Pengaruh Likuiditas dan LeverageTerhadap Kinerja Perusahaan Dampaknya Pada Return Saham (Studi empiris Perusahaan Industri Semen Yang Terdaftar di IDX)
Abstract
The purpose of this study is to find out how much influence Liquidity (Current Ratio) and Leverage (Debt to Equity Ratio) have on Company Performance. Their Impact on Stock Returns in Cement Industry Companies for the 2013-2017 period, either partially or simultaneously. This research was conducted using secondary data, from financial statements, income statements and annual reports of cement industry companies. The analysis used is descriptive statistical analysis, classical assumption test, panel data regression analysis, simultaneous test, partial test, and Path Analysis. By using the t test (partial) it can be seen that the Current Ratio has a significant positive effect on Company Performance (ROA). DER has an insignificant negative effect on Company Performance (ROA). By using the simultaneous test, it is known that the Current Ratio and DER together have an insignificant positive effect on Company Performance (ROA). This can be seen from f-Statistic1.488152 and the Adjusted R-square value = 0.113837 Positive with a Prob value ( F-Statistic)= 0.255479 > 0.05. T-test (partial) Current Ratio has an insignificant negative effect on Stock Return, Debt to Equity Ratio has an insignificant negative effect on Stock Return, Company Performance (ROA) has an insignificant positive effect on Stock Return, simultaneously it is known that Current Ratio, Debt to Equity Ratio , and Company Performance (ROA) together have a positive and insignificant effect on Stock Return, this can be seen from the f-Statistic 1.064448 and the Adjusted R-square value = 0.019946 Positive and the Prob value (F-Statistic) = 0.430815 > 0.05.
Keywords: Current Ratio, Debt to Equity Ratio, Return On Assets, Stock Return
References
Agus, Sartono. 2010. Manajemen Keuangan Teori dan Aplikasi Edisi Empat. Yogyakarta BPFE
Ary, Tatang Gumant. 2011. Manajemen investasi – Konsep, Teori dan Aplikasi. Jakarta. Mitra Wacana Media.
AgusHarjito dan Martono. 2010. Manajemenkeuangan. Yogyakarta: Ekonisia.
Agus D. Harjito dan Martono. 2013 Manajemen Keuangan, Edisi Kedua. Yogyakarta: EKONISA.
Dita Purnamaningsih, Ni Gusti Putu Wirawati 2014 – Pengaruh Return On Asset, struktur Modal, Price To Book Value, dan Good Corporate Governance Pada Return Saham.
Ilham, Reza Fahlevi. 2013 – Pengaruh Pengaruh Rasio Likuiditas, Profitabilitas, dan Solvabilitas Terhadap Harga Saham (Studi Empiris pada Industri Perbankan yang Terdaftar di IDX Tahun 2008-2010)
Ihsan, S. Basalama, Sri Murni, Jacky S.B. Sumarauw, 2017 – Pengaruh Current Ratio, DER, dan ROA Terhadap Return Saham Pada Perusahaan Automotif Dan Komponen Periode 2013-2015
Danang, Sunyoto. 2013. Dasar-dasar Manajemen. Yogyakarta: CAPS.
Darmadji & Fakhruddin, 2011. Pasar Modal di Indonesia, edisi 3. Salemba Empat.Jakarta.
Darmadji & Fakhruddin, 2012. Pasar Modal di Indonesia, edisi 3. Salemba Empat.Jakarta.
Dendawijaya, Lukman. 2003. Manajemen Perbankan. Jakarta : Ghalia Indonesia.
Djarwanto. 2004. Pokok-pokok Analisa LaporanKeuangan. Badan PenerbitFakultas Ekonomi-Yogyakarta. Yogyakarta.
______. 2010. Pokok-pokok Analisa Laporan Keuangan, Edisi Kedua, Cetakan Pertama, Yogyakarta: BPFE.
Fahmi, Irham, 2011. Analisa LaporanKeuangan. Bandung: Alfabeta.
___________. 2012. Analisa LaporanKeuangan. Bandung: Alfabeta.
___________. 2015.Pengantar Manajemen Keuangan Teori dan Soal Jawab. Bandung: Alfabeta.
Ghozali, Imam. 2002. Analisis Multivariate dengan Program SPSS, Semarang: Badan Penerbit Universitas Diponegoro.
