Analisis Faktor-Faktor Yang Mempengaruhi Return Saham Dengan Nilai Perusahaan Sebagai Variabel Moderasi Pada Perusahaan Batubara Yang Terdaftar Di Bursa Efek Indonesia

Abstract

This research aims to analyze the effect of economic value added, inflation, net profit margin, and dividend yield on stock returns with company value as a moderating variable either partially or simultaneously. The research scope is coal sub-sector companies that is listed on the Indonesia stock exchange (BEI) for the period 2015-2021, using purposive sampling technique, 6 companies were obtained as research samples. The analysis technique that is used are multiple linear regression analysis and moderate regression analysis. The results are partially only the Net profit margin variable that has significant effect on stock returns, while the Economic value added, inflation, and dividend yield variables have no effect on stock returns. In addition, firm value as a moderating variable proved unable to strengthen or weaken the relationship between Economic value added, Inflation, Net profit margin, and Dividend yield on stock returns. Simultaneously, all variables have no effect on Stock Return.

Firm Value as an Intervening Variable in the Relationships of Liquidity, Leverage, and Profitability in the Hospitality and Tourism Sector

“…The market considers companies with good leverage and high price-to-book value (PBV) to offer a more promising level of return on investment. This research aligns with the findings of Pradanimas and Sucipto (2022) but contradicts Situmorang (2015), who found that firm value could not mediate the effect of leverage on stock returns.…”

“…This finding aligns with the research of Tarihoran and Gultom (2022). In contrast, Situmorang's (2015) research suggests that firm value does not mediate the relationship between liquidity and stock returns.…”

“…Septianingsih et al (2020) use the same variables as Kumala (2020), it is just that the subjects studied involve issuers in property and real estate, the test shows a difference where there is no effect of firm value intervention on the relationship between profitability and return produced in the sample studied. Meanwhile, Situmorang (2015) in his dissertation research used four ratios, namely leverage, liquidity, market, and profitability with different measuring tools on each variable of stock returns and involved firm value as an intervention factor. Situmorang (2015) provides different findings where liquidity (CR & QR) and firm value form a negative influence on stock returns and firm value can only intervene in the impact of profitability and market ratios, but cannot intervene between liquidity and leverage on stock investment returns in the consumer goods industry.…”

“…Meanwhile, Situmorang (2015) in his dissertation research used four ratios, namely leverage, liquidity, market, and profitability with different measuring tools on each variable of stock returns and involved firm value as an intervention factor. Situmorang (2015) provides different findings where liquidity (CR & QR) and firm value form a negative influence on stock returns and firm value can only intervene in the impact of profitability and market ratios, but cannot intervene between liquidity and leverage on stock investment returns in the consumer goods industry. The difference in test results above is a reference for the author in continuing similar topics using different variables, namely in terms of ownership and size of business scale and the use of different subjects, namely the hotel, restaurant, and tourism industries.…”

Kinerja Keuangan Dan Return Saham Memediasi Good Corporate Governance Terhadap Nilai Perusahaan

“…Return saham dimaknai dengan imbal hasil dari aktivitas investasi saham yang telah dilakukan (Pramitha & Yuniningsih, 2023). Menurut Fathoni dkk.…”