Analisis Pengaruh Profitabilitas terhadap Return Saham dengan Nilai Perusahaan sebagai Variabel Moderasi: Studi Kasus pada Perusahaan Telekomunikasi di BEI pada 2018-2023

https://doi.org/10.35912/jakman.v6i1.3570
Published: Dec 10, 2024

Abstract:

Purpose: The purpose of this study was to test and analyse the effect of profitability on stock returns.

Methodology: The research method used in this research is quantitative method. The research method used in this research is panel data regression. The sampling technique used in this research is nonprobability sampling with purposive sampling method so that the total sample is 6 telecommunication sector companies listed on the Indonesia Stock Exchange for the period 2018-2023. The analysis method used in this research is panel data regression analysis using Eviews 12.

Results: The results of this study indicate that only Net Profit Margin has an influence on stock returns, while Return On Asset, and Earning Per Share have no significant effect on stock returns, and firm value interpreted by Price Book Value cannot moderate the effect of Return On Asset, Net Profit Margin, and Earning Per Share on stock returns.

Limitations: The research is limited to several factors, namely the ratio of return on assets, net profit margin, earning per share, and price book value to stock profits. Besides, this research is only limited to telecommunication companies listed on the Indonesia Stock Exchange for the period 2018-2023.

Contribution: This research can be used for consideration of stock investors in analysing stocks, this research can also be used as a literature reference for further research in examining stock returns.

Keywords:
1. Stock return
2. Profitability
3. Company Value
4. return on asset
5. net profit margin
Authors:
1 . Maulana Yusup Rahayu
2 . Agus Sucipto
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Rahayu, M. Y. ., & Sucipto, A. . (2024). Analisis Pengaruh Profitabilitas terhadap Return Saham dengan Nilai Perusahaan sebagai Variabel Moderasi: Studi Kasus pada Perusahaan Telekomunikasi di BEI pada 2018-2023 . Jurnal Akuntansi, Keuangan, Dan Manajemen, 6(1), 81–94. https://doi.org/10.35912/jakman.v6i1.3570
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Vol. 6 No. 1 (2024): Desember
Articles
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References

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    Budiman, L. S., Yadiati, W., & Abdul Hasyir, D. (2024). Uji Teori Institusional: Pengungkapan Emisi Karbon, Leverage, Profitabilitas, dan Nilai Perusahaan. Jurnal Akuntansi, Keuangan, Dan Manajemen, 5(4), 383–399. https://doi.org/10.35912/jakman.v5i4.3432

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    Hutagalung, V. G. (2021). The Effect Of Return On Equity (ROE) AND Earning Per Share (EPS) On Stock Prices With Price Earning Ratio (PER) As Moderating Variable In Banking Companies Listed On The Indonesia Stock Exchange. International Journal of Business, Economics and Law, 24(6), 143–150.

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    Karang, wayan G. A. P., Sastri Ida Idam Manik, & Kawisna, P. G. V. P. (2022). Liquidit, Managerial Ownership and Price to Book Value On Stock Price In Transportation Sub Sector Companies. JOURNAL OF GEVERNANCE, TAXATION AND AUDITING, 1(1), 22–27.

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    Lorenza, R. S., Octavia, R., Shafitranata, S., & Madyoningrum, A. W. (2022). Dampak Covid 19 Terhadap Perubahan Harga Saham Perbankan di Indonesia Sebelum dan Saat Pandemi. Jurnal Akuntansi, Keuangan, Dan Manajemen, 4(1), 43–56. https://doi.org/10.35912/jakman.v4i1.1707

    Lumbanbatu, G. A., Arif Nasution, A., & Adnan, A. (2022). Effect of Interest Rate, Dividend per Share, Current Ratio, Debt to Equity Ratio, and Return on Asset on Stock Price with Earning per Share as Moderating Variable in Food and Beverage Companies Listed on the Indonesia Stock Exchange. Budapest Internatiomal Research and Critics Institute Journal, 5(1), 7047–7054. https://doi.org/10.33258/birci.v5i1.4433

    Lusiana, H., & Arsyad Al Banjari Banjarmasin, M. (2020). The Effect of Return on Equity (ROE) and Earning per Share (EPS) on Stock Prices in Indonesia Stock Exchange 2015-2018. Ilomata International Journal of Tax & Accounting, 1(3), 132–138. https://www.ilomata.org/index.php/ijjm

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    OJK. (n.d.). Penyebab Naik Turun Harga Saham Suatu Perusahaan. Penyebab Naik Turun Harga Saham Suatu Perusahaan. Retrieved March 5, 2024, from https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Article/10507

    Ong, E. (2008). Technical Analysis for Mega Profit (N. A. Karnadjaja, C. Wijaya, & B. Tanijaya, Eds.). PT Gramedia Pustaka Utama.