Ghozali, Imam. 2013. Aplikasi Analisis Multivariate dengan Program SPSS, Edisi Ketujuh. Semarang: Badan Penerbit Universitas Diponegoro.
Harahap, Sofyan Syafri. 2013. Analisis Kritis atas Laporan Keuangan. Jakarta : PT Raja Grafindo Persada.
Indawati, I., Anggraini, A., Holiawati, H., & Sugiyanto, S. (2021). Financial Distress Affected By Leverage And Sales Growth. HUMANIS (Humanities, Management and Science Proceedings), 2(1).
James C, Van Horne dan Jhon M. Wachowicz. 2005. Prinsip-Prinsip Manajemen Keuangan. Edisi Kedua belas. Jakarta: Salemba Empat.
Kasmir. 2009. Pengantar Manajemen Keuangan. Jakarta : Kencana.
______. 2010. Pengantar Manajemen Keuangan.Jakarta :KencancaPrenada Media Group.
______. 2012. AnalisaLaporanKeuangan. Jakarta: PT. Raja GrafindoPersada.
______. 2013. AnalisisLaporanKeuangan. Rajawali Pers : Jakarta.
______. 2014. AnalisisLaporanKeuangan, Edisisatu, CetakanKetujuh. Jakarta : PT Raja GrafindoPersada.
______. 2015. AnalisaLaporanKeuangan. Jakarta: PT. Raja GrafindoPersada.
Manullang.2009. Dasar-dasarManajemen. Yogyakarta: Gadjah MadaUniversity Press
______. 2012. Dasar-dasar Manajemen bagi Pimpinan Perusahaan. Jakarta Gadjah Mada Press.
______.2012. Dasar-Dasar Manajemen. Gadjah Mada University Press.Yogyakarta
Martono dan AgusHarjito. 2010. ManajemenKeuangan (Edisi 3. Yogyakarta:Ekonisia.
Munawir, S. 2002. Analisis informasi Keuangan. Edisi Pertama. Yogyakarta: Liberty Yogya.
__________. 2007. Analisa Laporan Keuangan, Edisi Keempat. Liberty. Yogyakarta.
___________.2010. Analisis Laporan Keuangan, Edisi Keempat. CetakanKelimabelas. Yogyakarta: Liberty.
Nachrowi, Nachrowi Djalal dan Hardius Usman, 2002. Penggunaan Teknik Ekonometri, Jakarta, PT. Raja Grafindo Persada.
Samsul, Muhammad. 2006. Pasar Modal dan Portofolio. Penerbit Erlangga. Surabaya.
Sjahrial, Dermawan. 2007. Manajemen Keuangan Lanjutan, Jakarta. Mitra Wacana Media.
Sugiyanto, S., & Tukiyat, T. (2021). Financial Contagion and Good Corporate Governance on Bank Companies Performance in Indonesian Stock Exchange. EAJ (Economic and Accounting Journal), 4(3), 164-178.
Sugiyanto, S. (2021). Application and Study of GRC (Governance, Risk, Compliance) Financial Management Agency in Indonesia Non-Banking. HUMANIS (Humanities, Management and Science Proceedings), 2(1).
Sugiyanto, S. (2021). Diterminan Intellectual Capital And Earning Management, To Future Stock Return (Study ofDiterminan Intellectual Capital And Earning Management, To Future Stock Return (Study of Mining Companies in Indonesia Listed on IDX for the Period of 2014-2019) isted on IDX for the Period of 2014-2019). HUMANIS (Humanities, Management and Science Proceedings), 1(2).
Sugiyanto, S., Febrianti, F. D., Maddinsyah, A., Sarwani, S., & Pranoto, P. (2021). The Influence Of Intellectual Capital, Conservatism, Earning Management, To Future Stock Return And Its Implications On Stock Return (Case Study Of Mining Companies In Indonesia Listed On Indonesia Stock Exchange For The Period Of 2013-2018).
