Pengaruh Kebijakan Earning Volatility, Firm Size, dan Debt to Assets Ratio terhadap Volatilitas Harga Saham pada 5 Sektor Industri yang Terdampak Covid-19
Abstract
This study aims to determine the effect of earnings volatility, firm size and debt to assets ratio policies towards stock price volatility in 5 industrial sectors affected by COVID-19. The data was obtained by purposive sampling method with the following criteria: (1) Companies or organizations that were used as research subjects, namely five sectors including the investment, mining, property, industry and transportation sectors listed on the Indonesia Stock Exchange in 2020; (2) Companies in five sectors which the company published financial reports that had closed prices during Quarters I, II, III and IV in 2020; (3) The independent variables used were earning volatility, firm size, and debt to asset ratio; (4) The financial statements used were financial statements that had closed prices in Quarters I, II, III and IV which had been audited in the 2020 period. The results of the analysis show that the data used in this study have met the classical assumptions, which include: The data are normally distributed, there are no multicollinearity problems, no autocorrelation and no heteroscedasticity symptoms. The results of the regression analysis show that the earning volatility variable and firm size have no effect towards stock price volatility, while the dept to asset ratio has no effect towards stock price volatility.
Keywords: Earning volatility, firm size, dept to assets ratio and stock price volatilityFull Text:
PDFReferences
Andriani, Durri. dkk. (2013). Metode Penelitian. Tangerang Selatan: Universitas Terbuka.
Alwi dan Iskandar. (2003). Pasar Modal Teori dan Aplikasi. Edisi Pertama. Penerbit Yayasan Pancur Siwah, Jakarta.
Baridwan, Z. “Sistem Akuntansi: Penyusunan Prosedur dan Metode”, Penerbit BPFE, Yogyakarta, 2003
Baridwan, Zaki. (2011). Intermediate Accounting. Edisi kedelapan. Cetakan keempat. Yogyakarta: BPFE.
Bradley, M., G. A. Jarrell, E. H. Kim. (1984). “One The Existence of An Optimal Capital Structure”. Journal of Finance. Vol. 39, No. 3, p.857-878.
Brigham, Eugene dan Houston Joel. “Dasar-dasar Manajemen Keuangan”. Edisi Kesepuluh, Salemba Empat, Jakarta, 2009.
Damara Santa Gusti. (2018). Pengaruh Karakteristik Perusahaan Terhadap Volatilitas Harga Saham. Semarang: Badan Penerbit Universitas Islam Sultan Agung
Dewasiri and Weerakoon. (2014). Impact Of Dividend Policy On stock Price Volatility: Evidence From Sri Lanka. 11th International Conference on Business Management.
Firmansyah, (2016). Analisis Volatilitas Harga Kopi Internasional. Jakarta: Usahawan.
Ghozali, Imam. (2007). Manajemen Risiko Perbankan – Pendekatan Kuantitatif Value at Risk (VaR). Semarang: Badan Penerbit Universitas Diponegoro.
Ghozali, Imam. (2013). Aplikasi Analisis Multivariate Dengan Program SPSS. Edisi 7. Semarang: Badan Penerbit Universitas Diponegoro
Hashemijoo, Mohammad. Ardekani, Aref, Mahdekani. And Younesi, Nejat. (2012). The Impact of Dividend Policy on Share Price Volatility in the Malaysian Stock Market. Journal of Business Studies Quarterly, Vol. 4, pp,. 111-129.
Hikmat, M. (2011). Penelitian Penelitian (Dalam Perspektif Ilmu Komunikasi dan Sastra).
Hussainey, K., Oscar Mgbame, C., & ChijokeMgbame, A. M. (2011). Dividend policy and share price volatility: UK evidence. Journal of Risk Finance, 12(1), 57–68.
Kasmir. (2013). Bank dan Lembaga Keuangan Lainnya. Jakarta: PT Rajawali Pers.
Raudhatul Jannah dan Musfiari Haridhi. (2016). Pengaruh Kebijakan Dividen, Earning Volatility, dan Leverage Terhadap Volatilitas Harga Saham Pada Perusahaan Non-Financing Yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2014. Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi, Vol. I, (2016) Halaman 133-148
Ramdhani, R. (2012). Pengaruh Dividend Yield dan Earning Volatility terhadap Volatilitas Harga Saham di Bursa Efek Jakarta, 3(2), 665-672.
Rowena, Janny dan Hendra. (2017) “Earning Volatility, Kebijakan Dividen,
Dan Pertumbuhan Asset Berpengaruh Terhadap Volatilitas Harga
Saham Pada Perusahaan Manufaktur Di BEI Periode 2013-2015.”,
Jurnal Administrasi Kantor.. Vol. 5, No. 2
Silviana Dewi. (2019). Pengaruh Kebijakan Dividen, Volume Perdagangan, Earning Volatility, Leverage dan Firm Size Terhadap Volatilitas Harga Saham Perusahaan LQ45. Jurnal Ilmu Managemen Volume 7 No. 3, Manajemen Fakultas Ekonomi Universitas Negeri Surabaya
Sudana, I. M. (2009). Manajemen Keuangan: Teori dan Praktik. Surabaya: Airlangga University Press.
Sugiyono. (2010). Metode Penelitian Pendidikan Pendekatan Kuantitatif, kualitatif, dan R&D. Bandung: Alfabeta
Sugiyono, (2014). Metode Penelitian Pendidikan Pendekatan Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta.
Sunariyah, (2010). Pengantar Pengetahuan Pasar Modal, edisi ke enam. Yogyakarta: UPP-AMP YKPN.
Surahmat, Fifi Swandari, Dian Masita Dewi. (2017). Pengaruh Kebijakan Dividen dan Faktor Lainnya Terhadap Volatilitas Harga Saham Perusahaan Pertambangan. Jurnal Wawasan manajemen, Vol. 5 No. 2
Zakaria, Zuriawati., Muhammad, Joriah., dan Zulkifli, Abdul, Hadi. (2012). The Impact of Dividend Policy on the Share Price Volatility: Malaysian Construction and Material Companies. International Journal of Economics and Management Science. Vol. 2, No 05, 2012, pp.01-08.
CNBC. (2021). www.cnbcindonesia.com
Idx. (2021). www.idx.co.id
Yahoo Finance. (2021). Retrieved from. Data Perusahaan terdampak COVID-19. www.finance.yahoo.com.2021.https://finance.detik.com/berita-ekonomi-bisnis/d-5235597/matahari-hero-dan-ramayana-dihantam-corona-begini-kondisinya
Refbacks
- There are currently no refbacks.
Editorial Office:
Universitas PGRI Madiun
Kampus 3 Lantai 2
Fakultas Ekonomi dan Bisnis
Jl. Auri no. 14-16 Madiun
