FAKTOR – FAKTOR YANG MEMPENGARUHI HARGA SAHAM PADA PERUSAHAAN PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Authors

  • srisucisetyani Fakultas Ekonomi dan Bisnis, Universitas Trisakti
  • Bahtiar Usman Fakultas Ekonomi dan Bisnis, Universitas Trisakti

DOI:

https://doi.org/10.32670/fairvalue.v4iSpesial%20Issue%203.1040

Keywords:

nilai tukar; FDI; likuiditas; ROA; DER; ukuran perusahaan; harga saham

Abstract

This study aims to analyze the factors that affect stock prices in mining companies listed on the Indonesia Stock Exchange (IDX) for the 2015-2020 period, namely Liquidity, Exchange Rate, FDI, ROA, Company Size and Leverage factors. The method used in this study is a quantitative research approach with a sample of 19 coal mining sector companies listed on the IDX and issuing audited financial reports for the 2015-2020 period. Data testing is done by selecting the panel data model through the Chow test, Hausman test, and the Lagrange multiplier test with the conclusion using the Random Effects model. The data analysis used to test the hypothesis is multiple regression analysis using the Eviews 10 software program. The results show that Liquidity and Leverage partially have an influence on the stock prices of mining sector companies listed on the IDX. However, the Exchange Rate, FDI, ROA and Company Size partially have no effect on the stock price of mining sector companies listed on the IDX. The results of this study provide information for companies and investors to consider Liquidity and Leverage in investment analysis or take company policies because they affect stock prices.

References

Akhmad Suryahadi. (2021). Ini penyebab harga batubara meredup.

Alawi, S. (2019). The effect of direct foreign investment on stock price volatility in the Saudi market. Asian Economic and Financial Review, 9(8), 875–887. https://doi.org/10.18488/journal.aefr.2019.98.875.887

Alliffah, E., Anah, S., & Firdaus, I. (2018). Pengaruh Current Ratio, Debt To Equity Ratio Dan Price Book Value Terhadap Harga Saham Pada Sub Sektor Transportasi Yang Terdaftar Di Bei Periode 2012-2016. Jurnal Ekonomi, 23(3), 403. https://doi.org/10.24912/je.v23i3.421

Annisa, Andi, Nasaruddin, Fadliah, & . Mursalim. (2019). Pengaruh Return On Asset (ROA), Debt To Equity Ratio (DER), Dan Earning Per Share (EPS) Terhadap Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Tangible Journal, 4(2), 214–230. https://doi.org/10.47221/tangible.v4i2.74

Azeez, B., & Obalade, A. (2018). Macroeconomic Determinants Of Stock Market Development In Nigeria: (1981-2017). Acta Universitatis Danubius. OEconomica, 15(1), 203–216.

Griffin, Ricky, & Pustway, Micahe. (2015). Bisnis Internasional : Sebuah Perspektif Manajerial. Jakarta: Salemba Empat.

Gursida, H. (2019). The Influence of Liquidity, Solvency, and Exchange Rate to Company Profitability and It’s Implication to Stock Price at Mining Sector Company. Jurnal Terapan Manajemen Dan Bisnis, 3(2), 205. https://doi.org/10.26737/jtmb.v3i2.323

Hamam, M. D., Layyinaturrobaniyah, L., & Herwany, A. (2020). Capital Structure and Firm’s Growth in Relations to Firm Value at Oil and Gas Companies Listed in Indonesia Stock Exchange. Journal of Accounting Auditing and Business, 3(1), 14. https://doi.org/10.24198/jaab.v3i1.24760

Hayatun, Annisa, Burhan, N., Rahmanti, Wiwin, & Kunci, Kata. (2012). the Impact of Sustainability Reporting on Company Performance Dampak Kesinambungan Pelaporan Pada Kinerja Perusahaan. Journal of Economics, 15(2), 257–272.

