Pengaruh rasio finansial, dividen dan arus kas terhadap harga saham jakarta islamic index 70

Ilham Ramadhan Ersyafdi, Durotun Nasihah

Abstract


Makin berkembang pesatnya perekonomian berlandaskan islam, mengakibatkan keinginan investor untuk berinvestasi di pasar saham yang berlandaskan syariah makin besar. Hal itu ditandai dengan munculnya indeks syariah baru yaitu Jakarta Islamic Index (JII) 70. Penelitian ini bertujuan menguji pengaruh rasio finansial, dividen dan arus kas terhadap harga saham JII 70 dengan objek yaitu perusahaan yang konsisten terdaftar di indeks tersebut dengan periode tahun 2018-2019. Dengan menggunakan metode purposive sampling, didapatkan 35 perusahaan yang digunakan sebagai sampel dari total 94 perusahaan yang pernah terdaftar. Terdapat 14 variabel yang digunakan dalam penelitian ini dengan hasil penelitian menunjukkan bahwa 8 variabel yaitu current ratio (X1), net profit margin (X3), return on asset (X4), earning per share (X6), debt to equity ratio (X7), dividend payout ratio (X10), dividend per share (X11) dan arus kas pendanaan (X14) berpengaruh terhadap harga saham. Sedangkan quick ratio (X2), return on equity (X5), price book to value (X8), price earning ratio (X9), arus kas operasi (X12) dan arus kas investasi (X13) tidak memiliki pengaruh terhadap harga saham.


Keywords


Arus kas: dividen; rasio keuangan; jakarta islamic index; harga saham

References


Ahmed, I. (2018). Impact Of Dividend Per Share and Earnings Per Share On Stock Prices: A Case Study From Pakistan (Textile Sector). IJSSHE-International Journal of Social Sciences, Humanities and Education, 2 (2), 1-10.

Ali, A., Jan, F. A., & Sharif, I. (2015). Effect Of Dividend Policy On Stock Prices. Business & Management Studies: An International Journal, 3 (1), 56-87.

Ariesa, Y, et al. (2020). The Effect of Current Ratio (CR), Firm Size (FS), Return on Equity (ROE), and Earning Per Share (EPS) on the Stock Prices of Manufacturing Companies listed in Indonesia Stock Exchange in the 2014-2018 Period. Budapest International Research and Critics Institute (BIRCI - Journal): Humanities, 3 (4), 2759-2773.

Asrianti, & Rahim, S. (2015). Pengaruh Laba dan Arus Kas terhadap Harga Saham Perusahaan LQ45 di Bursa Efek Indonesia, Jurnal Akuntansi Aktual, 3 (1), 22-38.

Astuty, P. (2017). The Influence of Fundamental Factors and Systematic Risk to Stock Prices on Companies Listed in the Indonesian Stock Exchange. European Research Studies Journal, 20 (4A), 230-240.

Awwad, B. S. A., & Salem, A. Z. A. (2019). The Role of Financial Analysis in Assessing the Prices of Shares of Jordanian Industrial Joint Stock Companies Listed on the Amman Stock Exchange. International Journal of Economics and Finance, 11 (6), 120-132.

Benson, E., Ejiogu, U. G. C., & Utsev, S. T. (2019). Analysis of the Applicability of Micro-Economic Variables on Stock Market Performance. International Journal of Research in Management & Business Studies, 6 (3), 32-39.

Dadrasmoghadam, A., & Akbari, S. M. (2015). Relationship between Financial Ratios in the Stock Prices of Agriculture-Related Companies Accepted On the Stock Exchange for Iran. Research Journal of Fisheries and Hydrobiology, 10 (9), 586-591.

Eksandy, A., & Abbas, D. S. (2020). Relevansi Nilai Earning per Share, Price Book Value, Cash Flow, Current Ratio dan Harga Saham: Return on Asset Sebagai Pemoderasi. Jurnal Akuntansi, 12 (2), 187-202.

Ersyafdi, I. R., & Fauziyyah, N. (2021). Dampak COVID-19 Terhadap Tren Sektoral Harga Saham Syariah di Indonesia. Jurnal Iqtisaduna, 7 (1), 1-16.

Ersyafdi, I. R., Muslimah, K. H., & Ulfah, F. (2021). Pengaruh Faktor Finansial dan Non Finansial terhadap Pengungkapan Islamic Social Reporting. Jurnal Akuntansi Indonesia, 10 (1), 21-40.

Fernando, R, Rivai, A., & Suharto. (2018). Effect Of Current Ratio, Debt Ratio, Return Of Asset Ratio And Exchange Rates on Stock Price PT. Indofood Sukses Makmur Tbk. The International Journal of Engineering and Science (IJES), 7 (10), 70-83.

Gunanta, R., Sherlita, E., & Lestari, S. F. (2015), The effects of the statement of cash flows and earning per share (EPS) on stock prices: Empirical study on manufacturing industry in Indonesia. Proceedings of the International Conference on Accounting Studies (ICAS), 521-527.

Hanifah , A. (2019). The Effect of Earning Per Share (EPS), Price Earning Ratio (PER) and Price Book Value (PBV) Against the Stock Price of Telecommunications Sector Company Included in the Indonesian Islamic Stock Index (ISSI). KnE Social Sciences, 3 (26), 711–726.

