APAKAH LEVERAGE MAMPU MEMODERASI DAMPAK PROFITABILITAS DAN KEBIJAKAN DIVIDEN TERHADAP STOCK RETURN?
Abstract
This study aims to determine the effect of Return on Asset, Operating Profit Margin, Dividend Yield, and Dividend Payout Ratio on stock returns in non-cyclical consumer sector companies on the Indonesia Stock Exchange (IDX) in 2019-2023 and the ability of Leverage to moderate the impact of independent variables. The population in the study included 55 main board type non-cyclical consumer sector issuers on the Indonesia Stock Exchange (IDX). While the sample taken was 28 companies using purposive sampling technique. This study uses multiple linear regression, moderation regression, and hypothesis testing. The results of this study indicate that simultaneously Return on Asset, Operating Profit Margin, Dividend Yield and Dividend Payout have no significant effect on stock return. Partially the Return on Asset variable has a significant positive effect on stock return but the Operating Profit Margin, Dividend Yield, and Dividend Payout variables have an insignificant effect on stock return. Leverage as a moderating variable has not been able to moderate the impact of Return on Asset, Operating Profit Margin, Dividend Yield and Dividend Payout on stock return.
References
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Rachmawan, H. L., & Setyorini, H. (2022). Pengaruh Dividend Yield, Earnings Per Share dan Profitabilitas Terhadap Return Saham Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2016 - 2020. Formosa Journal of Sustainable Research, 1(1), 1–20. https://doi.org/10.55927/fjsr.v1i1.624
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Sari, B. P., & Dwilita, H. (2019). FINANCIAL MANAGEMENT. In Lembaga Penelitian dan Penulisan Ilmiah AQLI (1st ed.). UNPAB. https://perpustakaan.pancabudi.ac.id/dl_file/buku/16388_1_FINANCIAL_MANAGEMENT.pdf
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Suci, P. P. (2022). Analisis komparasi kinerja keuangan sebelum dan selama pandemi Covid-19: studi kasus PT. AirAsia Indonesia, Tbk. National Conference on Accounting & Finance, 4, 426–432. https://doi.org/10.20885/ncaf.vol4.art53
Sudaryo, Y., & Sari, M. N. (2015). PENGARUH DEBT TO EQUITY RATIO (DER) TERHADAP RETURN ON ASSET (ROA) PADA PERUSAHAAN MANUFAKTUR SEKTOR FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2008-2012.
Suhara, E., Sutisna, E., & Rastini, A. (2022). PENGARUH PROFITABILITAS DAN DIVIDEND PAYOUT RATIO TERHADAP RETURN SAHAM (Perusahaan Subsektor Makanan dan Minuman Yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2015 – 2021) (Vol. 1, Issue 3). http://melatijournal.com/index.php/Metta
Susetyo, A. (2018). ANALISIS PENGARUH CURRENT RATIO, DEBT TO EQUITY RATIO DAN TOTAL ASSET TURNOVER TERHADAP RETURN ON ASSET PADA PERUSAHAAN YANG TERCATAT DI JAKARTA ISLAMIC INDEX. Jurnal Ilmiah Akuntansi Dan Keuangan, 6(1), 130–142. https://doi.org/10.32639/jiak.v6i1.157
The, O., Wijaya, D. A., & Muljo, H. H. (2022). The Effect Analysis of Solvency Ratio, Profitability Ratio and Inflation on Stock Return. Business Economic, Communication, and Social Sciences (BECOSS) Journal, 4(1), 65–73. https://doi.org/10.21512/becossjournal.v4i1.7833
Wanti, F. H., & Sari, H. M. K. (2022). Analysis of the Effect of Liquidity, Profitability and Debt Policy on Firm Value with Dividend Policy as Moderating Variable. Indonesian Journal of Law and Economics Review, 16. https://doi.org/10.21070/ijler.v16i0.792