Sugiyono. 2010. Metode Penelitian Pendidikan Pendekatan Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Sugiyono. 2010. Metode Penelitian Pendidikan Pendekatan Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
________. 2011. Metode Penelitian Kuantitatif Kualitatif dan R&D. Alfabeta.
________. 2015. MetodePenelitianPendidikan (PendekatanKuantitatif, Kualitatif, dan R&D). Penerbit CV. Bandung: Alfabeta.
Jeany, Clarensia. 2011. – Pengaruh, Likuiditas, Profitabilitas, Pertumbuhan Penjualan, Dan Kebijakan Dividen Terhadap Harga Saham (Studi Empirik Pada Perusahaan Manufaktur Yang Terdaftar Di IDX Tahun 2007-2010)
Lilis, Maryani Palimbong, 2016- Pengaruh Current Ratio dan Debt Equity Ratio Terhadap tingkat ROA
Prio Galih Raga Prakoso, Mochamad Chabachib 2016 -
AnalisisPengaruh Current Ratio, Size, Debt to Equity Ratio, dan Total Asset Turnover Terhadap Dividend Yield dengan Return On Asset sebagai Variabel Intervening
Priyanto, Slamet dan AkhmadDarmawan. 2017. Pengaruh Debt to Assets Ratio (DAR), Debt to Equity Ratio (DER), Long Term Debt to Ratio (LDAR) dan Long term Debt to Equity Ratio (LDER) terhadap Profitability (ROE) pada perusahaanmanufaktur di IDX Periode 2012-2014).
Ratna Prihantini, 2009. Analisis Pengaruh Inflasi, Nilai Tukar, ROA, DER, Dan CR,Terhadap Return Saham.
Subalno, 2009. –Analisis Pengaruh Faktor Fundamental Dan Kondisi Ekonomi Terhadap Return Saham (Studi Kasus Pada Perusahaan Otomotif dan Komponen Yang Listed di IDX periode 2003-2007)
Taufik, A., & Sugiyanto, S. (2022). Pengaruh Loan To Deposit Ratio Terhadap Return On Asset Pada PT Bank Danamon, Tbk Periode 2010-2020. Jurnal Ilmiah PERKUSI, 2(1), 81-86.
Yeye Susilowati. 2011. – Reaksi Signal Rasio Profitabilitas Dan Rasio Solvabilitas Terhadap Return Saham Perusahaan.
Zuliarni, Sri. 2012. “Pengaruh Kinerja Keuangan Terhadap Harga Saham Pada Perusahaan Mining and Mining Service di IDX (BEI)â€, Pekanbaru, Penerbit : Universitas Riau, Jurnal Aplikasi Bisnis, Vol. 3 No. 1, Oktober, hal.36-38
Amalia, S., Sutisna, A., & Deni, D. (2022). How To Increase Income Through Cross Training System Skill On MSME Depok. Jurnal PKM Manajemen Bisnis, 2(1), 20-27.
Baeli, J. (2021). Analysis Of Tax Compliance Based On Psychological Factors And Tax Administration. AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis, 1(3), 87-94.
Fajri, C., Rahman, Y. T., & Wahyudi, W. (2021). MEMBANGUN KINERJA MELALUI LINGKUNGAN KONDUSIF, PEMBERIAN MOTIVASI DAN PROPORSIONAL BEBAN KERJA. SCIENTIFIC JOURNAL OF REFLECTION: Economic, Accounting, Management and Business, 4(1), 211-220.
Fauziah, F., Hamzah, A., & Rozy, A. (2021). IMPLEMENTATION OF MANAGEMENT IN WASTE BANKS TO INCREASE ECONOMIC VALUE. Jurnal PKM Manajemen Bisnis, 1(1), 37-43.
Fitriah, S. (2021). Children with Special Needs In the Eyes of Islamic Law and the State. AKADEMIK: Jurnal Mahasiswa Humanis, 1(2), 77-86.
Guntur, M. (2021). AL-QURAN TEACH THE IMPORTANCE OF TAKING CARE OF HEALTH PHYSICAL: Tafseer Surat Al-Baqarah. AKADEMIK: Jurnal Mahasiswa Humanis, 1(2), 50-58.
Handayani, H., & Caesario, A. (2021). A Culture of Savings Solutions for Consumptive Behavior and Care for the Future. Jurnal PKM Manajemen Bisnis, 1(2), 67-72.
Harras, H., Sugiarti, E., & Wahyudi, W. (2020). Kajian Manajemen Sumber Daya Manusia Untuk Mahasiswa.
Juliati, F. (2021). The Influence Of Organizational Culture, Work Ethos And Work Discipline On Employee Performance. AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis, 1(1), 34-39.
