Main Article Content
Abstract
This study aims to analyze the effect of profitability, liquidity, and capital structure on stock returns. This study uses signaling theory as a research basis. This study uses a quantitative approach with a regression method, whose population data are plantation sub-sector companies listed on the IDX for the 2016-2021 period. The sample selection was carried out using purposive sampling and obtained as many as 90 samples from 15 companies. Based on the results using EViews 12, its indicate that profitability had a significant positive effect on stock return, liquidity did not have a significant effect on stock return, and capital structure did not have a significant effect on stock return. The implication of this study is that investors must pay close attention to the profitability ratio, as a high profitability ratio correlates to a higher rate of return. In the meantime, businesses must evaluate their use of capital in order to avoid going bankrupt, as well as assess their debt. The originality of this research is that it was undertaken in the plantation sub-sector, where few previous researchers had focused.
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Copyright (c) 2023 Yoel Silver, Christina Tri Setyorini, Umi Pratiwi
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References
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- Bodie, Z., Kean, A., & Marcus, A. J. (2014). Investments (10th ed.). McGraw-Hill.
- Bougie, R., & Sekaran, U. (2013). Research Methods for Business: A skill. Building Approach. John wiley & Sons.
- Brigham, E. F., & Daves, P. R. (2014). Intermediate Financial Management (12th ed.). Cengage Learning.
- Butar, Z. H. B., Sisilia, M., Purba, A. P., & Tarigan, M. M. (2021). Pengaruh profitabilitas, likuiditas dan leverage terhadap return saham pada perusahaan sektor pertanian yang terdaftar di bursa efek Indonesia Periode 2016-2019. Akuntabel, 18(2), 8.
- Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
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- Hair, J. F., Money, A. H., Samouel, P., & Page, M. (2007). Research Methods for Business. John Wiley and Sons.
- Hasanudin, Awaloedin, D. T., & Yulianti, F. (2020). Pengaruh current ratio, debt to equity ratio dan net profit margin terhadap return saham pada perusahaan jasa sub sektor Telekomunikasi yang terdaftar di BEI periode 2012-2018. Jurnal Rekayasa Informasi, 9(1), 6–19.
- Kampongsina, C. E., Murni, S., & Untu, V. N. (2020). Pengaruh current ratio, debt to equity dan return on equity terhadap return saham pada perusahaan farmasi yang terdaftar di BEI (periode 2015-2019). Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 8(4), 1029–1038.
- Marpaung, A. P., Harjito, D. A., Hamdani, R., & Ghazali, A. W. (2022). Boards of directors’ feminism, audit committee, and corporate social responsibility. Jurnal Ekonomi dan Bisnis, 25(1), 16–30. https://doi.org/10.24914/jeb.v25i1.4207.
- Marpaung, A. P., Koto, M., Shareza Hafiz, M., & Hamdani, R. (2022). Female Directors and Firm Performance: Evidence of Family Firm in Indonesia. Asian Journal of Economics, Business and Accounting, 22(1), 19–30. https://doi.org/10.9734/ajeba/2022/v22i130538.
- Myers, S. C. (2001). Capital Structure. Journal of Economic Perspectiv, 15(2), 81–102. https://www.investopedia.com/walkthrough/corporate-finance/5/capital-structure/capital-structure.aspx
- 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 Unud, 6(8), 4481–4509.
- Ningsih, R. A., & Soekotjo, H. (2017). Pengaruh struktur modal, profitabilitas, dan likuiditas terhadap return saham. Jurnal Ilmu & Riset Manajemen, 6, 1–17.
- Nugroho, B. Y. (2020). The effect of book to market ratio, profitability, and investment on stock return. International Journal of Economics and Management Studies, 7(6), 102–107. https://doi.org/10.14445/23939125/ijems-v7i6p114
- Octovian, R., & Winarsa, R. H. (2021). Pengaruh current ratio (CR), return on assets (ROA) dan debt to equity ratio (DER) terhadap return saham perusahaan sub sektor industri kimia yang terdaftar di Bursa Efek Indonesia periode 2014-2018. Jurnal Ilmiah Semarak, 4(1), 70. https://doi.org/10.32493/smk.v1i1.9349
- Oroh, M. M., Rate, P. Van, & Kojo, C. (2019). Pengaruh profitabilitas dan leverage terhadap return saham pada sektor pertanian di BEI periode 2013-2017. Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 7(1), 661–670.
- Puspitasari, Y. (2017). Pengaruh likuiditas, profitabilitas, dan leverage terhadap return saham. Jurnal Ilmu dan Riset Akuntansi, 6(11), 2–20.
- Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2016). Accounting Principles (12th ed.). Danvers: John Wiley & Sons.
- Worotikan, E. R. C., Koleangan, R. A. M., & Sepang, J. L. (2021). Pengaruh current ratio (CR), debt to equity ratio (DER), return on assets (ROA), dan return on equity (ROE) terhadap return saham pada perusahaan food and beverages yang terdaftar di Bursa Efek Indonesia pada tahun 2014-2018. Jurnal Ekonomi dan Bisnis Akuntansi, 9(3), 1296–1305.