Anggeraini, F., & Triana, W. (2023). Pengaruh Kebijakan Dividen terhadap Harga Saham pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia. Journal on Education, 5(2), 5063–5076. https://doi.org/10.31004/joe.v5i2.1238
Ayuningtyas, P., & Bagana, B. D. (2023). PENGARUH SOLVABILITAS, PROFITABILITAS DAN AKTIVITAS TERHADAP HARGA SAHAM PADA PERUSAHAAN PERBANKAN YANG TERDAFTAR DI IDX LQ45 PADA BURSA EFEK INDONESIA PERIODE TAHUN 2015-2019. KRISNA: Kumpulan Riset Akuntansi, 14(2), 189–202. https://doi.org/10.22225/kr.14.2.2023.189-202
Cynthia, & Salim, S. (2020). PENGARUH DIVIDEND YIELD, SALES GROWTH, FIRM VALUE, FIRM SIZE TERHADAP RETURN SAHAM. Jurnal Paradigma Akuntansi, 2(4), 1540. https://doi.org/10.24912/jpa.v2i4.9331
Lameo, Y. D., Noholo, S., & Mahmud, M. (2023). Pengaruh ROA, PER, OPM Terhadap Return Saham Perusahaan Industri Rokok Di BEI. Jambura Accounting Review, 4(2), 310–320. https://doi.org/10.37905/jar.v4i2.98
Emas Siallagan S, M. P., Yansen Siahaan, A., & Inrawan, A. (2018). PENGARUH PROFITABILITAS TERHADAP NILAI PERUSAHAAN DENGAN LEVERAGE SEBAGAI VARIABEL MODERATING PADA PERUSAHAAN SUB SEKTOR FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA (Vol. 6, Issue 2). www.idx.co.id
Fahira, A. Y., & Haryadi, D. (2022). The Effect of Return On Assets (ROA) and Dividend Payout Ratio (DPR) on Return of LQ45 Company Shares Listed on the Indonesia Stock Exchange (IDX) for the 2019-2021 Period. JASa (Jurnal Akuntansi, Audit Dan Sistem Informasi Akuntansi), 6(3), 245–255. https://doi.org/10.36555/jasa.v6i3.2047
Fitri, R. (2018). PENGARUH KEBIJAKAN DIVIDEN, LEVERAGE PERUSAHAAN DAN PROFITABILITAS TERHADAP RETURN SAHAM. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 11(2), 32–37. https://doi.org/10.32812/jibeka.v11i2.43
Gilang Gunadi, G., Ketut, I., & Kesuma, W. (2015). PENGARUH ROA, DER, EPS TERHADAP RETURN SAHAM PERUSAHAAN FOOD AND BEVERAGE BEI. 4(6), 1636–1647.
Hermawan, I., Herlina, D., Heliani, & Sunanda, N. (2016). PENGARUH RETURN ON ASET (ROA), OPERATING PROFIT MARGIN (OPM), RETURN ON EQUITY (ROE), DAN TINGKAT INFLASI TERHADAP HARGA SAHAM. 4(2), 110–127. https://doi.org/10.52005/aktiva.v4i2.161
Indriyani, M., Tavip Junaedi, A., Rivai, Y., & Putra, R. (2023). THE EFFECT OF PROFABILITY, LIQUIDITY, AND SOLVENCY RATIO ON STOCK RETURNS IN PRIMARY CONSUMER SECTOR COMPANIES (CONSUMER NON-CYCLICALS) LISTED ON IDX 2016-2020 (Vol. 3, Issue 4). http://www.ejournal.pelitaindonesia.ac.id/ojs32/index.php/lucrum/index
Kartika, A., Handrijaningsih, L., Mariani TR, S., & Anisah. (2022). The Effect of Price Earning Ratio, Return O Equity, Debt to Equity Ratio, Firm Size, and Dividend Payout Ratio to the Stock Returns on Banks Listed in LQ45 Index 2015-2020. Ilomata International Journal of Tax and Accounting, 3(4), 435–447. https://doi.org/10.52728/ijtc.v3i4.592
Kurnia Nadya. (2023, August 23). Apa itu Consumer Non Cyclical: Definisi dan Contoh Sahamnya di Pasar Modal. Bursa Efek Indonesia.
Muhidin, & Situngkir, L. T. (2023). Pengaruh Rasio Profitabilitas Terhadap Harga Saham Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia pada Tahun 2015 – 2021. Transformasi Manageria Journal of Islamic Education Management, 3(1). https://doi.org/10.47476/manageria.v3i1.2093
Pratiwi, A. P., & Noveria, A. (2023). Impact of Financial Profitability Ratio to the Stock Returns of Telecommunication Company during the COVID-19 Pandemic in Indonesia.
