Earning Per Share, Dividend Per Share, dan Holding Period Saham
Abstract
This research aims to determine the effect of earnings per share on the holding period of shares with dividend per share as a moderating variable. The population in this study are companies registered in IDX30 for the 2016-2019 period. The sampling technique in the research used the purposive sampling method. Simple linear regression is used to determine the effect of earnings per share, while moderated regression analysis is used to determine the effect of the moderating variable. The research results show that earnings per share have a positive effect on the holding period of shares, while dividends per share are unable to moderate the effect of earnings per share on the holding period. The theoretical implications of the research are able to support signaling theory as well as the practical implications of the research as consideration for companies to improve financial performance and decisions to retain share ownership by investors.
Keywords: holding period; earning per share; dividend per share
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References
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Arbelia, M. R., Wijaya, A. L., & Widiasmara, A. (2019). Pengaruh Earnings Per Share Terhadap Harga Saham Dengan Dividend Per Share Sebagai Variabel Moderasi (Studi Kasus Di Bidang Food and Beverage Yang Terdaftar Di BEI Pada Periode Tahun 2013-2017). 531–548.
Atkins, A. B., & Dyl, E. A. (1997). Transactions Costs and Holding Periods for Common Stocks. The Journal of Finance, 52(1), 309. https://doi.org/10.2307/2329565
Bahar, I. (2019). Pengaruh Dividend Per Share (DPS), Price Earning Ratio (PER), Dan Return On Equity (ROE) Terhadap Return Saham Dengan Kepemilikan Institusional Sebagai Variabel Moderating.
Bangun, M. I. G. (2019). Determinan Stock Holding Period Pada Indeks Saham Jakarta Islamic Index yang Terdaftar Di Bursa Efek Indonesia.
Budihartono, E. (2019). Pengaruh bid-ask spread, return on asset, market value, dan earning per share terhadap holding period saham (studi pada perusahaan yang terdaftar di indeks kompas 100 periode 2015-2017).
Burhanudin, & Nuraini. (2018). Pengaruh Struktur Modal dan Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Pemoderasi. Eco-Entrepreneurship, 3(2).
Estrada, J. (2013). Stocks, Bonds, Risk, and the Holding Period: An International Perspective JAVIER ESTRADA R. 25–44.
Fathani, N. (2018). Analisis Pengaruh Market Value, Varian Return, Bid Ask Spread, dan Dividend Payout Ratio Terhadap Holding Period (Studi Pada Jakarta Islamic Index (JII) 2014-2016). 2014–2016.
Garba, A. (2014). Impact of Dividend- Per- Share on Common Stock Returns : A Case Study of Some Selected Manufacturing Firms Listed on the Nigerian Stock Exchange . European Journal of Business and Management, 6(30), 36–43.
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Undip.
Islamiah, R. (2018). Determinants of the Industrial Manufacturing Stock ’ s Holding Period. 1(1), 99–125.
Jones, C. P. (2000). Investments Analysis and Management.
Kumar, P. (2017). Impact of Earning Per Share and Price Earnings Ratio on Market Price of Share: A Study on Auto Sector In India. International Journal of Research -Granthaalayah, 5(2), 113–118. https://doi.org/10.29121/granthaalayah.v5.i2.2017.1710
Mahardini, N. Y., Suprihatin, N. S., & Nurzamzami, F. (2020). Does Leverage, Dividend Per Share, and Cash Flow Volatility Affect Hedging Decisions ?: An Empirical Study on Listed Manufacturing Companies. 3(2), 104–111.
Margareta, K. A., Nyoman, N., & Diantini, A. (2015). Variabel-Variabel Penentu Holding Period Saham. Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan, 9(1), 57–64. https://doi.org/10.24843/MATRIK:JMBK
Martina, S., Sadalia, I., & Bukit, R. (2017). 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 (IJPBAF).
Murtadho, N. (2019). Pengaruh Bid-Ask Spread, Market Value Dan Saham, Earning Per Share Terhadap Holding Period (Studi Pada Saham Indeks LQ-45 Periode 2018). 1–9.
