Pengaruh Kepemilikan Institusional dan Leverage Terhadap Harga Saham pada Perusahaan Sektor Utilitas Tahun 2020–2024
Keywords:
Stock Price, Institutional Ownership, LeverageAbstract
This study aims to analyze the effect of institutional ownership and leverage on stock prices in utility sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. This study uses a quantitative method with an associative approach. The data used is secondary data in the form of annual financial reports and year-end closing stock prices, obtained from the IDX. The research sample consists of 6 utility sector companies selected using the purposive sampling method, with a total of 30 observations. The data analysis technique uses panel data regression with the best model determined through the Chow test, Hausman test, and Lagrange Multiplier test, resulting in a Random Effect Model (REM). The results indicate that, partially, institutional ownership has a significant positive effect on stock prices, while leverage, proxied by the Debt to Equity Ratio (DER), does not have a significant effect on stock prices. Simultaneously, institutional ownership and leverage have a significant effect on stock prices. The coefficient of determination shows that the two independent variables can explain 23.37% of the variation in stock prices, while the rest is influenced by other factors outside the research model. The results of this study are expected to serve as a reference for investors, company management, and future researchers in understanding the factors that affect stock prices in the utility sector.
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