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Journal : Jurnal Studi Manajemen Organisasi

Mampukah Kebijakan Dividen Mengintervening Harga Saham Dilihat Dari Variabel Independent Return On Assets Dan Debt To Equity Ratio Sunaryo, Deni; Puji Lestari, Etty; Puryandani, Siti
JURNAL STUDI MANAJEMEN ORGANISASI Vol 21, No 1 (2024)
Publisher : Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/jsmo.v21i1.66171

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh Return on Asset dan Debt to Equity Ratio terhadap Harga Saham dengan Kebijakan Dividen sebagai variabel intervening pada perusahaan subsektor Batu Bara yang terdaftar di Bursa Efek Asia Tenggara periode 2012-2023. Data yang dikumpulkan merupakan data sekunder dengan metode dokumentasi berupa laporan tahunan perusahaan. Metode pengambilan sampel yang digunakan yaitu teknik purposive sampling dan diperoleh 10 perusahaan sebagai sampel dengan total 120 data penelitian. Alat analisis yang digunakan untuk menguji hipotesis adalah SPSS 24. Teknik analisis yang digunakan yaitu Regresi Linier Berganda, Uji Parsial dan Analisis Jalur. Hasil penelitian secara parsial menyimpulkan bahwa Return on Asset berpengaruh positif signifikan terhadap Harga Saham. Debt to Equity Ratio berpengaruh negatif signifikan terhadap Harga Saham. Kebijakan deviden berpengaruh positif signifikan terhadap Harga Saham. Return on Asset tidak berpengaruh signifikan terhadap Kebijakan Dividen. Debt to Equity Ratio berpengaruh negatif signifikan terhadap Kebijakan Dividen. Secara memediasi Kebijakan Dividen tidak mampu memediasi pengaruh hubungan Return on Asset terhadap Harga Saham dan Kebijakan Dividen tidak mampu memediasi pengaruh hubungan Debt to Equity Ratio terhadap Harga Saham. Limitasi penelitian ini memiliki keterbatasan sebagai berikut: cakupannya hanya mencakup perusahaan Batu Bara di Bursa Efek Asia Tenggara dari 2012-2023, data sekunder mungkin bias, sampel hanya mencakup 10 perusahaan, dan alat analisis terbatas pada regresi linier berganda serta analisis jalur.
Financial Ratios And Stock Return In The Food & Beverage Sector Sunaryo, Deni; Ibrahim, Mukdad; Lestari, Etty Puji; Puryandani, Siti
JURNAL STUDI MANAJEMEN ORGANISASI Vol 22, No 1 (2025)
Publisher : Faculty of Economics and Business | Universitas Diponegoro

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/jsmo.v22i1.72461

Abstract

This study uses a quantitative approach with panel data analysis to examine the effect of financial ratios on stock return and the role of financial distress as a moderating variable. The sample consists of companies in the food and beverage processing sector listed on the Indonesia Stock Exchange (IDX) during the period from 2013 to 2023. The data used were obtained from the annual financial statements published by these companies, as well as stock market data from the IDX. The total sample used in this study consists of 121 data points obtained through purposive sampling from 26 companies that met the research criteria. The dependent variable in this study is stock return, which is calculated based on the annual stock price change divided by the stock price at the beginning of the year. The independent variables include financial ratios, namely Total Asset Turnover (TAT), Price Earnings Ratio (PER), and Times Interest Earned Ratio (TIER). Financial distress is measured using the Altman Z-Score, which serves as the moderating variable in this study. Multiple regression analysis was used to test the research hypotheses, incorporating interaction variables between financial ratios and financial distress to test for moderating effects. The tests included descriptive analysis, normality test, multicollinearity test, and autocorrelation test to ensure the validity of the results.The results show that TAT, PER, and TIER have weak or insignificant effects on stock return, with TAT and TIER showing negative but statistically insignificant relationships. Financial distress was found to moderate the relationship between TIER and stock return in certain models, although it did not show a significant effect in other models. This study emphasizes the need for further research to include macroeconomic variables and explore industry sector dynamics to deepen the understanding of this relationship.