Pengaruh Return On Equity (ROE), Debt To Assets Ratio (DAR), Price To Book Value (PBV) Dan Net Profit Margin (NPM) Terhadap Return Saham Perusahaan Sektor Perkebunan Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2017

Mochammad Ridwan Ristyawan

Abstract


The financial condition of the plantation companies listed in the Indonesia Stock Exchange during 2011-2017 shows that the company has high asset value. The stock return of companies is experiencing a fluctuating condition. The sample in this study was taken using purposive sampling technique so that obtained 8 research samples. The data analysis tool used in this study is quantitative analysis. The results of the study are as follows: 1) Return on Equity (ROE) has significantly negatif effect on stock returns, 2) Debt to Assets Ratio (DAR) has not significantly positive effect on stock returns, 3) Price to Book Value (PBV) has significantly positive effect on stock returns, 4) Net Profit Margin (NPM) has not significantly positive effect on stock returns. In this study the ratio of PBV, and NPM proved to have no significant effect on stock returns, while ROE and DAR had a significant but opposite direction.


Full Text:

PDF

References


Abor, J. (2007). Debt policy and performance of SMEs Evidence from Ghanaian and South African firms. The Journal of Risk Finance, 8(4), 364–379. https://doi.org/10.1108/15265940710777315

Affinanda, A. (2015). Analisis Pengaruh Rasio Keuangan Terhadap Return Saham Perusahaan Dalam Indeks LQ 45 Tahun 2010-2013. (Tesis yang tidak dipublikasikan), Universitas Diponegoro, Indonesia.

Akbar, R., & Herianingrum, S. (2015). Analisis Pengaruh DER, PBV, dan PER Terhadap Return Saham Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia Periode 2008 - 2012 (Studi Kasus Pada Perusahaan Dalam Kategori Consumer Goods Industry, Food And Beverages, Tobacco Manufactur, Papper). Jurnal Ekonomi Syariah Teori Dan Terapan, 2(9), 698–713. https://doi.org/10.1017/CBO9781107415324.004

BEI. (2018). Data Keuangan. Retrieved June 11, 2018, from www.idx.co.id

Beny, & Mendari, A. S. (2011). Pengaruh Value Added Statement, ROA, ROE, Dan Operating Cash Flow Terhadap Return Saham Pada Perusahaan Yang Tergabung Di BEI. Widya Warta, 1, 151–166.

Carlo, M. A. (2014). Pengaruh Return On Equity, Dividend Payout Ratio, Dan Price to Earning Ratio pada Return Saham. E-Jurnal Akuntansi Universitas Udayana, 7(1), 151–164. https://doi.org/10.1017/CBO9781107415324.004

Carolin, M. (2014). Analisis Return On Equity (ROE), Debt To Assets Ratio (DAR), Dan Price Book Value (PBV) Terhadap Return Saham Perusahaan Sektor Real Estate Dan Property Yang Terdaftar Di Bursa Efek Indonesia Periode 2009-2012. Jurnal Manajemen Update, 3(4). Retrieved from http://jurnal.untan.ac.id/index.php/ejmfe/article/view/7934

D’Antoni, J. M. D., & Detre, J. D. (2016). Are Agribusiness Stocks An Investor Safe Haven ? Agricultural Finance Review, 74(4), 522–538. https://doi.org/10.1108/AFR-06-2013-0027

Djokoto, J. G., Srofenyoh, F. Y., & Gidiglo, K. (2014). Domestic and Foreign Direct Investment in Ghanaian Agriculture. Agricultural Finance Review, 74(3), 427–440. https://doi.org/10.1108/AFR-09-2013-0035

Erwin. (2013). Pengaruh Return On Assets (ROA), Return On Equity (ROE), Dan Debt to Equity Ratio (DER) Terhadap Return Saham Pada Perusahaan Makanan dan Minuman Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Manajemen Update, 2(2). Retrieved from http://jurnal.untan.ac.id/index.php/ejmfe/article/view/2263

Ghozali, I. (2006). Aplikasi Analisis Multivariate Dengan Program SPSS. Semarang: Universitas Diponegoro.

Hadi, N. (2015). Pasar Modal. Yogyakarta: Graha Ilmu.

Hartono, J. (2014). Teori Portofolio dan Analisis Investasi Edisi Kesembilan. Yogyakarta: BPFE-Yogyakarta.

