PENGARUH CORPORATE FINANCIAL PERFORMANCE TERHADAP STOCK RETURN: ANALISA PADA PERUSAHAAN YANG TERDAFTAR DI INDONESIA STOCK EXCHANGE
Abstract
This study purpose to examine and analyze the effect of corporate financial performance proxied by the variables Return on Equity, Earnings per Share, and net profit margin, on Stock Return. This study uses secondary data, the sample in this study are companies listed in the SRI-KEHATI stock index on the Indonesia Stock Exchange for the period 2017 – 2019. The number of companies that are sampled are 15 companies with an observation period of 3 years and using the purposive sampling method. The method of analysis in this study is panel data regression analysis using the SPSS program. Hypothesis testing uses a significance level of 5%. The results of the classical assumption test are that the data is normally distributed, and there is no multicollinearity, no Heteroscedasticity, and no Autocorrelation. The results of this study indicate that Earnings per share (EPS) and Net Profit Margin (NPM) have a significant effect on Stock Return. Meanwhile, Return on Equity (ROE) has no effect on Stock Return.
Keywords
Full Text:
PDF PangestuReferences
Aisah, A. N., & Mandala, K. (2016). Pengaruh Return on Equity, Earning Per Share, Firm Size Dan Operating Cash Flow Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 5(11), 254691. Allozi, N. M., & Obeidat, G. S. (2016). The Relationship between the Stock Return and Financial Indicators (Profitability, Leverage): An Empirical Study on Manufacturing Companies Listed in Amman Stock Exchange. Journal of Social Sciences (COES&RJ-JSS), 5(3), 408–424. https://doi.org/10.25255/jss.2016.5.3.408.424 Anwaar, M. (2016). Impact of Firms’ Performance on Stock Returns (Evidence from Listed Companies of FTSE-100 Index London, UK). Global Journal of Management and Business Research, 16(1), 31–39. Aryanti, Mawardi, & Andesta, S. (2016). Pengaruh ROA, ROE, NPM Dan CR Terhadap Return Saham Pada Perusahaan Yang Terdaftar Di Jakarta Islamic Index (JII). I-Finance, 2(2), 54–71. http://jurnal.radenfatah.ac.id/index.php/I-Finance/article/view/1015/849 Bustami, F., & Heikal, J. (2019). Determinants of Return Stock Company Real Estate and Property Located in Indonesia Stock Exchange. International Journal of Economics and Financial Issues, 9(1), 79–86. https://doi.org/https://doi.org/10.32479/ijefi.7445 Dwialesi, J. B., & Darmayanti, N. P. A. (2016). Pengaruh Faktor-Faktor Fundamental Terhadap Return Saham Indeks Kompas 100. E-Jurnal Manajemen Universitas Udayana, 5(4), 2544–2572. Egam, G. E. Y., Ilat, V., & Pangerapan, S. (2017). Pengaruh Return on Asset (ROA), Return on Equity (ROE), Net Profit Margin (NPM), dan Earning Per Share (EPS) Terhadap Harga Saham Perusahaan yang Tergabung dalam Indeks LQ45 di Bursa Efek Indonesia Periode Tahun 2013-2015. JURNAL EMBA: JURNAL RISET EKONOMI, MANAJEMEN, BISNIS DAN AKUNTANSI, 5(1), 105–114. https://ejournal.unsrat.ac.id/index.php/emba/article/view/15455/14998 Ekananda, M. (2019). Manajemen Investasi (A. Maulana & O. M.D. (eds.)). Erlangga. Ghozali, I., & Ratmono, D. (2017). Analisis Multivariat dan Ekonometrika Teori, Konsep, dan Aplikasi dengan Eviews 10 (2nd ed.). Hamidah, P. D. (2019). Manajemen Keuangan. Mitra Wacana Media. Handayani, N. D., & Destriana, N. (2021). Faktor-Faktor Yang Mempengaruhi Return Saham. E-Jurnal Akuntansi TSM, 1(1), 13–24. https://doi.org/10.30659/ekobis.19.3.78-89 Handayani, R., & Zulyanti, N. R. (2018). Pengaruh Earning Per Share (EPS), Debt to Equity Ratio (DER), dan Return on Assets (ROA) Terhadap Return Saham Pada Perusahaan Manufaktur Yang Terdaftar di BEI. Jurnal Penelitian Ilmu Manajemen, 3(1), 615–620. https://doi.org/10.30736/jpim.v3i1.143 Hery. (2016). Financial Ratio for Business (Adipramono (ed.)). PT Grasindo. Indonesian Stock Exchange. (2019). IDX Stock Index Handbook. 