Harga Saham Kini: Dalam Bayang-bayang Fundamental

Sari Gabe Sagala, Mochamad Muslih

Abstract


This study aims to determine the effect of liquidity, funding policies, and financial performance on the stock prices of pharmaceutical companies listed on the Indonesia Stock Exchange (BEI) for the 2009-2018 period. The theory tested in this research is signaling theory. This research uses quantitative methods. The research variables are stock price, company liquidity, funding policy, and financial performance. The data used are secondary data taken from the Indonesia Stock Exchange (IDX). The population in this study is pharmaceutical companies listed on the Indonesia Stock Exchange. The research sample is 7 (seven) pharmaceutical companies listed on the Indonesia Stock Exchange (IDX) for the period 2009-2018. The results showed that company liquidity had no significant effect on stock prices, funding policies had no significant effect on stock prices, and financial performance had no significant effect on stock prices. The results of this study add to the outer layer of knowledge building according to Imre Lakatos. The implication of this research is that the company's fundamental conditions do not necessarily affect stock prices, depending on the type of stock market. It is recommended to investors to be more careful in observing the factors that influence stock prices in the 4.0 industrial revolution era. Next researchers are advised to use other fundamental aspects as their independent variables so that more fundamental elements of the company are examined in relation to stock prices in the 4.0 industrial revolution era.

Keywords


Signaling Theory; Stock Prices; Liquidity; Funding Policies; Financial Performance.

Full Text:

PDF

References


Anvarkhatibi, Saeid, Safashur, Mohammadreza , and Mohammadi, Jamal. The Effect of Auditors Opinions on Shares Prices and Returns in Tehran Stock Exchange. Research Journal of Management Sciences, Vol. 1(1), 23-27, August (2012).

Fama, E. F. Efficient Capital Markets: a review of theory and empirical work. Journal of Financial vol. 25 issues 2:383-417.

Ghozali, Imam, Ratmono, Dwi. Analisis Multivariat dan Ekonometrika: Teori, Konsep, dan Aplikasi Dengan Eviews 8. Universitas Diponegoro Semarang, 2013.

Kasmir, S.E.,M.M. Pengantar Manajemen Keuangan. Edisi pertama, Cetakan ke-1, September 2009.

Samsul, Mohammas. Pasar modal manajemen portofolio 2015: 194.

Musdalifah, dkk, Manajemen Investasi, jilid I ,edisi I, Yogyakarta : deepublish februari 2015

Paradiba, Lailan, Nainggolan, Karlonta. 2015. Pengaruh laba bersih operasi terhadap harga saham pada perusahaan food and beverage yang terdaftar di BEI. Jurnal riset akuntansi dan bisnis volume 15 no.1/ maret 2015.

Muslih, Mochamad, Amin, Nuryatno (2018). Pengaruh Opini Audit Terhadap Harga Saham. Seminar Internasional Universitas Pamulang.

Purnamawati, I Gusti Ayu. The effect of capital structure and profitability on stock price (study of the manufacturing sector in indonesia stock exchange). International Journal of Business, Economics and Law, Vol. 9, Issue 1 (Apr.), 2016.

Reza et. Al. Jurnal Riset Akuntansi & bisnis airlangga vol 3 no 1 2018:399

Rudianto, Akuntansi Intermediate, Jakarta : Erlangga (2018)

Rohma, Rita, Muslih, Mochamad, Rahadi, Dedi Rianto (2018). Pengaruh Keputusan Investasi, Keputusan Pendanaan, dan Kinerja Keuangan Terhadap Harga Saham. Tribhakti Bussines School.

Saeidi, Parviz, Okhli, Abolghasem. Studying the effect of assets return rate on stock price of the companies accepted in Tehran stock exchange. ISSN: 1804-1205 www.academicpublishingplatforms.com. Business and Economic Horizons Volume 8, Issue 2, December 2012, pp. 12-22.

Saiful Bahri,S.E.,M.S.A Pengantar Manajemen Keuangan.edisi pertama, cetakan 2016.

Setiyono, Erik, Amanah, Lailatul. 2016. Pengaruh kinerja keuangan dan ukuran perusahaan terhadap return saham. Jurnal Ilmu dan Riset Akuntansi : Volume 5, Nomor 5, Mei 2016.

Sujarweni, V. Wiratna. Analisis Laporan Keuangan, Pustaka Baru, Yogyakarta 2017.

Titi, Palentina, Ulfa, Maria, Rosyid, Rum (2017). Pengaruh kinerja keuangan terhadap harga saham pada perusahaan manufaktur di bursa efek indonesia.

Velasquez. Philosophy: A Text with Readings. 11 th Edition. Wadsworth Cengage Learning.

Weston, J Fred, Copeland, Thomas E. Manajemen keuangan edisi 8 saham preferen jilid 2 2015:59




DOI: https://doi.org/10.31334/bijak.v17i1.827

DOI (PDF): https://doi.org/10.31334/bijak.v17i1.827.g466

Refbacks

  • There are currently no refbacks.


Copyright (c) 2020 Majalah Ilmiah Bijak

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

MAJALAH ILMIAH BIJAK

ISSN 1411-0830 (Media Cetak) 2621-749X (Media Online)
Email :  bijakjournal@gmail.com / jurnal.bijak@stiami.ac.id
Website: http://ojs.stiami.ac.id/index.php/bijak/index

 

View My Stats

 

 

INDEKS BY: