PENGARUH PROFITABILITAS, LIKUIDITAS, PENILAIAN PASAR, DAN UKURAN PERUSAHAAN TERHADAP RETURN SAHAM
Abstract
Return saham merupakan tingkat pendapatan yang dapat dinikmati oleh investor dari investasi yang dilakukan. Return yang positif akan membuat investor tertarik untuk menginvestasikan dananya pada suatu perusahaan. Penelitian ini bertujuan membuktikan pengaruh profitabilitas, likuiditas, penilaian pasar, serta ukuran perusahaan pada return saham perusahaan food and beverage yang terdaftar pada Bursa Efek Indonesia tahun 2016-2019. Penelitian ini menggunakan sampel dengan jumlah 14 perusahaan berdasarkan metode sampling sensus. Data yang telah dikumpulkan lalu dianalisis menggunakan analisis regresi linear berganda, dan menghasilkan kesimpulan bahwa hanya profitabilitas yang memengaruhi return saham perusahaan food and beverage di Bursa Efek Indonesia.
Stock returns is the level of income that investors can get from investment. The positive stock returns will make investors more interested to invest in a company. This study aims to prove the effect of profitability, liquidity, market valuation, and company size on stock returns of food and beverage companies that listed on the Indonesia Stock Exchange in 2016-2019. The number of samples used was 14 companies with the census sampling method. The data that has been collected analyzed using multiple linear regression analysis, and the result of this study is that only profitability affects the stock returns of food and beverage companies on the Indonesia Stock Exchange.
Downloads
Download data is not yet available.
References
Aisah, A. N., & Mandala, K. (2016). Pengaruh Return On Equity, Earning Per Share, Firm Size, dan Operating Cash Flow Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 5(11), 6907–6936.
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), 408–424. https://doi.org/10.25255/jss.2016.5.3.408.424
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 Universitas Udayana, 9(3), 1069–1088. https://doi.org/10.24843/ejmunud.2020.v09.i03.p13
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), 678–685.
Ariyanti, A. I., & Suwitho. (2016). Pengaruh CR, TATO, NPM, dan ROA Terhadap Return Saham. Jurnal Ilmu Dan Riset Manajemen, 5(4), 1–16.
Atidhira, A. T., & Yustina, A. I. (2017). The Influence of Return On Asset, Debt to Equity Ratio, Earnings Per Share, and Company Size on Share Return in Property and Real Estate Companies. JAAF (Journal of Applied Accounting and Finance), 1(2), 128–146.
Benedicta, G. R., & Lusmeida, H. (2015). the Influence of Investment Opportunity Set (IOS) and Profitability Towards Stock Return on Property and Real Estate Firms in Indonesia Stock Exchange. The 3rd International Multidisciplinary Conference on Social Sciences (IMCoSS), 57–65.
Brigham, E. F., & Houston, J. F. (2010). Dasar-dasar Manajemen Keuangan. Jakarta: Salemba Empat.
Dwialesi, J. B., & Darmayanti, N. P. A. (2016). Pengaruh Faktor-faktor Fundamental Terhadap Return Saham Indeks Kompas 100. E-Jurnal Manajemen Universitas Udayana, 5(4), 2544–2572.
Felmawati, E. N., & Handayani, N. (2017). Pengaruh Likuiditas, Leverage, Profitabilitas, dan Ukuran Perusahaan Terhadap Return Saham. Jurnal Imu Dan Riset Akuntansi, 6(12).
Gunadi, G. G., & Kesuma, I. K. W. (2015). Pengaruh ROA, DER, EPS Terhadap Return Saham Perusahaan Food and Beverage BEI. E-Jurnal Manajemen Universitas Udayana, 4(6), 1636–1647.
Hafni, L., & Anggraini, V. (2018). Pengaruh Current Ratio (CR), Debt to Equity Ratio (DER), Earning Per Share (EPS), Return On Equity (ROE), dan Price Earning Share (PER) Terhadap Return Saham pada Perusahaan Food and Beverage yang Terdaftar di Bursa Efek Indonesia. BILANCIA, 2(2), 137–149.
Handara, I. M. P. D. P. P., & Purbawangsa, I. B. A. (2017). Pengaruh Rasio Keuangan, Kondisi Pasar Modal, dan Perubahan Nilai Tukar Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 6(2), 663–696.
Jasman, J., & Kasran, M. (2017). Profitability, Earnings Per Share on Stock Return with Size as Moderation. Trikonomika, 16(2), 88–94. https://doi.org/10.23969/trikonomika.v16i2.559
Khotimah, K., & Murtaqi, I. (2015). The Fundamental Analysis of Indonesian Stock Return (Case Study : Listed Public Companies in Sub Sector Food and Beverage for the Period 2003-2012). Journal of Business and Management, 4(1), 95–104.
