The Moderating Role of Dividend Policy on The Influence of Liquidity, Profitability, Leverage, and Investment Opportunity Set Against Stock Return Registered in The Jakarta Islamic Index
Abstract
Stock return is an advantage expected by the investor in the latter days to the number of funds he/she has invested. There are two factors that affect the stock return, namely external and internal factors. The purpose of this study is to analyze the moderating role of dividend policy in the relationship between liquidity, profitability, leverage, and investment opportunity set against the stock return. This research uses a descriptive quantitative method with the population is service companies registered in the Jakarta Islamic Index for 2014-2018 periods. By implementing a purposive sampling technique, this study ended-up with 7 service companies as a sample. Moreover, data analysis is processed with partial least square analysis techniques using the Application WarpPLS 6.0. The results showed that liquidity has significant negative impact on the stock return, profitability and investment opportunity set significantly positively affect the stock return, and leverage has no significant effect on stock return. While the dividend policy strengthens the liquidity relationship to stock return, the dividend policy weakens the leverage relation to the stock return, otherwise, the dividend policy is unable to moderate the profitability relationship and investment opportunity set against the stock return.
Keywords
Full Text:
PDFReferences
Aji, K. (2015). Pengaruh Investment Opportunity Set Terhadap Struktur Modal Dan Dampaknya Terhadap Return Saham. Universitas Brawijaya Malang, 3, 1–14.
Aldiena, E., & Hakim, M. H. al. (2019). The impact of companies’ internal factors on the performance of their stock returns. Journal of Islamic Economic Laws, 2(1), 120–149.
Allozi, N. M., & Obeidat, G. S. (2016). The Relationship between the Stock Return and Financial Indicators (Profitability, Leverage): An Empirical Study on Manufacturing Companies Listed in Amman Stock Exchange. Journal of Social Sciences (COES&RJ-JSS), 5(3), 408–424.
Anwaar, M. (2016). Impact of Firms’ Performance on Stock Returns (Evidence From Listed Companies of Fste100 Index London, Uk). Global Journal of Management and Business Research: D Accounting and Auditing Volume, 16(1).
Arfan, M. (2015). Pengaruh Set Peluang Investasi Dan Financial Leverage Terhadap Return Saham Yang Dimediasi Oleh Manajemen Laba ( Studi Pada Perusahaan Manufaktur Periode 2010 – 2013 yang Terdaftar di Bursa Efek Indonesia ). Jurnal Magister Akutansi Pascasarjana Universitas Syiah Kuala, 38, 27–38.
Banerjee, A. (2019). Predicting Stock Return of UAE Listed Companies Using Financial Ratios. Accounting and Finance Research, 8(2), 214.
Benedicta, G. R., & Lusmeida, H. (2015). The Influence Of Investment Opportunity Set (IOS) And Profitability Towards Stock Return On Property And Real Estate Firms In Indonesia Stock Exchange. (IMCoSS), 57–65.
Brigham, E. F., & Houston, J. F. (2014). Dasar-Dasar Manajemen Keuangan (Edisi 11). Jakarta: Salemba Empat.
Carlo, M. (2014). Pengaruh Return on Equity, Dividend Payout Ratio, Dan Price To Earnings Ratio Pada Return Saham. E-Jurnal Akuntansi, 7(1), 150–164.
Devi, A., & Sudjarni, L. (2012). Pengaruh Kinerja Keuangan Terhadap Pendapatan Saham Dengan DPR Sebagai Variabe Moderasi di BEI. E-Jurnal Manajemen Universitas Udayana, 1(1), 52–61.
Dewanti, A. L., Chomsatu, Y., & Masitoh, E. (2019). The Influence of Financial Ratio Agains the Stock Return of Bank Companies In Indonesai Stock Exchange In 2014-2017. Jurnal Widya Ganeswara, 28(2), 35–48.
Djalil, M. A., Saputra, M., & Munandar, A. (2017). Influence of Investment Opportunity Set, Financial Leverage and Firm Size on Real Activity Manipulation and Its Implication on Stock Return (Study on Manufacturing Company Listed in Indonesia Stock Exchange). Jurnal of Resources Development and Management, 29(January), 58–65.
Fahmi, I. (2013). Analisis Laporan Keuangan, Cetakan Ketiga. Bandung: Alfabeta.
