Article Sidebar

Download
PDF
Statistic
Read Counter : 557 Download : 4788

Main Article Content

Abstract

The capital market in Indonesia is currently experiencing very rapid development from year to year, as evidenced by the increasing number of public companies every year. Banking is one of the sub-sectors included in the LQ45 index with its average share having the highest market capitalization among other sub-sectors. The development of the capital market in Indonesia, including the banking sub-sector is inseparable from the supporting factors are internal factors as seen from the company's financial ratios. This study aims to determine the influence of price earning ratio, return on equity, debt to equity ratio, firm size, and dividend payout ratio on stock returns in banks listed on the LQ45 index for the period 2015-2020. The data collection method used in this study is the documentation method. The data used is secondary data, the determination of the sample in this study was carried out by purposive sampling method. The data in this study was processed using SPSS Application. The analysis tools used are, Descriptive Statistical Analysis, Classic Assumption Test, Multiple Linear Regression, T Test, F Test, and Determination Coefficient. The results of this study show that the price earning ratio, return on equity, debt to equity ratio, firm size, and dividend payout ratio affect stock returns simultaneously. Partially, the price earning ratio, return on equity, and debt to equity ratio affect stock returns, meanwhile firm size and dividend payout ratio have no effect on stock returns

Keywords

Debt To Equity Ratio Dividend Payout Ratio Firm Size LQ45 Banking Price Earning Ratio Return On Equity Stock Returns

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite
Kartika, A., Handrijaningsih, L., Mariani TR, S., & Anisah, A. (2022). The Effect of Price Earning Ratio, Return O Equity, Debt to Equity Ratio, Firm Size, and Dividend Payout Ratio to the Stock Returns on Banks Listed in LQ45 Index 2015-2020. Ilomata International Journal of Tax and Accounting, 3(4), 435-447. https://doi.org/10.52728/ijtc.v3i4.592