Napitupulu, G. A. M. (2017). Faktor-Faktor yang Memengaruhi Holding Period Pada Indeks Saham LQ45 yang Terdaftar di Bursa Efek Indonesia.
Perangin-angin, N. ., & Fauzie, S. (2013). Analisis Pengaruh Bid-Ask Spread, Market Value dan Variance Return Terhadap Holding Period Saham Sektor Pertambangan. 1(3), 154–167.
Purnaningputri, H. (2014). Analisis Pengaruh Bid Ask Spread, Market Value, Risk of Return, dan Devidend Pay Out Ratio Terhadap Holding Period Saham Biasa.
Purwaningrat, P. A., & Suaryana, I. G. N. A. (2015). Pengaruh Perubahan Earning Per Share, Debt To Equity Ratio, dan Ukuran Perusahaan Pada Return Saham. E-Jurnal Akuntansi Universitas Udayana, 2, 444–455.
Rahayu Ningsih, T., & Asandimitra, N. (2017). Pengaruh Bid-Ask Spread, Market Value dan Variance Return Terhadap Holding Period Saham Sektor Pertambangan yang Listing Di Bursa Efek Indonesia (BEI) Tahun 2011-2015. Jurnal Ilmu Manajemen (JIM), 5(3).
Robbetze, N., Africa, S., Villiers, R. De, Africa, S., Harmse, L., & Africa, S. (2017). The Effect Of Earnings Per Share Categories On Share Price Behaviour: Some South African Evidence. The Journal of Applied Business Research, 33(1), 141–152.
Rufaida, I. (2015). Pengaruh Debt Ratio, Debt To Equity Ratio, Gross Profit Margin, Total Asset Turnover, dan Current Ratio Terhadap Harga Saham Dengan Dividend Per Share sebagai Variabel Moderasi.
Rusmita, S. A. (2021). Holding Period of Sharia and Conventional Bank’s Stock in Indonesian Capital Market. International Journal of Islamic Economics, 3(1), 71–81. https://doi.org/10.32332/ijie.v3i1.3328
Safitri, K., Mertha, I. M., Gusti, N., Wirawati, P., & Dewi, A. (2020). The Impact Of Debt To Equity Ratio , Price Earning Ratio , Earning Per Share To The Stock Price On Banking Sectors Listed In Infobank15 Index 2014- 2018. American Journal of Humanities and Social Sciences Research, 4(5), 49–56.
Saparudin, S. (2017). Pengaruh Nilai Pasar dan Laba Per Lembar Saham Terhadap Lama Periode Menahan Saham Dalam Perspektif Ekonomi Islam (Studi Pada Perusahaan yang Terdaftar di Jakarta Islamic Index Periode 2011-2014)”. 1–14.
Saputra, M. D. A., Herawati, N. T., & Sujana, E. (2020). Pengaruh Market Value, Devidend Payout Ratio, Trading Volume Activity, Earning Per Share, dan Return On Assets Terhadap Holding Period. 331–341.
Sari, C. T., & Suharti, M. (2021). The Effect of Taxes, Earnings Per Share, and Sales Growth On Stock Prices In The Covid-19 Pandemic (Empirical Study Of Health And Pharmaceutical Sector Listed In The Jakarta Stock Exchange 2016-2020). International Journal of Economics, Business and Accounting Research, 5(2), 530–540.
Sari, E. W., & Abudanti, N. (2015). Determinan Penentu Holding Period Pada Indeks LQ45. E-Jurnal Manajemen Universitas Udayana, 4(12), 4529–4558.
Selvi, N., Parhusip, B., & Udjang, R. (2019). Pengaruh Devidend Per Share (DPS), Earning Per Share (EPS) Dan Net Profit Margin (NPM) terhadap Harga Saham pada Perusahaan Persero yang Terdaftar di Bursa Efek Indonesia ( BEI ) Periode 2013-2017. 159–169.
Siboro, D. T., Siahaan, A. M., & Girsang, Y. (2021). Pengaruh Dividend Per Share (DPS) dan Earning Per Share (EPS) Terhadap Harga Saham Pada Perusahaan Manufaktur yang Terdaftar Di BEI. Jurnal Stindo Profesional, VII(3), 109–118.