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
Nalurita, F. (2015). 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
Nandani, I. G. A. I. Y., & Sudjarni, L. K. (2017). Pengaruh Likuiditas, Profitabilitas dan Nilai Pasar Terhadap Return Saham Perusahaan F & B Di BEI. E-Jurnal Manajemen Universitas Udayana, 6(8), 4481–4509.
Ningtyas, S. A., Wahono, B., & Mardani, R. M. (2019). Pengaruh Rasio Profitabilitas, Leverage, Likuiditas, dan Ukuran Perusahaan Terhadap Return Saham pada Sektor Industri Kimia dan Pakan Ternak Yang Terdaftar di BEI Periode 2014-2017. E-Jurnal Riset Manajemen Prodi Manajemen Fakultas Ekonomi Unisma, 39–51.
Pandaya, Julianti, P. D., & Suprapta, I. (2020). Pengaruh Faktor Fundamental Terhadap Return Saham. Jurnal Akuntansi, 9(2), 233–243. https://doi.org/10.37932/ja.v9i2.156
Parwati, R. R. A. D., & Sudiartha, G. M. (2016). Pengaruh Profitabilitas, Leverage, Likuiditas dan Penilaian Pasar Tehadap Return Saham pada Perusahaan Manufaktur. E-Jurnal Manajemen Universitas Udayana, 5(1), 385–413.
Pradiana, N., & Yadnya, I. P. (2019). Pengaruh Leverage, Profitabilitas, Firm Size, dan Likuiditas Terhadap Return Saham Perusahaan Sektor Industri Barang Konsumsi. E-Jurnal Manajemen Universitas Udayana, 8(4), 2239–2266. https://doi.org/10.24843/ejmunud.2019.v08.i04.p13
Putra, F. E. P., & 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 EMBA, 4(4), 235–245.
Putra, I. M. G. D., & Dana, I. M. (2016). Pengaruh Profitabilitas, Leverage, Likuiditas, dan Ukuran Perusahaan Terhadap Return Saham Perusahaan Farmasi di BEI. E-Jurnal Manajemen Universitas Udayana, 5(11), 6825–6850.
Rochim, & Ghoniyah, N. (2017). Analysis on the Effect of Current Ratio, Cashflow From Operation To Debt, Firm Size and Return On Equity on Stock Return. International Journal of Islamic Business Ethics, 2(3), 41–51. https://doi.org/10.30659/ijibe.2.3.41-51
Sari, T. W., Hidayat, R. R., & Sulasmiyati, S. (2017). The Influence of Return On Investment (ROI), Return On Equity (ROE), Earnings Per Share (EPS) and Market Value Added (MVA) on Stock Return (Study on Consumer Goods Industry that Listed on Indonesia Stock Exchange for 2011-2015). Jurnal Administrasi Bisnis, 46(1), 172–180. https://doi.org/10.1002/jssc.201500123
Sariningsih, E., & Aprilia, A. (2017). Pengaruh Arus Kas Operasi, Nilai Perusahaan, Struktur Modal dan Ukuran Perusahaan Terhadap Return Saham (Studi Empiris pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2011-2015). Jurnal Riset Akuntansi Dan Manajemen, 6(2), 159–164.
Setiyono, E., & Amanah, L. (2016). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan Terhadap Return Saham. Jurnal Ilmu Dan Riset Akuntansi, 5(5).
Sole, D. (2020). Analisis Faktor-Faktor yang Berpengaruh Terhadap Return Saham pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Sub Sektor Makanan dan Minuman yang Tercatat Aktif di Bursa Efek Indonesia Periode 2013-2017. Jurnal Manajemen Bisnis Dan Kewirausahaan, 4(4), 162–167. https://doi.org/10.24912/jmbk.v4i4.8680
Stefano, K. (2015). The Impact of Financial Ratio toward Stock Return of Property Industry in Indonesia. IBuss Management, 3(2), 222–231.
Suciati, N. H. D. (2018). The Effect of Financial Ratio and Firm Size on Stock Return in Property and Real Estate Companies Listed on the Indonesia Stock Exchange. The Indonesian Accounting Review, 8(1), 96–108. https://doi.org/10.14414/tiar.v8i1.1633
Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan Aplikasi. Yogyakarta: Alfabeta.
