Pengaruh Ukuran Perusahaan, Profitabilitas, dan Likuiditas terhadap Kinerja Saham dengan Corporate Governance sebagai Variabel Moderasi pada Sektor Properti

Abstract

Between 2020 and 2024 the Indonesia Stock Exchange faced the COVID-19 pandemic, global geopolitical pressures, and monetary policy shifts. High volatility made investors more sensitive to fundamental information disclosed by listed firms. This study examines whether firm size, profitability, and liquidity explain stock performance under such conditions, and whether corporate governance moderates those relationships. Firm size is measured by the natural logarithm of total assets, profitability by return on equity, liquidity by the current ratio, and stock performance by annual stock return. Corporate governance is proxied by the proportion of independent commissioners. Purposive sampling of property and real estate firms yielded 25 companies and 124 firm-year observations. Independent variables were mean-centered before constructing interaction terms. Chow, Lagrange Multiplier, and Hausman tests indicated a fixed effects model. Because heteroskedasticity and serial correlation were detected, clustered standard errors were applied. Results show profitability is the only significant determinant, with a coefficient of 0.8998 and probability of 0.045. Firm size, liquidity, and independent commissioners are not significant, and none of the interaction terms is significant, indicating governance does not strengthen or weaken the link between fundamentals and returns. The model is jointly significant, with an F statistic of 44.16, probability of 0.0000, and within R-squared of 0.1469. For investors, earnings capacity is more relevant than asset scale or board composition. For regulators, the findings raise questions about whether independent commissioners function substantively or mainly fulfill listing requirements.