    Pradanimas, A., & Sucipto Agus. (2022). Pengaruh Ukuran Perusahaan, Profitabilitas dan Leverage Terhadap Harga Saham dengan Nilai Perusahaan sebagai Variabel Intervening. Jurnal Riset Dan Konseptual, 7(1).

    Pradnyawati, S. O. (2024). Faktor Determinan Kinerja Keuangan pada Return Saham (Studi Kasus pada Perusahaan Perbankan di Indonesia). Jurnal Akuntansi, Keuangan, Dan Manajemen, 5(2), 121–132. https://doi.org/10.35912/jakman.v5i2.1312

    Prijanto, B., Pulung, R. F., & Sari, A. R. (2021). The Influence of Net Profit Margin On Stock Price with Earnings Per Share (Eps) As Moderating Variables: The Case Study On Food and Beverage Sub Sector Companies Listed On the Indonesia Stock Exchange from 2015 to 2019. Journal of Economics, Finance and Accounting Studies, 3(2), 74–80. https://doi.org/10.32996/jefas

    Purnamasari, D. (2015). The Effect of Changes in Return on Assets, Return on Equity, and Economic Value Added to the Stock Price Changes and Its Impact on Earnings Per Share. Research Journal of Finance and Accounting Www.Iiste.Org ISSN, 6(6). www.gthendrawinata.com

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    Rahmawati, Y., & Hadian, H. N. (2022). The influence of Debt Equity Ratio (DER), Earning Per Share (EPS), and Price Earning Ratio (PER) on stock price. International Journal of Financial, Accounting, and Management, 3(4), 289–300. https://doi.org/10.35912/ijfam.v3i4.225

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    Saputra, F. (2022). Analysis Effect Return on Assets (ROA), Return on Equity (ROE) and Price Earning Ratio (PER) on Stock Prices of Coal Companies in the Indonesia Stock Exchange (IDX) Period 2018-2021. Dinasti International Journal Of Economics, Finance and Accounting, 3(1), 82–94. https://doi.org/10.38035/dijefa.v3i1

    Savitri, A., & Pinem, D. Br. (2022). Pengaruh Kinerja Keuangan dan Nilai Pasar terhadap Harga Saham: Studi pada Perusahaan yang Secara Konsisten Terdaftar sebagai Indeks LQ45 Selama 2020-2021. Studi Akuntansi, Keuangan, Dan Manajemen, 2(1), 59–70. https://doi.org/10.35912/sakman.v2i1.1651

    Sihaloho, J., & PS, A. R. (2021). The Influence Of Price Earning Ratio (PER), Earning Per Share (EPS), Price to Book Value (PBV) On Stock Prices And Firm Size As Mediators In Food And Beverage Sub-Sector Manifacturing Companies Listed On The Indonesia Stock Exchange 2015-2020. Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 5(4), 432–446. https://jurnal.stie-aas.ac.id/index.php/IJEBAR

    Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif Dan R&D . ALFABETA.

    Sulhan, M., & Halimah, D. N. (2013). Pengaruh Kinerja Keuangan Perbankan Berdasarkan Analisis Camels Terhadap Harga Saham Dengan Csr Sebagai Variabel Intervening. IQTISHODUNA, 9(2).

    Sunaryo, D. (2020). The Effect of Net Profit Margin, Return on Asset, Return on Equity on Share Prices in The Southeast Asian Metal Industry. International Journal Of Science. http://ijstm.inarah.co.id

    Sutarsih, tri, Apresziyanti, D., Wulandari, H., & Hasyyati, A. N. (2021). statistik-telekomunikasi-indonesia-2020.