Sitompul, T. W. (2021). The Effect of Bid Ask Spread , Market Value and Risk Of Return on the Holding Period of LQ45 Stocks on the Indonesia Stock Exchange Journal of Management Science ( JMAS ). Journal of Management Science ( JMAS ), 4(2), 53–63.
Sugiyono, P. D. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. 334.
Suwanna, T. (2012). Impacts of Dividend Announcement on Stock Return. Procedia - Social and Behavioral Sciences, 40, 721 – 725.
Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan Aplikasi. Kanisius.
Veridiana, A. (2020). Analisis Faktor Internal dan Eksternal yang Mempengaruhi Holding Period Saham LQ45. Management and Bussines Review, 4(2), 136–150.
Wibowo, C. C. A., Wulandari, A., Sukoco, A., & Bhukuth, A. (2016). Stock Price and Performance of Indonesian Banking, Case Study for The Period of 2013-2016. 54–57.
Widiastuti, D. (2016). Pengaruh Devidend Per Share (DPS), Earning Per Share (EPS) dan Net Profit Margin (NPM) terhadap Harga Saham pada Perusahaan Persero yang Terdaftar di Bursa Efek Indonesia ( BEI ) Periode 2013-2017.
Wijanarko, N. A. (2018). Analisis Faktor yang Memengaruhi Holding Period Saham Pada Perusahaan Go Publicyang Tercatat di Indeks LQ-45.
Winda Sari, E., & Abundanti, N. (2015). Determinan Penentu Holding Period Pada Indeks LQ45. E-Jurnal Manajemen Universitas Udayana, 4(12), 4529–4558.
Yanti, N. P. N. E., & Suryanawa, I. K. (2013). Pengaruh Earning Per Share Terhadap Harga Saham Dengan Dividend Per Share Sebagai Variabel Moderasi. E-Jurnal Akuntansi Universitas Udayana, 3(2), 212–228.
Almumani, D. M. A. Y. (2018). An Empirical Study on Effect of Profitability Ratios & Market Value Ratios on Market Capitalization of Commercial Banks in Jordan. 9(4), 39–45. https://doi.org/10.30845/ijbss.v9n4p6
Andriyani, I., Noviantoro, D., & Kurniawati, D. (2021). Analisis Pengaruh Bid Ask Spread, Market Value dan Earning Per Share Terhadap Holding Period Saham Perusahaan LQ45 di Bursa Efek Indonesia. Jurnal Aplikasi Manajemen Dan Bisnis, 2(1).
Arbelia, M. R., Wijaya, A. L., & Widiasmara, A. (2019). Pengaruh Earnings Per Share Terhadap Harga Saham Dengan Dividend Per Share Sebagai Variabel Moderasi (Studi Kasus Di Bidang Food and Beverage Yang Terdaftar Di BEI Pada Periode Tahun 2013-2017). 531–548.
Atkins, A. B., & Dyl, E. A. (1997). Transactions Costs and Holding Periods for Common Stocks. The Journal of Finance, 52(1), 309. https://doi.org/10.2307/2329565
Bahar, I. (2019). Pengaruh Dividend Per Share (DPS), Price Earning Ratio (PER), Dan Return On Equity (ROE) Terhadap Return Saham Dengan Kepemilikan Institusional Sebagai Variabel Moderating.
Bangun, M. I. G. (2019). Determinan Stock Holding Period Pada Indeks Saham Jakarta Islamic Index yang Terdaftar Di Bursa Efek Indonesia.
Budihartono, E. (2019). Pengaruh bid-ask spread, return on asset, market value, dan earning per share terhadap holding period saham (studi pada perusahaan yang terdaftar di indeks kompas 100 periode 2015-2017).
Burhanudin, & Nuraini. (2018). Pengaruh Struktur Modal dan Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Pemoderasi. Eco-Entrepreneurship, 3(2).
Estrada, J. (2013). Stocks, Bonds, Risk, and the Holding Period: An International Perspective JAVIER ESTRADA R. 25–44.