Hayati, N. (2013). Pengaruh Return on Assets, Return on Equity, Earning Per Share, Price Earning Ratio, dan Price to Book Value terhadap Harga Saham pada Perusahaan Manufaktur Sub Sektor Industri Makanan dan Minuman di Bursa Efek Indonesia. Jurnal Ilmiah Bisnis dan Keuangan, 3 (1), 49-62.

Herawaty, A., & Putra, A. S. (2018). The Influence of Fundamental Analysis on Stock Prices: The Case of Food and Beverage Industries. European Research Studies Journal, 21 (3), 316-326.

Ilmiyono, A. F. (2019). The Effect of ROE, ROA and EPS toward Stock Prices in Companie sub Sektor Construction and Buildings Listed in Exchange Indonesia Effect (IDX). International Journal of Latest Engineering and Management Research (IJLEMR), 4 (8), 24-35.

Khanji, I. M., & Siam, A. Z. (2015). The Effect of Cash Flow on Share Price of the Jordanian Commercial Banks Listed in Amman Stock Exchange. International Journal of Economics and Finance, 7 (5), 109-115.

Lilianti, E. (2018). Pengaruh Dividend Per Share (DPS) dan Earning Per Share (EPS) Terhadap Harga Saham Pada Perusahaan Sub Sektor Farmasi di Bursa Efek Indonesia (BEI). Jurnal Ecoment Global, 3 (1), 12-22.

Marsono, A, et al. (2018). Effect of Current Ratio, Leverage Ratio, Inflation and Currency Share Closing Price of Consumer Goods Industry in Indonesia Stock Exchange. International Journal of Business and Applied Social Science (IJBASS), 4 (8), 41-53.

Mukhtasyam, N. U. Z, Pagalung, G & Arifuddin. (2020). Effect of Profitability, Liquidity, and Solvability on Share Prices with Earning Per Share (EPS) As a Moderating Variables. International Journal of Innovative Science and Research Technology, 5 (8), 1571-1577.

Ponsian, N., Prosper, K., Yuda, T., & Samwel, G. (2015). Relationship between Dividend Policy and Share Price. Archives of Business Research, 3(3), 11-20.

Puspitaningtyas, Z. (2017). Is Financial Performance Reflected in Stock Prices?. Advances in Economics, Business and Management Research, 20, 17-28.

Sha, T. L. (2017). Effects of Price Earnings Ratio, Earnings Per Share, Book to Market Ratio and Gross Domestic Product on Stock Prices of Property and Real Estate Companies in Indonesia Stock Exchange. International Journal of Economic Perspectives, 11 (1), 1743-1754.

Sudirman, Kamaruddin, & Possumah, B. T. (2020). The Influence of Net Profit Margin, Debt to Equity Ratio, Return on Equity, and Earning per Share on the Share Prices of Consumer Goods Industry Companies in Indonesia. International Journal of Advanced Science and Technology, 29 (7), (2020), 13428-13440.

Suryadi, H. (2016). Pengaruh Variabel Fundamental Terhadap Harga Saham Perusahaan Go Publik di Bursa Efek Indonesia (Studi Kasus Perusahaan Batubara Listing Di BEI). At-Taradhi Jurnal Studi Ekonomi, 7 (2), 117-126.

Syarif, A. D. (2019). Fundamental Factors and Stock Prices: Evidence from Indonesia Oil and Gas Companies. Sch Bull, 5 (8), 444-451.

Timuriana, T., & Nurdiana, A. (2014). Pengaruh Informasi Arus Kas terhadap Harga Saham pada PT Astra Agro Lestari Tbk di Bursa Efek Indonesia. Jurnal Ilmiah Manajemen dan Akuntansi Fakultas Ekonomi (JIMAFE), 6 (2), 50-58.

Oroud, Y. S., Islam, M. A., & Ahmad, T. S. T. (2017). The Effect of Cash Flows on the Share Price on Amman Stock Exchange. American Based Research Journal, 6 (7), 22-28.

Veronica, A. (2018). Financial Ratio to Stock Price at Miscellaneous Industry in Indonesia. Account and Financial Management Journal, 3 (3), 1364-1370.

Wibowo, D. A., & Saragih, S.B. (2018). Effect of Debt to Equity Ratio, Current Ratio and Inflation on Share Price on Real Estate Companies Listed in Indonesia Stock Exchange. The International Journal Of Business & Management, 6 (11), 61-67.

Yuniarti, I., & Dewi, H. (2019). The Influence Of Factors Affecting Dividend Payout Ratio to Stock Price Of Firms Listed In Indonesia Stock Exchange. Advances in Economics, Business and Management Research, 100, 434-439.




DOI: https://doi.org/10.30872/jinv.v17i4.10100

Refbacks

  • There are currently no refbacks.


Copyright (c) 2021 Ilham Ramadhan Ersyafdi, Durotun Nasihah

Crossref logo 

Editorial Address

INOVASI: Jurnal ekonomi, keuangan dan manajemen
Faculty of Economics and Business, Mulawarman University
Jl. Tanah Grogot No.1 Samarinda Kalimantan Timur 75119
Email: jakt.feb.unmul@gmail.com

StatCounter: INOVASI: Jurnal ekonomi, keuangan dan manajemen