References

  1. Anam, K., Nurfadillah, M., & Fauziah, F. (2021). Analisis Kinerja Keuangan Terhadap Return Saham Perusahaan Properti dan Real Estate Indonesia. Jurnal Daya Saing, 7(3), 319–329. https://doi.org/10.35446/dayasaing.v7i3.746
  2. Bathia, D., Bouras, C., Demirer, R., & Gupta, R. (2020). Cross-border capital flows and return dynamics in emerging stock markets: Relative roles of equity and debt flows. Journal of International Money and Finance, 109, 102258. https://doi.org/10.1016/j.jimonfin.2020.102258
  3. Dewi, I. G. A. A., Gunadi, I. G. N. B., & Suarjana, I. W. (2020). Pengaruh Rasio Pasar dan Rasio Profitabilitas terhadap Return Saham pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia. Jurnal VALUES, 1(3), 64–72. https://e-journal.unmas.ac.id/index.php/value/article/view/1273
  4. Dima, B., Barna, F., & Nachescu, M.-L. (2018). Does rule of law support the capital market? Economic Research-Ekonomska Istraživanja, 31(1), 461–479. https://doi.org/10.1080/1331677X.2018.1432371
  5. Draženović, B. O., & Kusanović, T. (2016). Determinants of capital market in the new member EU countries. Economic Research-Ekonomska Istraživanja, 29(1), 758–769. https://doi.org/10.1080/1331677X.2016.1197551
  6. Engler, P., & Wulff, A. (2014). Opposition to capital market opening. Applied Economics Letters, 21(6), 425–428. https://doi.org/10.1080/13504851.2013.868579
  7. Estiasih, S. P., Prihatiningsih, E., & Fatmawati, Y. (2020). Dividend Payout Ratio, Earning Per Share, Debt To Equity Ratio Terhadap Harga Saham Pada Perusahaan LQ45. Jurnal Akuntansi Dan Pajak, 21(01). https://doi.org/10.29040/jap.v21i1.1156
  8. Fahmi, I. (2015). Manajemen Investasi: Teori dan Soal Jawab (2nd ed.). Salemba Empat. http://digilib.ub.ac.id/opac/detail-opac?id=46534
  9. Fatahillah, M. R., Novietta, L., & Habibie, A. (2022). Pengaruh Return On Equity, Net Profit Margin, Ukuran Perusahaan Terhadap Return Saham Dengan Kebijakan Dividen Sebagai Variabel Moderating Pada Perusahaan Manufaktur Di BEI Periode 2015-2019. Jurnal Sustainable, 2(1), 1–12. https://doi.org/10.30651/stb.v2i1.12916
  10. Fitri, I. K., & Purnamasari, I. (2018). Pengaruh Kebijakan Dividen terhadap Harga Saham (Studi pada Perusahaan Pertambangan di Bursa Efek Indonesia 2008-2012). Organum: Jurnal Saintifik Manajemen Dan Akuntansi, 1(1), 8–15. https://doi.org/10.35138/organum.v1i1.24
  11. Gaffar, A. L. A., Rabihatun, & Sumail, L. O. (2022). Adakah Perbedaan Kinerja Keuangan Perusahaan Farmasi Sebelum dan Selama Covid-19? Jurnal Ekonomi, 27(2), 279–295. https://doi.org/10.24912/je.v27i2.1076
  12. Ghozali, I. (2016). Aplikasi Analisis Multivariete dengan Program IBM SPSS 23 (I. Ghozali (ed.); 8th ed.). Badan Penerbit Universitas Diponegoro. http://kin.perpusnas.go.id/DisplayData.aspx?pId=218217&pRegionCode=UN11MAR&pClientId=112
  13. Han, H., & Tang, Q. (2020). The potential harms of goodwill impairment avoidance: Evidence based on future performance and stock prices. China Journal of Accounting Research, 13(3), 271–289. https://doi.org/10.1016/j.cjar.2020.07.007
  14. Hantono. (2017). Konsep Analisa Laporan Keuangan dengan Pendekatan Rasio dan SPSS (1st ed.). Deepublish Publisher. https://opac.perpusnas.go.id/DetailOpac.aspx?id=1143005
  15. Hao, X., & Wang, Y. (2021). Does preventive regulation reduce stock price synchronicity? Evidence from Chinese annual report comment letters. China Journal of Accounting Research, 14(4), 100203. https://doi.org/10.1016/j.cjar.2021.07.001
  16. Hartono, J. (2017). Teori Portofolio dan Analisis Investasi (11th ed.). BPFE. http://digilib.ub.ac.id/opac/detail-opac?id=75891
  17. Hery. (2018). Analisis Laporan Keuangan: Integrated and Comprehensive Edition (Adipramono (ed.); 3rd ed.). Grasindo. https://opac.perpusnas.go.id/DetailOpac.aspx?id=1171856
  18. Jia, N. (2018). Corporate innovation strategy and stock price crash risk. Journal of Corporate Finance, 53, 155–173. https://doi.org/10.1016/j.jcorpfin.2018.10.006
  19. Kasmir. (2017). Analisis Laporan Keuangan (1st ed.). RajaGrafindo Persada. https://www.rajagrafindo.co.id/produk/analisis-laporan-keuangan/
  20. Mauko, A., B, M., & Sugiartawan, P. (2018). Sistem Pendukung Keputusan Kelompok pemilihan Saham LQ45 dengan menggunakan metode AHP, Promethee dan BORDA. Jurnal Sistem Informasi Dan Komputer Terapan Indonesia (JSIKTI), 1(1), 25–34. https://doi.org/10.33173/jsikti.6
