KINERJA KEUANGAN, KINERJA SAHAM DAN STRUKTUR MODAL DI INDONESIA

Nera Marinda Machdar

Abstract


This study addresses the role of the company's financial performance on the company's stock performance, and investigates the role of capital structure as a moderating variable to weaken the effect of the company's financial performance on the company's stock performance. This research uses agency theory and pecking order theory. Panel regression analysis method is used for the data analysis. The data used as the sample of the company is the properti and real estat firms listed in Indonesia Stock Exchange, and the observation period is the year 2011-2016. The number of samples by using purposive samping criteria is available 234 firms-year. The findings of this study is that the company's financial performance has no effect on the company's stock performance, and capital structure can not moderate the effect of the company's financial performance on the company's stock performance.


Keywords


stock performance; financial performance; capital struture

Full Text:

PDF

References


Almajali, A. Y., Almajali, A. Y., & Al-Soub, Y. Z. 2012. Factors Affecting the Financial Performance of Jordanian Insurance Companies Listed at Amman Stock Exchange. Journal of Management Research, 4(2), 266-289.

Apsari, I.A., Dwiatmanto, & Azizah, D.F. 2015. Pengaruh Return on Equity, Net Profit Margin, Debt to Equity Ratio, Dan Longterm Debt to Equity Ratio Terhadap Price Book Value. Jurnal Administrasi Bisnis (JAB)|, 27(2), 1-8.

Brealey, R.A., Myers, S.C. & Allen, F. 2017. Principles of Corporate Finance, 2nd Edition. Wiley Series in Finance, Insurance and Real Estate. John Wiley & Sons, Inc.

Dita, A.H. & Murtaqi, I. 2014. The Effect of Net Profit Margin, Price to Book Value and Debt to Equity Ratio to Stock Return in the Indonesian Consumer Goods Industry. Journal of Business and Management, 3(3), 305-315.

Ghalandari, K. 2013. The Moderating Effects of Growth Opportunities on the Relationship between Capital Structure and Dividend Policy and Ownership Structure with Firm Value in Iran: Case Study of Tehran Securities Exchange. Research Journal of Applied Sciences, Engineering and Technology, 5(4), 1424-1431.

Hartono, J. 2013. Teori Portofoio dan Analisis Investasi. Badan Penerbit Fakultas Ekonomika dan Bisnis, Universitas Gajah Mada, Yogyakarta.

Jensen, M. C., & Meckling, W. H. 1976. Theory of the firm: Managerial Behaviour, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.

Kaguri, A. W. 2012. Relationship between Firm Characteristics and Financial Performance of Life Insurance Companies in Kenya. Research Project. University of Nairobi.

Marangu K. & Jagongo A. 2014. Price to Book Value Ratio and Financial Statement Variables (An Empirical Study of Companies Quoted At Nairobi Securities Exchange, Kenya). Global Journal of Commerce & Management Perspective, 3(6), 50-56.

Modigliani, F., & Miller, M. 1985. The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48(3), 261-297.

Morteza, D. M., & Mehrnoosh, J. 2015. The Role of Financial Leverage in the Performance of Companies Listed. Indian Journal Of Natural Sciences, 5(30), 7402-7409.

Myers, S. C. 1984. The Capital Structure Puzzle. Journal of Finance, 39, 575-592.

Myers, S. C., & Majluf, N. S. 1984. Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics, 13(2), 187-221.

Nopiyanti, I.D.A. &Darmayanti, N.P.A. 2016. Pengaruh PER, Ukuran Perusahaan, dan Profitabilitas pada Nilai Perusahaan dengan Struktur Modal Sebagai Variabel Moderasi. E-Jurnal Manajemen Unud, 5(12).

Pascareno, B.E. & Siringoringo. H., 2016. The Effect of Financial Performance on Company’s Value Moderated by Dividend Policy. http://dx.doi.org/10.15414/isd2016.s5.07

Ross, S., W.Westereld, R., & Jafe, J. 2013. Corporate Finance, Tenth Edition,. The McGraw−Hill Companies, Inc.

Sugiyono. 2013. Metode Penelitian Kuantitatif. Bandung: Penerbit Alfabeta.

Yulianti, E. B., & Suratno, S. 2015. Return on Equity , Debt to Equity Ratio, Price Earning Ratio, Assets Growth, Inflasi dan Return Saham Perusahaan Properti dan Real Estat. Jurnal Riset Akuntansi dan Perpajakan, 2(2), 153-166




DOI: http://dx.doi.org/10.25105/mraai.v18i2.3069

Refbacks

  • There are currently no refbacks.


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

 Creative Commons License

Media Riset Akuntansi, Auditing & Informasi Creative Commons Attribution-NonCommercial 4.0 International License.