The Effect of Profitability, Sales Growth and Dividend Policy on Stock Prices
Article Sidebar
Published
Oct 22, 2020
Page:
13-21
Main Article Content
Sri Purwaningsih
Universitas Mercu Buana, Jakarta, Indonesia.
Abstract
Aims: This study aims to analyze the effect of profitability, sales growth and dividend policy on stock prices.
Study Design: The research method used is quantitative research.
Place and Duration of Study: This research sample is a manufacturing industry sub-sector manufacturing companies listed on the Indonesia Stock Exchange (BEI) in 2016 - 2018.
Methodology: The analytical method used is the multiple regression test using SPSS.22 analysis tools, namely with a descriptive test, a classic assumption test, a model suitability test, and a regression test.
Results: The results showed that ROA and Dividen Policy had significant positive effect on Stock Prices, But Sales Growth had no effect on Stock Prices.
Conclusion: This shows the interest of investors to invest in shares issued by companies that have good performance. Therefore, companies need to maintain company performance so that their shares remain attractive to investors.
Keywords:
Share prices, profitability, sales growth, dividend policy.
Article Details
How to Cite
Section
Original Research Article
References
Sendow GJ, Nangoi GB, Pontoh W. Faktor – Faktor Yang Mempengaruhi Kebijakan Dividen Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode Tahun 2012-2016. 2016;317–329.
Pernamasari R, Purwaningsih S, Tanjung J, Rahayu DP. Effectiveness of firm performance and earnings management to stock prices. EPRA International Journal of Multidisciplinary Research (IJMR)-Peer Reviewed Journal. 2020;6(1):75–83.
DOI: https://doi.org/10.36713/epra2013
Maryyam Anwaar. Impact of firms’ performance on stock returns (Evidence from Listed Companies of FTSE-100 Index London, UK). Global Journal of Management and Business Research: D Accounting and Auditing. 2016;16(1):678–685.
Irama ON. Pengaruh Potensi Kebangkrutan Terhadap Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Bisnis Net. 2018;1(1):219–226.
Ardian Andromeda, Khoiruddin M. Pengaruh Analisis Kebangkrutan Model Altman Terhadap Harga Saham Perusahaan Manufaktur. Management Analysis Journal. 2014;3(1):1–14.
DOI: https://doi.org/10.15294/maj.v3i1.3354
Wijaya IPAS, Utama IMK. Pengaruh Profitabilitas, Struktur Aset, Dan Pertumbuhan Penjualan Terhadap Struktur Modal Serta Harga Saham. E-Jurnal Akuntansi. 2014;6(3):514–530.
Pranata D, Pujiati D. The effect of liquidity, profitability, sales growth and dividend policy on stock prices after the implementation of IFRS. The Indonesian Accounting Review. 2015;5(2):169.
DOI: https://doi.org/10.14414/tiar.v5i2.647
Devianasari NL, Suryantini NPS. Pengaruh price earning ratio, debt to equity ratio, dan divided payout ratio Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia. E-Jurnal Manajemen Unud. 2015;4(11):3646–3674.
Brigham EF, Houston JF. Essential of Financial Management (11th Ed.). Jakarta: Salemba Empat; 2013.
Jensen MC, Meckling WH. Theory of the Firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics. 1976;3(4):305–360.
DOI: https://doi.org/10.1002/mde.l218
Wonggo F, Pasuhuk SCNAS, Ekonomi F, Ratulangi US. Analysis profitabilitas, leverage and the cash dividend policy (case study to the LQ-45 companies listed at Indonesia stock exchange in 2009 – 2013). Jurnal Berkala Ilmiah Efisiensi. 2016;16(1):40–52.
Bailia F. W. Fransiska, Tommy Parengkuan, Baramulli ND. The influence of sales growth, dividend payout ratio and debt to equity ratio on stock price of property. Jurnal Berkala Ilmiah Efisiensi. 2016;16(3):270–278.
Brigham EF, Houston JF. Dasar-Dasar Manajemen Keuangan (11th Ed.). Jakarta: Salemba Empat; 2014.
Kasmir. Analisis Laporan Keuangan. Jakarta: PT Rajagrafindo Persada; 2014.
Bintara R, Tanjung PRS. Analysis of fundamental factors on stock return. International Journal of Academic Research in Accounting, Finance and Management Sciences. 2019;9(2):49–64.
DOI: https://doi.org/10.6007/IJARAFMS/v9-i2/6029
Manoppo CP. The influence of Roa, Roe, Ros, and Eps on stock price. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi. 2015;3(4):691–697.
Saeidi P, Okhli A. Studying the effect of assets return rate on stock price of the companies accepted in Tehran stock exchange. Business and Economic Horizons. 2012;8:12–22.
DOI: https://doi.org/10.15208/beh.2012.7
Tita D. Pengaruh Rasio Keuangan, Pertumbuhan Penjualan Dividen terhadap Harga Saham. Jurnal Bisnis Dan Akuntansi. 2011;13(1):57–66.
Sugiyono. Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: Alfabeta; 2013.
Hartono J. Teori Portofolio dan Analisis Investasi (7th Ed.). Jogyakarta: BPFE Jogyakarta; 2010.
Ghozali I. Aplikasi Analisis Multivariete dengan Program IBM SPSS 23 (8th Ed.). Semarang: Badan Penerbit Universitas Diponegoro; 2016.
Mulyono, Suprapto AT, Prihandoko D. The effect of corporate governance and firm performance on stock price: An empirical study on Indonesia stock exchange. Binus Business Review. 2018;9(1):79.
