PENGARUH PROFITABILITAS, STRUKTUR MODAL DAN KEPEMILIKAN MANAJERIAL TERHADAP RETURN SAHAM DENGAN NILAI PERUSAHAAN SEBAGAI VARIABEL MODERATING (Studi Empiris pada Perusahaan Sektor Pertanian di BEI)

Rossy Novia Ellidianti; Murhaban Murhaban; Andria Zulfa

doi:10.29103/j-mind.v6i1.4871

PENGARUH PROFITABILITAS, STRUKTUR MODAL DAN KEPEMILIKAN MANAJERIAL TERHADAP RETURN SAHAM DENGAN NILAI PERUSAHAAN SEBAGAI VARIABEL MODERATING (Studi Empiris pada Perusahaan Sektor Pertanian di BEI)

Rossy Novia Ellidianti, Murhaban Murhaban, Andria Zulfa

Abstract

This study aims to examine the effect of profitability, capital structure and managerial ownership on stock return with firm value as a moderator veriable in Agricultural Companies in Indonesia Stock Exchange during the period 2009-2018. The number of samples in this study are 10 agricultural companies in the Indonesia Stock Exchange obtained by using purposive sampling technique. Data analysis method used is Panel Data Regression. The results of this study prove that capital structure has negative effect on stock returns, firm value has positive effect on stock returns, profitability and managerial ownership have no significant effect on stock returns. Meanwhile, the moderating effect test prove that firm value is able to moderate the effect of profitability on stock returns, but is unable to moderate the effect of capital structure and managerial ownership on stock returns

Keywords

Profitability, Capital Structure, Managerial Ownership, Firm Value and Stock Return

Full Text:

PDF

References

Adwiyah, Rabiatul. (2017). Reaksi Signal Rasio Profitablitas dan Rasio Solvabilitas terhadap Return Saham pada Perusahaan Manufaktur yang Terdaftar di BEI untuk Periode 2012-2014. Jurnal Akuntansi dan Manajemen. Vol 1. No 1.

Akbar, R., & Herianingrum, S. (2015). Pengaruh Price Earning Ratio (PER), Price Book Value (PBV) dan Debt to Equity Ratio (DER) Terhadap Return Saham (Studi Terhadap Perusahaan Properti dan Real Estate yang Listing di Indeks Saham Syariah Indonesia). Jurnal Ekonomi Syariah Teori dan Terapan, 2 (9).

Alipudin, Asep dan Nur Hidayat. (2014). Keputusan Investasi, Pendanaan, Kebijakan Dividen dan Price to Book Value Perusahaan Pertambangan di Bursa Efek Indonesia. Jurnal Riset Akuntansi dan Perpajakan JRAP Vol. 1, No. 1.

Amrin, Abu. (2010). Pengaruh Asset Growth, Leverage dan ROI terhadap Return Saham pada Perusahaan yang Terdaftar di Jakarta Islamic Index tahun 2005-2008. Jurnal Akuntansi dan Manajemen. Vol 2. No 2.

Arief, Moh Zainuddin., Budi Wahono dan M. Agus Salim. (2017). Pengaruh EPS, DER dan PER terhadp Return Saham Perusahaan Makanan dan Minuman di BEI Periode 2014-2016. e-Jurnal Riset Manajemen FEB Unisma. Vol 1. No 3.

Artha, D. R., Achsani, N. A., & Sasongko, H. (2014). Analisis fundamental, teknikal dan makroekonomi harga saham sektor pertanian. Jurnal manajemen dan kewirausahaan, 16(2), 175-184.

Asquith, P., & Mullins, D. W. (1983). The impact of initiating dividend payments on shareholders' wealth. Journal of business, 56(1).

Brandenburger, Adam M. & Harborne W. Stuart, Jr. (1996). Value-Based Business Strategi. Journal of Economics & Management Strategy, Volume 5, Number 1, Spring 1996, 5-24.

Crutchley, C. E., & Hansen, R. S. (1989). A test of the agency theory of managerial ownership, corporate leverage, and corporate dividends. Financial Management, 36-46.

Darmawati., Mat Nor, F., Albra, W., Arifai, M., & Ahmar, A. S. (2018). Dynamic performance of Indonesian public companies: An analysis of financial decision behavior. Cogent Economics & Finance, 6(1), 1488343.

Defrizal dan Mulyawan. (2015). Analisis Pengaruh Rasio Keuangan Terhadap Return Saham (Studi Pada Saham-saham Sektor Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2008-2012). Jurnal Manajemen dan Bisnis Vol. 6 No. 1.

Donaldson, G. (1961). Corporate Debt Capacity: A Study of Corporate Debt Policy and The Determinants of Corporate Debt Capacity. Division of Research, Harvard Business School, Harvard University, Cambridge, MA.