Pratiwi, D. R., Siswanto, E., & Istanti, N. L. (2016). Pengaruh Return On Equity, Debt To Equity Ratio dan Umur Perusahaan Terhadap Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2014). Management and Business Economics Journal, 2, 136–145. https://doi.org/http://dx.doi.org/10.17977/um042v21i2p136-145
Putra, R. Y., & Widyaningsih, M. (2016). PENGARUH LABA AKUNTANSI, KOMPONEN ARUS KAS, DAN DIVIDEND YIELD TERHADAP RETURN SAHAM (STUDI PADA PERUSAHAAN SEKTOR PERTAMBANGAN DI BURSA EFEK INDONESIA PERIODE 2012-2014). Jurnal Riset Akuntansi Dan Keuangan, 4(2). https://doi.org/10.17509/jrak.v4i2.4039
Rachmawan, H. L., & Setyorini, H. (2022). Pengaruh Dividend Yield, Earnings Per Share dan Profitabilitas Terhadap Return Saham Perusahaan Farmasi yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2016 - 2020. Formosa Journal of Sustainable Research, 1(1), 1–20. https://doi.org/10.55927/fjsr.v1i1.624
Ratih Ika Wijayanti. (2022, February 7). Begini Cara Menghitung Return Saham, Simak Langkahnya! Bursa Efek Indonesia.
Sari, B. P., & Dwilita, H. (2019). FINANCIAL MANAGEMENT. In Lembaga Penelitian dan Penulisan Ilmiah AQLI (1st ed.). UNPAB. https://perpustakaan.pancabudi.ac.id/dl_file/buku/16388_1_FINANCIAL_MANAGEMENT.pdf
Sinaga Nauli Annisa, Eric, Rudy, & Wiltan Valencia. (2020). CURRENT RATIO, DEBT TO EQUITY RATIO, RETURN ON EQUITY, DIVIDEND PAYOUT RATIO DAN SIZE TERHADAP RETURN SAHAM PERUSAHAAN TRADE, SERVICE & INVESTMENT INDONESIA. COSTING: Journal of Economic, Business and Accounting, 3(2).
Siswanto, E. (2021). Buku Ajar Manajemen Keuangan Dasar. http://manajemen.feb.um.ac.id/buku-ajar-manajemen-keuangan-dasar-dr-ely-siswanto-s-sos-m-m/
Suci, P. P. (2022). Analisis komparasi kinerja keuangan sebelum dan selama pandemi Covid-19: studi kasus PT. AirAsia Indonesia, Tbk. National Conference on Accounting & Finance, 4, 426–432. https://doi.org/10.20885/ncaf.vol4.art53
Sudaryo, Y., & Sari, M. N. (2015). PENGARUH DEBT TO EQUITY RATIO (DER) TERHADAP RETURN ON ASSET (ROA) PADA PERUSAHAAN MANUFAKTUR SEKTOR FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) PERIODE 2008-2012.
Suhara, E., Sutisna, E., & Rastini, A. (2022). PENGARUH PROFITABILITAS DAN DIVIDEND PAYOUT RATIO TERHADAP RETURN SAHAM (Perusahaan Subsektor Makanan dan Minuman Yang Terdaftar di Bursa Efek Indonesia (BEI) Tahun 2015 – 2021) (Vol. 1, Issue 3). http://melatijournal.com/index.php/Metta
Susetyo, A. (2018). ANALISIS PENGARUH CURRENT RATIO, DEBT TO EQUITY RATIO DAN TOTAL ASSET TURNOVER TERHADAP RETURN ON ASSET PADA PERUSAHAAN YANG TERCATAT DI JAKARTA ISLAMIC INDEX. Jurnal Ilmiah Akuntansi Dan Keuangan, 6(1), 130–142. https://doi.org/10.32639/jiak.v6i1.157
The, O., Wijaya, D. A., & Muljo, H. H. (2022). The Effect Analysis of Solvency Ratio, Profitability Ratio and Inflation on Stock Return. Business Economic, Communication, and Social Sciences (BECOSS) Journal, 4(1), 65–73. https://doi.org/10.21512/becossjournal.v4i1.7833
Wanti, F. H., & Sari, H. M. K. (2022). Analysis of the Effect of Liquidity, Profitability and Debt Policy on Firm Value with Dividend Policy as Moderating Variable. Indonesian Journal of Law and Economics Review, 16. https://doi.org/10.21070/ijler.v16i0.792
Published
2024-06-20
How to Cite
arfian tanjung, Syarif M. Helmi, & Khristina Yunita. (2024). APAKAH LEVERAGE MAMPU MEMODERASI DAMPAK PROFITABILITAS DAN KEBIJAKAN DIVIDEN TERHADAP STOCK RETURN?. Jurnal Riset Akuntansi Aksioma, 23(1), 136-149. https://doi.org/10.29303/aksioma.v23i1.304
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Articles
Copyright (c) 2024 arfian tanjung, Syarif M. Helmi, Khristina Yunita
This work is licensed under a Creative Commons Attribution 4.0 International License.