References
Basalama, I. S., Murni, S., & Sumarauw, J. S. B. (2017). Pengaruh current ratio, DER, dan ROA terhadap return saham pada perusahaan automotif dan komponen periode 2013-2015. The Journal of the Japan Society for Respiratory Endoscopy, 5(3), 343–351.
Bodie, Z., Kean, A., & Marcus, A. J. (2014). Investments (10th ed.). McGraw-Hill.
Bougie, R., & Sekaran, U. (2013). Research Methods for Business: A skill. Building Approach. John wiley & Sons.
Brigham, E. F., & Daves, P. R. (2014). Intermediate Financial Management (12th ed.). Cengage Learning.
Butar, Z. H. B., Sisilia, M., Purba, A. P., & Tarigan, M. M. (2021). Pengaruh profitabilitas, likuiditas dan leverage terhadap return saham pada perusahaan sektor pertanian yang terdaftar di bursa efek Indonesia Periode 2016-2019. Akuntabel, 18(2), 8.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Globalplanet. (2021, January 27). Kelapa Sawit Jadi Penyumbang Terbesar Devisa RI, Ini Nominalnya. Global Planet. https://globalplanet.news/ekbis/37494/kelapa-sawit-jadi-penyumbang-terbesar-devisa-ri-ini-nominalnya#:~:text=Namun%2C sejauh ini kelapa sawit,70 miliar dolar pada 2020.
Hadiningrat, E. W., Mangantar, M., & Pondaag, J. J. (2017). Analisis pengaruh rasio likuiditas dan rasio profitabilitas terhadap return saham pada perusahaan LQ45. Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 5(2), 2349–2358.
Hair, J. F., Money, A. H., Samouel, P., & Page, M. (2007). Research Methods for Business. John Wiley and Sons.
Hasanudin, Awaloedin, D. T., & Yulianti, F. (2020). Pengaruh current ratio, debt to equity ratio dan net profit margin terhadap return saham pada perusahaan jasa sub sektor Telekomunikasi yang terdaftar di BEI periode 2012-2018. Jurnal Rekayasa Informasi, 9(1), 6–19.
Kampongsina, C. E., Murni, S., & Untu, V. N. (2020). Pengaruh current ratio, debt to equity dan return on equity terhadap return saham pada perusahaan farmasi yang terdaftar di BEI (periode 2015-2019). Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 8(4), 1029–1038.
Marpaung, A. P., Harjito, D. A., Hamdani, R., & Ghazali, A. W. (2022). Boards of directors’ feminism, audit committee, and corporate social responsibility. Jurnal Ekonomi dan Bisnis, 25(1), 16–30. https://doi.org/10.24914/jeb.v25i1.4207.
Marpaung, A. P., Koto, M., Shareza Hafiz, M., & Hamdani, R. (2022). Female Directors and Firm Performance: Evidence of Family Firm in Indonesia. Asian Journal of Economics, Business and Accounting, 22(1), 19–30. https://doi.org/10.9734/ajeba/2022/v22i130538.
Myers, S. C. (2001). Capital Structure. Journal of Economic Perspectiv, 15(2), 81–102. https://www.investopedia.com/walkthrough/corporate-finance/5/capital-structure/capital-structure.aspx
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 Unud, 6(8), 4481–4509.
Ningsih, R. A., & Soekotjo, H. (2017). Pengaruh struktur modal, profitabilitas, dan likuiditas terhadap return saham. Jurnal Ilmu & Riset Manajemen, 6, 1–17.
Nugroho, B. Y. (2020). The effect of book to market ratio, profitability, and investment on stock return. International Journal of Economics and Management Studies, 7(6), 102–107. https://doi.org/10.14445/23939125/ijems-v7i6p114
Octovian, R., & Winarsa, R. H. (2021). Pengaruh current ratio (CR), return on assets (ROA) dan debt to equity ratio (DER) terhadap return saham perusahaan sub sektor industri kimia yang terdaftar di Bursa Efek Indonesia periode 2014-2018. Jurnal Ilmiah Semarak, 4(1), 70. https://doi.org/10.32493/smk.v1i1.9349
Oroh, M. M., Rate, P. Van, & Kojo, C. (2019). Pengaruh profitabilitas dan leverage terhadap return saham pada sektor pertanian di BEI periode 2013-2017. Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 7(1), 661–670.
Puspitasari, Y. (2017). Pengaruh likuiditas, profitabilitas, dan leverage terhadap return saham. Jurnal Ilmu dan Riset Akuntansi, 6(11), 2–20.
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2016). Accounting Principles (12th ed.). Danvers: John Wiley & Sons.
Worotikan, E. R. C., Koleangan, R. A. M., & Sepang, J. L. (2021). Pengaruh current ratio (CR), debt to equity ratio (DER), return on assets (ROA), dan return on equity (ROE) terhadap return saham pada perusahaan food and beverages yang terdaftar di Bursa Efek Indonesia pada tahun 2014-2018. Jurnal Ekonomi dan Bisnis Akuntansi, 9(3), 1296–1305.