Effect of Profitability and Liquidity on Stock Prices
Keywords:
Profitability, Return on Equity, Liquidity, Load to Deposite Ratio, Stock price
Abstract
This study aims to determine the effect of profitability and liquidity on stock prices in the banking sector listed on the Indonesia Stock Exchange (IDX). The population to be studied in this study are banking companies listed on the Indonesia Stock Exchange, listed and active in sales transactions on the Indonesia Stock Exchange for the 2016-2019 period totaling 30 companies. The data used in this study is secondary data from company financial statements (balance sheet and income statement) obtained from the Indonesia Stock Exchange. The sampling method used was purposive sampling. The method used in collecting data related to this research is documentation. The data analysis that will be carried out is the classical assumption test which consists of (a normality test, heteroscedasticity test, multicollinearity test, autocorrelation test) and testing of all hypotheses through the coefficient of determination test, partial test, and simultaneous test. The study results show that profitability, as measured by Return on Equity (ROE), has a negative and insignificant effect on stock prices in the banking sector during five years of observation (2016-2019). Meanwhile, liquidity, as measured by the Load Deposit Ratio (LDR), has a positive and significant effect on stock prices in the banking sector for five years (2016-2019).
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References
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Lumbantobing, R., & Salim, S. (2021). Does the leverage ratio mediate the effect of liquidity ratios, profitability ratios, and activity ratios on stock prices? (Empirical study of food and beverage sub-sector companies listed on the Indonesia Stock Exchange for the Period of 2015-2019). Enrichment: Journal of Management, 11(2), 535–543. https://enrichment.iocspublisher.org/index.php/enrichment/article/view/138
Nino, Y., Murni, S., & Tumiwa, J. R. (2016). Analisis ukuran perusahaan, struktur modal, non-performing loan (NPL), capital adequacy ratio (CAR), dan return on equity (ROE) terhadap harga saham perusahaan perbankan pada indeks LQ45. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 4(3). https://doi.org/10.35794/emba.4.3.2016.14414
Noor, M. I., & Rosyid, P. I. (2018). Effect of capital adequacy ratio (CAR), loan to deposit ratio (LDR) and return on equity (ROE) on share price PT Bank Danamon Indonesia, TBK. International Journal of Business and Applied Social Science (IJBASS) Vol, 4. https://ssrn.com/abstract=3110489
Noviyah, N. M. R. (2018). Pengaruh profitabilitas, likuiditas, dan solvabilitas terhadap harga saham perbankan dengan inflasi sebagai variabel moderating pada periode 2007-2015. Jurnal Manajemen Dan Bisnis Indonesia, 5(2), 133–148. https://doi.org/10.31843/jmbi.v5i2.159
Pranata, D., & Pujiati, D. (2015). The effect of liquidity, profitability, sales growth, and dividend policy on stock prices after the implementation of IFRS. The Indonesian Accounting Review, 5(2), 169–178. http://dx.doi.org/10.14414/tiar.v5i2.647
Putra, I., & Dana, I. M. (2016). Pengaruh profitabilitas, leverage, likuiditas dan ukuran perusahaan terhadap return saham perusahaan farmasi di BEI. E-Jurnal Manajemen Universitas Udayana, 5(11), 249101. https://ojs.unud.ac.id/index.php/Manajemen/article/download/23852/16084
Revita, M. (2018). Pengaruh GCG, CAR, LDR terhadap kinerja keuangan serta harga saham perbankan. Jurnal Ecodemica, 2(2), 156–176. https://doi.org/10.31294/jeco.v2i2.3111
Sari, Y. (2013). Pengaruh profitabilitas, kecukupan modal dan likuiditas terhadap harga saham (perusahaan perbankan yang terdaftar di BEI). Jurnal Akuntansi, 1(1). http://ejournal.unp.ac.id/students/index.php/akt/article/view/93
Syahbani, D. I., Murni, Y., & SN, H. F. (2018). Analisis pengaruh rasio likuiditas, leverage dan profitabilitas terhadap return saham pada perusahaan makanan dan minuman. Program Studi Pendidikan Ekonomi, 7(1). https://dx.doi.org/10.22202/economica.2018.v7.i1.2574
Wiagustini, N. L. P. (2010). Dasar-dasar manajemen keuangan. Denpasar: Udayana University Press.
