Kinerja Keuangan dan Return Saham Perusahaan Blue Chip di Bursa Efek Indonesia
Abstract
The purpose of this study is to provide empirical evidence regarding the effect of return on assets, earnings per share, and return on equity on stock returns. This research was conducted on Blue Chip companies listed on the Indonesia Stock Exchange (IDX). The number of samples taken as many as 81 samples, with non-probability sampling method with saturated sampling technique. Data collection is done by non-participant observation. The analysis technique used is multiple linear regression technique. The results of the analysis found that return on assets, earnings per share, and return on equity had a positive effect on stock returns of Blue Chip companies listed on the IDX for the 2017-2019 period.
Keywords : Stock Return; Return On Assets; Earnings Per Share; Return On Equity; Blue Chip.
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References
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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, 16(1), 31–39.
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Assagaf, A., Murwaningsari, E., Gunawan, J., & Mayangsari, S. (2019). The Effect of Macro Economic Variables on Stock Return of Companies That Listed in Stock Exchange: Empirical Evidence from Indonesia. International Journal of Business and Management, 14(8), 108–116. https://doi.org/10.5539/ijbm.v14n8p108
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Bagaskoro, B. S., A, A. F., & Widagdo, A. K. (2019). The Effect Of Stock Split On Liquidity Stock In Companies Which Listed On BEI 2007-2015. International Journal of Economics, Business and Management Research, 3(11), 160–169.
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Fahmi, M. M., & Sulhan, M. (2020). Pengaruh Free Cash FLow dan Investment Opportunity Set Terhadap Kebijakan Deviden dengan Kepemilikan Institusional Sebagai Variabel Pemoderasi. Jurnal Ilmiah Manajemen, 8(2), 43–63.
Ghozali, H. Imam. 2016. Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. Edisi Kedelapan. Semarang: Badan Penerbit Universitas Diponegoro.
Handayani, R., & Zulyanti, N. R. (2018). Pengaruh Earning Per Share (EPS), Debt To Equity Ratio, (DER), Dan Return on Assets (ROA) Terhadap Return Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bei. Jurnal Manajemen, 3(1), 615–620. https://doi.org/10.30736/jpim.v3i1.143
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Hati, I. P., & Rosini, I. (2017). Pengaruh Opini Audit Tahun Sebelumnya dan Kondisi Keuangan terhadap Opini Audit Going Concern. 2(2), 123–133.
Hendarsih, I., & Harjunawati, S. (2020). Penggolongan Saham perusahaan Blue Chip Berdasarkan Kapitalisasi Pasar Pada Bursa Efek Indonesia Tahun 2017-2020. Psychology Applied to Work: An Introduction to Industrial and Organizational Psychology, Tenth Edition Paul, 5(2), 115–133.
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Latifah, W. R., & Pratiwi, P. D. (2019). Analisis Pengaruh Current Ratio, Debt to Equity Ratio, dan Return on Equity Terhadap Return Saham Pada Perusahaan Real Estate dan Property yang Terdaftar di Bursa Efek Indonesia Periode 2014-2017. JURNAL FOKUS, 2(1), 255–269.
Laurens, S. (2018). Influence Analysis of DPS, EPS, and PBV toward Stock Price and Return. The Winners, 19(1), 21–29. https://doi.org/10.21512/tw.v19i1.4496
Maringka, T. S., Moeljadi, P., Djazuli, A., & Ratnawati, K. (2016). Leverage , Free Cash Flow , and Interest Rates Influence of Stock Return and Financial Performance as Intervening Variables ( Study on Manufacturing Industry Listed in Indonesia Stock Exchange ). International Journal of Business and Management Invention, 5(2), 28–30.
Martina, S., Sadalia, I., & Bukit, R. (2019). The Effect Of Quick Ratio, Debt To Equity Ratio, Earning Per Share, Price To Book Value And Return On Equity On Stock Return With Money Supply As Moderated Variables (Study of Banking Companies Listed on Indonesia Stock Exchange Period 2008 - 2017). International Journal of Public Budgeting, Accounting and Finance, 2(3), 1–10.
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Mirayanti, N. M., & Wirama, D. G. (2017). Pengaruh Variabel Ekonomi Makro Pada Return Saham LQ45 di Bursa Efek Indonesia. E-Jurnal Akuntansi Universitas Udayana, 21(1), 505–533.