Hendrayati, Heny. (2019). Pengaruh Ukuran Perusahaan ( Firm Size ), Dan Likuiditas Saham Terdapat Fenomena Price Reversal (Studi Kasus Pada Perusahaan yang Terdaftar di LQ45 di Bursa Efek Indonesia). Jurnal Manajemen, 1–18.

Hery. (2016). Financial Ratio for Business. Gramedia Widiasarana Indonesia.

Ichsani, Sakina, Mariana, Citra, & Andari, Diah. (2019). Does the Indonesia composite index get affected by the Asia composite index? International Journal of Innovation, Creativity and Change, 6(7), 1–13.

Idenyi, Odo, Ifeyinwa, Anoke, Obinna, Nwachukwu, & Promise, E. (2016). Impact of Foreign Direct Investment on Stock Market Growth in Nigeria. Asian Research Journal of Arts & Social Sciences, 1(2), 1–14. https://doi.org/10.9734/arjass/2016/28573

Jefry, Jefry, & Djazuli, Abid. (2020). The Effect of Inflation, Interest Rates and Exchange Rates on Stock Prices of Manufacturing Companies in Basic and Chemical Industrial Sectors on the Indonesia Stock Exchange (IDX). International Journal of Business, Management & Economics Research, 1(1), 34–49. https://doi.org/10.47747/ijbmer.v1i1.49

Jogiyanto. (2017). Teori Portofolio dan Analisis Investasi,Edisi. Kedelapan. Yogyakarta: BPFE.

Karimi, G. (2020). Effect of Financial Leverage on the Trend of Stock Pricing Fluctuations in Companies Listed in Tehran Stock Exchange. Propósitos y Representaciones, 8(SPE2). https://doi.org/10.20511/pyr2020.v8nspe2.654

Kartika, Dewi. (2013). Pengaruh Profitabilitas, Ukuran Perusahaaan dan Pertumbuhan Perusahaan terhadap Leverage: Pendekatan Trade off Theory (Studi Pada Perusahaan Real Estate and Property Yang Terdaftar di Bursa Efek Indonesia Periode 2007-2010). Universitas Lampung, 47(2), 330-373.

Kartikaningsih, Dewi, Nugraha, & Sugiyanto. (2020). Pengaruh Nilai Tukar Terhadap Harga Saham Sektor Infrastruktur Pada Masa Pandemi Covid-19. Jurnal Ilmiah Akuntansi Dan Keuangan, 3(1), 53–60.

Kasmir. (2018). Analisis Laporan Keuangan. Jakarta: PT Raja Grafindo Persada.

Khairudin Wandita. (2017). Analysis of The Effect of Profitability Ratio, Debt to Equity Ratio (Der) and Price to Book Value (Pbv) on Share Prices of Mining Companies in Indonesia. Jurnal Akuntansi Dan Keuangan, 8(1), 68–84.

Khairunnida. (2017). Pengaruh Suku Bunga , Nilai Tukar Uang , dan Inflasi Terhadap Harga Saham. 6(2), 208–216.

Khan, M. (2019). Impact of Exchange Rate on Stock Returns in Shenzhen Stock Exchange: Analysis Through ARDL Approach. International Journal of Economics and Management, 1(2), 15–26.

Khusaini, Mohamad. (2019). Ekonomi Publik. Malang: UB Press.

Khusaini, Muhammad. (2016). Ekonomi Publik: Desentralisasi Fiskal dan Pembangunan Daerah. Malang: BPFE.

Lubis, P., & Zulam, S. Bin. (2017). Analisis Faktor-Faktor Yang Memengaruhi Permintaan Investasi Di Indonesia. Jurnal Perspektif Ekonomi Darussalam, 2(2), 147–166. https://doi.org/10.24815/jped.v2i2.6691

Maimunah, S., & Fahtiani, T. (2019). Pengaruh Npl, Roa, Dan Car Terhadap Pbv Pada Bank Bumn. Jurnal Informasi, Perpajakan, Akuntansi, Dan Keuangan Publik, 14(1), 19. https://doi.org/10.25105/jipak.v14i1.5086

Makeni, Elizabeth N. (2018). the Effect of Foreign Direct Investments on Stock Market Returns At the Nairobi Securities Exchange By a Research Project Submitted in Partial Fulfillment of the Requirements for the Award of the Degree of Master of Science in Finance , School of Business. (December).