  21. Mayuni, I. A. I., & Suarjaya, G. (2018). Pengaruh ROA, Firm Size, EPS, dan PER terhadap Return Saham pada Sektor Manufaktur di BEI. E-Jurnal Manajemen Universitas Udayana, 7(8), 4063. https://doi.org/10.24843/EJMUNUD.2018.v07.i08.p02
  22. Mukti, A. Y., & Rokhyadi, A. (2016). Dampak Pra Dan Post Strategi Akuisisi Pada Kinerja Keuangan Perusahaan. Jurnal Perilaku Dan Strategi Bisnis, 4(1). https://doi.org/10.26486/jpsb.v4i1.444
  23. Paddock, J., Copeland, T. E., & Weston, J. F. (1980). Financial Theory and Corporate Policy. The Journal of Finance, 35(3), 812. https://doi.org/10.2307/2327506
  24. Pandansari, F. A. (2012). Analisis Faktor Fundamental Terhadap Harga Saham. Accounting Analysis Journal, 1(1), 27–34. https://journal.unnes.ac.id/sju/index.php/aaj/article/view/493
  25. Pandaya, P., 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
  26. Putri, M., & Shabri, H. (2022). Analisis Fundamental dan Teknikal Saham PT. Bank BTPN Syariah Tbk. Al-Bank: Journal of Islamic Banking and Finance, 2(1), 12. https://doi.org/10.31958/ab.v2i1.4326
  27. Rahayu, M., & Sari, B. (2018). Faktor-Faktor yang Mempengaruhi Nilai Perusahaan. Journal of Social and Humanities, Universitas Persada Indonesia YAI, 2(1), 69–76. https://journals.upi-yai.ac.id/index.php/ikraith-humaniora/article/view/73
  28. Rahmawati, Y., & Hadian, H. N. (2022). The influence of Debt Equity Ratio (DER), Earning Per Share (EPS), and Price Earning Ratio (PER) on stock price. International Journal of Financial, Accounting, and Management, 3(4), 289–300. https://doi.org/10.35912/ijfam.v3i4.225
  29. Reztrianti, D., & Suparningsih, B. (2021). Pengaruh Price Earning Ratio, Dividend Payout Ratio, Volume Perdagangan, dan Nilai Tukar Terhadap Volatilitas Harga Saham Pada Perusahaan Konstruksi Bangunan yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Dan Industri, 22(3). https://doi.org/10.35137/jei.v22i3.614
  30. Sambelay, J., Rate, P. Van, & Baramuli, D. (2017). Analisis Pengaruh Profitabilitas Terhadap Harga Saham Pada Perusahaan Yang Terdaftar Di Lq45 Periode 2012-2016. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(2), 753–761. https://doi.org/10.35794/emba.v5i2.15959
  31. Sari, A. N., & Hermuningsih, S. (2020). Pengaruh Earning per Share (EPS), Return on Equity (ROE) dan Debt to Equity Ratio (DER) terhadap Return Saham dengan Kebijakan Dividen Sebagai Variabel Intervening Pada Perusahaan Industri Barang Konsumsi yang Terdaftar di BEI. DERIVATIF: Jurnal Manajemen, 14(1). https://doi.org/10.24127/jm.v14i1.437
  32. Silalahi, E., & Silalahi, E. R. R. (2020). Faktor-faktor yang Mempengaruhi Return Saham pada Sektor Perbankan yang Go Publik di Bursa Efek Indonesia. Jurnal Riset Akuntansi & Keuangan, 6(2), 271–288. https://doi.org/10.54367/jrak.v6i2.1061
  33. Sinaga, A. N., Eric, E., Rudy, R., & Wiltan, V. (2020). Current Ratio, Debt to Equity Ratio, Return on Equity, Dividend Payout Ratio dan Size terhadap Return Saham Perusahaan Trade, Service & Investment Indonesia. Journal of Economic, Bussines and Accounting (COSTING), 3(2), 311–318. https://doi.org/10.31539/costing.v3i2.1043
  34. Sudarman, I., & Diana, N. (2022). The Effect of Financial Ratios on Sharia Stock Prices in Company Indexed LQ45 2020-2021. Jurnal Ilmiah Ekonomi Islam, 8(01), 117–123. https://doi.org/http://dx.doi.org/10.29040/jiei.v8i1.4228
  35. Sustrianah. (2020). Pengaruh Volume Perdagangan Saham dan Ukuran Perusahaan terhadap Return Saham Perusahaan yang Terdaftar pada Indeks LQ45. JEM: Jurnal Ekonomi Dan Manajemen, 6(1), 48–59. https://journal.stiepertiba.ac.id/index.php/jem/article/view/89
  36. Tarczynski, W., Tarczynska-Luniewska, M., & Majewski, S. (2020). The value of the company and its fundamental strength. Procedia Computer Science, 176, 2685–2694. https://doi.org/10.1016/j.procs.2020.09.331
  37. Tiwari, S., & Pal, D. (2020). Dividend Policy Decisions and Share Prices Relationship. Finance & Accounting Research Journal, 2(2), 76–81. https://doi.org/10.51594/farj.v2i2.106
  38. Widiani, N. K. S., Bisma, I. D. G., & Muhdin. (2022). Pengaruh Return on Equity, Debt to Equity Ratio dan Total Asset Turnover Terhadap Price Earning Ratio (Studi pada Perusahaan LQ45 yang Terdaftar di Bursa Efek Indonesia periode 2018-2020). Unram Management Review, 2(2), 129–143. http://urgentrev.unram.ac.id/index.php/Identification/article/view/250
  39. Yan, Q., & Zhu, H. (2020). Peer influence on dividend policy: Evidence from the Chinese stock market. Economics Letters, 192, 1–3.