Fahmi, I. (2015). Manajemen Investasi (Edisi 2). Jakarta: Salemba Empat.
Firmansyah, S., & Purnamasari, L. (2019). Pengaruh profitability, liquidity, leverage, dan interest rates terhadap stock return untuk LQ-45 Index. Journal of Business & Banking, 7(1).
Ghozali, I. (2014). Structural Equation Modelling, Metode Alternatif dengan Partial Least Square (PLS) (Edisi 4). Semarang: Badan Penerbit Universitas Diponegoro.
Ginting, A. (2017). Analisis Faktor Fundamental Terhadap Return Saham Dengan Kebijakan Dividen Sebagai Variabel Moderating Perusahaan Consumer Goods yang Terdaftar di Bursa Efek Indonesia. Tesis.
Hartono, J. (2014). Teori Portofolio dan Analisis Investasi (Kesepuluh). Yogyakarta: BPFE.
Horne, J. C., & Wachowicz, J. M. (2012). Prinsip-Prinsip Manajemen Keuangan (Ke-13). Jakarta: Salemba Empat.
Kasmir. (2016). Analisis Laporan Keuangan. Jakarta: PT. RajaGrafindo Persada.
Khan, W., Naz, A., Khan, M., Khan, W. K. Q., & Ahmad, S. (2013). The Impact of Capital Structure and Financial Performance on Stock Returns “A Case of Pakistan Textile Industry.” Middle East Journal of Scientific Research, 16(2), 289–295.
Kurniasih, D. N. K. A. (2018). Analysis the Effect of Macro-Economic and Financial Performance on Stock Returns on the Indonesia Stock Exchange: Evidence from Selected Stocks in the Mining Sector. International Journal of Science and Research (IJSR), 7(11), 1119–1125.
Kurniawan, A. (2017). Pengaruh Kinerja Keuangan Terhadap Return Saham Dengan Menjadikan Kebijakan Dividen Sebagai Variabel Moderate Pada Perusahaan Yang Terdaftar Di Jakarta Islamic Indeks ( JII 2007 – 2011). Akuisisi - Jurnal Akuntansi, 13(1), 1–14.
Lesmana, H., & Faisol, D. A. (2019). The Effect of Liquidity and Profit Management of Stock Returns in Manufacturing Companies that have been an IPO with its Size as a Moderated Variable 2012-2017. International Journal of Science and Research (IJSR), 8(8), 1660–1665.
Malia, I. (2019). Faisal Basri Sebut Sektor Jasa Indonesia Lebih Dominan. Retrieved February 20, 2020, from IDNTimes.com website: https://www.idntimes.com/business/economy/indianamalia/faisal-basri-sebut-sektor-jasa-indonesia-lebih-dominan/full
Muhammad, S. (2018). The Relationship Between Fundamental Analysis and Stock Returns Based on the Panel Data Analysis; Evidence from Karachi Stock exchange (KSE). Research Journal of Finance and Accounting Www.Iiste.Org ISSN, 9(3), 84–96.
Nalurita, F. (2017). the Effect of Profitability Ratio, Solvability Ratio, Market Ratio on Stock Return. Business and Entrepreneurial Review, 15(1), 73.
Nirayanti, L., & Widhiyani, N. (2014). Pengaruh Kebijakan Dividen, Debt To Equity Ratio, Dan Price Earning Ratio Pada Return Saham Perusahaan Lq 45 Periode 2011-2013. E-Jurnal Akuntansi, 9(3), 803–815.
Oktavia, I. N. (2014). Effect of Earnings Management , Liquidity Ration , Leverage Ratio , Activity Ratio , Profitability Ration , and Firm Size to Stocks Return ( Study in Go Public Telecommunication Companies in Indonesia Stock Exchange Period 2010 – 2014 ). (The 4th International Seminar and Conference on Learning Organizations), 56–67.
Reza, A., Daryanto, H. K., & Sasongko, H. (2019). The Effect of Financial Ratio , EVA and Exchange Rate on Stock Return in Fishery Subsector. Asian Journal Of Business and Management, 07(01), 16–21.
Riyanto, B. (2010). Dasar-Dasar Pembelanjaan Perusahaan. Yogyakarta: BPFE.