Masry, Mohamed, & El Menshawy, Heba. (2018). The impact of unsystematic risk on stock returns in an Emerging Capital Markets (ECM’s) country: An empirical study. International Journal of Financial Research, 9(1), 189–202. https://doi.org/10.5430/ijfr.v9n1p189.

Mukhtasyam, N. U. Z., Pagalung, G., & Arifuddin. (2020). Effect of Profitability, Liquidity, and Solvability on Share Prices with Earning Per Share (EPS) As a Moderating Variables. International Journal of Innovative Science and Research Technology, 5(8), 1571–1577. www.ijisrt.com.

Nalarreason, Kadek Marlina, T, Sutrisno, & Mardiati, Endang. (2019). Impact of Leverage and Firm Size on Earnings Management in Indonesia. International Journal of Multicultural and Multireligious Understanding, 6(1), 19. https://doi.org/10.18415/ijmmu.v6i1.473

Ni Komang Santi Ani, Trianasari, Wayan Cipta. (2019). Pengaruh ROA, ROE, dan EPS terhadap Harga Saham Perusahaan Manufaktur yang terdaftar di BEI. Bisma: Jurnal Manajemen, 5(2), 148–157.

Nurlita, Eva, & Robiyanto, Robiyanto. (2018). The Effect of Financial Performance and Company Size on The Indonesian Sharia Stocks. Jurnal Akuntansi Keuangan Dan Bisnis, 11(2), 87–96.

Octaviani, Santi, & Komalasarai, Dahlia. (2017). Pengaruh Likuiditas, Profitabilitas, dan Solvabilitas terhadap Harga Saham (Studi Kasus pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia). Jurnal Akuntansi., 3(2), 77–89.

Permatasari, D. (2018). Studi Pada Perusahaan Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Tahun 2013-2016 ). 61(4), 100–106.

Persson, Mathias. (2018). The Impact of Foreign Direct Investment on the Stock Market Development in Sweden.

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, 10(1), 169. https://doi.org/10.14414/tiar.v5i2.647

Rehan, R., Zehra, I., Chhapra, I. U., & Makhija, P. (2019). The relationship between exchange rate and stock prices in South Asian countries. International Journal of Innovation, Creativity and Change, 6(9), 113–135.

Rianisari, A., Husnah, H., & Bidin, C. R. K. (2020). Pengaruh Likuiditas, Leverage, Dan Profitabilitas Terhadap Harga Saham Industri Makanan Dan Minuman Di Bei. Jurnal Ilmu Manajemen Universitas Tadulako (JIMUT), 4(2), 113–120. https://doi.org/10.22487/jimut.v4i2.112

Rukmini, Fitri. (2019). the Influence of Liquidity, Solvability and Profitability To Stock Price on Sector Food and Beverage Listed on the Indonesia Stock Exchange Period 2015-2019. 1–19.

Sari, Maya, Jufrizen, & Al-Attas, Huda M. (2019). Pengaruh Return on Equity Dan Debt To Equity Ratio Terhadap Harga Saham Pada Perusahaan Sub Sektor Perdagangan Eceran Yang Terdaftar Di Bursa Efek Indonesia Periode 2013-. Seminar Nasional & Call For Paper Seminar Bisnis Magister Manajemen (SAMBIS-2019), 63–75.

Sekartaji, Jenny. (2017). Pengaruh Ukuran Perusahaan dan Growth Terhadap Leverage Pada Sub Sektor Keramik Porselin dan Kaca yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2009-2010. Jom Fisip, 4(2), 1–16.

