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All Journal Arthavidya Jurnal Ilmiah Ekonomi Jurnal Ilmiah Akuntansi dan Bisnis DWIJENAGRO: JURNAL ILMIAH Balance : Jurnal Akuntansi dan Manajemen Economic Reviews Journal Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Al-Zayn: Jurnal Ilmu Sosial & Hukum ManBiz: Journal of Management and Business JIMEK
I Nyoman Gede Arya Diatmika
Universitas Pendidikan Nasional
Religion Agriculture, Biological Sciences & Forestry Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Social Sciences

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Pengaruh Kinerja Keuangan dan Pajak Perusahaan Terhadap Return Saham Pada Perusahaan Sektor Industri Barang Konsumsi Pratiwi, Ni Wayan Candra Satya; Dewi, Putu Pande R. Aprilyani; Diatmika, I Nyoman Gede Arya; Kustina, Ketut Tanti
Balance : Jurnal Akuntansi dan Manajemen Vol. 5 No. 1 (2026): April 2026
Publisher : Lembaga Riset Ilmiah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59086/jam.v5i1.1369

Abstract

Penelitian ini mengungkap bahwa pada periode pemulihan ekonomi pascapandemi 2021–2023, stabilitas laba tetap menjadi determinan utama return saham, sementara beban pajak korporasi secara signifikan menekan imbal hasil investor pada perusahaan sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia (BEI). Temuan ini penting karena sektor barang konsumsi yang secara teoretis bersifat defensif justru mengalami volatilitas tinggi dan kinerja indeks yang tertinggal dibandingkan pasar utama, sehingga memunculkan anomali yang menuntut pengujian ulang relevansi sinyal fundamental dan fiskal. Penelitian ini bertujuan untuk menganalisis pengaruh kinerja keuangan dan beban pajak terhadap return saham dalam konteks tersebut dengan menggunakan pendekatan kuantitatif. Data sekunder berupa laporan keuangan tahunan dan harga saham diperoleh dari situs resmi BEI, dengan sampel 18 perusahaan yang dipilih melalui teknik purposive sampling sehingga menghasilkan 54 data observasi selama tiga tahun. Analisis dilakukan menggunakan regresi linier berganda, dengan Earnings per Share (EPS) sebagai proksi kinerja keuangan, Effective Tax Rate (ETR) sebagai proksi beban pajak, dan return saham dihitung berdasarkan capital gain serta dividen. Hasil penelitian menunjukkan bahwa EPS berpengaruh positif dan signifikan terhadap return saham, sedangkan ETR berpengaruh negatif dan signifikan. Secara teoretis, penelitian ini memperkuat relevansi teori sinyal dalam konteks pascakrisis sekaligus memberikan bukti empiris bahwa faktor fiskal memiliki peran yang semakin sensitif dalam pembentukan return saham bahkan pada sektor yang secara tradisional dianggap defensif. Secara praktis, manajemen perusahaan perlu menyeimbangkan strategi peningkatan profitabilitas dan efisiensi pajak guna menjaga serta memulihkan kepercayaan investor.   This study reveals that during the 2021–2023 post-pandemic economic recovery period, earnings stability remains a primary determinant of stock returns, while corporate tax burden significantly suppresses investor returns in consumer goods sector companies listed on the Indonesia Stock Exchange (IDX). This finding is noteworthy because the consumer goods sector traditionally regarded as defensive and stable experienced heightened volatility and lagging index performance compared to the broader market, creating an anomaly that necessitates a reassessment of the relevance of fundamental and fiscal signals. Accordingly, this study aims to analyze the impact of financial performance and corporate tax burden on stock returns within this context using a quantitative approach. Secondary data consisting of annual financial reports and stock prices were obtained from the official IDX website, with a sample of 18 firms selected through purposive sampling, resulting in 54 observations over three years. Multiple linear regression analysis was employed, using Earnings per Share (EPS) as a proxy for financial performance, Effective Tax Rate (ETR) for corporate tax burden, and stock returns calculated from capital gains and dividends. The results indicate that EPS has a positive and significant effect on stock returns, whereas ETR has a significant negative effect. Theoretically, this study reinforces signaling theory in a post-crisis context and provides empirical evidence that fiscal factors play an increasingly sensitive role in shaping stock returns even within a traditionally defensive sector. Practically, corporate management should balance profitability enhancement strategies with tax efficiency to sustain and restore investor confidence.  
Strategi Pemasaran Restoran Cucina dalam Meningkatkan Daya Saing di Industri Hospitality Premium Jasmin, Ni Putu Ari Aira; Antari, Ni Putu Bayu Widhi; Korry, Putu Dyah Permatha; Diatmika, I Nyoman Gede Arya
Economic Reviews Journal Vol. 5 No. 1 (2026): Economic Reviews Journal
Publisher : Masyarakat Ekonomi Syariah Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56709/mrj.v5i1.1100

Abstract

The development of the tourism industry in Bali has significantly contributed to the growth of the hospitality sector, particularly restaurants located in star-rated hotels. This situation has increased competition among restaurants in attracting both international tourists and local customers. Cucina Restaurant, located at Sofitel Bali Nusa Dua Beach Resort, is a fine dining restaurant that offers authentic Italian cuisine combined with premium service standards. In order to face the growing competition, restaurants need to implement effective marketing strategies to maintain their existence and improve their competitiveness in the premium hospitality industry. This study aims to analyze the marketing strategies implemented by the management of Cucina Restaurant in improving the restaurant’s competitiveness. This research uses a qualitative method with a descriptive approach. Data collection techniques include observation, interviews with management staff involved in operational and marketing activities, and documentation related to the restaurant’s marketing efforts. The collected data were analyzed using the marketing mix concept which includes product, price, place, promotion, people, process, and physical evidence. The results show that the marketing strategies implemented by Cucina Restaurant include developing high-quality food products with an authentic Italian concept, setting prices that align with the premium market segment, utilizing its strategic location in the Nusa Dua tourism area, and conducting promotional activities through social media, collaborations with influencers, and various culinary events. In addition, service quality, professional human resources, and an elegant restaurant atmosphere play an important role in creating a memorable dining experience for customers. Through the implementation of these marketing strategies, Cucina Restaurant is able to enhance its competitiveness within the premium hospitality industry.
Co-Authors Aditya, Gd Ngurah Indra Arya Aloysia Putu Devy Varadina Gede Ngurah Indra Arya Aditya Gede Nyoman Wiratanaya I Dewa Nyoman Marsudiana I Gede Fery Surya Tapa I Nyoman Sunarta Jasmin, Ni Putu Ari Aira Komang Irvan Kustina, Ketut Tanti Made Mulyadi Made Ratih Nurmalasari Maria Trishanti Ina Ose Ni Putu Bayu Widhi Antari Ni Wayan Suryathi Oktuviani, Ni Putu Indri Paramita, Bujangga Ayu Chitra Pratiwi, Ni Wayan Candra Satya Putu Ayu Pande Riani Savitri Putu Dyah Permatha Korry Putu Pande R. Aprilyani Dewi