Wismaryanto, S. D. (2013). Pengaruh Npl, Ldr, Roa, Roe, Nim, Bopo, dan Car terhadap harga saham pada sub sektor perbankan yang terdaftar di Bursa Efek Indonesia Tahun 2008? 2012. Jurnal Manajemen, 3(1), 29–60. http://jurnalfe.ustjogja.ac.id/index.php/manajemen/article/view/152
Admi, A. P. (2019). The effect of liquidity, leverage ratio, activities and profitability on stock prices with dividend policy as intervening variables in manufacturing companies in Indonesia and Malaysia 2015-2017. International Journal of Public Budgeting, Accounting and Finance, 2(2), 1–14. http://ijpbaf.net/index.php/ijpbaf/article/view/174
Al Umar, A. U. A., & Savitri, A. S. N. (2020). Analisis pengaruh ROA, ROE, EPS terhadap harga saham. Jurnal Analisa Akuntansi Dan Perpajakan, 4(1), 15–33. https://www.researchgate.net/profile/ahmad-ulil-al-umar/publication/346243855_analisis_pengaruh_roa_roe_eps_terhadap_harga_saham/links/6008d6c7a6fdccdcb86bb0d1/analisis-pengaruh-roa-roe-eps-terhadap-harga-saham.pdf
Alfan, M., & Suprihhadi, H. (2020). Pengaruh profitabilitas, leverage, dan likuiditas terhadap harga saham perusahaan indeks LQ45. Jurnal Ilmu Dan Riset Manajemen (JIRM), 9(10). http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/3577
Ambarwati, P., Enas, E., & Lestari, M. N. (2019). Pengaruh net profit margin (NPM) dan return on equity (ROE) terhadap harga saham (studi kasus pada PT. Bank Central Asia Tbk, yang Terdaftar di Bursa Efek Indonesia Periode 2007-2017). Business Management and Entrepreneurship Journal, 1(2), 100–119. https://jurnal.unigal.ac.id/index.php/bmej/article/view/2295
Baskoro, C. I. F. (2018). Pengaruh profitabilitas dan likuiditas terhadap harga saham perbankan yang terdaftar di BEI. Stiesia Surabaya. http://repository.stiesia.ac.id/id/eprint/2124
Christine, D., & Apriliana, T. (2021). The influence of profitability, technical analysis education and liquidity toward stock price: an empirical study on banking sector in Indonesia. Review of International Geographical Education Online, 11(1), 583–588. https://rigeo.org/submit-a-menuscript/index.php/submission/article/view/361
Dewi, L. K. (2015). Pengaruh profitabilitas, leverage dan likuiditas terhadap harga saham pada perusahaan industri makanan dan minuman di Bursa Efek Indonesia. Katalogis, 3(8). http://jurnal.untad.ac.id/jurnal/index.php/Katalogis/article/view/6403
Fahmi, I. (2018). Pengantar Manajemen Keuangan: Teori dan Tanya Jawab. Bandung: Alfabeta.
Fatma, E. R. T. (2020). Pengaruh ROA, ROE, LDR, CAR, dan NPL terhadap harga saham (studi kasus pada perusahaan sektor perbankan yang termasuk dalam indeks LQ45 2015-2019). Jurnal Mitra Manajemen, 4(12), 1651–1663. https://doi.org/10.52160/ejmm.v4i12.501
Harahap, D. A., & Hairunnisah, A. I. (2017). Pengaruh NPL, LDR, GCG, NIM, ROA, ROE, CAR, BOPO terhadap harga saham pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia Dari Tahun 2010-2014. Jurnal Dimensi, 6(1). https://journal.unrika.ac.id/index.php/jurnaldms/article/download/522/389
Hutasoit, D. T. M., Toni, N., & Ariesa, Y. (2022). Effect of loan to deposit ratio, capital adequacy ratio, return on equity, and dividend payout ratio on stock prices with Bank Indonesia interest rates as moderating variables in banking companies on the Indonesia Stock Exchange. International Journal of Social and Management Studies, 3(3), 137–149. https://doi.org/10.5555/ijosmas.v3i3.207
Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The effect of liquidity, leverage, and profitability on firm value: Empirical evidence from Indonesia. The Journal of Asian Finance, Economics and Business, 8(3), 423–431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423
Kasmir, S. E. (2018). Bank dan Lembaga Keuangan Lainnya Edisi Revisi.