Karim, I. N. (2021). CORRELATION ANALYSIS: Are Religious Scavengers More Motivated?. AKADEMIK: Jurnal Mahasiswa Humanis, 1(2), 59-67.
Mahmudin, M., Caesario, A., & Saputra, A. (2021). ENTREPRENEURSHIP: Soft Skill of Life. Jurnal PKM Manajemen Bisnis, 1(1), 19-28.
Majid, I. K. (2021). Governance-Based Library Management, More Effective and Efficient. AKADEMIK: Jurnal Mahasiswa Humanis, 1(2), 68-76.
Malik, J. (2021). STUDY AL-QURAAN: Understanding Verses That Has Meaning Ta'arud. AKADEMIK: Jurnal Mahasiswa Humanis, 1(2), 42-49.
Nurhusna, S., & Wahyudi, W. (2021). PERFORMANCE DETERMINANTS OF STATE CIVIL SERVICES (ASN) IN THE COVID-19 PANDEMIC. Inovasi, 8(1), 54-61.
Nuriman, H. (2021). The Analysis Of Competence And Career Development Impact On Work Motivation And Its Implication Toward Employee’s Performance. AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis, 1(1), 10-17.
Nursoleh, N. (2022). Location Analysis of Interest in Buying Housing in South Tangerang City. AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis, 2(1), 35-42.
Ridwan, M. (2022). Purchasing Decision Analysis in Modern Retail. AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis, 2(1), 1-9.
Ridwan, R. (2021). THE EFFECT OF LEADERSHIP ON PERFORMANCE: Analysis of School Management Ability and Attitude. AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis, 1(2), 59-67.
Samsudin, S., & Ayu, D. (2022). Standards Management Of Covid-19 Prevention According To world Health Organization (WHO). Jurnal PKM Manajemen Bisnis, 2(1), 28-33.
Sanitias, S., & Dani, M. (2022). Optimization Of Msmes Marketing Using Whatsapp. Jurnal PKM Manajemen Bisnis, 2(1), 1-10.
Solahuddin, M. (2021). Being Creative Early on is the Main Capital for Entrepreneurship. Jurnal PKM Manajemen Bisnis, 1(2), 73-78.
Sugiarti, E. (2018). Building Work Commitment of Bppt Employee. Scientific Journal of Reflection: Economic, Accounting, Management and Business, 1(2), 171-180.
Sugiarti, E. (2022). The Influence of Training, Work Environment and Career Development on Work Motivation That Has an Impact on Employee Performance at PT. Suryamas Elsindo Primatama In West Jakarta. International Journal of Artificial Intelligence Research, 6(1).
Ulfah, M. (2021). Building Teacher Performance Based Islam Religious Values. AKADEMIK: Jurnal Mahasiswa Humanis, 1(1), 9-17.
Wahyu, W., & Salam, R. (2020). KOMITMEN ORGANISASI (Kajian: Manajemen Sumber Daya Manusia).
Yanti, L. (2021). Analisis Kinerja Pegawai Berdasarkan Aspek Kepribadian Diri. AKADEMIK: Jurnal Mahasiswa Ekonomi & Bisnis, 1(1), 27-33.
Downloads
Published
Issue
Section
License
Open Access
HUMANIS (Humanities, Management and Science Proceedings) is a national peer reviewed and open access journal that publishes significant and important research from all area of agroindustry.
This journal provides immediate open access to its content that making research publish in this journal freely available to the public that supports a greater exchange of knowledge.
Copyright
Submission of a manuscript implies that the submitted work has not been published before (except as part of a thesis or report, or abstract); that it is not under consideration for publication elsewhere; that its publication has been approved by all co-authors. If and when the manuscript is accepted for publication, the author(s) still hold the copyright and retain publishing rights without restrictions. Authors or others are allowed to multiply article as long as not for commercial purposes. For the new invention, authors are suggested to manage its patent before published. The license type is CC-BY-SA 4.0.
Disclaimer
No responsibility is assumed by publisher and co-publishers, nor by the editors for any injury and/or damage to persons or property as a result of any actual or alleged libelous statements, infringement of intellectual property or privacy rights, or products liability, whether resulting from negligence or otherwise, or from any use or operation of any ideas, instructions, procedures, products or methods contained in the material therein.
