Pengaruh Kinerja Keuangan Dan Makroekonomi Terhadap Return Saham Pada Subsektor Makanan Dan Minuman Periode 2011-2015

Abstract

This study is aimed to test the effect of financial performance and macroeconomics variables in explaining stock returns. The study conducts two regression models. The first model included only financial performance as independent variables which consist of current ratio, debt to equity ratio, earnings per share, return on assets, economic value added, inventory turnover, and price to earnings ratio. Then the first model is extended to the second model by adding macroeconomics variables which consist of interest rate and inflation. Pooled least squares regression is applied in this study and all of the assumptions to obtain best linier unbiassed estimator are met. The extended model results in an increase of adjusted R-squared value from 46,9% to 60,84%. Keywords: Financial Performance, Interest Rate, Inflation, Stock Return

Macroeconomic Analysis of Stock Returns

“…Investors can still make money even though purchasing and selling shares does not always result in a positive rate of return by receiving dividends, bonuses for invested shares, and capital gains. There are two common sorts of returns: current income and the difference between the profit from the sale of shares that we make ( capital gain ) (Asmirantho et al, 2016) . Inflation A nation's economy will undoubtedly be impacted by what is known as inflation, which can be defined as a constant drop in the purchasing power of money and an increase in the overall cost of commodities (Hidayat et al, 2018).…”

“…By default, the banks will also offer all investors who have put money into the business a respectable stock return. According to research findings (Asmirantho et al, 2016), the exchange rate significantly influences stock returns. H4: Stock returns are significantly impacted simultaneously by currency rates, interest rates, and inflation.…”

Determinan Faktor Fundamental Dan Non Fundamental Terhadap Earnings Response Coefficient (Erc) Dengan Free Cash Flow Sebagai Variabel Intervening

“…Jadi likuiditas berpengaruh positif terhadap kualitas laba. Pernyataan diatas bertentangan dengan hasil penelitian Asmirantho (2016), Irawati (2012) dan Sappar dkk (2015) yang menyimpulkan bahwa dalam pengambilan keputusan investasi oleh investor tidak secara konsisten memperhatikan dan memprioritaskan CR perusahaan yang lebih besar dibandingkan dengan perusahaan yang memiliki CR yang rendah. Berdasarkan pemaparan teori diatas, maka penulis mencoba merumuskan hipotesis sebagai berikut:…”

Profitabilitas Sebagai Mediasi Struktur Modal dan Pertumbuhan Perusahaan Terhadap Return Saham Syariah

“…Semakin tinggi hutang dari modal sendiri menunjukkan aktivitas operasional perusahaan lebih banyak bersumber dari hutang sehingga beban untuk membayar hutang beserta bunga juga akan semakin besar. Kondisi tersebut akan menjadi sinyal negatif terjadinya saham dengan harga turun yang berujung pada berkurangnya nilai return saham (Solechan & Setiawati, 2009;Sugiarto, 2012;Asmirantho et al, 2016).…”

“…Penelitian sebelumnya (Solechan & Setiawati, 2009;Sugiarto, 2012;Asmirantho et al, 2016;Natarsyah, 2000;Aini et al, 2020) menunjukkan adanya pengaruh DER dan pertumbuhan terhadap return saham. Namun, tidak sedikit juga penelitian terdahulu yang menemukan bahwa baik struktur modal (Pranata dkk, 2013;Indah Puspitadewi & Rahyuda, 2016;Pandaya et al, 2020;Firdausia, 2021) maupun pertumbuhan perusahaan (Komparatif et al, 2006;(Nurkharomi et al, 2017) justru tidak mempengaruhi nilai return saham.…”