    Yanto, E., Christy, I., Adi Cakranegara, P., & Bisnis, F. (2021). The Influences of Return on Asset, Return on Equity, Net Profit Margin, Debt Equity Ratio and Current Ratio TowardStock Price. International JournalOfScience, Technology &Management. http://ijstm.inarah.co.id

    Zaman, M. B., Surya, J., No, K., & Selatan, T. (2021). Influence of Debt To Total Asset Ratio (DAR) Current Ratio (CR) and Total Asset Turnover (TATO) on Return On Asset (ROA) and Its Impact on Stock Prices on Mining Com5panies on the Indonesia Stock Exchange in 2008-2017. Journal Of Industrial Engineering & Management Research, 2(1), 2722–8878. https://doi.org/10.7777/jiemar

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  2. Aziz, A. (2010). Manajemen Investasi Syariah. CV Alfabeta.
  3. Bertuah, E., & Sakti, I. (2019). The Financial Performance and Macroeconomic Factors in Forming Stock Return. Jurnal Riset Manajemen Dan Bisnis, 4(S1), 511–522.
  4. Bratamanggala, R. (2018). The Factors Affecting Board Stock Price of Lq45 Stock Exchange 2012-2016: Case of Indonesia. European Research Studies Journal, XXI(1), 115–124.
  5. Budiman, L. S., Yadiati, W., & Abdul Hasyir, D. (2024). Uji Teori Institusional: Pengungkapan Emisi Karbon, Leverage, Profitabilitas, dan Nilai Perusahaan. Jurnal Akuntansi, Keuangan, Dan Manajemen, 5(4), 383–399. https://doi.org/10.35912/jakman.v5i4.3432
  6. Chikmah, A. L., & Yuliana, I. (2020). Pengaruh profitabilitas terhadap return saham dengan suku bunga sebagai variabel moderating (saham sektor aneka industri periode 2016-2018). Journals of Economics and Business Mulawarman, 22(1), 11–17.
  7. Choiriyah, C., Fatimah, F., Agustina, S., & Ulfa, U. (2021). The Effect Of Return On Assets, Return On Equity, Net Profit Margin, Earning Per Share, And Operating Profit Margin On Stock Prices Of Banking Companies In Indonesia Stock Exchange. International Journal of Finance Research, 1(2), 103–123. https://doi.org/10.47747/ijfr.v1i2.280
  8. Fitriani, M., & Indra, Y. A. (2022). Pengaruh Profitabilitas Terhadap Harga Saham Pada Jakarta Islamic Index Tahun 2018-2020. Jurnal Ekonomi Dan Perbankan Syariah, 8(1). www.idx.co.id,
  9. Fitrianingsih, D., Kusmiyatun, K., & Kartikasari, T. (2022). Analisis Pengaruh Earning Per Share, Economic Value Added terhadap Return Saham Selama Pandemik Covid-19. Jurnal Akuntansi, Keuangan, Dan Manajemen, 3(3), 225–236. https://doi.org/10.35912/jakman.v3i3.1112
  10. Hanifah, A. (2019). The Effect of Earning Per Share (EPS), Price Earning Ratio (PER) and Price Book Value (PBV) Against the Stock Price of Telecommunications Sector Company Included in the Indonesian Islamic Stock Index (ISSI). KnE Social Sciences. https://doi.org/10.18502/kss.v3i26.5410
  11. Hunjra, A. I., Ijaz, M. S., Chani, M. I., Hassan, S., & Mustafa, U. (2014). Impact of Dividend Policy, Earning per Share, Return on Equity, Profit after Tax on Stock Prices. International Journal of Economics and Empirical Research, 2(3), 109–115. http://www.tesdo.org/Publication.aspxElectroniccopyavailableat:https://ssrn.com/abstract=3229692Electroniccopyavailableat:https://ssrn.com/abstract=3229692-110-
  12. Hutagalung, V. G. (2021). The Effect Of Return On Equity (ROE) AND Earning Per Share (EPS) On Stock Prices With Price Earning Ratio (PER) As Moderating Variable In Banking Companies Listed On The Indonesia Stock Exchange. International Journal of Business, Economics and Law, 24(6), 143–150.
  13. Irawan, A. D., Herlinawati, E., & Herlina, L. (2023). Effect of Earning Per Share, Price to Book Value, and Price Earning Ratio on the Share Price of PT. Express Transindo Utama Tbk. International Journal of Finance Research, 4(4), 279–290. https://doi.org/10.47747/ijfr.v4i4.1591