Tikasari, N., & Surjandari, D. A. (2020). The Effect of Economic Value Added and Financial Performance on Stock Return. Saudi Journal of Business and Management Studies, 5(6), 343–352. https://doi.org/10.36348/sjbms.2020.v05i06.005
Wiagustini, N. L. P. (2014). Manajemen Keuangan. Denpasar: Udayana University Press.
Yuliarti, A., & Diyani, L. A. (2018). The Effect of Firm Size, Financial Ratios and Cash Flow On Stock Return. The Indonesian Accounting Review, 8(2), 229–243. https://doi.org/10.14414/tiar.v8i2.1313
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), 408–424. https://doi.org/10.25255/jss.2016.5.3.408.424
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 Universitas Udayana, 9(3), 1069–1088. https://doi.org/10.24843/ejmunud.2020.v09.i03.p13
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), 678–685.
Ariyanti, A. I., & Suwitho. (2016). Pengaruh CR, TATO, NPM, dan ROA Terhadap Return Saham. Jurnal Ilmu Dan Riset Manajemen, 5(4), 1–16.
Atidhira, A. T., & Yustina, A. I. (2017). The Influence of Return On Asset, Debt to Equity Ratio, Earnings Per Share, and Company Size on Share Return in Property and Real Estate Companies. JAAF (Journal of Applied Accounting and Finance), 1(2), 128–146.
Benedicta, G. R., & Lusmeida, H. (2015). the Influence of Investment Opportunity Set (IOS) and Profitability Towards Stock Return on Property and Real Estate Firms in Indonesia Stock Exchange. The 3rd International Multidisciplinary Conference on Social Sciences (IMCoSS), 57–65.
Brigham, E. F., & Houston, J. F. (2010). Dasar-dasar Manajemen Keuangan. Jakarta: Salemba Empat.
Dwialesi, J. B., & Darmayanti, N. P. A. (2016). Pengaruh Faktor-faktor Fundamental Terhadap Return Saham Indeks Kompas 100. E-Jurnal Manajemen Universitas Udayana, 5(4), 2544–2572.
Felmawati, E. N., & Handayani, N. (2017). Pengaruh Likuiditas, Leverage, Profitabilitas, dan Ukuran Perusahaan Terhadap Return Saham. Jurnal Imu Dan Riset Akuntansi, 6(12).
Gunadi, G. G., & Kesuma, I. K. W. (2015). Pengaruh ROA, DER, EPS Terhadap Return Saham Perusahaan Food and Beverage BEI. E-Jurnal Manajemen Universitas Udayana, 4(6), 1636–1647.
Hafni, L., & Anggraini, V. (2018). Pengaruh Current Ratio (CR), Debt to Equity Ratio (DER), Earning Per Share (EPS), Return On Equity (ROE), dan Price Earning Share (PER) Terhadap Return Saham pada Perusahaan Food and Beverage yang Terdaftar di Bursa Efek Indonesia. BILANCIA, 2(2), 137–149.
Handara, I. M. P. D. P. P., & Purbawangsa, I. B. A. (2017). Pengaruh Rasio Keuangan, Kondisi Pasar Modal, dan Perubahan Nilai Tukar Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 6(2), 663–696.
Jasman, J., & Kasran, M. (2017). Profitability, Earnings Per Share on Stock Return with Size as Moderation. Trikonomika, 16(2), 88–94. https://doi.org/10.23969/trikonomika.v16i2.559
Khotimah, K., & Murtaqi, I. (2015). The Fundamental Analysis of Indonesian Stock Return (Case Study : Listed Public Companies in Sub Sector Food and Beverage for the Period 2003-2012). Journal of Business and Management, 4(1), 95–104.
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
Nalurita, F. (2015). 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
Nandani, I. G. A. I. Y., & Sudjarni, L. K. (2017). Pengaruh Likuiditas, Profitabilitas dan Nilai Pasar Terhadap Return Saham Perusahaan F & B Di BEI. E-Jurnal Manajemen Universitas Udayana, 6(8), 4481–4509.
Ningtyas, S. A., Wahono, B., & Mardani, R. M. (2019). Pengaruh Rasio Profitabilitas, Leverage, Likuiditas, dan Ukuran Perusahaan Terhadap Return Saham pada Sektor Industri Kimia dan Pakan Ternak Yang Terdaftar di BEI Periode 2014-2017. E-Jurnal Riset Manajemen Prodi Manajemen Fakultas Ekonomi Unisma, 39–51.
Pandaya, Julianti, P. D., & Suprapta, I. (2020). Pengaruh Faktor Fundamental Terhadap Return Saham. Jurnal Akuntansi, 9(2), 233–243. https://doi.org/10.37932/ja.v9i2.156
Parwati, R. R. A. D., & Sudiartha, G. M. (2016). Pengaruh Profitabilitas, Leverage, Likuiditas dan Penilaian Pasar Tehadap Return Saham pada Perusahaan Manufaktur. E-Jurnal Manajemen Universitas Udayana, 5(1), 385–413.