Mulyana, M., Hidayat, L., & Puspitasari, R. (2019). Mengukur Pengetahuan Investasi Para Mahasiswa Untuk Pengembangan Galeri Investasi Perguruan Tinggi. Jurnal Analisis Sistem Pendidikan Tinggi, 3(1), 31–52.
Mwaurah, I., Muturi, W., & Waititu, A. (2017). The Influence of Credit Risk on Stock Returns. International Journal of Scientific and Research Publications, 7(5), 575–584.
Nalurita, F. (2015). The Effect of Profitability Ratio , Solvability Ratio , Market Ratio The Effect Of Profitability Ratio , Solvability Ratio , Market Ratio On Stock Return. Business and Entrepreneurial Review, 15(1), 73–94. https://doi.org/10.25105/ber.v15i1.2080
Nasiri, M. M., Mir, M., & Samani, A. R. (2016). The effect of Shareholders ’ Combination on Risk Taking of the Companies Listed in Tehran Stock Exchange. International Journal of Business Continuity and Risk Management, 6(3), 1–12. https://doi.org/10.1504/IJBCRM.2016.079009
Nugroho, Y. B. (2020). The Effect of Book to Market Ratio, Profitability, and Investment on Stock Return. International Journal of Economics and Management Studies, 7(6), 102–107. https://doi.org/10.14445/23939125/ijems-v7i6p114
Putra, F. E., & Kindangen, P. (2016). Pengaruh Return on Asset (Roa), Net Profit Margin (Npm), Dan Earning Per Share (Eps) Terhadap Return Saham Perusahaan Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia (Periode 2010-2014). Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 4(4), 235–245.
Samsul, Mohammad. (2006). Pasar Modal dan Manajemen Portofolio. Surabaya: Erlangga.
Scott, William R. 2012. Financial Accounting Theory. Sixth Edition Canada: Pearson Prentice Hall.
Selviani, N., & Prima, A. P. (2020). Pengaruh Return on Assets, Net Profit Margin Dan Earning Per Share Terhadap Return Saham Perusahaan Yang Terdaftar Di Bursa Efek. EDUTECH CONSULTANT BANDUNG Jurnal AKSARA PUBLIC, 4(9), 11–21.
Stefano, K. (2015). The Impact of Financial Ratio toward Stock Return of Property Industry in Indonesia. IBuss Management, 3(2), 222–231.
Sugiyanto. (2000). Keterbatasan Uji Signifikansi: Ilustrasi Pada Analisis Korelasi 2 Variabel. ISSN : 0854 - 7108 Buletin Psikologi, Tahun VIII, No. 2 Desember 2000
Sugiyono. 2017. Metode Penelitian dan Bisnis. Bandung: Alfabeta.
Tamuunu, S. C., & Rumokoy, F. (2015). The Influence of Fundamental Factors on Stock Return (Case Study: Company Listed in Lq45 2011-2014). Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 3(4), 628–636.
Tumonggor, M., Murni, S., & Rate, P. Van. (2017). Analisis Pengaruh Current Ratio, Return on Equity, Debt To Equity Ratio Dan Growth Terhadap Return Saham Pada Cosmetics and Household Industry Yang Terdaftar Di Bei Periode 2010-2016. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(2), 2203–2210.
Vernida, M., & Marlius, D. (2019). Analisis Rasio Profitabilitas Pada Pt. Bank Perkreditan Rakyat Cempaka Mitra Nagari Padang. 1–11. https://doi.org/10.31219/osf.io/d3qrp.
Widiastuti, D. A., & Asteria, B. (2019). Faktor Determinan Kemampulabaan Saham perusahaan Blue Chip Di Bursa Efek Indonesia. Kajian Bisnis STIE Widya Wiwaha, 27(1), 3–14. https://doi.org/10.32477/jkb.v27i1.318
Almira, N. P. A. K., & Wiagustini, N. L. P. (2020). Return on Asset, Return on Equity, dan Earning per Share Berpengaruh Terhadap Return Saham. E-Jurnal Manajemen, 9(3), 1069–1088.
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, 16(1), 31–39.
Arikunto. 2013. Prosedur Penelitian Suatu Pendekatan Praktis. Jakarta: Bina Aksara.
Aryanti, Mawardi, & Andesta, S. (2016). Pengaruh ROA, ROE, NPM Dan CR Terhadap Return Saham Pada Perusahaan Yang Terdaftar Di Jakarta Islamic Index (JII). I-Finance, 2(2), 54–71.