  14. jamaluddin, natalya, & paulina, sarah. (2021). Total Asset Turnover, Price Earning Ratio dan PBV terhadap Return Saham. Jurnal Ekonomi & Ekonomi Syariah, 4(2). https://doi.org/10.36778/jesya.v4i1.373
  15. Karang, wayan G. A. P., Sastri Ida Idam Manik, & Kawisna, P. G. V. P. (2022). Liquidit, Managerial Ownership and Price to Book Value On Stock Price In Transportation Sub Sector Companies. JOURNAL OF GEVERNANCE, TAXATION AND AUDITING, 1(1), 22–27.
  16. Kasmir. (2009). Pengantar Manajemen Keuangan (Kencana, Ed.; 1st ed.). Prenada Media Group.
  17. Kohar Mudzakar, M., & Wardanny, I. P. (2021). The Effect Of Return On Asset, Return On Equity, Earning Per Share, And Price Earning Ratio Toward Stock Return (Empirical Study Of Transportation). Turkish Journal of Computer and Mathematics Education, 12(8), 387–392. www.idx.co.id
  18. Lorenza, R. S., Octavia, R., Shafitranata, S., & Madyoningrum, A. W. (2022). Dampak Covid 19 Terhadap Perubahan Harga Saham Perbankan di Indonesia Sebelum dan Saat Pandemi. Jurnal Akuntansi, Keuangan, Dan Manajemen, 4(1), 43–56. https://doi.org/10.35912/jakman.v4i1.1707
  19. Lumbanbatu, G. A., Arif Nasution, A., & Adnan, A. (2022). Effect of Interest Rate, Dividend per Share, Current Ratio, Debt to Equity Ratio, and Return on Asset on Stock Price with Earning per Share as Moderating Variable in Food and Beverage Companies Listed on the Indonesia Stock Exchange. Budapest Internatiomal Research and Critics Institute Journal, 5(1), 7047–7054. https://doi.org/10.33258/birci.v5i1.4433
  20. Lusiana, H., & Arsyad Al Banjari Banjarmasin, M. (2020). The Effect of Return on Equity (ROE) and Earning per Share (EPS) on Stock Prices in Indonesia Stock Exchange 2015-2018. Ilomata International Journal of Tax & Accounting, 1(3), 132–138. https://www.ilomata.org/index.php/ijjm
  21. Mausuly, F. R., & Prasetyowati, R. A. (2022). Pengaruh Profitabilitas dan Market Value Ratio terhadap Harga Saham Bank Umum Syariah. Bukhori: Kajian Ekonomi Dan Keuangan Islam, 2(1), 49–64. https://doi.org/10.35912/bukhori.v2i1.1868
  22. Mirgen, C., Kuyu, E., & Bayrakdaroglu, A. (2017). Relationship Between Profitability Ratios and Stock Prices: An Empirical Analysis On BIST-100. Pressacademia, 6(1), 1–10. https://doi.org/10.17261/pressacademia.2017.737
  23. OJK. (n.d.). Penyebab Naik Turun Harga Saham Suatu Perusahaan. Penyebab Naik Turun Harga Saham Suatu Perusahaan. Retrieved March 5, 2024, from https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Article/10507
  24. Ong, E. (2008). Technical Analysis for Mega Profit (N. A. Karnadjaja, C. Wijaya, & B. Tanijaya, Eds.). PT Gramedia Pustaka Utama.
  25. Pradanimas, A., & Sucipto Agus. (2022). Pengaruh Ukuran Perusahaan, Profitabilitas dan Leverage Terhadap Harga Saham dengan Nilai Perusahaan sebagai Variabel Intervening. Jurnal Riset Dan Konseptual, 7(1).
  26. Pradnyawati, S. O. (2024). Faktor Determinan Kinerja Keuangan pada Return Saham (Studi Kasus pada Perusahaan Perbankan di Indonesia). Jurnal Akuntansi, Keuangan, Dan Manajemen, 5(2), 121–132. https://doi.org/10.35912/jakman.v5i2.1312
  27. Prijanto, B., Pulung, R. F., & Sari, A. R. (2021). The Influence of Net Profit Margin On Stock Price with Earnings Per Share (Eps) As Moderating Variables: The Case Study On Food and Beverage Sub Sector Companies Listed On the Indonesia Stock Exchange from 2015 to 2019. Journal of Economics, Finance and Accounting Studies, 3(2), 74–80. https://doi.org/10.32996/jefas