Heniwati, E., & Yani, E. (2011). Pengaruh Karakteristik Perusahaan Terhadap Kelengkapan Pengungkapan Pada Laporan Keuangan Tahunan Perusahaan Properti Dan Real Estate. Jurnal Ekonomi Bisnis Dan Kewirausahaan, 2(1), 28–52. Retrieved from http://jurnal.untan.ac.id/index.php/JJ/article/view/700/696

Hobbs, J., Schaupp, L. C., & Gingrich, J. (2016). Terrorism, Militarism, and Stock Returns. Journal of Financial Crime, 23(1), 70–86. https://doi.org/10.1108/JFC-01-2015-0002

Horne, J. C. Van, & Wachowicz, J. M. (2008). Fundamentals of Financial Management (13th Edition). London: Pearson Education Limited.

Indriani, T. (2014). Analisis Pengaruh DER, PBV, Dan PER Terhadap Return Saham Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2008 - 2012 (Studi Kasus Pada Perusahaan Dalam Kategori Consumer Goods Industry, Food And Beverages, Tobacco Manufactur, Papper). (Skripsi yang tidak dipublikasikan), Universitas Bengkulu, Indonesia.

Kadri, M. H., Aziz, R. A., & Ibrahim, M. K. (2009). Value Relevance of Book Value and Earnings : Evidence from Two Different Financial Reporting Regimes. Journal of Financial Reporting and Accounting, 7(1), 1–16. Retrieved from https://doi.org/10.1108/19852510980000638

Kamaludin, & Indriani, R. (2012). Manajemen Keuangan: Konsep Dasar dan Penerapannya. Bandung: CV Mandar baru.

Kariza, C. I. (2017). Pengaruh Suku Bunga, Earning Per Share (EPS), Net Profit Margin (NPM), Price To Book Value (PBV) Terhadap Return Saham (Studi Empiris Pada Perusahaan Sektor Properti, Real Estate, dan Konstrusi Bangunan di Bursa Efek Indonesia). Jurnal Manajemen Dan Bisnis, 1(4). Retrieved from http://jurnal.untan.ac.id/index.php/jmdb/article/view/21081

Kasmir. (2010). Pengantar Manajemen Keuangan. Jakarta: Kencana.

Mishra, A. K., Harris, J. M., Erickson, K. W., Hallahan, C., & Detre, J. D. (2012). Drivers of agricultural profitability in the USA. Agricultural Finance Review Drivers, 72(3), 325–340. https://doi.org/10.1108/00021461211277213

Mollick, A., & Nguyen, K. H. (2015). U . S . Oil Company Stock Returns and Currency Fluctuations. Managerial Finance, 41(9), 974–994. https://doi.org/10.1108/MF-02-2014-0029

Nunoo, J., & Acheampong, B. N. (2014). Protecting Financial Investment : Agriculture Insurance in Ghana. Agricultural Finance Review, 74(2), 236–247. https://doi.org/10.1108/AFR-10-2013-0037

Putri, A. A. B. (2012). Analisis pengaruh ROA, EPS, NPM, DER dan PBV terhadap return saham. Diponegoro Business Review, 1, 1–11.

Santri, Y. D. (2012). Pengaruh Debt to Asset Ratio (DAR) dan Debt to Equity Ratio (DER) terhadap Return Saham Melalui Net Profit Margin (NPM) pada Perusahaan Otomotif dan Komponen yang Listing di Bursa Efek Indonesia periode 2009-2011. (Skripsi yang tidak dipublikasikan), Universitas Negeri Malang, Indonesia.

Sari, R. L. (2016). Pengaruh NPM, ROE, EPS Terhadap Return Saham Pada Perusahaan Farmasi Di BEI. Jurnal Ilmu Dan Riset Manajemen, 5(12), 1–18.

Tandelilin, E. (2010). Portofolio dan Investasi Teori dan Aplikasi. Yogyakarta: Penerbit Kanisius.

Wangarry, A. R., & Poputra, A. T. (2015). Pengaruh Tingkat Return on Investment ( ROI ) , Net Profit Margin ( NPM ) , Dan Debt To Equity Ratio ( DER ) Terhadap Harga Saham Perbankan Di Bursa Efek Indonesia ( BEI ). Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 3(4), 470–477. Retrieved from https://ejournal.unsrat.ac.id/index.php/emba/article/view/10938/10527




DOI: http://dx.doi.org/10.26418/jebik.v8i1.26966

Refbacks

  • There are currently no refbacks.


JOURNAL INDEXING

    More...

 

PUBLISHED BY

Faculty of Economics and Business
Universitas Tanjungpura





Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

 

View My Stats