Pengaruh Return on Equity Dupont System Terhadap Return Saham pada Perusahaan Batu Bara yang Terdaftar Di Indonesia Stock Exchange (IDX)

Abstract

Penelitian ini bertujuan untuk melihat apakah terdapat secara parsial antara return on equity dupont terhadap return saham. Penelitian ini merupakan penelitian yang bersifat kuantitatif dengan uji statistik. Populasi yang digunakan pada penelitian ini adalah seluruh perusahaan batu bara yang terdaftar di Indonesia stock exchange periode 2014-2019 sebanyak 23 perusahaan. Teknik yang digunakan dalam penelitian ini adalah menggunakan purposive sampling, dengan kriteria yang digunakan sebagai berikut: (1) Perusahaan batu bara yang terdaftar di Indonesia Stock Exchange (IDX) tahun 2014-2019 (2) Perusahaan batu bara yang menerbitkan laporan keuangan lengkap selama tahun 2014-2019 (3) Perusahaan batu bara yang tidak melakukan stock split. Teknik analisis data yang digunakan pada penelitian ini adalah analisis linier berganda yang digunakan untuk mengetahui apakah terdapat pengaruh antara variabel independem terhadap variabel dependen. Hasil uji menunjukam hipotesis menunjukan net profit margin dan total asset turnover tidak berpengaruh secara parsial terhadap return saham, sedangkan equity multiplier dan return on equity-dupont berpengaruh secara signifikan terhadap return saham. Sedangkan hasil uji f menunjukan net profit margin, total asset turnover, equity multiplier dan return on equity-dupont berpengaruh secara simultan terhadap return saham.

The Role of Net Profit Margin, Asset Turnover, and Equity Multiplier in Driving Stock Returns: Moderating Effect of ROE Dupont

“…In other words, the third hypothesis is declared accepted. These results are supported by research by Sunardi (2019) and Martaseli (2021), who state that the equity multiplier ratio significantly positively affects stock returns. In general, a high EMR can be interpreted as increasing stock returns.…”

“…These findings contradict with Sunardi (2019) research, which shows that TATO significantly negatively influences stock returns. Meanwhile, other research proves that TATO does not affect (Rahmawati & Martaseli, 2021). In general, high TATO can increase stock returns.…”

“…In addition, the Dupont ratio can affect a company's stock return (Wilda et al, 2022). Rahmawati & Martaseli (2021) tested Dupont's ratio to stock return and found that NPM and TATO did not affect stock return, while EM and ROE had a significant effect on stock return, and simultaneously all Dupont ratios had a significant effect on stock return. These results differ from Sunardi's (2019) research, which found that positive EM is significant for stock returns, positive NPM is not significant for stock returns, and TATO and ROE are negative for stock returns.…”

“…The contribution of this study First, this study examines the analysis of the Dupont ratio and its effect on insurance stock returns that were not tested in other studies (Stiawan & Magfiroh, 2021;Anggraini et al, 2022;Aikor et al, 2022) which uses Dupont analysis to evaluate a company's financial performance. Second, this study used Dupont's ROE indicator as a moderation variable in contrast to the study Rahmawati & Martaseli (2021) and Sunardi (2019), which directly examines the effect of NPM, TATO, EM, and ROE variables on stock prices and stock returns. Third, this study used a moderated regression analysis interaction test through the Warp PLS 8.0 data processing application, while other studies only uses multiple regression tests of partial and simultaneous influence (Wilda et al, 2022;Rahmawati & Martaseli, 2021;Sunardi (2019).…”

“…Second, this study used Dupont's ROE indicator as a moderation variable in contrast to the study Rahmawati & Martaseli (2021) and Sunardi (2019), which directly examines the effect of NPM, TATO, EM, and ROE variables on stock prices and stock returns. Third, this study used a moderated regression analysis interaction test through the Warp PLS 8.0 data processing application, while other studies only uses multiple regression tests of partial and simultaneous influence (Wilda et al, 2022;Rahmawati & Martaseli, 2021;Sunardi (2019).…”