Fathani, N. (2018). Analisis Pengaruh Market Value, Varian Return, Bid Ask Spread, dan Dividend Payout Ratio Terhadap Holding Period (Studi Pada Jakarta Islamic Index (JII) 2014-2016). 2014–2016.
Garba, A. (2014). Impact of Dividend- Per- Share on Common Stock Returns : A Case Study of Some Selected Manufacturing Firms Listed on the Nigerian Stock Exchange . European Journal of Business and Management, 6(30), 36–43.
Ghozali, I. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Undip.
Islamiah, R. (2018). Determinants of the Industrial Manufacturing Stock ’ s Holding Period. 1(1), 99–125.
Jones, C. P. (2000). Investments Analysis and Management.
Kumar, P. (2017). Impact of Earning Per Share and Price Earnings Ratio on Market Price of Share: A Study on Auto Sector In India. International Journal of Research -Granthaalayah, 5(2), 113–118. https://doi.org/10.29121/granthaalayah.v5.i2.2017.1710
Mahardini, N. Y., Suprihatin, N. S., & Nurzamzami, F. (2020). Does Leverage, Dividend Per Share, and Cash Flow Volatility Affect Hedging Decisions ?: An Empirical Study on Listed Manufacturing Companies. 3(2), 104–111.
Margareta, K. A., Nyoman, N., & Diantini, A. (2015). Variabel-Variabel Penentu Holding Period Saham. Jurnal Manajemen, Strategi Bisnis Dan Kewirausahaan, 9(1), 57–64. https://doi.org/10.24843/MATRIK:JMBK
Martina, S., Sadalia, I., & Bukit, R. (2017). 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 (IJPBAF).
Murtadho, N. (2019). Pengaruh Bid-Ask Spread, Market Value Dan Saham, Earning Per Share Terhadap Holding Period (Studi Pada Saham Indeks LQ-45 Periode 2018). 1–9.
Napitupulu, G. A. M. (2017). Faktor-Faktor yang Memengaruhi Holding Period Pada Indeks Saham LQ45 yang Terdaftar di Bursa Efek Indonesia.
Perangin-angin, N. ., & Fauzie, S. (2013). Analisis Pengaruh Bid-Ask Spread, Market Value dan Variance Return Terhadap Holding Period Saham Sektor Pertambangan. 1(3), 154–167.
Purnaningputri, H. (2014). Analisis Pengaruh Bid Ask Spread, Market Value, Risk of Return, dan Devidend Pay Out Ratio Terhadap Holding Period Saham Biasa.
Purwaningrat, P. A., & Suaryana, I. G. N. A. (2015). Pengaruh Perubahan Earning Per Share, Debt To Equity Ratio, dan Ukuran Perusahaan Pada Return Saham. E-Jurnal Akuntansi Universitas Udayana, 2, 444–455.
Rahayu Ningsih, T., & Asandimitra, N. (2017). Pengaruh Bid-Ask Spread, Market Value dan Variance Return Terhadap Holding Period Saham Sektor Pertambangan yang Listing Di Bursa Efek Indonesia (BEI) Tahun 2011-2015. Jurnal Ilmu Manajemen (JIM), 5(3).
Robbetze, N., Africa, S., Villiers, R. De, Africa, S., Harmse, L., & Africa, S. (2017). The Effect Of Earnings Per Share Categories On Share Price Behaviour: Some South African Evidence. The Journal of Applied Business Research, 33(1), 141–152.
Rufaida, I. (2015). Pengaruh Debt Ratio, Debt To Equity Ratio, Gross Profit Margin, Total Asset Turnover, dan Current Ratio Terhadap Harga Saham Dengan Dividend Per Share sebagai Variabel Moderasi.
Rusmita, S. A. (2021). Holding Period of Sharia and Conventional Bank’s Stock in Indonesian Capital Market. International Journal of Islamic Economics, 3(1), 71–81. https://doi.org/10.32332/ijie.v3i1.3328
Safitri, K., Mertha, I. M., Gusti, N., Wirawati, P., & Dewi, A. (2020). The Impact Of Debt To Equity Ratio , Price Earning Ratio , Earning Per Share To The Stock Price On Banking Sectors Listed In Infobank15 Index 2014- 2018. American Journal of Humanities and Social Sciences Research, 4(5), 49–56.
