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Analisis Likuiditas Saham Sebelum dan Sesudah Stock Split Prastiwi Puspa Ningrum; Muhammad Miqdad; Nining Ika Wahyuni
Syntax Literate Jurnal Ilmiah Indonesia
Publisher : Syntax Corporation

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36418/syntax-literate.v7i9.14627

Abstract

Tujuan studi ini adalah menganalisis dan mendeskripsikan perbedaan likuiditas saham sebelum dan sesudah melakukan stock split menggunakan parameter Trading Volume Activity (TVA) dan Bid Ask Spread (BAS). Studi ini dianalisis menggunakan pendekatan kuantitatif dengan jenis penelitian komparatif. Populasi adalah seluruh perusahaan yang terdaftar dan melakukan aksi koorporasi di Bursa Efek Indonesia (BEI) pada tahun 2017-2022 sebanyak 154 perusahaan, selanjutnya sampel dipilih menggunakan metode purposive sampling dan diperoleh 49 perusahaan. Data diperoleh dari website resmi BEI yaitu www.idx.co.id dan financeyahooo.com dengan pengambilan data menggunakan event window yaitu 10 hari sebelum stock split (t-10) sampai 10 hari sesudah stock split (t+10). Data yang terkumpul kemudian dianalisis menggunakan uji-t Paired Sample t test. Hasil analisis membuktikan bahwa terdapat perbedaan likuiditas saham pada parameter TVA dan BAS sebelum dan sesudah stock split.
Profitability Effect Performance and Eco-Efficiency on Company Value using ESG as A Moderation Variable (Study on Energy Sector Companies on The Indonesia Stock Exchange) Prastiwi Puspa Ningrum; Yosefa Sayekti; Ririn Irmadariyani
Enrichment: Journal of Multidisciplinary Research and Development Vol. 4 No. 4 (2026): Enrichment: Journal of Multidisciplinary Research and Development
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/enrichment.v4i4.708

Abstract

The increasing demand for sustainable business practices has encouraged companies to consider not only financial performance but also environmental responsibility and governance quality in creating long-term corporate value. The energy sector, as one of the industries with significant environmental impacts, faces challenges in maintaining profitability while implementing sustainability strategies. This study aimed to examine the effects of profitability and eco-efficiency on company value and to analyze the role of Environmental, Social, and Governance (ESG) as a moderating variable in these relationships. This research employed a quantitative approach using a causal associative design. Data were obtained from annual reports and sustainability reports of energy sector companies listed on the Indonesia Stock Exchange (IDX) during the 2019–2024 period. Using purposive sampling, 215 firm-year observations were selected and analyzed through panel data regression using the Fixed Effects Model (FEM) and Moderated Regression Analysis (MRA). The results showed that profitability had a positive and significant effect on company value, whereas eco-efficiency did not significantly influence company value. Furthermore, ESG strengthened the relationship between profitability and company value, indicating that sustainability disclosures enhanced market recognition of financial performance. However, ESG did not moderate the relationship between eco-efficiency and company value. This study concluded that profitability remained a key determinant of corporate value, while sustainability practices required stronger market recognition to generate valuation benefits. The findings provide implications for companies, investors, and policymakers in developing sustainable strategies that integrate financial performance with ESG principles.