Analisis Perbedaan Kinerja Perusahaan antara Perusahaan yang Terindeks LQ45 dengan Perusahaan Non LQ45
Abstract
This study aims to determine and obtain empirical evidence about the difference performance of companies in LQ45 indexed companies and non-LQ45 companies. This research was conducted at non-financial companies on LQ45 indexed companies and non-LQ45 companies listed on the Indonesia Stock Exchange in 2016-2018. The sample of this study is chosen using purposive sampling technique and 45 non-financial companies were obtained for each LQ45 and non-LQ45 indexed group of companies, so the number of observations in this study was 270 observations. The data analysis technique used is the Mann-Whitney U Test. The results showed that the LQ45 indexed group of companies had a higher average liquidity and profitability compared to non-LQ45 companies, while in terms of average the leverage value of LQ45 companies was lower compared to non-LQ45 companies.
Keywords: Company Performance; LQ45; Non LQ45.
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References
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Putriani, N., & Sukartha, I. (2014). Pengaruh Arus Kas Bebas dan Laba Bersih pada Return Saham Perusahaan LQ-45. E-Jurnal Akuntansi, 6(3), 390–401.
Rabbani, M. (2015). Impact of Financial Leverage on Pakistani Firms. Journal of Poverty, Investment and Development, 15, 15–22.
Raningsih, N., & Dwiana Putra, I. (2015). Pengaruh Rasio-Rasio Keuangan dan Ukuran Perusahaan pada Return Saham. E-Jurnal Akuntansi, 13(2), 582–598.
Silviyani, N. L. N. T., Sujana, E., & Adiputra, I. M. P. (2014). Pengaruh Likuiditas Perdagangan Saham dan Kapitalisasi Pasar terhadap Return Saham Perusahaan yang Berada pada Indeks LQ45 di Bursa Efek Indonesia Periode Tahun 2009-2013 (Studi Empiris Pada Perusahaan Lq45 Di Bursa Efek Indonesia). E-Journal S1 Ak Universitas Pendidikan Ganesha, 2(1), 1–11.
Suandewi, I. G. A. A. S. (2016). Rasio-Rasio Keuangan dan Return Saham. E-Jurnal Akuntansi Universitas Udayana, 16(1), 756–780.
Tryfino. (2009). Cara Cerdas Berinvestasi Saham. Jakarta: Transmedia.
Wiagustini, N. L. P. (2014). Manajemen Keuangan. Denpasar: Udayana University Press.
Yang, R., Xia, K., & Wen, H. (2016). Venture Capital , Financial Leverage and Enterprise Performance. Procedia - Procedia Computer Science, 91(Itqm), 114–121. https://doi.org/10.1016/j.procs.2016.07.048
Ahmad, N., Salman, A., & Shamsi, A. F. (2015). Impact of Financial Leverage on Firms ’ Profitability : An Investigation from Cement Sector of Pakistan. Research Journal Of Finance And Accounting, 6(7), 75–81.
Ali, M. (2016). Pengaruh Profitabilitas Terhadap Return Saham pada Perusahaan Badan Usaha Milik Negara (BUMN) yang Terdaftar Di Bursa Efek Indonesia (Bei) Periode 2010-2014 (Vol. 2014).
Andersson, M. (2016). The Effects of Leverage on Stock Returns. Economics and Management Journal of Lund University, 1–47.
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: Accounting and Auditing, 16(1).
Ardiansyah. (2013). Analisis Pengaruh Faktor Fundamental dan Nilai Kapitalisasi Pasar terhadap Return Saham. Jurnal Ilmiah Mahasiswa FEB Universitas Brawijaya, 1(2).
Awais, M., Iqbal, W., & Khursheed, A. (2016). Impact of Capital Structure on The Firm Performance : Impact of Capital Structure on The Firm Performance : Comprehensive Study of Karachi Stock Exchange. Scienstific International (Lahore), 28(1), 501–507.