Saparudin, S. (2017). Pengaruh Nilai Pasar dan Laba Per Lembar Saham Terhadap Lama Periode Menahan Saham Dalam Perspektif Ekonomi Islam (Studi Pada Perusahaan yang Terdaftar di Jakarta Islamic Index Periode 2011-2014)”. 1–14.
Saputra, M. D. A., Herawati, N. T., & Sujana, E. (2020). Pengaruh Market Value, Devidend Payout Ratio, Trading Volume Activity, Earning Per Share, dan Return On Assets Terhadap Holding Period. 331–341.
Sari, C. T., & Suharti, M. (2021). The Effect of Taxes, Earnings Per Share, and Sales Growth On Stock Prices In The Covid-19 Pandemic (Empirical Study Of Health And Pharmaceutical Sector Listed In The Jakarta Stock Exchange 2016-2020). International Journal of Economics, Business and Accounting Research, 5(2), 530–540.
Sari, E. W., & Abudanti, N. (2015). Determinan Penentu Holding Period Pada Indeks LQ45. E-Jurnal Manajemen Universitas Udayana, 4(12), 4529–4558.
Selvi, N., Parhusip, B., & Udjang, R. (2019). Pengaruh Devidend Per Share (DPS), Earning Per Share (EPS) Dan Net Profit Margin (NPM) terhadap Harga Saham pada Perusahaan Persero yang Terdaftar di Bursa Efek Indonesia ( BEI ) Periode 2013-2017. 159–169.
Siboro, D. T., Siahaan, A. M., & Girsang, Y. (2021). Pengaruh Dividend Per Share (DPS) dan Earning Per Share (EPS) Terhadap Harga Saham Pada Perusahaan Manufaktur yang Terdaftar Di BEI. Jurnal Stindo Profesional, VII(3), 109–118.
Sitompul, T. W. (2021). The Effect of Bid Ask Spread , Market Value and Risk Of Return on the Holding Period of LQ45 Stocks on the Indonesia Stock Exchange Journal of Management Science ( JMAS ). Journal of Management Science ( JMAS ), 4(2), 53–63.
Sugiyono, P. D. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. 334.
Suwanna, T. (2012). Impacts of Dividend Announcement on Stock Return. Procedia - Social and Behavioral Sciences, 40, 721 – 725.
Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan Aplikasi. Kanisius.
Veridiana, A. (2020). Analisis Faktor Internal dan Eksternal yang Mempengaruhi Holding Period Saham LQ45. Management and Bussines Review, 4(2), 136–150.
Wibowo, C. C. A., Wulandari, A., Sukoco, A., & Bhukuth, A. (2016). Stock Price and Performance of Indonesian Banking, Case Study for The Period of 2013-2016. 54–57.
Widiastuti, D. (2016). Pengaruh Devidend Per Share (DPS), Earning Per Share (EPS) dan Net Profit Margin (NPM) terhadap Harga Saham pada Perusahaan Persero yang Terdaftar di Bursa Efek Indonesia ( BEI ) Periode 2013-2017.
Wijanarko, N. A. (2018). Analisis Faktor yang Memengaruhi Holding Period Saham Pada Perusahaan Go Publicyang Tercatat di Indeks LQ-45.
Winda Sari, E., & Abundanti, N. (2015). Determinan Penentu Holding Period Pada Indeks LQ45. E-Jurnal Manajemen Universitas Udayana, 4(12), 4529–4558.
Yanti, N. P. N. E., & Suryanawa, I. K. (2013). Pengaruh Earning Per Share Terhadap Harga Saham Dengan Dividend Per Share Sebagai Variabel Moderasi. E-Jurnal Akuntansi Universitas Udayana, 3(2), 212–228.
Published
2023-09-30
How to Cite
PUTRI, Putu Dinda Sulistia; SUARYANA, I Gusti Ngurah Agung.
Earning Per Share, Dividend Per Share, dan Holding Period Saham.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 9, p. 2467-2479, sep. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/84708>. Date accessed: 14 nov. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i09.p16.
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