PENTINGKAH RASIO KEUANGAN BAGI HARGA SAHAM DI MASA PEMULIHAN EKONOMI?

Muhammad Muflik Teguh Yuli Pitoyo

Abstract


Abstrak – Pentingkah Rasio Keuangan bagi Harga Saham di Masa Pemulihan Ekonomi?

Tujuan Utama – Penelitian ini bertujuan membuktikan secara empiris determinan harga saham pada masa pemulihan ekonomi dengan menggunakan rasio keuangan.

Metode – Regresi linier berganda digunakan sebagai metode. Kriteria sampel adalah laporan keuangan tahun 2021 dari perusahaan publik yang terdaftar di Bursa Efek Indonesia.

Temuan Utama – Pada masa pemulihan ekonomi nasional terjadi gejolak harga saham. Hal ini membuat proksi rasio keuangan (EPS dan ROA) memicu harga saham. Oleh karena itu, rasio keuangan memiliki peran penting dalam pembentukan harga saham.

Implikasi Teori dan Praktik - Manajemen wajib memiliki strategi untuk meningkatkan kinerja perusahaan supaya mendapatkan laba yang bagus. Peningkatan nilai laba akan memberikan sinyal kepada investor bahwa perusahaan mereka menarik.  

Kebaruan Penelitian – Penelitian ini memberikan telaah analisis harga saham berdasar data rasio keuangan perusahaan sejak masa pandemi Covid-19.

 

Abstract – Are Financial Ratios Important for Stock Prices during Economic Recovery?

Main Purpose – This study aims to empirically prove the determinants of stock prices during the economic recovery using financial ratios.

Method – Multiple linear regression was used as the method. The sample criteria are the 2021 financial statements of public companies on the Indonesia Stock Exchange.

Main Findings – During the period of national economic recovery, stock prices fluctuated. This phenomenon makes the financial ratio proxies (EPS and ROA) trigger stock prices. Therefore, financial ratios are important in the formation of stock prices.

Theory and Practical Implications - Management must have a strategy to improve company performance to get good profits. An increase in the value of earnings will signal to investors that their company is attractive.

Novelty – This study analyzes stock prices based on data on company financial ratios since the Covid-19 pandemic.


Keywords


covid-19; harga saham; laba; rasio keuangan

Full Text:

PDF

References


Abedifar, P., Bouslah, K., Qamhieh Hashem, S., & Song, L. (2020). How Informative Are Stock Prices of Islamic Banks? Journal of International Financial Markets, Institutions and Money, 66, 101203. https://doi.org/10.1016/j.intfin.2020.101203

Abuzayed, B., & Al-Fayoumi, N. (2021). Risk Spillover from Crude Oil Prices to GCC Stock Market Returns: New Evidence during the COVID-19 Outbreak. North American Journal of Economics and Finance, 58, 101476. https://doi.org/10.1016/j.najef.2021.101476

Akono, H., Karim, K., & Nwaeze, E. (2019). Analyst Rounding of EPS Forecasts and Stock Recommendations. Advances in Accounting, 44, 68-80. https://doi.org/10.1016/j.adiac.2018.10.002

Aladwan, M., & Shatnawi, Y. (2019). The Association between Accounting Disclosures and Stock Market Price: An Empirical Study on Jordanian Commercial Banks. International Journal of Managerial and Financial Accounting, 11(1), 73-92. https://doi.org/10.1504/IJMFA.2019.097831

Algaba, A., & Boudt, K. (2017). Generalized Financial Ratios to Predict the Equity Premium. Economic Modelling, 66, 244-257. https://doi.org/10.1016/j.econmod.2017.07.009

Aliani, K., Al-kayed, L., & Boujlil, R. (2022). COVID-19 Effect on Islamic vs. Conventional Banks’ Stock Prices: Case of GCC Countries. Journal of Economic Asymmetries, 26, e00263. https://doi.org/10.1016/j.jeca.2022.e00263

Almasarwah, A. K., Omoush, A. M., & Alsharari, N. (2018). IFRS Compliance and Stock Prices Influence: Evidence from Jordanian Banks. Banks and Bank Systems, 13(3), 24-35. https://doi.org/10.21511/bbs.13(3).2018.03

Alsos, G. A., & Ljunggren, E. (2017). The Role of Gender in Entrepreneur–Investor Relationships: A Signaling Theory Approach. Entrepreneurship: Theory and Practice, 41(4), 567–590. https://doi.org/10.1111/etp.12226

Au-Yong, H. H., & Laing, E. (2021). Stock Market Reaction to COVID-19: Evidence from U.S. Firms’ International Exposure. International Review of Financial Analysis, 76, 101656. https://doi.org/10.1016/j.irfa.2020.101656