Sellah, & Herawaty, V. (2019). Pengaruh Profitabilitas , Leverage , Reputasi Auditor , Nilai Perusahaan , Dan Umur Perusahaan Terhadap Praktik. Prosiding Seminar Nasional Cendikiawan, 1, hal. 2.51.1-2.51.7.

Sinaga, Berliana, & Hasanuh, Nanu. (2019). The effect of return on equity, earning per share and price earning ratio on stock prices. The Accounting Journal of Binaniaga, 4(01), 57. https://doi.org/10.33062/ajb.v4i01.360

Siregar, Enni Sari, Aini, Farida, & Gani, Djaya Putra. (2019). Comparative Analysis of the Financial Performance of Islamic Banks And Conventional Banks For The 2011-2016 Period. 64, 604–611. https://doi.org/10.2991/piceeba2-18.2019.42

Soumaré, Issouf, & Tchana, Fulbert Tchana. (2015). Causality and external validity: Causality between FDI and financial market development: Evidence from emerging markets. World Bank Economic Review, 29, S205–S216. https://doi.org/10.1093/wber/lhv015

Suriani, S., Dileep Kumar, M., Jamil, F., & Muneer, S. (2015). Impact of exchange rate on stock market. International Journal of Economics and Financial Issues, 5(2004), 385–388.

Susanti, Neneng, Latifa, Ifa, & Sunarsi, Denok. (2020). The Effects of Profitability, Leverage, and Liquidity on Financial Distress on Retail Companies Listed on Indonesian Stock Exchange. Jurnal Ilmiah Ilmu Administrasi Publik, 10(1), 45. https://doi.org/10.26858/jiap.v10i1.13568

Tyas, Hayuning, & Almurni, Siti. (2020). Stock Prices of Property and Real Estate Companies Listed in Indonesia Stock Exchange in 2015 2018 The Influence of Firm Size , Profitability , and Leverage on Stock Prices of Property and Real Estate Companies Listed in Indonesia Stock Exchange in 2015 2. Sekolah Tinggi Ilmu Ekonomi Indonesia, 1–16.

Utami, M. R., & Darmawan, A. (2019). Effect of DER, ROA, ROE, EPS and MVA on Stock Prices in Sharia Indonesian Stock Index. Journal of Applied Accounting and Taxation, 4(1), 15–22. https://doi.org/10.30871/jaat.v4i1.1195

Welan, G., Rate, P. Van, & Tulung, J. E. (2019). Pengaruh Profitabilitas, Leverage Dan Ukuran Perusahaan Terhadap Harga Saham Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Terdaftar Di Bei Periode 2015-2017. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 7(4), 5664–5674. https://doi.org/10.35794/emba.v7i4.26403

Yusuf, Paulus Sugianto, De Jesus, Sixipio, Pratama, Arief Yoda, & Saudi, Mohd Haizam. (2020). Effects of Profitability, Liquidity and Growth of Companies on Divident Policy (Study on Sub-Sector Property and Real Estate Companies Listed in Indonesia Stock Exchange Period, 2017-2019). PalArch’s Journal of Archaeology of Egypt/Egyptology, 17(4), 3377–3391.

Zamzami, F., & Hasanuh, N. (2021). Pengaruh Net Profit Margin, Return on Asset, Return on Equity dan Inflasi terhadap Harga Saham. Owner: Riset & Jurnal Akuntansi, 5(1), 83–95. https://doi.org/10.33395/owner.v5i1.321

Downloads

Published

2022-01-28

How to Cite

srisucisetyani, & Bahtiar Usman. (2022). FAKTOR – FAKTOR YANG MEMPENGARUHI HARGA SAHAM PADA PERUSAHAAN PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(Spesial Issue 3), 1034–1053. https://doi.org/10.32670/fairvalue.v4iSpesial Issue 3.1040