PENGARUH PROFITABILITAS, STURUKTUR MODAL DAN KEBIJAKAN DIVIDEN TERHADAP HARGA SAHAM: Studi Empiris Pada Perusahaan Manufaktur Sub Sektor Semen Yang Terdaftar Di BEI Periode 2018 – 2022

Ega Prayoga; Dede Djuardi; Dadang Suhendar

Authors

Ega Prayoga Universitas Kuningan
Dede Djuardi Universitas Kuningan
Dadang Suhendar Universitas Kuningan

Keywords:

Keywords : Profitability, Capital Structure, Dividend Policy, Share Price

Abstract

This study aims to determine the effect of profitability, capital structure and dividend policy. The type of research conducted is an empirical study of manufacturing companies listed on the Indonesia Stock Exchange. The sampling technique is carried out by total sampling or saturated samples. In this study, 6 companies were sampled with 30 annual financial statements. Data collection is carried out by accessing financial statements on the web page: www.idx.co.id and stock prices www.yahoofinance.com that have been published by the company. The data analysis technique used is multiple linear regression where the independent variables are Profitability, Capital Structure and Dividend Policy while the dependent variable is Stock Price. The tool used in statistical tests uses the Eviews Ver.12 application. The results of this study show the joint influence between Profitability, Capital Structure and Dividend Policy on Share Price. The results of the study are partial Profitability has a positive and significant effect on stock prices, capital structure has a negative and significant effect on stock prices and Dividend Policy has a positive effect on share prices of Cement Sub-Sector Manufacturing Companies listed on the Indonesia Stock Exchange for the period 2018 – 2022.

References

Ai Nurlaila, Karyaningsih, I., Kosasih, D., Ilham Adhya, Meindhika Giwantara, & Wiwit Walinda. (2023). Perbanyakan Mikoriza Indigenus Taman Nasional Gunung Ciremai dengan Berbagai Tanaman Inang. Jurnal Ilmu Pertanian Indonesia, 29(1), 90–98. https://doi.org/10.18343/jipi.29.1.90

Ainun, M. B. (2019). Pengaruh kebijakan dividen terhadap harga saham (studi pada perusahaan manufaktur di bursa efek indonesia periode 2011-2015). 16(2), 8.

Ajija, S. R. (2011). Cara cerdas menguasai EViews (Edisi 1). Salemba Empat. http://kin.perpusnas.go.id/DisplayData.aspx?pId=27707&pRegionCode=TRUNOJ OYO&pClientId=639

Amrulloh, R., Kadir, A., Jayen, F., Melania, & Wahyu. (2023). The Effect of Capital Structure and Profitability of Stock Prices in a Registered Food and Beverage Company on the Indonesian Stock Exchange. International Journal of Economics, Business and Management Research, 07(01), 79–95. https://doi.org/10.51505/ijebmr.2023.7108

Anggraeni, S. W., & Nasution, R. (2022). Pengaruh Debt To Asset Ratio (DAR) Dan Total Asset Turnover (TATO) Terhadap Return On Asset (ROA) Pada Perusahaan Sub Sektor Semen Yang Terdaftar Di Bursa Efek IndonesiaPeriode 2015-2021. Jurnal Sinar Manajemen, 9(3), 342 – 356. https://jurnal.unismuhpalu.ac.id/index.php/JSM/article/view/2582/2447

Bagis, F., Arraniri, I., & Darmawan, A. (2024). Predictors of Reducing Workplace Deviant Behavior Among Employees of Islamic Educational Institutions. International Journal of Religion, 5(7), 475–489. https://doi.org/10.61707/ne843b17.

Bobsaid, S. N., & Wahyuati, A. (2016). Pengaruh profitabilitas, likuiditas, dan kebijakan dividen terhadap harga saham. Jurnal Ilmu dan Riset Manajemen, 5(6), 1–15. https://ejournal.stiesia.ac.id/jirm/article/viewFile/1581/1541

Candra, D., Wardani, E., Ekonomi, F., & Prima, U. (2021). P engaruh profitabilitas , likuiditas , solvabilitas , rasio aktivitas dan pertumbuhan perusahaan terhadap harga saham The effect of profitability , liquidity , solvency , activity ratio and company growth on stock prices. 13(2), 212–223.

Dewi, P. D. A., & Suayana, I. G. N. . (2013). Pengaruh Eps, Der, Dan Pbv Terhadap Harga Saham. Akuntansi Universitas Udayana, 1, 215–229.

