B. Sudarsono, “The Effect of Earning Per Share (EPS), Price Earning Ratio (PER), and Return on Equity (ROE) on Stock Price in Property and Real Estate Companies Listed on the Indonesia Stock Exchange (IDX) 2017-2021 Period,” Eco-Entrepreneur, vol. 9, no. 2, pp. 59–68, 2023. doi: 10.21107/ee.v9i2.29758.
[3] E. Tandelilin, Pasar Modal: Manajemen Portofolio & Investasi, Elektronik. Daerah Istimmewa Yogyakarta: PT Kanisius, 2017.
[4] T. R. Suganda. (2018). Teori dan Pembahasan Reaksi Pasar Modal Indoneisa, Pertama. [On-line]. Available: https://books.google.co.id/books?hl=id&lr=&id=V3ANEAAAQBAJ&
[5] Suliman, “Pengaruh Sentimen Investor dan Total Asset Turn Over Terhadap Return Saham Dengan Sales Growth Sebagai Variabel Moderating Di Perusahaan Property Dan Real Estate Yang Terdaftar Di BEI.” Skripsi, Sekolah Tinggi Ilmu Ekonomi Pembangunan Tanjungpinang, 2023.
[6] S. Prasad, S. Mohapatra, M. R. Rahman, and A. Puniyani, “Investor Sentiment Index : A Systematic Review,” Int. J. Financ. Stud., vol. 11, 2023. https://doi.org/10.3390/ijfs11010006.
[7] A. Salim and Fadilla, “Pengaruh Inflasi Terhadap Pertumbuhan Ekonomi Indonesia,” J. Pemikir. dan Pengemb. Ekon. Syariah2, vol. 7, no. 1, pp. 17–28, 2021. doi.org/10.36908/esha.v7i1.268.
[8] T. T. Aprilia and S. Sarumpaet, “Pengaruh Pengungkapan Sustainability Report Terhadap Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2020-2022,” J. Rimba Ris. Ilmu Manaj., vol. 1, pp. 356–376, 2023. https://doi.org/10.61132/rimba.v1i4.377.
[9] N. S. T. Lestaluhu, “Pengaruh Kinerja Keuangan, Literasi keuangan, dan Sentimen Pasar Terhadap Harga Saham Perusahaan Manufaktur Subsektor Food And Beverage Yang Terdaftar Di Bursa Efek Indonesia,” J. Ilmu dan Ris. Manaj., vol. 14, no. 8, pp. 1–18, 2025. https://doi.org/10.51903/jupea.v6i2.6097
[10] R. I. F. Saragih, Erlina, and I. A. S. Azhar, “Analysis of the Effect of Investor Sentiment, Liquidity, Solvency, and Economic Value Added on Stock Returns with Corporate Social Responsibility ( CSR ) as a Moderating Variable in Health Sector Companies (Healthcare) Listed on the Indonesia,” Int. J. Curr. Sci. Res. Rev., vol. 07, pp. 4320–4330, 2024. 10.47191/ijcsrr/V7-i6-84.
[11] E. Christian, C. F. Ukhriyawati, and R. E. Putra, “Pengaruh Inflasi, Suku Bunga, Produk Domestik Bruto (PDB), Indeks Harga Saham Gabungan (IHSG), Dan Dividen Terhadap Harga Saham Sektor Perbankan Yang Terdaftar Di Bursa Efek Indonesia (BEI),” J. Skripsi Progr. Stud. Pascasarj. Magister Manaj., pp. 1–10, 2025. http://repository.unrika.ac.id/handle/123456789/496.
[12] R. Wiliyanti and Ridwan, “Pengaruh Net Profit Margin, Total Aset Turn Over, Debt To Equity Ratio dan Inflasi terhadap Harga Saham,” J. Artif. Intell. Digit. Bussness, vol. 4, no. 4, pp. 3370–3378, 2025. https://doi.org/10.31004/riggs.v4i4.4156
[13] Y. Wibisono, “The Effect of Sustainability Report Disclosure, Profitability, Company Size, and Currency Exchange Rate as Moderating Variables on the Company’s Stock Price on the Indonesia Stock Exchange (IDX),” J. Multidisiplin Indones., vol. 3, no. 9, pp. 4390–4409, 2024. Available: https://jmi.rivierapublishing.id/index.php/rp
[14] E. F. Brigham and J. F. Houston, Fundamentals of Financial Management, 15th ed. Boston: Cengage Learning, 2019.