Erari, Anita. (2014). Analisis Pengaruh Current Ratio, Debt To Equity Ratio, dan Return On Asset Terhadap Return Saham pada Perusahaan Pertambangan di Bursa Efek Indonesia. Jurnal Akuntansi dan Keuangan. Vol 5. No 2.

Gelb, D. S. (2000). Corporate signaling with dividends, stock repurchases, and accounting disclosures: An empirical study. Journal of Accounting, Auditing & Finance, 15(2), 99-120.

Ghozali, Imam. (2011). Aplikasi Analisis Multivariete dengan Program IBM SPSS 23. (Edisi ke 8). Badan Penerbit Universitas Diponegoro, Semarang.

Gombola, M. J., & Liu, F. Y. (1999). The signaling power of specially designated dividends. Journal of Financial and Quantitative Analysis, 34(3), 409-424.

Gujarati, Damodar N & Dawn C Porter. (2012). Dasar-Dasar Ekonometrika. (Raden Carlos Mangungsong, Penerjemah.). (Edisi 5). Salemba Empat, Jakarta.

Gunadi, Gd Gilang dan I Ketut Wijaya Kesuma. (2016). Pengaruh ROA, DER, EPS Terhadap Return Saham Perusahaan Food and Beverage BEI. E-Jurnal Manajemen Unud, Vol. 4, No. 6, 2015: 1636-1647 ISSN: 2302-8912.

Hartaroe, B. P., Mardani, R. M., & Abs, M. K. (2018). Pengaruh Price Book Value (PBV), Price Earning Ratio (PER), Debt To Equity Ratio (DER) Dan Return On AssET (ROA) Terhadap Return Saham (Studi Empiris Pada Perusahaan Food and Beverage Yang Terdaftar di BEI Periode 2012-2016). Jurnal Ilmiah Riset Manajemen, 7(13).

Hartiyah, S., Haryadi, H., & Suyono, E. (2015). Kontribusi Good Corporate Governance Terhadap Profitabilitas Dan Return Saham Pada Perusahaan yang Listing di Bursa Efek Indonesia. Jurnal Akuntansi dan Keuangan: Research, Invent, Solve and Share, 2(1), 95-106.

Himmelberg, Charles P., R. Glenn Hubbard and Darius Palia. (1999). Understanding The Determinants Of Managerial Ownership And The Link Between Ownership And Performance. Journal of Financial Economics 53, 353-384.

Myers, S. C. (1986). The capital structure puzzle. The journal of finance, 39(3), 574-592.

Irma, Y., & Sofyan, B.A. (2016) Pengaruh Struktur Modal dan Rasio Lancar terhadap Return Saham dengan Price to Book Value Ratio sebagai variabel Moderating (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia periode 2010-2014). Jurnal Ekonometrika. 5(1).

Jensen, M. C. (1986). Agency Costs Of Free Cash Flow, Corporate Finance, And Takeovers. The American Economic Review. 76 (2). 323–329.

Jensen, M.C & Meckling, William. H. (1976). Theory of the Firm: Managerial Behavior, Agency Cost and Qwnership Structure. Journal of Financial Economics. Vol 3. No 4.

Kallapur, S. (1994). Dividend payout ratios as determinants of earnings response coefficients: A test of the free cash flow theory. Journal of Accounting and economics, 17(3), 359-375.

Kamstra, M. J., Kramer, L. A., & Levi, M. D. (2012). A careful re-examination of seasonality in international stock markets: Comment on sentiment and stock returns. Journal of Banking & Finance, 36(4), 934-956.

Kanojia, S., & Arora, N. (2017). Investments, Market Timing and Portfolio Performance across Indian Bull and Bear Markets. Asia-Pacific Journal of Management Research and Innovation, 13(3-4), 98-109.

Kasmir. (2014). Analisis Laporan Keuangan. PT. Raja Grafindo Persada, Jakarta.

Komaruddin, M. (2016). Pengaruh Nilai Saham Pertanian Terhadap Ekspor Pertanian. Derivatif,10(2).

Kurniawati, S. L., Sari, L. P., & Dewi, N. H. U. (2012). Faktor penentu return saham dengan price to book value sebagai variabel moderasi di Bursa Efek Indonesia. Jurnal Keuangan dan Perbankan, 16(3).

Manoppo, I Gusti Made., Nyi Ruhyan Wani. (2017) Faktor-Faktor yang Mempengaruhi Harga Saham. Jurnal Unund. Vol 2. No 2.

Manse, C. A. (2018). Pengaruh Good Corporate Governance Terhadap Return Saham Pada Sektor Pertambangan di Bei Periode 2014-2017. Buletin Ekonomi, 22(2), 1-11.

Marti, E., & Scherer, A. G. (2016). Financial regulation and social welfare: The critical contribution of management theory. Academy of Management Review, 41(2), 298-323.