Pradiana, N., & Yadnya, I. P. (2019). Pengaruh Leverage, Profitabilitas, Firm Size, dan Likuiditas Terhadap Return Saham Perusahaan Sektor Industri Barang Konsumsi. E-Jurnal Manajemen Universitas Udayana, 8(4), 2239–2266. https://doi.org/10.24843/ejmunud.2019.v08.i04.p13
Putra, F. E. P., & 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 EMBA, 4(4), 235–245.
Putra, I. M. G. D., & Dana, I. M. (2016). Pengaruh Profitabilitas, Leverage, Likuiditas, dan Ukuran Perusahaan Terhadap Return Saham Perusahaan Farmasi di BEI. E-Jurnal Manajemen Universitas Udayana, 5(11), 6825–6850.
Rochim, & Ghoniyah, N. (2017). Analysis on the Effect of Current Ratio, Cashflow From Operation To Debt, Firm Size and Return On Equity on Stock Return. International Journal of Islamic Business Ethics, 2(3), 41–51. https://doi.org/10.30659/ijibe.2.3.41-51
Sari, T. W., Hidayat, R. R., & Sulasmiyati, S. (2017). The Influence of Return On Investment (ROI), Return On Equity (ROE), Earnings Per Share (EPS) and Market Value Added (MVA) on Stock Return (Study on Consumer Goods Industry that Listed on Indonesia Stock Exchange for 2011-2015). Jurnal Administrasi Bisnis, 46(1), 172–180. https://doi.org/10.1002/jssc.201500123
Sariningsih, E., & Aprilia, A. (2017). Pengaruh Arus Kas Operasi, Nilai Perusahaan, Struktur Modal dan Ukuran Perusahaan Terhadap Return Saham (Studi Empiris pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2011-2015). Jurnal Riset Akuntansi Dan Manajemen, 6(2), 159–164.
Setiyono, E., & Amanah, L. (2016). Pengaruh Kinerja Keuangan dan Ukuran Perusahaan Terhadap Return Saham. Jurnal Ilmu Dan Riset Akuntansi, 5(5).
Sole, D. (2020). Analisis Faktor-Faktor yang Berpengaruh Terhadap Return Saham pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Sub Sektor Makanan dan Minuman yang Tercatat Aktif di Bursa Efek Indonesia Periode 2013-2017. Jurnal Manajemen Bisnis Dan Kewirausahaan, 4(4), 162–167. https://doi.org/10.24912/jmbk.v4i4.8680
Stefano, K. (2015). The Impact of Financial Ratio toward Stock Return of Property Industry in Indonesia. IBuss Management, 3(2), 222–231.
Suciati, N. H. D. (2018). The Effect of Financial Ratio and Firm Size on Stock Return in Property and Real Estate Companies Listed on the Indonesia Stock Exchange. The Indonesian Accounting Review, 8(1), 96–108. https://doi.org/10.14414/tiar.v8i1.1633
Tandelilin, E. (2010). Portofolio dan Investasi: Teori dan Aplikasi. Yogyakarta: Alfabeta.
Tikasari, N., & Surjandari, D. A. (2020). The Effect of Economic Value Added and Financial Performance on Stock Return. Saudi Journal of Business and Management Studies, 5(6), 343–352. https://doi.org/10.36348/sjbms.2020.v05i06.005
Wiagustini, N. L. P. (2014). Manajemen Keuangan. Denpasar: Udayana University Press.
Yuliarti, A., & Diyani, L. A. (2018). The Effect of Firm Size, Financial Ratios and Cash Flow On Stock Return. The Indonesian Accounting Review, 8(2), 229–243. https://doi.org/10.14414/tiar.v8i2.1313
Published
2022-02-26
How to Cite
CHANDRA, Alicia Arta; DARMAYANTI, Ni Putu Ayu.
PENGARUH PROFITABILITAS, LIKUIDITAS, PENILAIAN PASAR, DAN UKURAN PERUSAHAAN TERHADAP RETURN SAHAM.
E-Jurnal Manajemen, [S.l.], v. 11, n. 2, p. 358 - 377, feb. 2022.
ISSN 2302-8912.
Available at: <https://ojs.unud.ac.id/index.php/manajemen/article/view/73733>. Date accessed: 09 may 2025.
doi: https://doi.org/10.24843/EJMUNUD.2022.v11.i02.p08.
Issue
Section
Articles