Assagaf, A., Murwaningsari, E., Gunawan, J., & Mayangsari, S. (2019). The Effect of Macro Economic Variables on Stock Return of Companies That Listed in Stock Exchange: Empirical Evidence from Indonesia. International Journal of Business and Management, 14(8), 108–116. https://doi.org/10.5539/ijbm.v14n8p108
Awaloedin, D. T., Hasanudin, & Subekti, S. W. M. (2020). Tinjauan Analisis Kinerja Laporan Keuangan Pada Perusahaan Food & Beverage Yang Terdaftar di BEI Pada Tahun 2013-2017. Jurnal Rekayasa Akuntansi, 9(1), 26–43.
Bagaskoro, B. S., A, A. F., & Widagdo, A. K. (2019). The Effect Of Stock Split On Liquidity Stock In Companies Which Listed On BEI 2007-2015. International Journal of Economics, Business and Management Research, 3(11), 160–169.
Brigham, & Houston. (2014). Dasar-Dasar Manajemen Keuangan (11th ed.). Jakarta: Salemba Empat.
Fahmi, M. M., & Sulhan, M. (2020). Pengaruh Free Cash FLow dan Investment Opportunity Set Terhadap Kebijakan Deviden dengan Kepemilikan Institusional Sebagai Variabel Pemoderasi. Jurnal Ilmiah Manajemen, 8(2), 43–63.
Ghozali, H. Imam. 2016. Aplikasi Analisis Multivariate dengan Program IBM SPSS 23. Edisi Kedelapan. Semarang: Badan Penerbit Universitas Diponegoro.
Handayani, R., & Zulyanti, N. R. (2018). Pengaruh Earning Per Share (EPS), Debt To Equity Ratio, (DER), Dan Return on Assets (ROA) Terhadap Return Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bei. Jurnal Manajemen, 3(1), 615–620. https://doi.org/10.30736/jpim.v3i1.143
Hasan, I., Mas’ud, M., & Serang, S. (2020). Pengaruh Return on Asset , Debt to Equity Ratio dan Return on Equity terhadap Return Saham pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Tahun 2015-2018. Paradoks, 3(3), 19–30.
Hati, I. P., & Rosini, I. (2017). Pengaruh Opini Audit Tahun Sebelumnya dan Kondisi Keuangan terhadap Opini Audit Going Concern. 2(2), 123–133.
Hendarsih, I., & Harjunawati, S. (2020). Penggolongan Saham perusahaan Blue Chip Berdasarkan Kapitalisasi Pasar Pada Bursa Efek Indonesia Tahun 2017-2020. Psychology Applied to Work: An Introduction to Industrial and Organizational Psychology, Tenth Edition Paul, 5(2), 115–133.
Khalil, M., Ullah, S., & Ali, S. (2016). Arabian Journal of Business and The Effect of Corporate Cash Holdings on Stock Returns. Arabian Journal of Business and Management Review, 6(6), 1–9. https://doi.org/10.4172/2223-5833.1000262
Latifah, W. R., & Pratiwi, P. D. (2019). Analisis Pengaruh Current Ratio, Debt to Equity Ratio, dan Return on Equity Terhadap Return Saham Pada Perusahaan Real Estate dan Property yang Terdaftar di Bursa Efek Indonesia Periode 2014-2017. JURNAL FOKUS, 2(1), 255–269.
Laurens, S. (2018). Influence Analysis of DPS, EPS, and PBV toward Stock Price and Return. The Winners, 19(1), 21–29. https://doi.org/10.21512/tw.v19i1.4496
Maringka, T. S., Moeljadi, P., Djazuli, A., & Ratnawati, K. (2016). Leverage , Free Cash Flow , and Interest Rates Influence of Stock Return and Financial Performance as Intervening Variables ( Study on Manufacturing Industry Listed in Indonesia Stock Exchange ). International Journal of Business and Management Invention, 5(2), 28–30.
Martina, S., Sadalia, I., & Bukit, R. (2019). The Effect Of Quick Ratio, Debt To Equity Ratio, Earning Per Share, Price To Book Value And Return On Equity On Stock Return With Money Supply As Moderated Variables (Study of Banking Companies Listed on Indonesia Stock Exchange Period 2008 - 2017). International Journal of Public Budgeting, Accounting and Finance, 2(3), 1–10.