[15] A. Badjuri, Jaeni, and A. Kartika, “Peran Corporate Social Responbility Sebagai Pemoderasi Dalam Memprediksi Profitabilitas dan Ukuran Perusahaan Terdahap Agresivitas Pajak Di Indonesia: Kajian Teori Legitimasi,” J. Bisnis dan Ekon., vol. 28, no. 1, pp. 1–19, 2021. Available: https://www.unisbank.ac.id/ojs
[16] K. A. Sridevi, “Pengaruh Pengungkapan Laporan Keberlanjutan Terhadap Harga Saham.” Skripsi, Institut Informatika Dan Bisnis Darmajaya, 2022.
[17] L. Sari, A. Assagaf, and Lusiana. (2023). Strategi Profitabilitas dan Harga Saham, Pertama. [On-line]. Available: https://penamuda.com/product/strategi-profitabilitas-dan-harga-saham/
[18] S. Kartini, Mengenal Inflasi, Digital. Semarang: Mutiara Aksara, 2019.
[19] B. N. Yusuf, “Analisa Atas Tingkat Inflasi Yang Mempengaruhi Realisasi Penerimaan Pajak Dengan Tingkat Shadow Economy Sebagai Variabel Intervening (Studi Kasus Pada Penerimaan Pajak Indonesia 2008 – 2017 Dengan Pendekatan Permintaan Uang Kartal Pada Estimasi Shadow Eco.” Skripsi, Universitas Komputer Indonesia, 2019.
[20] G. M. P. E. Putri, “Pengaruh Pengungkapan Sustainability Report Dan Kinerja Lingkungan Terhadap Keinformatifan Laba (Studi Empiris Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2020).” Skripsi, Universitas Atma Jaya Yogyakarta, 2022.
[21] D. Kurniadi, L. Effendy, and Z. Isnaini, “Pengaruh Pengungkapan Sustainability Report Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2019-2021,” J. Risma, vol. 4, no. 3, pp. 369–382, 2024.
[22] E. P. Fadilla and W. S. Yuliandhari, “Analisis Pengaruh Pengungkapan Sustainability Report Terhadap Kinerja Keuangan (Studi pada Seluruh Perusahaan Non Keuangan yang Terdaftar di BEI Periode 2014-2016),” Media Mahard., vol. 16, no. 3, pp. 328–342, 2018.
[23] I. K. Swarjana, Populasi, Sampel, Teknik Sampling, & Bias Dalam Penelitian, 1st ed. Yogyakarta: Penerbit ANDI, 2022.
[24] Asrulla, Risnita, M. S. Jailani, and F. Jeka, “Populasi dan Sampling (Kuantitatif), Serta Pemilihan Informan Kunci (Kualitatif) dalam Pendekatan Praktis,” J. Pendidik. Tambusai, vol. 7, no. 3, pp. 26320–26332, 2023.
[25] Sugiyono, Metode Penelitian Pendidikan (Kuantitatif, Kualitatif, Kombinasi, R&D dan Penelitian Pendidikan), Ketiga. Bandung: Alfabeta, 2021.
[26] V. W. Sujarweni, Metodologi Penelitian Bisnis & Ekonomi, Cet. 1. Yogyakarta: PT Pustaka Barupress, 2019.
[27] I. Ghozali, Aplikasi Analisis Multivariete Dengan Program IBM SPSS 23, IX. Semarang: Universitas Diponegoro, 2018.
[28] T. S. T. Yani and Ridwan, “Pengaruh Return on Assets , Sentimen Pasar, dan Kinerja Kompetitor Terhadap Harga Saham (Pada Perusahaan Sektor Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2018-2023),” J. Ilmu Sos. Manajemen, Akuntansi, Bisnis, vol. 5, no. 3, pp. 376–390, 2024.
[29] M. S. Izh-Haruddin and A. T. Ranteallo, “Pengaruh Tingkat Suku Bunga Dan Inflasi Terhadap Harga Saham Pada Sektor Makanan Dan Minuman Perusahaan Yang Terdapat Di BEI Periode Tahun 2020 - 2024,” J. Akunt. Keuang. dan Perpajak., vol. 2, no. 2, pp. 251–267, 2025. https://jurnal.globalscients.com/index.php/jakp
[30] R. Mulyani, Sumiyati, and Julia, “Pengaruh Sustainability Reporting Terhadap Harga Saham pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2020-2023,” J. Revenue Akunt., vol. 5, no. 2, pp. 1407–1417, 2025. 10.46306/rev.v5i2.620.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Jurnal Ilmiah Manajemen dan Akuntansi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