Djuniardi, D., Jumantini, E., & Jamhari, A. (2022). Trading volume, earnings per share and stock returns and their impact on bid-ask spreads on manufacturing industry sector stocks listed on the Indonesia stock exchange 2015-2018. JPPI (Jurnal Penelitian Pendidikan Indonesia), 8(2), 383. https://doi.org/10.29210/020221467

Enrico, M., & Sunarto, S. (2022). Pengaruh Kebijakan Dividen, Struktur Modal Danprofitabilitas Terhadap Harga Saham(Studi Padaperusahaanyang Masuk Lq45 Periode 2015 - 2020). 5, 14–30.

Gujarati, D. (2012). Dasar-dasar ekonometrika Basic Econometrics (D. C. Porter (ed.); Ed. 5 Buku). Salemba Empat , 2012. http://inlislite.kalselprov.go.id/uploaded_files/sampul_koleksi/original/Monograf/2 6621.jpg

Hakami, M. A. F. (2020). Pengaruh Kebijakan Dividen Terhadap Harga Saham. July, 1–23.

Hambali, I. (2019). Pengaruh Struktur Modal Dan Kebijakan Dividen Terhadap Harga Saham (Pada Perusahaan Jasa Sub Sektor Konstruksi Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2018). Duke Law Journal, 1(1).

Hanafi, N. B., Halid, R. B., & Othman, F. M. (2023). The Effect Of Dividend Policy On Share Prices Of Bursa. 17(1), 14–20.

Hardini, A. R., & Mildawati, T. (2021). Pengaruh Likuiditas, Profitabilitas, Dan Struktur Modal Terhadap Harga Saham. Jurnal Ilmu dan Riset Akuntansi, 10(2), 1–17. http://jurnalmahasiswa.stiesia.ac.id/index.php/jira/article/view/3810/3821

Harjadi, D., Komarudin, M. N., Fitriani, L. K., & Indriarto, E. D. (2023). Analysis of Fundamental Factors Affecting Stock Prices. JURISMA: Jurnal Riset Bisnis & Manajemen, 13(1), 13-24.

Hartono, J. (2017). Teori Portofolio dan Analisis Investasi. BPFE Yogyakarta.

Ignatius, B., & Setyo Lestari, H. (2022). In Consumer Non-Cyclicals Companies In Indonesia. 10(3), 1796–1803.

Ircham, M., & Saifi, M. (2012). Pengaruh Struktur Modal Dan Profitabilitas Terhadap Harga Saham ( Studi pada Perusahaan Makanan dan Minuman yang terdaftar di Bursa Efek Indonesia Tahun 2009-2012 ). 11(1), 1–8.

Jahidah, N., Sofyan, M., & Suteja, J. (2024). External And Internal Banking Factors On The Intermediation Function Of State-Owned Banks. Jurnal Riset Bisnis dan Manajemen, 17(2), 1-16.

Lailia, N., & Suhermin. (2017). Pengaruh Struktur Modal, Profitabilitas Dan Kebijakan Dividen Terhadap Harga Saham Perusahaan Food And Beverage. Jurnal Ilmu dan Riset Manajemen, 6(9), 1–20.

Lesmana, A. S., Wiharno, H., Maulana, Y., Supriatna, O., & Rahmantya, Y. E. K. (2024). Prediktor Kinerja Ihsg Dengan Pendekatan Error Correction Model. Equilibrium: Jurnal Penelitian Pendidikan dan Ekonomi, 21(01), 113-124.

Masruroh, R., Apriani, I. F., & Sopiyan, P. (2023). Peran Manajemen Talenta Dan Manajemen Pengetahuan Dalam Meningkatkan Kinerja Pegawai. Indonesian Journal of Strategic Management, 6(2), 134–145. https://doi.org/10.25134/ijsm.v6i2.8580

Maulana, Y. (2019). Analisis Volatilitas Dan Forecast Saham Perusahaan Sektor Industri Otomotif Dan Komponen Pada Kompas 100 Yang Listing Di Bursa Efek Indonesia. Indonesian Journal of Strategic Management, 2(2).

Maulana, Y. (2020). Stock investment portfolio analysis with single index model. Indonesian Journal Of Business And Economics, 3(2).

