Pengaruh Profitabilitas, Nilai Pasar, Dan Kebijakan Dividen Terhadap Harga Saham
DOI:
https://doi.org/10.21776/jmrk.2024.03.1.03Keywords:
Profitability, Market Value, Dividend Policy, Stock PriceAbstract
The objective of this quantitative research is to identify and assess the effects of profitability, market value, and dividend policy on the stock prices of banking companies listed on the Indonesia Stock Exchange during the 2018-2022 period. Using purposive sampling technique, eleven companies were selected as the samples. The analysis was performed using multiple linear regression in SPSS 27. The results indicate that profitability and market value positively and significantly influence the stock price and that dividend policy has an insignificant and positive effect on the stock price. Further, it was also found that profitability and market value significantly influence the stock price both in partial manner and in a model. Based on the findings above, banking companies in Indonesia have to consider profitability and market value as they are factors that influence their stock price besides their dividend policy.
Abstrak
Penelitian ini dilakukan dengan tujuan untuk mengetahui dan menguji pengaruh dari profitabilitas, nilai pasar, dan kebijakan dividen terhadap harga saham perusahaan perbankan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2018-2022. Penelitian ini bersifat kuantitatif serta menguji 11 perusahaan yang didapat melalui teknik pengambilan sampel yaitu Purposive Sampling. Pengujian pengaruh ini dilakukan dengan metode regresi linier berganda dengan aplikasi SPSS 27. Penelitian ini memberikan tiga hasil yaitu profitabilitas dan nilai pasar memiliki pengaruh signifikan dan positif terhadap harga saham. Selain itu ditemukan juga bahwa kebijakan dividen tidak berpengaruh signifikan namun positif terhadap harga saham. Implikasi hasil penelitian ini adalah profitabilitas dan nilai pasar berpengaruh signifikan baik secara parsial maupun dalam suatu model terhadap harga saham perusahaan. Berdasarkan penelitian ini, perusahaan perbankan di Indonesia harus memperhatikan profitabilitas dan nilai pasar sebagai faktor yang mempengaruhi harga saham perusahaan mereka selain dari kebijakan dividen perusahaan.
References
Andriyani, I. & Armereo, C. (2016). Pengaruh Suku Bunga, Inflasi, Nilai Buku Terhadap Harga Saham Perusahaan Indeks LQ45 yang Terdaftar di Bursa Efek Indonesia (BEI). Jurnal Ilmiah Orasi Bisnis, XV, 44-64.
Ardiana, T. E. & Ulfah, I. F. (2022). Manufacturing Company's Stock Price: Effect Dividend Per Share, Earning Per Share, Return on Investment, Price Book Value Listing BEI. International Journal of Economics, Business and Accounting Research, VI(2).
Brigham, E. F. & Houston, J. F. (2018). Fundamentals of Financial Management (15th ed.). Boston: Cengage.
Corporate Finance Institute. (2015). Stock Price. Retrieved December 14, 2023, from https://corporatefinanceinstitute.com/resources/career-map/sell-side/capital-markets/stock-price/
Dang, N. H., Tran, M. D., & Nguyen, T. L. (2018). Investigation of The Impact of Financial Information on Stock Prices: The Case of Vietnam. Academy of Accounting and Financial Studies Journal , XXII(2), 1-12.
Daniel, W. (2021). Ketua OJK Ungkap Kondisi Sektor Keuangan Terkini Saat Pandemi. Retrieved October 18, 2023, from https://www.cnbcindonesia.com/market/20210808155048-17-267008/ketua-ojk-ungkap-kondisi-sektor-keuangan-terkini-saat-pandemi
Dewan Perwakilan Rakyat Republik Indonesia. (2020). Berita. Retrieved December 13, 2023, from https://www.dpr.go.id/berita/detail/id/30577/t/Indonesia+Resmi+Resesi%2C+Pemulihan+Ekonomi+Harus+Dipercepat
Fatihudin, D., Jusni, & Mochklas, M. (2018). How Measuring Financial Performance. International Journal of Civil Engineering and Technology (IJCIET), IX(6), 553-557.
Gharaibeh, A., Saleh, M., Jawabreh, O., & Ali, B. (2022). An Empirical Study of the Relationship Between Earnings per Share, Net Income and Stock Price. Applied Mathematics & Information Sciences, 673-679.
Harper, D. R. (2022). Investopedia. Retrieved October 20, 2023, from https://www.investopedia.com/articles/basics/04/100804.asp
Khader, O. A. & Shanak, H. S. (2023). The Value Relevance of Accounting Information: Empirical Evidence from Jordan. International Journal of Law and Management, 65(4), 354-367.
Labiba, A., Rasmini, M., & Kostini, N. (2021). Pengaruh Earning Per Share (EPS) Terhadap Harga Saham. INOVASI, XVII(3), 448-455.
Laucereno, S. F. (2020). detikFinance: Moneter. Retrieved December 13, 2023, from https://finance.detik.com/moneter/d-5079845/nasabah-bukopin-kesulitan-tarik-dana-ini-penyebabnya
Livoreka, B., Hetemi, A. A., Hoti, A., & Asllanaj, R. (2014). Theories on Dividend Policy Empirical Research in Joint Stock Companies in Kosovo. Procedia Economics and Finance, XIV, 387-396.
Miller, M. H. & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. Journal of Business, 411-433.
Najiyah, F. & Lahaya, I. A. (2021). Pengaruh Dividend Per Share Dan Return On Equity Serta Net Profit Margin Terhadap Harga Saham Pada Perusahaan Sektor Property, Real Estate Dan Building Construction Yang Terdaftar Di Bursa Efek Indonesia. AKUNTABEL, XVIII(1), 63-71.
Otoritas Jasa Keuangan. (2015). Pengelolaan Investasi - Pasar Modal. Retrieved December 13, 2023, from https://ojk.go.id/id/kanal/pasar-modal/Pages/Pengelolaan-Investasi.aspx
PT Kustodian Sentral Efek Indonesia. (2022). Statistik Pasar Modal Indonesia - KSEI. Retrieved October 16, 2022, from https://www.ksei.co.id/files/Statistik_Publik_Desember_2021.pdf
Ramana J. V., Shamini, N., & Nikhil, T. S. (2022). A Study on Impact of Dividend Policy and Stock Price Volatility on Health Care Market. Academy of Marketing Studies Journal, XXVI(4), 1-6.
Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355-374.
Syed, A. M., Bawazir, H. S., & AlSidrah, I. T. (2023). Dividend Policies and Stock Volatility - Empirical Evidence from Middle Eastern Stock Markets. Review of Accounting and Finance.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Jurnal Management Risiko dan Keuangan
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
