Moderasi Perbedaan Opini terhadap Faktor-Faktor Kinerja Harga Saham pada Perusahaan Sektor Pariwisata Saat Pandemi Covid-19
Abstract
An uncertain and crisis-prone economy has an impact on the capital market in Indonesia. This study aims to analyze the effect of profitability, leverage , liquidity and differences of opinion on stock price performance and the role of investors' differences of opinion in moderating the effect of profitability, leverage , and liquidity on stock price performance. The population in this study is the tourism sector companies listed on the Indonesia Stock Exchange. The number of research observations was 136 observations. Data analysis used moderated regression analysis. The results of the study of profitability and leverage have a positive effect on stock returns . Leverage which has no significant effect on stock returns . The results of this study also do not prove that differences in investor opinions moderate the effect of profitability, leverage , liquidity on stock price performance, possibly because tourism sector companies are not very favored by investors so that stock prices do not move much during the Covid-19 pandemic.
Keywords: Profitability; Leverage; Liquidity; Stock Price Performance.
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References
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Acheampong, P., Agalega, E., & Shibu, A. K. (2014). The Effect of Financial Leverage and Market Size on Stock Returns on the Ghana Stock Exchange: Evidence from Selected Stocks in the Manufacturing Sector. International Journal of Financial Research, 5(1), pp. 125–134. https://doi.org/10.5430/ijfr.v5n1p125
Allozi, N. M., & Obeidat, G. S. (2016). The Relationship between the Stock Return and Financial Indicators (Profitability, Leverage): An Empirical Study on Manufacturing Companies Listed in Amman Stock Exchange. Journal of Social Sciences (COES&RJ-JSS), 5(3), pp. 408–424. https://doi.org/10.25255/jss.2016.5.3.408.424
Araújo, R.C.C., & Machado, M.A.V. (2018). Book-to-Market Ratio, return on equity and Brazilian Stock Returns. RAUSP Management Journal, 53(3), pp. 324–344. https://doi.org/10.1108/RAUSP-04-2018-001
Bararoh, Tantri. (2015). Analysis of Fundamental Factors, Foreign Exchange and Interest Rate on Stock Return (Studies in Manufacturing Companies Listed on Indonesia Stock Exchange for 2011-2013 periods). International Journal of Business and Management Invention, 4(2), pp.36-42.
Brigham, E. F., & Houston. (2010). Dasar-dasar Manajemen Keuangan. Jakarta: Salemba Empat.
Fahmi et al. (2019). Pengaruh Profitabilitas dan Rasio leverage terhadap Return Saham pada Perusahaan BUMN
yang terdaftar di Indeks LQ45. Jurnal Ilmiah Mahasiswa Ekonomi Manajemen Universitas Singaperbangsa Karawang, 4(3), hal. 509–518.
Gao, Y dan Zhong, M (2006) Divergence of opinion and long term performance of intial public offering. Journal of financial research 29.
Ghozali, Iman (2020) 25 Grand Theory. Yoga Pratama. Semarang
Har, Wong Pik and Muhammad Affi. (2015). The Impact of Accounting Earning on Stock Return: The Case of Malaysia's Plantation Industry. International Journal of Business and Management, 10(4), pp.155-165.
Houge T Loughran T Suckanek dan Yan X (2001) Divergen opinion uncertainty and the quality of initial public offering, Financial management.
Indrawati, S.M. (2020). Pemerintah Waspada Dampak Pandemi Covid-19 Terhadap Ekonomi Indonesia. Diunduh dari Kemenkeu.com website: https://www.kemenkeu.go.id/media/15072/sp-27-pemerintah-waspada-dampak-pandemi-Covid-19-terhadap-ekonomi-indonesia.pdf
Jensen & Meckling. (1976). The Theory of The Firms Manajerial Behaviour, Agency Cost, and Ownership Structure. Journal of Financial and Economics, 3, pp. 305-360.
Jewwartowski dan Lizinska (2012) Short and long term performance of polish IPOs. Emergency markets finance & trade 48
Khan, M.K. et al. (2017). Nexuses between Economic Factors and Stock Returns in China. International Journal of Economics and Finance, 9(9), pp. 182-191. doi: 10.5539/ijef.v9n9p182
Mariani, N. L. L., Yudiaatmaja, F., & Yulianthini, N. N. (2016). Pengaruh Profitabilitas dan Leverage terhadap Return Saham. E-Journal Bisma Universitas Pendidikan Ganesha, 4. https://doi.org/10.1097/BRS.0000000000000512
Miller, E.M (1977) Risk, uncertainty and divergen of opinion. The Journal of finance 32.
Nurhakim S, Anistia; Irni Yunita, and Aldilla Iradianty. (2016). The Effect of Profitability and Inflation on Stock Return at Pharmaceutical Industries at BEI In the Period of 2011-2014. Asia Pasific Jornal of Advanced Business and Sosial Studies, 2(2), pp.202-210.
Parwati, R. R. D., & Sudiartha, G. M. (2016). Pengaruh Profitabilitas, Leverage, Likuiditas Dan Penilaian Pasar Tehadap Return Saham Perusahaan Manufaktur. E-Jurnal Manajemen Universitas Udayana, 5(1), hal. 385-413.
Raningsih, N. K., & Putra, I. M. P. D. (2015). Pengaruh Rasio-Rasio Keuangan dan Ukuran Perusahaan pada Return Saham. E-Jurnal Akuntansi, 13(2), hal. 582–598. https://ojs.unud.ac.id/index.php/Akuntansi/article/view/12325/11032
Salamat, W. A. Al, & Mustafa, H. H. H. (2016). The Impact of Capital Structure on Stock Return : Empirical Evidence from Amman Stock Exchange. International Journal of Business and Social Science, 7(9), pp. 183–196. https://doi.org/https://doi.org/10.33094/7.2017.2019.51.9.21
Saleh, Muhammad. (2015). Relationship between Firm's Financial Performance and Stock Return: Evidence form Oil and Gas Sector Pakistan. Jornal of Energy Technologies and Policy, 5(10), pp.27-32.
Sawir, Agnes. (2010). Analisa Kinerja Keuangan dan Perencanaan Keuangan Perusahaan. Jakarta: PT Gramedia Pustaka Utama.
Sugianto, Danang, (2020) https://finance.detik.com/bursa-dan-valas/d-4972595/perjalanan-ihsg-sejak-ri-positif-virus-corona
Published
2021-10-27
How to Cite
DAMAYANTHI, I Gst Ayu Eka; MERKUSIWATI, Ni Ketut Lely Aryani.
Moderasi Perbedaan Opini terhadap Faktor-Faktor Kinerja Harga Saham pada Perusahaan Sektor Pariwisata Saat Pandemi Covid-19.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 10, p. 2663-2676, oct. 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/77911>. Date accessed: 27 apr. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i10.p20.
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