Brander, J. A., & Lewis, T. R. (2009). Oligopoly and Financial Structure: The Limited Liability Effect. Cournot Oligopoly, 421–444. https://doi.org/10.1017/cbo9780511528231.025
Brigham, & Houston. (2014). Dasar-Dasar Manajemen Keuangan (11th ed.). Jakarta: Salemba Empat.
Carlo, M. A. (2014). Pengaruh Return on Equity, Dividend Payout Ratio, dan Price to Earnings Ratio pada Return Saham. E-Jurnal Akuntansi, 7(1), 150–164.
Chytis, E., Tasios, S., & Arnis, N. (2018). Factors Affecting Firm Performance in Periods of Financial Crisis : Evidence from the Listed on the Athens Stock Exchange Food Companies. 12(October).
Dada, A. O., & Ghazali, Z. B. (2016). The Impact of Capital Structure on Firm Performance: Empirical Evidence from Nigeria. IOSR Journal of Economics and Finance, 07(04), 23–30. https://doi.org/10.9790/5933-0704032330
Dewi, I. A. L. (2019). Pengaruh Inflasi, Profitabilitas dan Ukuran Perusahaan pada Return Saham Perusahaan Terindeks LQ45. 27, 1120–1143. https://doi.org/10.24843/EJA.2019.v27.i02.p11
Din, W. U. (2017). Stock Return Predictability with Financial Ratios: Evidence from PSX 100 Index Companies. SSRN Electronic Journal, 6 (3), 269(March). https://doi.org/10.2139/ssrn.3077890
Endri. (2018). Factors Determine Stock Return of Livestock Feed Companies : Common Effect Model Analysis. International Journal of New Technology and Research (IJNTR), 4(5), 106–113.
Gumanti, T. A. (2009). Teori Sinyal dalam Manajemen Keuangan. Manajemen Dan Usahawan Indonesia, (September), 1–29.
Halim, A. (2005). Analisis Investasi (Edisi Dua). Jakarta: Salemba Empat.
Hanafi, M. M. & A. H. (2009). Laporan Analisis Keuangan. Yogyakarta: UPP STIM YKPN.
Huang, G., & Frank M. Song. (2006). The Determinants of Capital Structure Evidence from China. China Economic Review, Vol 17(1), 14–36. https://doi.org/10.1016/j.chieco.2005.02.007
Iqbal, U., & Muhammad Usman. (2018). Impact of Financial Leverage on Firm Performance Textile Composite Companies of Pakistan. SEISENSE Journal of Management, 1(2), 71–78. https://doi.org/10.33215/sjom.v1i2.13
Kamajaya, I. W. D. P., & Dwija Putri, I. G. A. M. A. (2019). Pengaruh Pertumbuhan Perusahaan, Kepemilikan Manajerial dan Kebijakan Dividen Pada Kinerja Perusahaan Manufaktur di BEI. E-Jurnal Akuntansi, 26, 997. https://doi.org/10.24843/eja.2019.v26.i02.p06
Kuranta, S. S. (2016). Analisis Tingkat Likuiditas Pada PT. Telekomunikasi Indonesia Tbk. Jurnal Administrasi BIsnis, 1–7.
Mocnik, D., & Karin Sirec. (2015). Determinants of A Fast-Growing Firm ’ s Profits : Empirical Evidence for Slovenia. Scientific Annals of Economics and Bussines, 62(1), 37–54. https://doi.org/10.1515/aicue-2015-0003
Myers, S. C. (2001). Capital structure. Journal of Economic Perspectives, 15(2), 81–102. https://doi.org/10.4337/9781785363528.00012
Nguyen, Ho, & Vo. (2019). An Empirical Test of Capital Structure Theories for the Vietnamese Listed Firms. Journal of Risk and Financial Management, 12(3), 148. https://doi.org/10.3390/jrfm12030148
Nugroho, M. N. (2018). Financial Ratio Analysis that Distinguishes Company Shares Indexed in LQ45 and the Non-LQ45 on the Indonesia Stock Exchange (Bursa Efek Indonesia). Archives of Business Research, 6(11), 208–224. https://doi.org/10.14738/abr.611.5733
Polakitan, C. D. (2015). Analisis Komparasi Risiko Saham LQ45 Dan Non LQ45 pada Beberapa Sub Sektor Perusahaan yang Terdaftar Di Bursa Efek Indonesia (BEI). Jurnal Riset Bisnis Dan Manajemen, 3(1), 61–72.
