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All Journal JMS : Jurnal Manajemen Sinergi Management Science Research Journal
Istiqomah, Atika Rizki
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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PENGARUH PROFITABILITAS TERHADAP HARGA SAHAM DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING DAN UKURAN PERUSAHAAN SEBAGAI VARIABEL KONTROL Ichwanudin, Wawan; Istiqomah, Atika Rizki; Suryani, Emma
Jurnal Manajemen Sinergi Vol 11, No 2 (2023): JURNAL MANAJEMEN SINERGI (EDISI OKTOBER)
Publisher : Program Studi Manajemen Fakultas Ekonomi dan Bisnis Universitas Khairun

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33387/jms.v11i2.7151

Abstract

ABSTRACTObjective: This study was conducted to evaluate the effect of profitability (ROA) on stock prices, considering capital structure (DER) as an intervening variable and company size as a control variable.Methodology: The sample in this study is a company incorporated in LQ45 on the Indonesia Stock Exchange which has complete data for the period 2018-2022. The data analysis method used is Path Analysis using the SPSS 20.0 program.Finding: The first, second, third, and fourth (H) hypotheses were accepted because the t statistic value was greater than t table, and the p value was smaller than alpha 0.05.Conclusion: The results indicate that ROA has a significant positive effect on stock prices. However, ROA has no significant effect on capital structure (DER), while DER has a significant negative effect on stock price. These results indicate that DER is unable to mediate the relationship between ROA and stock price. Firm size can serve as a control variable in the effect of profitability on stock price. This study shows important findings, that signaling theory can be confirmed where the profitability ratio is a positive signal for investors. However, it does not support the packing order theory because the capital structure is not influenced by profitability, so the capital structure does not mediate profitability on stock price.
FIRM SIZE AS A CONTROL VARIABLE IN THE EFFECT OF PROFITABILITY ON STOCK PRICE WITH CAPITAL STRUCTURE AS MEDIATOR Istiqomah, Atika Rizki; Ichwanudin, Wawan; Suryani, Emma
Management Science Research Journal Vol. 2 No. 3 (2023): August 2023
Publisher : PT Larva Wijaya Penerbit

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56548/msr.v2i3.74

Abstract

Purpose: The objective of this research is to figure out the impact of profitability (X) on stock prices by using capital structure (Z) as a mediating controllable and firm size as a predictor (Y). Methodology/approach: This study's population comprised eighteen companies, and it engaged secondary data and causal associative research methods with a quantitative approach. The regression intervention data analysis technique was used the SPSS 22 software. Results/findings: According to the analyses, ROA seemed to have a positive significant impact on stock prices, whereas DER had quite a significant negative impact on stock prices.Limitations: For five years, this sample was using one sub-sector of textile and garment companies. Contribution: Investors are expected to pay focus on aspects of profit related to net profit got each period based on managerial implications. Then, investors must consider the company's debt and equity levels, because companies with high debt levels can be risky to invest in. Novelty: Even though previous researchers' study became inconstant, the authors add debt to equity ratio as a mediator factor and firm size as a control framework in this research.
Co-Authors Suryani, Emma Wawan Ichwanudin