Roslita, E. (2017). Pengaruh Investment Opportunity Set, Profitabilitas, Solvabilitas, dan Likuiditas terhadap Return Saham Perusahaan Manufaktur. Esensi, 20(3), 153–167.
Sanim, R. H. L. A. B. (2017). Analysis the Effect of Internal and External Factors the Return of Infrastructure Stocks and Supporting. International Journal of Science and Research (IJSR), 6(5), 721–725.
Sartono, A. (2010). Manajemen Keuangan Teori dan Aplikasi (Edisi 4). Yogyakarta: BPFE.
Sholihin, M., & Ratmono, D. (2013). Analisis SEM-PLS dengan WarpPLS 3.0 Untuk Hubungan Nonlinier dalam Penelitian Sosial dan Bisnis. Yogyakarta: Andi.
Syahbani, D. I., Murni, Y., & SN, H. F. (2018). Analisis Pengaruh Rasio Likuiditas, Leverage Dan Profitabilitas Terhadap Return Saham Pada Perusahaan Makanan Dan Minuman. Program Studi Pendidikan Ekonomi, 7(1).
Syamsudin, L. (2011). Manajemen Keuangan Perusahan. Jakarta: PT. RajaGrafindo Persada.
Tarmizi, R., Soedarsa, H. G., Indrayenti, & Andriyanto, D. (2018). Pengaruh Likuiditas Dan Profitabilitas Terhadap Return Saham. Jurnal Akuntansi & Keuangan, 9, 21–33.
Thrisye, R. Y., & Simu, N. (2013). Return Saham Bumn Sektor Pertambangan Periode 2007-2010. Jurnal Ilmiah Akuntansi Dan Bisnis, 8(2), 75–81.
Utami, F., & Murwaningsari, E. (2017). Analisis Pengaruh Rasio Profitabilitas Terhadap Return Saham Dengan Kebijakan Dividen Sebagai Variabel Moderasi Studi Empiris Pada Perusahaan Manufaktur Di Bursa Efek Indonesia Periode 2012-2015. Jurnal Magister Akuntansi Trisakti, 4(1), 75.
Wahyudi. (2019). Pengaruh Efisiensi Modal Kerja dan Likuiditas Serta Solvabilitas Terhadap Profitabilitas dan Return Saham. AKUNTABEL, 16(1), 134–141.
Wijaya, J. A. (2015). The Effect of Financial Ratios toward Stock Returns among Indonesian Manufacturing Companies. IBuss Management, 3(2), 261–271.
Wijesundera, A. A. V. I., Weerasinghe, D. A. S., Krishna, T. P. C. R., Gunawardena, M. M. D., & Peiris, H. R. I. (2016). Predictability of stock returns using financial ratios: empirical evidence from Colombo stock exchange. Kelaniya Journal of Management, 4(2), 44.
Winarto, Y. (2018). Investasi ke sektor jasa meningkat, lampu kuning penyerapan tenaga kerja. Retrieved February 20, 2020, from Kontan.co.id website: https://nasional.kontan.co.id/news/investasi-ke-sektor-jasa-meningkat-lampu-kuning-penyerapan-tenaga-kerja
Yusma, N., & Holiawati. (2019). Investment Risk, Investment Opportunity Set Dan Return Saham. Jurnal Akuntansi Berkelanjutan Indonesia, 2(3), 393–406.
Zunaini, E., & Brahmayanti, I. A. S. (2016). Pengaruh Rasio Likuiditas Di Ukur Dengan Current Ratio (Cr), Quick Ratio (Qr) Dan Rasio Profitabilitas Di Ukur Dengan Return on Assets (Roa), Return on Equity (Roe) Terhadap Return Saham Di Perusahaan Otomotif Periode 2012-2014 Di Bursa Efek Indonesia (Be. Jurnal Ekonomi Manajemen, 1(1), 45–60.
DOI: http://dx.doi.org/10.24856/mem.v35i2.1553
Article Metrics
Abstract view : 1679 timesPDF - 0 times
Refbacks
- There are currently no refbacks.
Copyright (c) 2020 Media Ekonomi dan Manajemen
![Creative Commons License](http://i.creativecommons.org/l/by/4.0/88x31.png)
This work is licensed under a Creative Commons Attribution 4.0 International License.
This work is licensed under a Creative Commons Attribution 4.0 International License.