Analisis Fundamental Makro, Struktur Modal , Struktur Kepemilikan Terhadap Harga Saham Dengan Sentimen Pasar, Psikologi Pasar Sebagai Intervening Pada Perusahaan Sektor Food and Beverage Yang Terdapat Di Bursa Efek Indonesia Periode 2019 - 2024.
DOI:
https://doi.org/10.71282/jurmie.v2i12.1387Keywords:
fundamental makro, struktur modal, struktur kepemilikan, sentimen pasar, psikologi pasar, harga saham.Abstract
Penelitian ini bertujuan menganalisis pengaruh fundamental makro, struktur modal, dan struktur kepemilikan terhadap harga saham dengan sentimen pasar dan psikologi pasar sebagai variabel intervening pada perusahaan sektor food and beverage yang terdaftar di Bursa Efek Indonesia periode 2019 - 2024. Penelitian menggunakan pendekatan kuantitatif dengan desain eksplanatori dan metode Structural Equation Modeling Partial Least Squares (SEM-PLS). Data sekunder diperoleh dari laporan keuangan perusahaan, publikasi Bursa Efek Indonesia, Bank Indonesia, dan Badan Pusat Statistik. Hasil pengujian menunjukkan bahwa fundamental makro tidak berpengaruh signifikan terhadap sentimen pasar, psikologi pasar, maupun harga saham. Struktur modal dan struktur kepemilikan berpengaruh signifikan terhadap sentimen pasar dan psikologi pasar, namun tidak berpengaruh langsung terhadap harga saham. Sentimen pasar terbukti berpengaruh signifikan terhadap harga saham, sedangkan psikologi pasar tidak menunjukkan pengaruh signifikan. Selain itu, hasil pengujian jalur tidak langsung menunjukkan bahwa sentimen pasar berperan sebagai mediator yang paling kuat, khususnya dalam hubungan struktur kepemilikan terhadap harga saham. Temuan ini mengindikasikan bahwa harga saham sektor food and beverage lebih dipengaruhi oleh persepsi dan reaksi investor dibandingkan faktor makroekonomi. Penelitian ini berkontribusi pada pengembangan literatur behavioral finance dengan menegaskan pentingnya sentimen pasar sebagai mekanisme transmisi utama dalam pembentukan harga saham di pasar berkembang.
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