Pengaruh Indikator Fundamental, Makroekonomi, dan ISSI terhadap Harga Saham Emiten Sektor Kosmetik Syariah yang Terdaftar di BEI

Abstract

Industri kosmetik halal Indonesia terus berkembang dengan nilai pasar mencapai USD 9,2 miliar pada 2024, menjadikan emiten sektor kosmetik syariah alternatif investasi menarik di Bursa Efek Indonesia (BEI). Penelitian ini menganalisis pengaruh indikator fundamental, yaitu Return on Assets (ROA), Debt to Equity Ratio (DER), dan Current Ratio (CR), variabel makroekonomi, yaitu inflasi, BI rate, dan Indeks Keyakinan Konsumen (IKK), serta Indeks Saham Syariah Indonesia (ISSI) terhadap harga emiten sektor kosmetik syariah yang terdaftar di BEI menggunakan regresi panel. Hasil penelitian menunjukkan bahwa secara parsial DER, CR, ISSI, dummy pandemi Covid-19, dan dummy boikot berpengaruh negatif signifikan terhadap harga saham, sedangkan ROA, inflasi, BI rate, dan IKK tidak berpengaruh signifikan. Secara simultan, seluruh variabel berpengaruh signifikan. Temuan ini menunjukkan bahwa peristiwa struktural memiliki dampak yang lebih dominan terhadap harga saham dibandingkan kinerja fundamental dan kondisi makroekonomi pada subsektor kosmetik syariah di BEI.

Indonesia's halal cosmetics industry continued to grow, with a market value projected to reach USD 9.2 billion by 2024, making sharia-compliant cosmetics companies an attractive investment alternative on the Indonesia Stock Exchange (IDX). This study analyzed the impact of fundamental indicators, namely Return on Assets (ROA), Debt to Equity Ratio (DER), and Current Ratio (CR), macroeconomic variables, namely inflation, BI rate, and the Consumer Confidence Index (CCI), and the Indonesia Sharia Stock Index (ISSI) on the stock prices of sharia-compliant cosmetic companies listed on the IDX using panel regression. The results showed that, when analyzed individually, DER, CR, ISSI, the Covid-19 pandemic dummy variable, and the boycott dummy variable had a significant negative impact on stock prices, while ROA, inflation, BI rate, and IKK had no significant impact. When analyzed simultaneously, all variables had a significant impact. These findings indicated that structural events had a more dominant impact on stock prices than fundamental performance and macroeconomic conditions in the sharia cosmetics subsector on the IDX.