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All Journal Ekalaya : Jurnal Ekonomi Akuntansi
Hari Setiono
Universitas Islam Majapahit, Indonesia
Economics, Econometrics & Finance

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Pengaruh Kemahalan Harga, Return, Eps, dan Likuiditas Perdagangan Saham terhadap Keputusan Stock split Winsa Septi Anggreini; Hari Setiono; Syaiful Bahri
EKALAYA : Jurnal Ekonomi Akuntansi Vol. 3 No. 2 (2025): Ekalaya : Jurnal Ekonomi Akuntansi
Publisher : CV. Kalimasada Group

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59966/ekalaya.v3i2.2049

Abstract

A stock split represents a strategic corporate action undertaken to realign share prices to more accessible levels, thereby enhancing their attractiveness to potential investors. This study examines the impact of stock price volatility, stock returns, earning s per share, and trading liquidity on the decision to execute a stock split. Employing a quantitative research design, the analysis utilizes logistic regression techniques. The empirical sample consists of eight financial sector firms listed on the Indonesia Stock Exchange that implemented stock splits between 2020 and 2024. The results indicate that both stock returns and earning s per share exert a statistically significant positive influence on stock split decisions. This implies that firms demonstrating higher returns and greater earnings per share are more inclined to pursue stock splits. In contrast, neither stock price volatility nor trading liquidity shows a significant association with such decisions. These findings suggest that stock split initiatives are predominantly driven by a firm’s financial performance rather than market perceptions of share prices or trading activity levels.
Pengaruh DAR, ROA, dan TATO Terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Variabel Moderasi Aprilia Dwi Cahyani; Hari Setiono; Nurdiana Fitri Isnaini
EKALAYA : Jurnal Ekonomi Akuntansi Vol. 3 No. 2 (2025): Ekalaya : Jurnal Ekonomi Akuntansi
Publisher : CV. Kalimasada Group

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59966/ekalaya.v3i2.2052

Abstract

Company value is a comprehensive picture of public perception and trust in the company's performance, which is reflected through the stock price in the capital market from the inception of the company to the company's future projections. This study aims to analyze the effect of Debt to Asset Ratio (DAR), Return on Asset (ROA), and Total Asset Turnover (TATO) on Firm Value with Firm Size as a Moderating Variable. The method in this study uses a quantitative approach with multiple linear regression analysis. The research sample consisted of 21 food and beverage sub-sector companies listed on the Indonesia Stock Exchange during the period 2021-2024. The data used is secondary data and analyzed using IBM SPSS software. The results showed that Debt to Asset Ratio (DAR) has no effect on firm value. Conversely, Return on Asset (ROA), and Total Asset Turnover (TATO) have a significant effect on firm value. Company size is unable to moderate the relationship between Debt to Asset Ratio (DAR) and Total Asset Turnover (TATO) on firm value. Conversely, company size is able to moderate the relationship between Return on Asset (ROA) on firm value.
Pengaruh Profitabilitas, Solvabilitas Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Intervening Ajeng Kasiatin Ningsih; Hari Setiono; M. Bahril Imiddaviq
EKALAYA : Jurnal Ekonomi Akuntansi Vol. 3 No. 3 (2025): Ekalaya : Jurnal Ekonomi Akuntansi
Publisher : CV. Kalimasada Group

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59966/ekalaya.v3i3.2062

Abstract

This study examines the impact of profitability and solvency on firm value, with firm size as an intervening variable, in food and beverage companies listed on the Indonesia Stock Exchange (IDX) in 2020 to 2024. This research is driven by inconsistent results from previous studies and the dynamic conditions faced by this sector in the post-pandemic era. A quantitative associative method was used with purposive sampling, resulting in 29 companies as research samples and 145 observations. Data were analyzed using multiple linear regression and path analysis with IBM SPSS 2022. Return on equity (ROE) measures profitability, debt-to-equity ratio (DER) measures solvency, price-to-book value (PBV) measures firm value, and total assets (Ln) measures firm size. The findings show that profitability and solvency significantly affect firm size. Profitability and firm size significantly affect firm value, while solvency shows no direct impact on firm value. However, both profitability and solvency indirectly affect firm value through firm size. These results show how important firm size is in linking financial ratios and provide concrete evidence supporting signaling theory to explain how investors view the food and beverage industry in Indonesia.
Co-Authors Ajeng Kasiatin Ningsih Aprilia Dwi Cahyani M. Bahril Imiddaviq Nurdiana Fitri Isnaini Syaiful Bahri Winsa Septi Anggreini