Meythi dan Mathilda, Mariana (2012) Pengaruh Price Earnings Ratio dan Price To Book Value terhadap Return Saham Indeks LQ 45 (Perioda 2007-2009). Jurnal Akuntansi, 4 (1). pp. 1-21. ISSN 2085-8698.

Modigliani, F. and Miller, M.H. (1963). Corporate Income Taxes and The Cost of Capital: A Correction. The American Economic Review. Vol 53. No 2.

Munawir. (2014). Analisa Laporan Keuangan. (Edisi ke 4). Liberty, Yogyakarta.

Mulya, Yudhia dan Ririn Turisna. (2016). Pengaruh Kinerja Keuangan terhadap Return Saham pada Perusahaan Sub Sekotr Otomotif yang Terdaftar di BEI. Jurnal Ilmiah Manajemen. Vol 2. No 1.

Murwaningsari, E. (2012). Pengaruh Struktur Kepemilikan terhadap Return Saham. Media Riset Akuntansi, Auditing & Informasi, 12(1), 45-60.

Myers, S.C. (1986). The Capital Structure Puzzle. The Journal of Finance, Vol. 39 No. 3.

Nadya, I., & Indriwati., S. (2011). Pengaruh Kepemilikan Saham terhadap Return Saham Perusahaan Plastik dan Kemasan di BEI: Peran Moderasi Price to Book Value. Jurnal Riset Ilmu Manajemen. 2(1).

Novianto, A. & Asandimitra N. (2017). Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan, Kepemilikan Manajerial, Dan Kebijakan Hutang Terhadap Kebijakan Dividen Pada Perusahaan Sektor Pertanian Yang Terdaftar Di Bei Periode 2013-2015. Jurnal Ilmu Manajemen (JIM), 5(3).

Rachmatika, Dian. (2016). Analisis Pengaruh Beta Saham, Growth Opportunities, Return on Asset dan Debt to Equity Ratio terhadap Return Saham (Studi pada Perusahaan BEI yang masuk LQ-45 Tahun 2007-2014). Tesis Program Studi Magister Manajemen Universitas Diponegoro. Dipublikasikan.

Rashid, A. (2008). Macroeconomic variables and stock market performance: Testing for dynamic linkages with a known structural break. Savings and Development, 77-102.

Rimbey, J. N., & Officer, D. T. (1992). Market Response to Subsequent Dividend Actions of Dividend-Initiating and-Omitting Firms. Quarterly Journal of Business and Economics, 3-20.

Ross, Stephen A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics. Vol. 8. No. 1.

Rusydina, Arifah dan Sugeng Praptoyo. (2017). Pengaruh Rasio Keuangan Terhadap Return Saham. Jurnal Ilmu dan Riset Akuntansi Volume 6, Nomor 7.

Seftiani, I. (2016). Peran Nilai Perusahaan dalam Memoderasi Faktor-Faktor yang Mempengaruhi Return Saham sektor Pertambangan di BEI. Jurnal EMBA, 4(2).

Shuto, A., & Kitagawa, N. (2011). The effect of managerial ownership on the cost of debt: Evidence from Japan. Journal of Accounting, Auditing & Finance, 26(3), 590-620.

Vardar, G. (2013). Efficiency and Stock Performance of Banks in Transition Countries: Is There A Relationship?. International Journal of Economics and Financial Issues, 3(2), 355-369.

Villalonga, B., & Amit, R. (2006). How Do Family Ownership, Control and Management Affect Firm Value?. Journal of Financial Economics, 80 (2), 385-417

Widhiarti, R. P., Anggraeni, L., & Pasaribu, S. H. (2018). Analysis of Investor Sentiment Impact in Indonesia Composite Stock Price Index Return Volatility. Indonesian Journal of Business and Entrepreneurship (IJBE), 4(3), 239.

Yulianti, Eka Budi dan Suratno. (2015). Return on Equity , Debt to Equity Ratio, Price Earning Ratio, Assets Growth, Inflasi dan Return Saham Perusahaan Property dan Real Estate. Jurnal Riset Akuntansi dan Perpajakan JRAP Vol. 2, No. 2.

Yustini, S., Sagara, Y., & Saputri, A. (2018). The Effect of Profitability, Value, Size and Managerial Discrection on Disclourse of Stock Return. Jurnal Ilmu Akuntansi, 11(1).

Zaki, Muhammad, Islahuddin dan M. Shabri. (2017). Pengaruh Profitabilitas, Leverage Keuangan dan Ukuran Perusahaan terhadap Return Saham (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2005-2014). Jurnal Megister Akuntansi Pascasarjana Universitas Syiah Kuala. Volume 6. No 2.

Zubaidah, A., Sudiyatno, B., & Puspitasari, E. (2018). Pengaruh Kinerja Perusahaan dan Struktur Modal terhadap Return Saham (Studi Empirik Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode Tahun 2013-2016). Jurnal Manajemen Bisnis. Vol 2. No 3.

DOI: https://doi.org/10.29103/j-mind.v6i1.4871