Kumaidi, R. K., & Asandimitra, N. (2017). Pengaruh ROA, ROE, DER, DPR, dan LDR terhadap harga saham sektor perbankan BEI periode 2011-2016. Jurnal Ilmu Manajemen, 5(3), 1–13. https://ejournal.unesa.ac.id/index.php/jim/article/view/20964
Lumbantobing, R., & Salim, S. (2021). Does the leverage ratio mediate the effect of liquidity ratios, profitability ratios, and activity ratios on stock prices? (Empirical study of food and beverage sub-sector companies listed on the Indonesia Stock Exchange for the Period of 2015-2019). Enrichment: Journal of Management, 11(2), 535–543. https://enrichment.iocspublisher.org/index.php/enrichment/article/view/138
Nino, Y., Murni, S., & Tumiwa, J. R. (2016). Analisis ukuran perusahaan, struktur modal, non-performing loan (NPL), capital adequacy ratio (CAR), dan return on equity (ROE) terhadap harga saham perusahaan perbankan pada indeks LQ45. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 4(3). https://doi.org/10.35794/emba.4.3.2016.14414
Noor, M. I., & Rosyid, P. I. (2018). Effect of capital adequacy ratio (CAR), loan to deposit ratio (LDR) and return on equity (ROE) on share price PT Bank Danamon Indonesia, TBK. International Journal of Business and Applied Social Science (IJBASS) Vol, 4. https://ssrn.com/abstract=3110489
Noviyah, N. M. R. (2018). Pengaruh profitabilitas, likuiditas, dan solvabilitas terhadap harga saham perbankan dengan inflasi sebagai variabel moderating pada periode 2007-2015. Jurnal Manajemen Dan Bisnis Indonesia, 5(2), 133–148. https://doi.org/10.31843/jmbi.v5i2.159
Pranata, D., & Pujiati, D. (2015). The effect of liquidity, profitability, sales growth, and dividend policy on stock prices after the implementation of IFRS. The Indonesian Accounting Review, 5(2), 169–178. http://dx.doi.org/10.14414/tiar.v5i2.647
Putra, I., & Dana, I. M. (2016). Pengaruh profitabilitas, leverage, likuiditas dan ukuran perusahaan terhadap return saham perusahaan farmasi di BEI. E-Jurnal Manajemen Universitas Udayana, 5(11), 249101. https://ojs.unud.ac.id/index.php/Manajemen/article/download/23852/16084
Revita, M. (2018). Pengaruh GCG, CAR, LDR terhadap kinerja keuangan serta harga saham perbankan. Jurnal Ecodemica, 2(2), 156–176. https://doi.org/10.31294/jeco.v2i2.3111
Sari, Y. (2013). Pengaruh profitabilitas, kecukupan modal dan likuiditas terhadap harga saham (perusahaan perbankan yang terdaftar di BEI). Jurnal Akuntansi, 1(1). http://ejournal.unp.ac.id/students/index.php/akt/article/view/93
Syahbani, D. I., Murni, Y., & SN, H. F. (2018). Analisis pengaruh rasio likuiditas, leverage dan profitabilitas terhadap return saham pada perusahaan makanan dan minuman. Program Studi Pendidikan Ekonomi, 7(1). https://dx.doi.org/10.22202/economica.2018.v7.i1.2574
Wiagustini, N. L. P. (2010). Dasar-dasar manajemen keuangan. Denpasar: Udayana University Press.
Wismaryanto, S. D. (2013). Pengaruh Npl, Ldr, Roa, Roe, Nim, Bopo, dan Car terhadap harga saham pada sub sektor perbankan yang terdaftar di Bursa Efek Indonesia Tahun 2008? 2012. Jurnal Manajemen, 3(1), 29–60. http://jurnalfe.ustjogja.ac.id/index.php/manajemen/article/view/152
Published
2022-07-31
How to Cite
Muhammad, N., & Taufik, I. (2022). Effect of Profitability and Liquidity on Stock Prices. Point of View Research Accounting and Auditing, 3(3), 191 - 204. Retrieved from http://journal.accountingpointofview.id/index.php/povraa/article/view/242
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Articles
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