Pengaruh Current Ratio, Return on Equity, Debt to Equity Ratio dan Earning per Share terhadap Return Saham
DOI:
https://doi.org/10.61132/jubikin.v2i2.773Keywords:
BEI, Current Ratio, DER, EP, ROE, Stock ReturnAbstract
This study aims to examine in depth the influence of financial variables consisting of Current Ratio (CR), Return on Equity (ROE), Debt to Equity Ratio (DER), and Earning per Share (EPS) on Stock Returns in primary consumer sector companies listed on the Indonesia Stock Exchange (IDX) during the 2018–2022 period. This study uses a quantitative approach by utilizing secondary data in the form of annual reports published through the official websites of each company and the Indonesia Stock Exchange page, so that the data used can be accounted for its validity. Sample selection was carried out through a purposive sampling technique with certain criteria resulting in 15 sample companies with a total of 75 observation data which were then analyzed using Eviews 13 statistical software. The analysis focused on partial and simultaneous relationships between variables to determine how much each factor contributed to the movement of Stock Returns. The results showed that the Current Ratio had no significant effect on Stock Returns with a probability value of 0.4079, so that company liquidity in the short term was not a major determining factor for investors. Return on Equity also did not show a significant effect with a probability value of 0.2591, indicating that the company's efficiency in generating profits from shareholder equity has not been a consistent benchmark for investment returns. Conversely, the Debt to Equity Ratio was shown to have a significant negative effect on Stock Returns with a probability value of 0.0053, meaning that the higher the company's leverage level, the greater the risk borne, thus implying a decrease in investor interest and a decrease in returns. Earnings per Share also did not have a significant effect on Stock Returns with a probability value of 0.2989, indicating that although EPS is one of the fundamental indicators, in the context of this research period its effect was inconsistent on the returns received.
Downloads
References
Arham, A., Arfianty, A., & Amanda, A. (2023). Analisis rasio solvabilitas terhadap kinerja keuangan yang terdaftar di Bursa Efek Indonesia (BEI). Konferensi Ilmiah Akuntansi (KIA), 10, 1–11. https://jurnal.umj.ac.id/index.php/KIA/article/download/17714/8856
Balqis, B. (2021). Determinasi earning per share dan return saham: Analisis return on asset, debt to equity ratio, dan current ratio. Jurnal Ilmu Manajemen Terapan, 2(5), 665–675. https://doi.org/10.31933/jimt.v2i5.511
Devi, N. N. S. J. P., & Artini, L. G. S. (2019). Pengaruh ROE, DER, PER, dan nilai tukar terhadap return saham. E-Jurnal Manajemen Universitas Udayana, 8(7), 4183. https://doi.org/10.24843/EJMUNUD.2019.v08.i07.p07
Dewi, N. L. P. S. U., & Sudiartha, I. G. M. (2019). Pengaruh profitabilitas, likuiditas, leverage, dan ukuran perusahaan terhadap return saham pada perusahaan food and beverage yang terdaftar di Bursa Efek Indonesia periode 2013–2016. E-Jurnal Manajemen, 8(2), 7892–7921. https://doi.org/10.24843/EJMUNUD.2019.v08.i02.p13
Fitri, A. K., & Fauziah, F. E. (2010). Pengaruh return on asset, firm size dan price earning ratio terhadap return saham. Jurnal Riset Ekonomi Indonesia, 1(1), 135–146. Yogyakarta: BPFE. https://journal.unisnu.ac.id/jrei/article/view/157/100 https://doi.org/10.34001/jrei.v1i1.157
Irawan, J. L. (2021). Pengaruh return on equity, debt to equity ratio, basic earning power, economic value added dan market value added terhadap return saham. Jurnal Akuntansi, 13, 148–159. https://doi.org/10.28932/jam.v13i1.2948
Khatimah, K., & Pratiwi, A. (2021). Analisis pengaruh current ratio dan return on equity terhadap return saham pada PT. Astra Internasional Tbk. Jurnal Ekonomi Bisnis, Manajemen dan Akuntansi (JEBMA), 1(2), 147–157. https://doi.org/10.47709/jebma.v1i2.1021
Kusumawati, R. A., & Faronika, Y. T. (2022). Pengaruh earning per share (EPS) dan price earning ratio (PER) terhadap return saham pada perusahaan makanan dan minuman. Borneo Student Research, 4(1), 63–74. https://journals.umkt.ac.id/index.php/bsr/article/view/2357/1432
Lase, L. P. D., Telaumbanua, A., & Harefa, A. R. (2022). Analisis kinerja keuangan dengan pendekatan rasio profitabilitas. Jurnal Akuntansi, Manajemen, dan Ekonomi (JAMANE), 1(2), 254–260. https://doi.org/10.56248/jamane.v1i1.21
Latifah, W. R., & Pratiwi, P. D. (2020). Analisis pengaruh current ratio, debt to equity ratio, dan return on equity terhadap return saham pada perusahaan real estate dan property yang terdaftar di Bursa Efek Indonesia periode 2014–2017. Jurnal Fokus Manajemen Bisnis, 9(2), 255. https://doi.org/10.12928/fokus.v9i2.1563
Oebit, C. E. S., Juniarti, S., & Sueno, R. C. (2023). Pengaruh debt to equity ratio, return on asset dan return on equity terhadap return saham (Studi kasus pada perusahaan sub sektor perbankan yang tercatat di Bursa Efek Indonesia periode 2016–2021). Judicious, 4(2), 165–179. https://doi.org/10.37010/jdc.v4i2
Rakhmawati, R. (2020). Pengaruh return on equity, debt to equity ratio, current ratio dan earning per share terhadap return saham pada perusahaan subsektor farmasi. Universitas Putra Bangsa Kebumen, 6.
Ratnasari, D. (2018). Pengaruh current ratio, return on asset, dan earning per share terhadap return saham pada perusahaan subsektor property dan real estate yang terdaftar di Bursa Efek Indonesia. Jurnal FinAcc (Financial Accounting), 3(4), 636–647.
Sukmawati, R., & Tarmizi, M. I. (2022). Return on assets, return on equity dan earning per share berpengaruh terhadap return saham. E-Jurnal Manajemen, 27(2), 58–66. http://117.74.115.107/index.php/jemasi/article/view/537
Susanty, D., & Bastian, E. (2018). Pengaruh kinerja keuangan dan ukuran perusahaan terhadap return saham (Studi pada perusahaan sektor pertambangan di BEI periode 2010–2016). Jurnal Riset Akuntansi, 3(1), 20–28.
Umma, A. N., Yuwita, S. I. N., & Yuyun, L. J. (2022). Analisis rasio keuangan untuk mengukur kinerja keuangan perusahaan. E-Jurnal Akuntansi TSM, 2(3), 89–96. http://jurnaltsm.id/index.php/EJATSM https://doi.org/10.34208/ejatsm.v2i3.1396
Wesso, M. V. D., Foeh, J. E. H. J., & Sinaga, J. (2022). Analisis pengaruh ROA, ROE, dan DER terhadap return saham. Jurnal Ilmu Multidisiplin, 1(2), 434–446. https://doi.org/10.38035/jim.v1i2.53
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Jurnal Bisnis Kreatif dan Inovatif
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