Prabasari, N. T. (2018). Pengaruh Likuiditas terhadap Return Saham dan Profitabilitas pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia. Jurnal Ekonomi Universitas Islam Indonesia, 1–10. Retrieved from https://dspace.uii.ac.id/handle/123456789/6193
Pramana, I. B. A., & Badera, I. (2017). Analisis Faktor-Faktor yang Mempengaruhi Risiko Investasi Saham. E-Jurnal Akuntansi, 18(3), 1860–1887.
Prasetyo, A. (2018). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan terhadap Return Saham (Studi Kasus pada Perusahaan Sektor Property, Real Estate dan Konstruksi Bangunan yang Terdaftar di BEI Tahun 2013-2015). Skripsi, 2.
Purwitajati, E., & Dwiana Putra, I. (2016). Pengaruh Debt to Equity Ratio Pada Return Saham dengan Ukuran Perusahaan sebagai Pemoderasi. E-Jurnal Akuntansi, 15(2), 1086–1114.
Putra, I. M. G. D., & I Made Dana. (2016). Pengaruh Profitabilitas, Leverage, Likuiditas dan Ukuran Perusahaan terhadap Return Saham Perusahaan Farmasi di BEI. E-Jurnal Manajemen Universitas Udayana, 5(11), 6825–6850.
Putriani, N., & Sukartha, I. (2014). Pengaruh Arus Kas Bebas dan Laba Bersih pada Return Saham Perusahaan LQ-45. E-Jurnal Akuntansi, 6(3), 390–401.
Rabbani, M. (2015). Impact of Financial Leverage on Pakistani Firms. Journal of Poverty, Investment and Development, 15, 15–22.
Raningsih, N., & Dwiana Putra, I. (2015). Pengaruh Rasio-Rasio Keuangan dan Ukuran Perusahaan pada Return Saham. E-Jurnal Akuntansi, 13(2), 582–598.
Silviyani, N. L. N. T., Sujana, E., & Adiputra, I. M. P. (2014). Pengaruh Likuiditas Perdagangan Saham dan Kapitalisasi Pasar terhadap Return Saham Perusahaan yang Berada pada Indeks LQ45 di Bursa Efek Indonesia Periode Tahun 2009-2013 (Studi Empiris Pada Perusahaan Lq45 Di Bursa Efek Indonesia). E-Journal S1 Ak Universitas Pendidikan Ganesha, 2(1), 1–11.
Suandewi, I. G. A. A. S. (2016). Rasio-Rasio Keuangan dan Return Saham. E-Jurnal Akuntansi Universitas Udayana, 16(1), 756–780.
Tryfino. (2009). Cara Cerdas Berinvestasi Saham. Jakarta: Transmedia.
Wiagustini, N. L. P. (2014). Manajemen Keuangan. Denpasar: Udayana University Press.
Yang, R., Xia, K., & Wen, H. (2016). Venture Capital , Financial Leverage and Enterprise Performance. Procedia - Procedia Computer Science, 91(Itqm), 114–121. https://doi.org/10.1016/j.procs.2016.07.048
Published
2020-10-27
How to Cite
GANDAWATI, Ida Ayu Nyoman Utari; WIRAKUSUMA, Made Gede.
Analisis Perbedaan Kinerja Perusahaan antara Perusahaan yang Terindeks LQ45 dengan Perusahaan Non LQ45.
E-Jurnal Akuntansi, [S.l.], v. 30, n. 10, p. 2500 - 2513, oct. 2020.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/57513>. Date accessed: 04 nov. 2024.
doi: https://doi.org/10.24843/EJA.2020.v30.i10.p05.
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