Analisis Signifikansi Pengaruh Dividend Payout Ratio, Earning Per Share dan Debt to Equity Ratio terhadap Return Saham
DOI:
https://doi.org/10.36733/jia.v2i2.10315Keywords:
Dividend Payout Ratio, Earning Per Share, Debt to Equity Ratio, Stock ReturnsAbstract
This study examines the influence of Dividend Payout Ratio (DPR), Earning Per Share (EPS), and Debt to Equity Ratio (DER) on Stock Returns in companies listed on the LQ45 Index of the Indonesia Stock Exchange (IDX) during the 2021–2023 period. Using a quantitative approach, this research analyzed data from annual financial reports of 22 companies selected through purposive sampling, with a total of 66 observations. Multiple linear regression analysis was employed to evaluate the relationships between variables. The results indicate that DPR and EPS have a positive and significant impact on Stock Returns, with respective p-values of 0.001. This suggests that higher dividends and improved financial performance significantly enhance stock returns. On the other hand, DER does not have a significant influence on Stock Returns. This study provides practical implications for companies to strengthen their dividend policies and financial performance to attract investors. Investors are recommended to use DPR and EPS as primary indicators in forming an optimal investment portfolio. The findings contribute to the theoretical literature on financial ratios and stock performance in developing markets and suggest opportunities for future research, including additional variables such as macroeconomic factors or market conditions, to enhance Stock Return prediction models.
References
Abadi, K., Purba, D. M., & Fauzia, Q. 2019. The Impact of Liquidity Ratio, Leverage Ratio, Company Size and Audit Quality on Going Concern Audit Opinion. Jurnal Akuntansi Trisakti, 6(1): 69–82. https://doi.org/http://dx.doi.org/10.25105/jat.v6i1.4871
Almira, N. P. A. K., & Wiagustini, N. L. P. 2020. Return on Asset, Return on Equity, Dan Earning Per Share Berpengaruh Terhadap Return Saham. E-Jurnal Manajemen Universitas Udayana, 9(3): 1069. https://doi.org/10.24843/ejmunud.2020.v09.i03.p13
Ananta, A. A. P., & Mawardi, I. 2020. Pengaruh Return on Asset, Debt To Equity Ratio, Dividen Payout Ratio, Dan Dividen Yield Terhadap Return Saham. Jurnal Ekonomi Syariah Teori Dan Terapan, 7(10): 1913. https://doi.org/10.20473/vol7iss202010pp1913-1928
Carlo, M. A. 2014. Pengaruh Return on Equity, Dividend Payout Ratio, Dan Price To Earnings Ratio Pada Return Saham. E-Jurnal Akuntansi Universitas Udayana, 7(1): 151–164.
Darmaji, T., & Fakhrudin, H. M. 2006. Pasar Modal di Indonesia: Pendekatan Tanya Jawab. Jakarta: Salemba Empat.
Dhiany, N. U. 2020. Data Kustodian Sentral Efek Indonesia (KSEI) mencatat, wihh-jumlah-investor-saham-tembus-15-juta-orang. Bisnis.com. Diakses pada 15 Agustus 2023 dari https://market.bisnis.com/read/20201206/7/1326933/wihh-jumlah-investor-saham-tembus-15-juta-orang
Fitriana, D., Andini, R., & Oemar, A. 2016. Pengaruh Likuiditas, Solvabilitas, Profitabilitas, Aktivitas dan Kebijakan Dividen Terhadap Return Saham Perusahaan Pertambangan Yang Terdaftar Pada BEI Periode 2007–2013. Journal Of Accounting, 2(2): 1–19.
Fahmi, I. 2012. Manajemen Investasi. Jilid 1. Jakarta: Salemba Empat.
Ghozali, I. 2011. Aplikasi Analisis Multivariate dengan Program IBM SPSS 19. Semarang: Badan Penerbit Universitas Diponegoro.
Ghozali, I. 2018. Aplikasi Analisis Multivariat Dengan Program IBM SPSS 25 (Edisi 9). Semarang: Badan Penerbit Universitas Diponegoro.
