Profitability, Liquidity, Solvency, and Stock Prices: Evidence From the Transportation and Logistics Sector in Indonesia

This study aimed to examine the effect of profitability, liquidity, and solvency on stock prices in transportation and logistics companies listed on the Indonesia Stock Exchange during the 2020–2024 period. The study employed a quantitative approach with an associative-causal design. The population consisted of 37 transportation and logistics companies, and a sample of 30 companies was selected through purposive sampling, resulting in 150 observations over five years. Secondary data were collected from financial statements and annual reports. The data were analyzed using multiple linear regression after classical assumption tests were conducted. The results showed that profitability had no significant effect on stock prices, with a significance value of 0.873. Liquidity had no significant effect on stock prices, with a significance value of 0.658. Solvency had no significant effect on stock prices, with a significance value of 0.694. The simultaneous test showed that profitability, liquidity, and solvency collectively did not have a significant effect on stock prices, with an F-statistic significance value of 0.926. The coefficient of determination showed that only 1.8 percent of the variation in stock prices was explained by the independent variables, while the remaining 98.2 percent was influenced by factors outside the model. These findings implied that stock prices in the transportation and logistics sector during the observation period were shaped predominantly by factors beyond firm-level accounting ratios, including macroeconomic conditions, sector-specific dynamics, and market sentiment.