DOI:https://doi.org/10.21512/bbr.v9i1.1916
Pantow MS, Murni S, Trang I. Analisa Pertumbuhan Penjualan, Ukuran Perusahaan, Return on Asset, Dan Struktur Modal Terhadap Nilai Perusahaan Yang Tercatat Di Indeks Lq 45. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi. 2015;3(1):961–971.
DOI:https://doi.org/10.35794/emba.v3i1.7801
Fitri IK, Purnamasari I. Pengaruh Kebijakan Dividen terhadap Harga Saham (Studi pada Perusahaan pertambangan di Bursa Efek Indonesia 2008-2012). Organum: Jurnal Saintifik Manajemen Dan Akuntansi. 2018;1(1):8–15.
DOI:https://doi.org/10.35138/organum.v1i1.24
Pernamasari R, Purwaningsih S, Tanjung J, Rahayu DP. Effectiveness of firm performance and earnings management to stock prices. EPRA International Journal of Multidisciplinary Research (IJMR)-Peer Reviewed Journal. 2020;6(1):75–83.
DOI: https://doi.org/10.36713/epra2013
Maryyam Anwaar. Impact of firms’ performance on stock returns (Evidence from Listed Companies of FTSE-100 Index London, UK). Global Journal of Management and Business Research: D Accounting and Auditing. 2016;16(1):678–685.
Irama ON. Pengaruh Potensi Kebangkrutan Terhadap Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Bisnis Net. 2018;1(1):219–226.
Ardian Andromeda, Khoiruddin M. Pengaruh Analisis Kebangkrutan Model Altman Terhadap Harga Saham Perusahaan Manufaktur. Management Analysis Journal. 2014;3(1):1–14.
DOI: https://doi.org/10.15294/maj.v3i1.3354
Wijaya IPAS, Utama IMK. Pengaruh Profitabilitas, Struktur Aset, Dan Pertumbuhan Penjualan Terhadap Struktur Modal Serta Harga Saham. E-Jurnal Akuntansi. 2014;6(3):514–530.
Pranata D, Pujiati D. The effect of liquidity, profitability, sales growth and dividend policy on stock prices after the implementation of IFRS. The Indonesian Accounting Review. 2015;5(2):169.
DOI: https://doi.org/10.14414/tiar.v5i2.647
Devianasari NL, Suryantini NPS. Pengaruh price earning ratio, debt to equity ratio, dan divided payout ratio Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar di Bursa Efek Indonesia. E-Jurnal Manajemen Unud. 2015;4(11):3646–3674.
Brigham EF, Houston JF. Essential of Financial Management (11th Ed.). Jakarta: Salemba Empat; 2013.
Jensen MC, Meckling WH. Theory of the Firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics. 1976;3(4):305–360.
DOI: https://doi.org/10.1002/mde.l218
Wonggo F, Pasuhuk SCNAS, Ekonomi F, Ratulangi US. Analysis profitabilitas, leverage and the cash dividend policy (case study to the LQ-45 companies listed at Indonesia stock exchange in 2009 – 2013). Jurnal Berkala Ilmiah Efisiensi. 2016;16(1):40–52.
Bailia F. W. Fransiska, Tommy Parengkuan, Baramulli ND. The influence of sales growth, dividend payout ratio and debt to equity ratio on stock price of property. Jurnal Berkala Ilmiah Efisiensi. 2016;16(3):270–278.
Brigham EF, Houston JF. Dasar-Dasar Manajemen Keuangan (11th Ed.). Jakarta: Salemba Empat; 2014.
Kasmir. Analisis Laporan Keuangan. Jakarta: PT Rajagrafindo Persada; 2014.
Bintara R, Tanjung PRS. Analysis of fundamental factors on stock return. International Journal of Academic Research in Accounting, Finance and Management Sciences. 2019;9(2):49–64.
DOI: https://doi.org/10.6007/IJARAFMS/v9-i2/6029
Manoppo CP. The influence of Roa, Roe, Ros, and Eps on stock price. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi. 2015;3(4):691–697.
Saeidi P, Okhli A. Studying the effect of assets return rate on stock price of the companies accepted in Tehran stock exchange. Business and Economic Horizons. 2012;8:12–22.
DOI: https://doi.org/10.15208/beh.2012.7
Tita D. Pengaruh Rasio Keuangan, Pertumbuhan Penjualan Dividen terhadap Harga Saham. Jurnal Bisnis Dan Akuntansi. 2011;13(1):57–66.
Sugiyono. Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: Alfabeta; 2013.
Hartono J. Teori Portofolio dan Analisis Investasi (7th Ed.). Jogyakarta: BPFE Jogyakarta; 2010.
Ghozali I. Aplikasi Analisis Multivariete dengan Program IBM SPSS 23 (8th Ed.). Semarang: Badan Penerbit Universitas Diponegoro; 2016.
Mulyono, Suprapto AT, Prihandoko D. The effect of corporate governance and firm performance on stock price: An empirical study on Indonesia stock exchange. Binus Business Review. 2018;9(1):79.
DOI:https://doi.org/10.21512/bbr.v9i1.1916
Pantow MS, Murni S, Trang I. Analisa Pertumbuhan Penjualan, Ukuran Perusahaan, Return on Asset, Dan Struktur Modal Terhadap Nilai Perusahaan Yang Tercatat Di Indeks Lq 45. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi. 2015;3(1):961–971.
DOI:https://doi.org/10.35794/emba.v3i1.7801
Fitri IK, Purnamasari I. Pengaruh Kebijakan Dividen terhadap Harga Saham (Studi pada Perusahaan pertambangan di Bursa Efek Indonesia 2008-2012). Organum: Jurnal Saintifik Manajemen Dan Akuntansi. 2018;1(1):8–15.
DOI:https://doi.org/10.35138/organum.v1i1.24