Gusman, M. D., Ramlawati, Fadhil, M., & Tjan, J. S. 2023. Pengaruh Return on Asset, Debt To Equity Ratio dan Earning Per Share Terhadap Return Saham Pada Perusahaan Perbankan Indonesia. Center of Economic Students Journal, 6(1): 11–21. https://jurnal.fe.umi.ac.id/index.php/CSEJ/article/view/509%0Ahttps://jurnal.fe.umi.ac.id/index.php/CSEJ/article/download/509/337
Handayati, R., & Zulyanti, N. R. 2018. Pengaruh Earning Per Share (EPS), Debt To Equity Ratio (DER), dan Return on Assets (ROA) Terhadap Return Saham Pada Perusahaan Manufaktur Yang Terdaftar Di BEI. Jurnal Manajemen, 3(1): 615. https://doi.org/10.30736/jpim.v3i1.143
Hartono, J. 2008. Teori Portofolio dan Analisis Investasi (Edisi 5). Yogyakarta: Penerbit Buku Bhakti Profesindo.
Hasanudin. 2022. Current Ratio, Debt To Equity Ratio, dan Return On Asset Terhadap Return Saham. Journal of Management and Business (JOMB), 4(1): 1–10. https://doi.org/10.31539/jomb.v4i1.3713
Hermuningsih, S., Maulida, A., & Andriyanto, N. D. 2021. Pengaruh DER, ROA, dan DPR Terhadap Return Saham Sektor Utilitas, Infrastruktur, dan Transportasi. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 4(3): 772–781. https://doi.org/10.47467/alkharaj.v4i3.725
Isnania, S. N., & Wahidahwati. 2018. Pengaruh Investment Opportunity Set (IOS) dan Kepemilikan Manajerial terhadap Return Saham. Jurnal Ilmu dan Riset Akuntansi, 7(6): 1–24.
Kemal, L. 2022. Pengaruh Return on Equity (ROE), Net Profit Margin (NPM), Current Ratio (CR) dan Debt To Equity Ratio (DER) Terhadap Return Saham Pada Perusahaan Sektor Transportasi dan Logistik Yang Terdaftar Di BEI Pada Saat Pandemi Covid-19 (2020-2021). Jurnal Riset Akuntansi dan Bisnis, 22(2): 199–205. https://doi.org/10.30596/11933
Jogiyanto. 2013. Portfolio Theory and Investment Analysis (Edisi 10). Yogyakarta: BPFE.
Mangantar, A. A., Mangantar, M., & Baramuli, D. N. 2020. Pengaruh Return on Asset, Return on Equity Terhadap Return Saham Pada Subsektor Food and Beverage di Bursa Efek Indonesia. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 8(1): 272–281.
Pandaya, J., Julianti, P. D., & Suprapta, I. 2020. Pengaruh Faktor Fundamental Terhadap Return Saham. Jurnal Akuntansi, 9(2): 233–243.
Puspitasari, A., & Purnamasari, L. 2013. Pengaruh Perubahan Dividend Payout Ratio dan Dividend Yield Terhadap Return Saham (Studi Pada Perusahaan Manufaktur di Bursa Efek Indonesia). Journal of Business and Banking, 3(2): 213. https://doi.org/10.14414/jbb.v3i2.238
Samalam, F. N. A., Mangantar, M., & Saerang, I. S. 2018. Pengaruh Return On Asset, Return On Equity dan Debt To Equity Ratio Terhadap Return Saham Pada Perusahaan Asuransi di BEI periode 2012-2016. Jurnal EMBA, 6(4): 3863–3872.
Setiyono, E., & Amanah, L. 2016. Pengaruh Kinerja Keuangan dan Ukuran Perusahaan Terhadap Return Saham. Jurnal Ilmu dan Riset Akuntansi, 5(5): 1–17.
Sinaga, A. N., Rudy, E., & Wiltan, V. 2020. Current Ratio, Debt To Equity Ratio, Return On Equity, Dividend Payout Ratio dan Size Terhadap Return Saham Perusahaan Trade, Service & Investment Indonesia. Journal of Economic, Business and Accounting, 3(1): 10–15.
Wahyudi, M., & Deitiana, T. 2019. Pengaruh Current Ratio, Debt To Equity Ratio, Return On Equity, Total Asset Turnover, Dividend Payout Ratio Terhadap Return Saham Pada Perusahaan Otomotif. Media Bisnis, 11(2): 155–162. http://jurnaltsm.id/index.php/MB
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Luh Putri Mas Mirayani, RR. Maria Yulia Dwi Rengganis, I Gusti Ayu Ratih Permata Dewi
This work is licensed under a Creative Commons Attribution 4.0 International License.