Baral, R., Naik, S. P., & Patnaik, D. (2021). Macro-Financial Analysis of Value-at-Risk from Banking Stocks in an Indian Scenario. International Journal of Business Continuity and Risk Management, 11(4), 379-396. https://doi.org/10.1504/IJBCRM.2021.119943

Campbell, J. L., & Yeung, P. E. (2017). Earnings Comparability, Accounting Similarities, and Stock Returns: Evidence from Peer Firms’ Earnings Restatements. Journal of Accounting, Auditing and Finance, 32(4), 480-509. https://doi.org/10.1177/0148558X17704105

Chandra, C., Edward, Y. R., Sitepu, W. R. B., & Simorangkir, E. N. (2022). Pentingkah Perputaran Aset bagi Nilai Perusahaan? Jurnal Akuntansi Multiparadigma, 13(2), 367-377. https://doi.org/10.21776/ub.jamal.2022.13.2.27

Charles, A., Darné, O., & Kim, J. H. (2017). International Stock Return Predictability: Evidence from New Statistical Tests. International Review of Financial Analysis, 54, 97-113. https://doi.org/10.1016/j.irfa.2016.06.005

Cheng, F., Chiao, C., Fang, Z., Wang, C., & Yao, S. (2020). Raising Short-Term Debt for Long-Term Investment and Stock Price Crash Risk: Evidence from China. Finance Research Letters, 33, 101200. https://doi.org/10.1016/j.frl.2019.05.018

Coskun, E. A., Apergis, N., & Coskun, Y. (2022). Threshold Effects of Housing Affordability and Financial Development on the House Price-Consumption Nexus. International Journal of Finance and Economics, 27(2), 1785-1806. https://doi.org/10.1002/ijfe.2242

D'Amato, A., & Falivena, C. (2020). Corporate Social Responsibility and Firm Value: Do Firm Size and Age Matter? Empirical Evidence from European Listed Companies. Corporate Social Responsibility and Environmental Management, 27(2), 909-924. https://doi.org/10.1002/csr.1855

Dawson, A., Paeglis, I., & Basu, N. (2022). Founder Teams and Firm Value in Young Public Firms: An Analysis of the Moderating Effect of Founders' Ownership Power and Team Size. Corporate Governance: An International Review, 30(2), 232-251. https://doi.org/10.1111/corg.12400

Hashmi, S. M., Chang, B. H., & Rong, L. (2021). Asymmetric Effect of COVID-19 Pandemic on E7 Stock Indices: Evidence from Quantile-on-Quantile Regression Approach. Research in International Business and Finance, 58, 101485. https://doi.org/10.1016/j.ribaf.2021.101485

Huang, S., & Liu, H. (2021). Impact of COVID-19 on Stock Price Crash Risk: Evidence from Chinese Energy Firms. Energy Economics, 101, 105431. https://doi.org/10.1016/j.eneco.2021.105431

Kartsonakis-Mademlis, D., & Dritsakis, N. (2021). Asymmetric Volatility Spillovers between World Oil Prices and Stock Markets of the G7 Countries in the Presence of Structural Breaks. International Journal of Finance and Economics, 26(3), 3930-3944. https://doi.org/10.1002/ijfe.1997

Khan, B., Tahir, M., Nasir, A. M., & Mushtaq, M. (2019). The Impact of Companies' Internal Factors on stock Liquidity in Pakistan. Afro-Asian Journal of Finance and Accounting, 9(4), 459-473. https://doi.org/10.1504/AAJFA.2019.102983

Lawrenz, J., & Zorn, J. (2018). Decomposing the Predictive Power of Local and Global Financial Valuation Ratios. Quarterly Review of Economics and Finance, 70, 137-149. https://doi.org/10.1016/j.qref.2018.04.012

Lotto, J. (2021). Does Earnings Distribution Policy Influence Corporate Stock Price Instability? Empirical Evidence from Tanzanian Listed Industrial Firms. Cogent Economics and Finance, 9(1), 1953737. https://doi.org/10.1080/23322039.2021.1953737

Min, H., Shin, S., & Paz, P. T. D. L. (2022). COVID-19 and the Daily Rate of Return of Three Major Industry Sector Stock Price Indices Related to Real Estate. Journal of Property Investment and Finance, 40(2), 138-164. https://doi.org/10.1108/JPIF-02-2021-0015

Mohanram, P., White, B., & Zhao, W. (2020). Stock-Based Compensation, Financial Analysts, and Equity Overvaluation. Review of Accounting Studies, 25(3), 1040-1077. https://doi.org/10.1007/s11142-020-09541-0

Ni, Y., Cheng, Y., Liao, Y., & Huang, P. (2022). Does Board Structure Affect Stock Price Overshooting Informativeness Measured by Stochastic Oscillator Indicators? International Journal of Finance and Economics, 27(2), 2290-2302. https://doi.org/10.1002/ijfe.2273