1(0). https://www.idx.co.id/media/8218/idx-stock-index-handbook-_-v10-_-desember-2019.pdf Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2018). Intermediate Accounting (3rd ed.). Wiley. Kusmayadi, D., Rahman, R., & Abdullah, Y. (2019). Analysis of The Effect of Net Profit Margin, Price To Book Value, and Debt to Equity Ratio on Stock Return. International Journal of Recent Scientific Research, 9(7), 28091–28095. https://doi.org/10.24327/IJRSR Lakaba, A., & Robiyanto. (2018). Evaluasi Kinerja Saham Bertanggung Jawab Sosial (Studi pada Saham-saham yang Masuk Perhitungan Indeks SRI-KEHATI). Jurnal Organisasi Dan Manajemen2, 14(2), 95–107. https://doi.org/https://doi.org/10.33830/jom.v14i2.155.2018 Mahardika, I. N. F., & Artini, L. G. S. (2017). Pengaruh Rasio Pasar Dan Rasio Profitabilitas Terhadap Return Saham Perusahaan Di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 6(4), 1877–1905. Masdupi, E., Tasman, A., & Saputra, J. (2017). Return Saham Perusahaan Pertambangan Dan Faktor Penentunya. Economac: Jurnal Ilmiah Ilmu Ekonomi, 1(2), 25–46. https://doi.org/10.24036/20171239 Meilinda, V., & Destriana, N. (2019). Faktor-Faktor yang Mempengaruhi Return Saham Pada Perusahaan Non Keuangan. Jurnal Bisnis Dan Akuntansi, 21(1a-1), 39–48. https://doi.org/10.24912/jmbk.v2i4.4865 Pandaya, Julianti, P. D., & Suprapta, I. (2020). Pengaruh Faktor Fundamental Terhadap Return Saham. Jurnal Akuntansi, 9(2), 233–243. https://doi.org/10.37932/ja.v9i2.156 Prihadi, T. (2019). Analisis Laporan Keuangan Konsep dan Aplikasi. PT. Gramedia Pustaka Utama. Primantara, A. . N. A. D. Y., & Dewi, M. R. (2016). Pengaruh Likuiditas, Profitabilitas, Risiko Bisnis, Ukuran Perusahaan, Dan Pajak Terhadap Struktur Modal. E-Jurnal Manajemen Universitas Udayana, 5(5), 2696–2726. https://doi.org/https://doi.org/10.17358/jabm.3.3.458 Putra, T. (2020). Bro-Sis November Bulannya Serok Saham,Gak Percaya? Cek Ini! https://www.cnbcindonesia.com/market/20201104081001-17-199112/bro-sis-november-bulannya-serok-sahamgak-percaya-cek-ini Rosanti, W., Wibowo, A. S., & Diarsyad, M. I. (2018). Determinan Return Saham Pada Indeks Sri- Kehati Di Bursa Efek Indonesia. Jurusan Akuntansi FEB UPR. https://doi.org/10.13140/RG.2.2.35645.92642 Satwiko, R., & Agusto, V. (2021). Economic Value Added, Market Value Added, Dan Kinerja Keuangan Terhadap Return Saham. Media Bisnis, 13(1), 77–88. https://doi.org/10.34208/mb.v13i1.956 Schroeder, R. G., Clark, M. W., & Cathey, J. M. (2020). TEORI AKUNTANSI KEUANGAN (12th ed.). Salemba Empat. Setiyono, W., Hariyani, D. S., Wijaya, A. L., & Apriyanti. (2018). Analisis Pengaruh Faktor Fundamental Terhadap Return Saham. Jurnal Kajian Akuntansi, 2(2), 123–133. https://doi.org/10.33603/jka.v2i2.1646 Simorangkir, R. T. M. C. (2019). Pengaruh Kinerja Keuangan Terhadap Return Saham Perusahaan Pertambangan. Jurnal Bisnis Dan Akuntansi, 21(2), 155–164. https://doi.org/10.34208/jba.v21i2.616 Spence, M. (1973). Job Market Signaling. Uncertainty in Economics, 87, 355–374. https://doi.org/10.1016/b978-0-12-214850-7.50025-5 Suhadak, S., Mangesti Rahayu, S., & Handayani, S. R. (2019). GCG, financial architecture on stock return, financial performance and corporate value. International Journal of Productivity and Performance Management. https://doi.org/10.1108/IJPPM-09-2017-0224 Tarmizi, R., Soedarsa, H. G., Indrayenti, & Andrianto, D. (2018). Pengaruh Likuiditas Dan Profitabilitas Terhadap Return Saham. Jurnal Akuntansi Dan Keuangan, 9(1), 21–33. https://doi.org/10.36448/jak.v9i1.996 Wahyudi, M., & Deitiana, T. (2019). Pengaruh Current Ratio, Debt To Equity Ratio, Return on Equity, Total Asset Turnover, Dividen Payout Ratio Terhadap Return Saham Pada Perusahaan Otomotif. Media Bisnis, 11(2), 155–162. https://doi.org/10.34208/mb.v11i2.940 Yap, H. C., & Firnanti, F. (2019). Faktor-Faktor Yang Mempengaruhi Return Saham. JURNAL BISNIS DAN AKUNTANSI, 21(1a-1), 27–38. https://doi.org/https://doi.org/10.34208/jba.v21i1a-1.706 Yuliarti, A., & Diyani, L. A. (2018). The Effect of Firm Size, Financial Ratios and Cash Flow On Stock Return. The Indonesian Accounting Review, 8(2), 229–243. https://doi.org/10.14414/tiar.v8i2.1313 Zutter, chad J., & Smart, S. B. (2019). Principles of Managerial Finance Global Edition (15th ed.). Pearson
Refbacks
- There are currently no refbacks.
Copyright (c) 2021 Yohanes Mardinata Rusli
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Accounting Study Program | Faculty of Economics and Business | Universitas Pelita Harapan | Lippo Karawaci, Tangerang, Indonesia, 15811 | Tel +62 21 5460901 | Fax +62 21 5460910