  28. Purnamasari, D. (2015). The Effect of Changes in Return on Assets, Return on Equity, and Economic Value Added to the Stock Price Changes and Its Impact on Earnings Per Share. Research Journal of Finance and Accounting Www.Iiste.Org ISSN, 6(6). www.gthendrawinata.com
  29. Rafa, W. D., Pratiwi, N., & Sastrawan, R. (2024). Do Earnings Per Share and Price Book Value Have an Impact Factor on Stock Price for the Banking Sector? International Research Journal of Economics and Management Studies. https://doi.org/10.56472/25835238/IRJEMS-V3I3P133
  30. Rahmawati, Y., & Hadian, H. N. (2022). The influence of Debt Equity Ratio (DER), Earning Per Share (EPS), and Price Earning Ratio (PER) on stock price. International Journal of Financial, Accounting, and Management, 3(4), 289–300. https://doi.org/10.35912/ijfam.v3i4.225
  31. Rashidul Islam, M., Rahman Khan, T., Toufic Choudhury, T., Mahmood Adnan, A., & Lecturer, S. (2014). How Earning Per Share (EPS) Affects on Share Price and Firm Value. European Journal of Business and Management Www.Iiste.Org ISSN, 6(17). www.iiste.org
  32. Safitri, E., Djazuli, A., & Yanti, darma. (2020). The Influence of Earning Per Share, Price Earning Ratio and Price to Book Value on the Jakarta stock Price Index of Islamic company listed on the Indonesia Stock Exchange. International Conference of Business, Accounting and Economics.
  33. Saputra, F. (2022). Analysis Effect Return on Assets (ROA), Return on Equity (ROE) and Price Earning Ratio (PER) on Stock Prices of Coal Companies in the Indonesia Stock Exchange (IDX) Period 2018-2021. Dinasti International Journal Of Economics, Finance and Accounting, 3(1), 82–94. https://doi.org/10.38035/dijefa.v3i1
  34. Savitri, A., & Pinem, D. Br. (2022). Pengaruh Kinerja Keuangan dan Nilai Pasar terhadap Harga Saham: Studi pada Perusahaan yang Secara Konsisten Terdaftar sebagai Indeks LQ45 Selama 2020-2021. Studi Akuntansi, Keuangan, Dan Manajemen, 2(1), 59–70. https://doi.org/10.35912/sakman.v2i1.1651
  35. Sihaloho, J., & PS, A. R. (2021). The Influence Of Price Earning Ratio (PER), Earning Per Share (EPS), Price to Book Value (PBV) On Stock Prices And Firm Size As Mediators In Food And Beverage Sub-Sector Manifacturing Companies Listed On The Indonesia Stock Exchange 2015-2020. Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 5(4), 432–446. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
  36. Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif Dan R&D . ALFABETA.
  37. Sulhan, M., & Halimah, D. N. (2013). Pengaruh Kinerja Keuangan Perbankan Berdasarkan Analisis Camels Terhadap Harga Saham Dengan Csr Sebagai Variabel Intervening. IQTISHODUNA, 9(2).
  38. Sunaryo, D. (2020). The Effect of Net Profit Margin, Return on Asset, Return on Equity on Share Prices in The Southeast Asian Metal Industry. International Journal Of Science. http://ijstm.inarah.co.id
  39. Sutarsih, tri, Apresziyanti, D., Wulandari, H., & Hasyyati, A. N. (2021). statistik-telekomunikasi-indonesia-2020.
  40. Yanto, E., Christy, I., Adi Cakranegara, P., & Bisnis, F. (2021). The Influences of Return on Asset, Return on Equity, Net Profit Margin, Debt Equity Ratio and Current Ratio TowardStock Price. International JournalOfScience, Technology &Management. http://ijstm.inarah.co.id
  41. Zaman, M. B., Surya, J., No, K., & Selatan, T. (2021). Influence of Debt To Total Asset Ratio (DAR) Current Ratio (CR) and Total Asset Turnover (TATO) on Return On Asset (ROA) and Its Impact on Stock Prices on Mining Com5panies on the Indonesia Stock Exchange in 2008-2017. Journal Of Industrial Engineering & Management Research, 2(1), 2722–8878. https://doi.org/10.7777/jiemar