PENGARUH PROFITABILITAS, LIKUIDITAS DAN LEVERAGE TERHADAP REAKSI PASAR DENGAN MENGGUNAKAN NILAI TUKAR RUPIAH SEBAGAI VARIABEL MODERASI

This research aims to prove that profitability, liquidity and leverage influence market reactions with the rupiah exchange rate as a moderating variable. Profitability is measured using ROA and NPM, liquidity is measured using QR and CR, leverage is measured using DAR and DER, and market reaction is measured using abnormal returns. This type of research is quantitative research. The data collection technique used in this research uses documentation. The population in this study is 33 manufacturing companies listed on the Indonesia Stock Exchange in 2023. The analytical method used is the multiple linear regression analysis method and the moderated regression analysis method with SPSS 25. The results of this research show that profitability, liquidity and leverage simultaneously have a positive and significant effect on market reactions. Partially, profitability and leverage as measured by DAR
have a negative and insignificant effect on market reactions. Meanwhile, liquidity and leverage as measured by DER have a positive and significant effect on market reactions. The results of the moderating variable show that the rupiah exchange rate
cannot moderate the influence of profitability, liquidity as measured by QR, and leverage on market reactions. Meanwhile, the rupiah exchange rate can moderate the influence of liquidity as measured by CR on market reactions.