Nurhidayah, L. I., & Rahmawati, I. P. (2022). Menguak Praktik Penghindaran Pajak pada Perusahaan Nonkeuangan. Jurnal Akuntansi Multiparadigma, 13(2), 393-403. https://doi.org/10.21776/ub.jamal.2022.13.2.29

Nwosa, P. I. (2021). Oil Price, Exchange Rate, and Stock Market Performance during the COVID-19 Pandemic: Implications for TNCs and FDI Inflow in Nigeria. Transnational Corporations Review, 13(1), 125-137. https://doi.org/10.1080/19186444.2020.1855957

Patel, H. (2021). Target Price Achievement and Target Price Accuracy Models: An Analysis of Advisory Firms’ Recommendation for the Indian Banking Stocks. Global Business Review, 22(2), 459-473. https://doi.org/10.1177/0972150918807090

Puspitaningtyas, Z., Sisbintari, I., Karyadi, H., & Dwimahendrawan, A. (2022). Is Accounting Information Relevant as an Early Warning Signal? Jurnal Akuntansi Multiparadigma, 13(2), 294-308. https://doi.org/10.21776/ub.jamal.2022.13.2.22

Rahman, M. L., Amin, A., & Al Mamun, M. A. (2021). The COVID-19 Outbreak and Stock Market Reactions: Evidence from Australia. Finance Research Letters, 38, 101832. https://doi.org/10.1016/j.frl.2020.101832

Rajala, P., Ylä-Kujala, A., Sinkkonen, T., & Kärri, T. (2022). Profitability in Construction: How Does Building Renovation Business Fare Compared to New Building Business. Construction Management and Economics, 40(3), 223-237. https://doi.org/10.1080/01446193.2022.2032228

Ristiyana, R., & Erwindiawan, E. (2021). Peran Profitabilitas sebagai Penentu Kualitas Pelaporan Keuangan. Jurnal Akuntansi Multiparadigma, 12(1), 221-232. https://doi.org/10.21776/ub.jamal.2021.12.1.13

Salisu, A. A., Demirer, R., & Gupta, R. (2022). Financial Turbulence, Systemic Risk and the Predictability of Stock Market Volatility. Global Finance Journal, 52, 100699. https://doi.org/10.1016/j.gfj.2022.100699

Spence, M. (2002). Signaling in Retrospect and the Informational Structure of Markets. American Economic Review, 92(3), 434–459. https://doi.org/10.1257/00028280260136200

Sun, Y. V., Liu, B., & Prodromou, T. (2022). The Determinants of the COVID-19 Related Stock Price Overreaction and Volatility. Studies in Economics and Finance, 39(1), 125-149. https://doi.org/10.1108/SEF-08-2021-0330

Tang, L., & Wan, X. (2022). Economic Policy Uncertainty and Stock Price Informativeness. Pacific Basin Finance Journal, 75, 101856. https://doi.org/10.1016/j.pacfin.2022.101856

Wei, R., Chen, X., & Chang, C. (2021). Does COVID-19 Pandemic Hurt Stock Prices of Solar Enterprises? Economic Analysis and Policy, 72, 41-57. https://doi.org/10.1016/j.eap.2021.07.011

Xu, R., Chang, J., Li, C., & Wang, W. (2019). Research on the Influence of Equity Pledge on Stock Price Crash Risk: Based on Financial Shock of 2015 Stock Market Crisis. Economic and Political Studies, 7(4), 480-505. https://doi.org/10.1080/20954816.2019.1667599

Yildiz, Y., & Karan, M. B. (2019). Momentum or Market? Determinants of Large Stock Price Changes in an Emerging Market. Applied Economics, 51(7), 731-742. https://doi.org/10.1080/00036846.2018.1524128

Zainudin, R., Mahdzan, N. S., & Yet, C. H. (2018). Dividend Policy and Stock Price Volatility of Industrial Products Firms in Malaysia. International Journal of Emerging Markets, 13(1), 203-217. https://doi.org/10.1108/IJoEM-09-2016-0250

Zhang, J., Mao, R., Wang, J., & Xing, M. (2021). The Way Back Home: Trading Behaviours of Foreign Institutional Investors in China amid the COVID-19 Pandemic. Pacific Basin Finance Journal, 68, 101618. https://doi.org/10.1016/j.pacfin.2021.101618

Zou, Y. (2022). Strategic Entry Decisions, Accounting Signals, and Risk Management Disclosure. Contemporary Accounting Research, 39(4), 2338-2375. https://doi.org/10.1111/1911-3846.12803




DOI: http://dx.doi.org/10.21776/ub.jamal.2022.13.3.39

Refbacks

  • There are currently no refbacks.


Copyright (c) 2022 Muhammad Muflik Teguh Yuli Pitoyo

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.