Maulana, Y. (2023). Pengaruh ROA, EPS, CR dan DER terhadap Harga Saham Sektor Jasa Asuransi Terdaftar Bursa Efek Indonesia. Logika: Jurnal Penelitian Universitas Kuningan, 14(01), 42-51.

Maulana, Y., & Euis, E. (2023). Pengaruh Modal Kerja, Pertumbuhan Penjualan dan Ukuran Perusahaan terhadap Profitabilitas Perusahaan Subsektor Logam dan Sejenisnya. Indonesian Journal of Strategic Management, 6(1), 1-12.

Maulana, Y., & Mesyani, E. (2023). Effect of Sales Growth, Profitability, Liquidity, and Leverage on Profit Growth. Jurnal Akuntansi Dan Pajak, 24(1).

Maulana, Y., Harjadi, D., & Kurniasih, L. (2023). Pengaruh Faktor Mikroekonomi Dan Makroekonomi Terhadap Harga Saham Sektor Pertanian. Bisnis-Net Jurnal Ekonomi dan Bisnis, 6(1), 329-340.

Maulana, Y., Marliani, A., & Komarudin, M. N. (2024). The Impact of Debt Policy, Dividend Policy, and Investment Decisions on Value Creation (Study of Coal Mining Companies listed on the IDX for the 2018-2022 Period). International Journal Administration, Business & Organization, 5(2), 48-55.

Maulana, Y., Wijayanti, T., & Arraniri, I. (2023). Pengaruh Struktur Modal, Perputaran Modal Kerja, Dan Pertumbuhan Penjualan Terhadap Nilai Perusahaan. Jurnal Riset Keuangan dan Akuntansi, 9(2).

Maulidyati, A., Akuntansi, P. S., Ekonomi, F., & Indonesia, U. I. (2019). Pengaruh Profitabilitas, Leverage Dan Kebijakan Dividen Terhadap Harga Saham. 978–979.

Noordiatmoko, D. (2020). Analisis Rasio Profitabilitas Sebagai Alat Ukur Untuk Menilai Kinerja Keuangan Pada Pt Mayora. 5(4), 38– 51.

Notama, Y. T., Nugroho, W. S., & Pramita, Y. D. (2021). Pengaruh Profitabilitas, Solvabilitas dan Likuiditas terhadap Harga Saham. Borobudur Accounting Review, 1(2), 137–155. https://doi.org/10.31603/bacr.5886

Novi Khoiriawati, D. W. (2023). Pengaruh Likuiditas, Profitabilitas Dan Solvabilitas Terhadap Harga Saham Perusahaan Lq45 Yang Terdaftar Pada Bei Periode 2018-2021. 7(2), 168–190.

Novia Sandra Dewi. (2022). Pengaruh Earning Per Share Dan Price To Book Value Terhadap Harga Saham Pada Perusahaan Subsektor Perbankan Yang Terdaftar Di Bei Tahun 2018-2019. 18.

Prastika, N. P. Y., & Candradewi, M. R. (2019). Pengaruh Profitabilitas, Struktur Aktiva, Dan Likuiditas Terhadap Struktur Modal Perusahaan Subsektor Konstruksi Bangunan Di Bei. E-Jurnal Manajemen Universitas Udayana, 8(7), 4444. https://doi.org/10.24843/ejmunud.2019.v08.i07.p16

Prihadi, T. (2019). Analisis Laporan Keuangan. In PT Gramedia Pustaka Utama (hal.44).

Sumarni, S., Adiastuty, N., Riyadi, M., Nisa, D. K., Restu, A. M., & Lestari, I. T. (2023). Analisis Kemampuan Literasi Matematika Siswa Smp Dalam Mengerjakan Soal Pisa Uncertainty and Data Content. AKSIOMA: Jurnal Program Studi Pendidikan Matematika, 12(1), 725. https://doi.org/10.24127/ajpm.v12i1.6426

Wiharno, H., Lesmana, A. S., Maulana, Y., & Komarudin, M. N. (2023). Stock Portfolio Optimization in Bullish and Bearish Conditions Using the Black-Litterman Model. Jurnal Manajemen dan Kewirausahaan, 25(2), 92-104.

Yusuf, F., Rahman, T. K. A., & Subiyakto, A. (2024). Information Technology Readiness and Acceptance Model for Social Media Adoption in Blended Learning: A Case Study in Higher Education Institutions in West Java, Indonesia. Journal of Applied Data Sciences, 5(2), 382–402. https://doi.org/10.47738/jads.v5i2.195.