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), 4063–4093. https://doi.org/10.24843/EJMUNUD.2018.v07.i08.p02
Mirayanti, N. M., & Wirama, D. G. (2017). Pengaruh Variabel Ekonomi Makro Pada Return Saham LQ45 di Bursa Efek Indonesia. E-Jurnal Akuntansi Universitas Udayana, 21(1), 505–533.
Mulyana, M., Hidayat, L., & Puspitasari, R. (2019). Mengukur Pengetahuan Investasi Para Mahasiswa Untuk Pengembangan Galeri Investasi Perguruan Tinggi. Jurnal Analisis Sistem Pendidikan Tinggi, 3(1), 31–52.
Mwaurah, I., Muturi, W., & Waititu, A. (2017). The Influence of Credit Risk on Stock Returns. International Journal of Scientific and Research Publications, 7(5), 575–584.
Nalurita, F. (2015). The Effect of Profitability Ratio , Solvability Ratio , Market Ratio The Effect Of Profitability Ratio , Solvability Ratio , Market Ratio On Stock Return. Business and Entrepreneurial Review, 15(1), 73–94. https://doi.org/10.25105/ber.v15i1.2080
Nasiri, M. M., Mir, M., & Samani, A. R. (2016). The effect of Shareholders ’ Combination on Risk Taking of the Companies Listed in Tehran Stock Exchange. International Journal of Business Continuity and Risk Management, 6(3), 1–12. https://doi.org/10.1504/IJBCRM.2016.079009
Nugroho, Y. B. (2020). The Effect of Book to Market Ratio, Profitability, and Investment on Stock Return. International Journal of Economics and Management Studies, 7(6), 102–107. https://doi.org/10.14445/23939125/ijems-v7i6p114
Putra, F. E., & Kindangen, P. (2016). Pengaruh Return on Asset (Roa), Net Profit Margin (Npm), Dan Earning Per Share (Eps) Terhadap Return Saham Perusahaan Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia (Periode 2010-2014). Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 4(4), 235–245.
Samsul, Mohammad. (2006). Pasar Modal dan Manajemen Portofolio. Surabaya: Erlangga.
Scott, William R. 2012. Financial Accounting Theory. Sixth Edition Canada: Pearson Prentice Hall.
Selviani, N., & Prima, A. P. (2020). Pengaruh Return on Assets, Net Profit Margin Dan Earning Per Share Terhadap Return Saham Perusahaan Yang Terdaftar Di Bursa Efek. EDUTECH CONSULTANT BANDUNG Jurnal AKSARA PUBLIC, 4(9), 11–21.
Stefano, K. (2015). The Impact of Financial Ratio toward Stock Return of Property Industry in Indonesia. IBuss Management, 3(2), 222–231.
Sugiyanto. (2000). Keterbatasan Uji Signifikansi: Ilustrasi Pada Analisis Korelasi 2 Variabel. ISSN : 0854 - 7108 Buletin Psikologi, Tahun VIII, No. 2 Desember 2000
Sugiyono. 2017. Metode Penelitian dan Bisnis. Bandung: Alfabeta.
Tamuunu, S. C., & Rumokoy, F. (2015). The Influence of Fundamental Factors on Stock Return (Case Study: Company Listed in Lq45 2011-2014). Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 3(4), 628–636.
Tumonggor, M., Murni, S., & Rate, P. Van. (2017). Analisis Pengaruh Current Ratio, Return on Equity, Debt To Equity Ratio Dan Growth Terhadap Return Saham Pada Cosmetics and Household Industry Yang Terdaftar Di Bei Periode 2010-2016. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(2), 2203–2210.
Vernida, M., & Marlius, D. (2019). Analisis Rasio Profitabilitas Pada Pt. Bank Perkreditan Rakyat Cempaka Mitra Nagari Padang. 1–11. https://doi.org/10.31219/osf.io/d3qrp.
Widiastuti, D. A., & Asteria, B. (2019). Faktor Determinan Kemampulabaan Saham perusahaan Blue Chip Di Bursa Efek Indonesia. Kajian Bisnis STIE Widya Wiwaha, 27(1), 3–14. https://doi.org/10.32477/jkb.v27i1.318
Published
2021-12-12
How to Cite
SURYO, Ariel; YASA, Gerianta Wirawan.
Kinerja Keuangan dan Return Saham Perusahaan Blue Chip di Bursa Efek Indonesia.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 12, p. 3288-3300, dec. 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/76593>. Date accessed: 23 nov. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i12.p19.
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